VICEROY HOTELS LIMITED

Operates three Marriott-branded hotels in Hyderabad with 538 rooms, earning revenue from room rentals, food and beverage, and other guest services. Combined hotel occupancy rose to 76.3% in Q1 FY27 from 53.7% in the prior-year quarter, with RevPAR up 24.9% over the same period. Recently acquired the 75-room Marriott Executive Apartments in Hyderabad for Rs 206 crore and has outlined a Rs 100+ crore renovation plan for existing properties across three phases through FY28. The cost structure is led by other operating expenses (42.4% of FY26 revenue) and employee costs (20.6%), with depreciation at 10.5% reflecting the asset-heavy nature of the business. Profit after tax fell 76.5% in FY26 to Rs 18.3 crore despite revenue growth, due to higher finance costs and depreciation tied to expansion and acquisitions. The board has approved a rights issue of up to Rs 107 crore to raise public shareholding from 15.89% to meet the 25% minimum public shareholding requirement.