VENTIVE HOSPITALITY LTD

Operates a hospitality business alongside a long-duration commercial leasing ("annuity") portfolio. In FY26, Hospitality was 79.5% of segment revenue at INR 1,956.505 crores and Commercial Leasing was 20.4% at INR 502.88 crores. The hospitality arm runs hotels and resorts in India (including Pune, Bangalore and other markets, plus newly acquired Hilton Goa, Soho House, Sol de Goa and Narmada Estates) and a Maldives portfolio (Conrad, Anantara and Raaya by Atmosphere). The commercial leasing arm earns long-term rental income and delivered an EBIT of INR 409.598 crores on INR 502.88 crores of segment revenue in FY26, making it the higher-margin stream. Total FY26 consolidated revenue was INR 2,461.049 crores with net profit of INR 501.887 crores and EBITDA margin of 52.46%. The cost mix is dominated by other operating expenses (32.2% of revenue), followed by employee costs (14.9%), depreciation (13.3%), materials (8.5%) and capex (8.6%). The business is asset-heavy, with gross debt of INR 1,999 crores and net debt/EBITDA of 1.14x as of FY26.