NSE: PRAVEG · BSE: 531637
PRAVEG LTD.
Operates a portfolio of eco-luxury resorts, hotels and a theme park in India, with FY26 revenue of 240.94 crore flowing from two named segments: Event, Exhibitions & Hospitality (183.98 crore) and Advertisement (56.97 crore). The hospitality arm ran 825+ rooms across 17 resorts and 1 hotel at year-end, served 1.4 million+ meals and 1.2 lakh+ room nights in FY26, and is layering in capacity through a 35-year White Rann Kutch award for 252 beds (126 rooms), a Meghalaya Letter of Award for 40 luxury cottages on a 30-year DBFOT, and Lakshadweep launches (Bangaram live via Taj SeleQtions, Thinnakara North opening imminently). Praveg Adalaj Theme Park commenced operations on September 25, 2025, and a 'Vision 2028' target covers 2,500+ rooms across 65+ locations. The Advertisement vertical sits in subsidiary Abhik Advertising and is being rebuilt after being deprioritised. The largest cost line is materials at 51.6% of revenue (124.25 crore), covering food & beverage, room supplies and event infrastructure, followed by depreciation at 20.3% on a fast-expanding asset base — FY26 capex was 125.95 crore (52.3% of revenue). Despite 44.13% revenue growth, the company posted a net loss of 9.97 crore as finance costs rose 80% to 14.49 crore and depreciation rose 75% to 48.80 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Event, Exhibitions & Hospitality, Advertisement. Asset-heavy, seasonally-cyclical eco-luxury resort operator in expansion phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 45 | 84 | 92 | 167 | 241 |
| EBITDA (ex other income) | 20 | 45 | 29 | 50 | 57 |
| margin % | 43.6 | 53.2 | 31.9 | 29.7 | 23.5 |
| Owners' profit | 12 | 28 | 0 | 0 | (12) |
| EPS, as reported (₹) | 6.62 | 14.78 | 5.78 | 6.17 | (3.81) |
| ROE % · ROCE % | 44.4 · 60.5 | 25.3 · 34.6 | 4.5 · 6.1 | 3.4 · 5.3 | (2.1) · 1.6 |
| Debt / equity (x) | 0.12 | 0.00 | 0.00 | 0.02 | 0.13 |
| Cash from operations | 7 | 25 | 17 | 33 | 60 |
| Capex | (8) | (38) | (175) | (229) | (126) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 31 | 54 | 58 | 39 | 38 | 90 | 74 |
| Profit before tax | 1 | 2 | 13 | 4 | (5) | (9) | 11 | (2) |
| Net profit | 1 | 1 | 11 | 3 | (6) | (9) | 10 | (5) |
| EPS (₹) | 0.30 | 0.55 | 4.08 | 1.31 | (2.35) | (3.70) | 3.80 | (1.89) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Event, Exhibitions & Hospitality | 54 | 22.6 |
| Advertisement | 47 | 19.4 |
| Event ,Exhibition & Hospitality | 100 | 41.6 |
| Event, Exhibition and Hospitality | 29 | 12.1 |
| Advertisment | 10 | 4.2 |
| Total, before eliminations | 241 | 100.0 |
Exhibit 4: 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 | 1,26,398 | 57.2 | 8.02 | 39.5 | 4.9 | 5.6 | 43.8 | 28.4 |
| ITC HOTELS LIMITED | 36,286 | 38.8 | 3.08 | 25.5 | 3.3 | 4.2 | — | 32.0 |
| LEELA PALACES HOTEL LTD | 22,983 | 37.0 | 3.48 | 32.9 | 2.2 | 2.3 | — | 45.6 |
| EIH LIMITED | 19,448 | 27.3 | 3.60 | 18.8 | 12.2 | 14.9 | 42.7 | 25.3 |
| CHALET HOTELS LIMITED | 17,914 | 30.4 | 4.50 | 16.9 | 7.6 | 4.0 | 56.6 | 43.3 |
| VENTIVE HOSPITALITY LTD | 12,638 | 28.1 | 1.82 | 13.2 | 2.3 | 1.4 | — | 38.2 |
| LEMON TREE HOTELS LTD | 9,241 | 35.9 | 4.15 | 16.2 | 6.2 | 4.9 | 41.8 | 44.2 |
| INDIA TOUR. DEV. CO. LTD. | 5,412 | 66.0 | 13.17 | 58.6 | 20.0 | 26.6 | 24.7 | 9.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.1 | 1.6 | 20 of 56 | 66% |
| ROCE | (0.9) | 2.2 | 51 of 63 | 19% |
| ROE | (2.1) | 2.6 | 47 of 56 | 16% |
| Debt / Equity | 0.1 | 0.2 | 25 of 56 | 56% |
| EBITDA margin | 29.8 | 22.8 | 20 of 63 | 69% |
| Revenue growth | 26.8 | 10.6 | 15 of 59 | 76% |
| Profit growth | (247.9) | 17.5 | 55 of 57 | 4% |
| Market cap | 533 | 242 | 24 of 66 | 65% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Praveg reports H1 revenue growth but remains loss-making | investor communications | medium | — | — |
| 4 Nov 2026 · Praveg shares audio recording of H1 FY27 analyst call | investor communications | low | — | — |
| 4 Nov 2026 · Q2 FY27 income up 16.9%, but consolidated loss widens to Rs 20.13 crore | investor communications | medium | — | — |
| 3 Nov 2026 · Praveg Q2 revenue rises 16.9%, but losses widen | compliance | low | — | — |
| 3 Nov 2026 · Revenue up 16.7% but loss widens; new Company Secretary appointed | results | high | — | — |
| 3 Nov 2026 · Company Secretary Mukesh Chaudhary resigns; Himalay Dudharejiya appointed | management changes | medium | — | — |
| 3 Nov 2026 · Company Secretary replaced as September-quarter loss widens | management changes | medium | — | — |
| 3 Nov 2026 · Company Secretary resigns; successor appointed as quarterly loss widens | management changes | medium | — | — |
| 3 Nov 2026 · Consolidated revenue rises 16.7%, but September-quarter loss widens | results | high | — | — |
| 3 Nov 2026 · Consolidated Sep 2026 quarter revenue up 16.7% versus Sep 2025; net loss widens to Rs 20.13 crore | results | high | — | — |
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.