NSE: BRIGHOTEL · BSE: 544457
BRIGADE HOTEL VENTURE LTD
Owns and operates a portfolio of 9 hotels with 1,604 keys across South India — Bengaluru, Chennai, Kochi, Mysuru, and GIFT City — under chain-affiliated brands such as Marriott, Courtyard by Marriott, Four Points by Sheraton, and Grand Mercure. Revenue comes from room rentals, food and beverage, banqueting, and other hotel services; FY26 revenue stood at ₹525.03 crore with an EBITDA margin of 36.63%. The business is asset-heavy, with depreciation at 10.4% of revenue and a ₹3,600 crore capex programme underway, of which ₹400 crore was already invested by FY26 end. Plans target doubling the room inventory by adding roughly 1,700 new keys under its Vision 2031, including a recently opened Courtyard by Marriott Kochi Infopark (218 keys) and a 45-key Courtyard by Marriott Chennai World Trade Center due in Q3 FY27. Domestic travellers make up 73% of the mix, with international business disrupted by geopolitical tensions in FY26 (₹7–8 crore of F&B cancellations in Q4). Q4 FY26 operating metrics showed portfolio ADR of ₹8,066 (+7% YoY), occupancy of 78%, and RevPAR of ₹6,295 (+6% YoY). Costs are dominated by other operating expenses (38.1% of revenue) and employee costs (19.8%), with materials at 9.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations (rooms, F&B, banqueting). Asset-heavy, capital-intensive hospitality with ongoing expansion phase
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 525 |
| EBITDA (ex other income) | 174 |
| margin % | 33.1 |
| Owners' profit | 58 |
| EPS, as reported (₹) | 1.68 |
| ROE % · ROCE % | 6.6 · 11.0 |
| Debt / equity (x) | 0.14 |
| Cash from operations | 200 |
| Capex | (260) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 124 | 250 | 139 | 136 | 127 |
| Profit before tax | 10 | 24 | 29 | 34 | 23 |
| Net profit | 7 | 18 | 22 | 25 | 17 |
| EPS (₹) | 0.22 | 0.48 | 0.53 | 0.60 | 0.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,15,701 | 53.9 | 7.74 | 30.7 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 34,472 | 39.8 | 2.95 | 22.4 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,829 | 32.8 | 3.07 | 26.4 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,135 | 25.5 | 3.35 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 17,782 | 33.6 | 4.81 | 16.2 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,520 | 26.1 | 1.85 | 11.1 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,434 | 35.9 | 4.06 | 15.6 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,146 | 62.8 | 12.52 | 42.0 | 20.0 | 26.6 | 24.7 | 17.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.6 | 26.1 | 28 of 57 | 52% |
| P/B | 2.0 | 1.6 | 36 of 57 | 38% |
| ROCE | 6.9 | 4.9 | 24 of 65 | 64% |
| ROE | 6.6 | 6.3 | 27 of 57 | 54% |
| Debt / Equity | 0.1 | 0.2 | 27 of 57 | 54% |
| EBITDA margin | 35.8 | 29.5 | 21 of 58 | 65% |
| Revenue growth | 2.3 | 7.6 | 40 of 58 | 32% |
| Profit growth | 142.2 | 11.6 | 10 of 55 | 83% |
| Market cap | 1976 | 237 | 14 of 66 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY2027 investor and analyst conference call recording uploaded | investor communications | low | — | — |
| 27 Oct 2026 · Newspaper publication of Q2 and half-year unaudited results | compliance | minimal | — | — |
| 26 Oct 2026 · No deviation in IPO and pre-IPO proceeds utilisation | compliance | minimal | — | — |
| 26 Oct 2026 · No deviation in pre-IPO and IPO fund use for September 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 FY27 profit doubles as EBITDA margin rises to 36.7% | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 10% as profit after tax more than doubles | compliance | low | — | — |
| 26 Oct 2026 · September 2026 quarter revenue rises 10%, profit after tax more than doubles | results | high | — | — |
| 26 Oct 2026 · Q2 and H1 FY27 profit after tax more than doubles; tax matters highlighted | results | high | — | — |
| 15 Oct 2026 · Board meeting and conference call set for Q2 FY27 results | results | low | — | — |
| 15 Oct 2026 · Trading window closed till Oct 28 ahead of Q2 FY27 results announcement | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.