NSE: VHLTD · BSE: 523796
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Hotel operations, Executive Apartments. Asset-heavy, cyclical hospitality with ongoing expansion and renovation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 65 | 116 | 138 | 137 | 143 |
| EBITDA (ex other income) | (22) | 6 | 15 | 34 | 38 |
| margin % | (33.0) | 5.1 | 10.6 | 24.8 | 26.6 |
| Owners' profit | 0 | 0 | 0 | 78 | 0 |
| EPS, as reported (₹) | (6.20) | 0.01 | 1.41 | 12.21 | 2.91 |
| ROE % · ROCE % | 5.9 · (18.7) | 0.0 · 1.2 | 3.6 · 0.7 | 31.9 · 8.7 | 6.9 · 5.7 |
| Debt / equity (x) | (1.23) | (1.17) | 2.52 | 0.21 | 0.99 |
| Cash from operations | (17) | (23) | (159) | 32 | 58 |
| Capex | (0) | 0 | (21) | (18) | (123) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41 | 32 | 32 | 38 | 35 | 39 | 48 | 45 |
| Profit before tax | 0 | 1 | 5 | 7 | 7 | 11 | 6 | 1 |
| Net profit | 0 | 1 | 60 | 7 | 10 | 11 | 6 | 1 |
| EPS (₹) | 0.04 | 0.17 | 9.45 | 1.15 | 1.62 | 1.63 | 0.89 | 0.21 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Compliance certificate on share dematerialization, Q2 FY27 | compliance | minimal | — | — |
| 3 Oct 2026 · Viceroy Hotels signs Rs 38.45 Cr loan to subsidiary for debt repayment | credit debt | medium | — | — |
| 28 Sept 2026 · Trading window closed from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 19 Sept 2026 · Viceroy Hotels promoter holding drops to 74.03% after rights issue to public | ownership changes | high | — | — |
| 18 Sept 2026 · Newspaper Publication of Basis of Allotment - Rights Issue | compliance | minimal | — | — |
| 15 Sept 2026 · Allotment of 92.03 lakh equity shares on rights basis at Rs 115 each | corporate actions | high | — | — |
| 10 Sept 2026 · Telangana High Court sets aside Rs 3.56 crore demand notice in favour of Viceroy Hotels | strategic transactions | high | — | — |
| 10 Sept 2026 · Viceroy Hotels AGM: All resolutions passed with 99.98% majority | compliance | minimal | — | — |
| 10 Sept 2026 · Viceroy Hotels 61st AGM: all resolutions passed, Marriott buyout and rights issue discussed | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Viceroy Hotels Rights Issue: Pre-issue advertisement published | 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.