Ventive Hospitality Ltd(VENTIVE)

NSE: VENTIVEBSE: 544321

₹ 543-2.41%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 12,681 crWebsite: www.ventivehospitality.comUpdated: 24 Oct 2026

About

Ventive Hospitality Ltd owns luxury and upper-upscale hotels in India and the Maldives, with a resort in development in Sri Lanka, and also has a commercial leasing arm in Pune. As of FY25 it had 11 operational hotels with 2,036 keys, all run by global operators such as Marriott International, Hilton, Minor Hotels and Atmosphere Hotels & Resorts. Revenue was 2461.05 crore in FY26. It controls 65% of luxury hotel inventory in Pune.^[1][2]

Business segments

Hospitality brought in 79.2% of FY26 revenue (₹1,956.51 crores) at a 22.7% EBIT margin. It covers the India hotels and the Maldives resorts.^[3]
Commercial Leasing brought in 20.3% of FY26 revenue (₹502.88 crores) at an 81.5% EBIT margin. It is made up of Grade-A office and retail assets on long-term leases.^[3]
Within hospitality, FY26 revenue was ₹846 crores in India (+14%) and ₹1,133 crores in the Maldives (+31%). Annuity (commercial leasing) revenue was ₹505 crores (+4%).^[4]
In FY25, hospitality revenue was 1212.28 crore, commercial leasing 391.61 crore and others (windmill) 14.24 crore.^[2]

Portfolio and brands

As of FY25 the portfolio had 11 operational hotels with 2,036 keys across India and the Maldives. All are run by Marriott International, Hilton, Minor Hotels or Atmosphere Hotels & Resorts.^[2]
Luxury hotels make up over 80% of hotel revenue on a pro forma basis (FY25 report).^[2]
JW Marriott Pune on Senapati Bapat Road has 415 keys and is the largest luxury hotel in Pune by key count. The Ritz-Carlton Pune in Yerwada has 198 keys.^[2]
F&B, banquets and other services make up 45% of hotel revenue in India. The portfolio has over 70 F&B venues, including Ithaa, an underwater restaurant at Conrad Maldives (FY25 report).^[2]
The company owns four commercial and retail assets in Pune with about 3.4 million sq ft of leasable area. These include Business Bay in Yerwada, at 1.80 Mn sq ft (FY25 report).^[2]
The hotel operators employ the frontline staff. Ventive keeps its own in-house asset management team.^[2]

Key operating numbers - India hotels

India ADR was ₹12,516 in FY26 (+13% YoY) and ₹12,183 in Q1 FY27 (+8% YoY). India RevPAR was ₹7,952 in FY26 (+10%) and ₹8,201 in Q1 FY27 (+20%).^[4]
India occupancy was 64% in FY26 (-2pp YoY) and rose to 67% in Q1 FY27 (+7pp YoY). Management credited corporate demand, MICE and premium leisure.^[4]
India TRevPAR was ₹15,007 in FY26 (+12%) and ₹15,233 in Q1 FY27 (+18%). This figure includes F&B and banqueting as well as rooms.^[4]
India hospitality EBITDA margin was 40% in FY26 (vs 37% in FY25) and 36% in Q1 FY27 (+1pp). The Q1 FY27 margin absorbed higher power and wage costs.^[4]
In Q3 FY26, GDS revenue grew 31% YoY and made up 52% of India transient bookings.^[5]

Key operating numbers - Maldives

Maldives occupancy was 63% in FY26 (+5pp YoY) and 52% in Q1 FY27 (-2pp). Q1 is seasonally soft and was also hit by travel disruptions in April.^[4]
International ADR was ₹20,200 in Q1 FY27 (+4% YoY). International TRevPAR was ₹46,410 in Q1 FY27 (+5%) and ₹60,289 in FY26 (+15% same-store).^[6]
Maldives EBITDA fell 32% to ₹32 crores in Q1 FY27 as diesel costs rose to ₹38 crores from ₹19 crores. Management called this a one-off caused by a wartime spike in fuel prices.^[6]
International EBITDA per key (TTM) was ₹7.4 million as of Q1 FY27.^[6]

Commercial leasing

Annuity revenue was ₹505 crores in FY26, with EBITDA of ₹452 crores at a 90% margin. Committed occupancy was 99% in FY26 and 98% in Q1 FY27.^[4]
Business Bay's tenants include HSBC, Deutsche Bank and BMC Software. ICC Pavilion's retail tenants include PVR, Lifestyle, Starbucks, Sephora and Vero Moda (FY25 report).^[2]
Narmada Estates in Yerawada, East Pune, was announced in FY26 for a Grade-A commercial development of ~0.63 million sq ft. Estimated cost is ~₹500 crores with 50.02% control, targeting a ~15% yield at ~₹110 psf/month.^[4]

Market position and demand

Ventive controls 65% of luxury hotel inventory in Pune, and no new luxury supply had been announced as of Q1 FY27.^[6]
Pune hosts 15-20% of India's GCC base. About 45 million sq ft of additional office stock is expected by 2030, projected to add 200-300 luxury/upper-upscale room nights a day.^[6]
International bookings come from markets such as the US, UAE, UK and Western Europe (FY25 report).^[2]

Expansion and capex

FY25 report: the company aims to double its total key count over five years by expanding into Navi Mumbai, Varanasi, Mundra and Sri Lanka.^[2]
AC by Marriott Bengaluru Whitefield (166+33 keys, a rebrand of Aloft) is now targeted for Q1 FY28, moved from FY27. Long-lead items have been ordered.^[6]
Varanasi Marriott Hotel (161 keys) is targeted for Q3 FY28, and its mock-up room is complete.^[6]
The Ritz-Carlton Reserve Pottuvil, Sri Lanka (73 keys) has been moved to FY30 from FY28 while environmental approvals are pending. The FY25 report also lists 80 branded residences for sale.^[6][2]
The Hilton Goa extension (50+ keys) and integration of Sol de Goa (21 keys) are targeted for FY29-30.^[6]
A ROFO pipeline of 1,114 keys (JW Marriott Navi Mumbai, 450 keys, plus three Moxy hotels, 664 keys) is tentatively targeted for warm-shell transfer in FY31.^[6]
About ₹1,000 crores of capex is planned over three years for AC by Marriott Bengaluru, Ritz-Carlton Reserve Sri Lanka and FF&E, funded from internal accruals.^[4]
The Mundra hotel project was put on hold in FY26 after a review of its returns, strategic fit and timing. No timeline for revisiting it was given.^[4]

Recent developments

July 2026: acquired 100% of Sahyadri Hills (Kelzai Eco Reserves), a 420-acre estate, for ~₹281 crores equity (EV ~₹466 crores). It is to be branded Ritz-Carlton Reserve with 80 keys and 33 branded residences.^[6]
Investing ~₹60 crores in a captive solar plant with battery storage for the Pune hotels, targeted for commissioning in Q4 FY27. It is expected to cut Pune energy costs by ~45%.^[6]
Raaya solar capacity is being expanded from 1.2 MW to ~5 MW by April 2027. Together with additions at Conrad and Anantara, expected savings are ~USD 1.5 million a year.^[6]
Q1 FY27: moved to the new corporate tax regime, cutting the tax rate from 34.94% to 25.17% and reversing ₹102 crores of deferred tax liabilities one time.^[6]
Gross debt was ₹1,999 crores at March 2026, down from ₹2,305 crores at FY25. Net debt/EBITDA was 1.14x vs 1.7x a year earlier.^[4]
The IPO raised INR 16,000 Mn. Net proceeds went to debt repayment, interest payments of step-down subsidiaries and general corporate purposes.^[2]
Ventive is the hospitality arm of Panchshil Realty. Blackstone acquired a 50% stake in 2017.^[2]

Market Cap

₹12,681 Cr

High / Low

₹798 / 523

Stock P/E

25.6

Price / Book

2.4

Book Value

₹236

EPS

₹21.5

No. of Shares

23.35 Cr

ROCE

10.7%

ROE

9.7%

OPM

36.4%

Debt / Equity

0.37

Sales

₹2,461 Cr

Net Profit

₹502 Cr

Promoter holding

89.0%

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