Brigade Hotel Ventures Q2 FY27 results: net profit up 23.6% to ₹21.95 crore, revenue down 44.7%

How did Brigade Hotel Ventures perform in Q2 FY27?

Brigade Hotel Ventures reported consolidated revenue of ₹138.24 crore in Q2 FY27, down 44.7% from ₹249.88 crore in Q2 FY26 but up 8.8% from ₹127.04 crore in Q1 FY27. Total income was ₹142.36 crore, down 44.1% year on year and up 8.8% sequentially.

EBITDA was ₹48.11 crore, down 38.4% from ₹78.10 crore a year earlier and up 15.4% from ₹41.70 crore in the previous quarter. The EBITDA margin was 34.8%, compared with 31.3% in Q2 FY26 and 32.8% in Q1 FY27.

Profit before tax was ₹29.30 crore, up 23.5% from ₹23.73 crore in Q2 FY26 and 26.0% from ₹23.25 crore in Q1 FY27. Net profit was ₹21.95 crore, up 23.6% year on year and 26.6% sequentially, while basic EPS was ₹0.52, compared with ₹0.48 and ₹0.42. On a standalone basis, revenue was ₹120.09 crore, profit before tax was ₹7.55 crore and net profit was ₹17.89 crore.

What changed in Brigade Hotel Ventures' costs and profit?

Against Q2 FY26, total expenses fell 51.1% to ₹113.06 crore. Cost of materials declined 45.9% to ₹12.49 crore, employee cost fell 46.8% to ₹26.47 crore, finance costs fell 70.1% to ₹9.70 crore, depreciation fell 50.8% to ₹13.23 crore and other expenses declined 48.3% to ₹51.17 crore.

Other income was ₹4.12 crore, down ₹0.83 crore from ₹4.95 crore in Q2 FY26, and there was no exceptional item. Tax expense was ₹7.35 crore, up ₹1.38 crore from ₹5.97 crore. Profit before tax nevertheless rose ₹5.57 crore to ₹29.30 crore.

From Q1 FY27, total expenses rose 5.1% to ₹113.06 crore, including employee cost of ₹26.47 crore, finance costs of ₹9.70 crore and other expenses of ₹51.17 crore. Other income increased ₹0.33 crore to ₹4.12 crore, depreciation fell ₹0.30 crore to ₹13.23 crore, and tax increased ₹1.44 crore to ₹7.35 crore. Net profit rose ₹4.61 crore to ₹21.95 crore.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹1,516.02 crore, compared with ₹1,382.27 crore at 31 March 2026. Total equity rose to ₹1,020.06 crore from ₹980.66 crore, while borrowings increased to ₹175.01 crore from ₹140.47 crore and cash rose to ₹26.64 crore from ₹22.21 crore.

Inventories fell to ₹6.79 crore from ₹7.4 crore, trade receivables rose to ₹29.0 crore from ₹23.67 crore, and trade payables fell to ₹39.57 crore from ₹43.33 crore. H1 FY27 operating cash flow was ₹78.07 crore, compared with ₹124.75 crore in H1 FY26.

Investing cash flow was negative ₹94.83 crore in H1 FY27, against negative ₹428.65 crore a year earlier, while financing cash flow was negative ₹24.45 crore compared with ₹350.02 crore. Capital expenditure was ₹92.57 crore, compared with ₹196.18 crore in H1 FY26.

How has Brigade Hotel Ventures done over the last 6 quarters?

Revenue reached its highest point in the six-quarter series at ₹249.88 crore in Q2 FY26 and its lowest at ₹127.04 crore in Q1 FY27. It rose to ₹138.24 crore in Q2 FY27, while the EBITDA margin increased from 32.8% to 34.8%.

Net profit peaked at ₹25.11 crore in Q4 FY26 and was lowest at ₹7.16 crore in Q1 FY26. Profit rose to ₹21.95 crore in Q2 FY27, and profit increased year on year in each of the last two quarters. The margin peaked at 35.6% in Q4 FY26 and was 34.8% in Q2 FY27.

What else did the company announce?

The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, together with the statutory auditors’ limited review reports. It also approved an investor presentation filed with the exchanges on 26 October 2026.

The company’s earlier notice scheduled the results meeting for 26 October 2026 and the earnings call for 27 October 2026. The trading window was closed from 1 October 2026 and was scheduled to open on 29 October 2026. The same-day filings reviewed did not state any dividend, fund raise or appointment.

What did the auditors point out?

S.R. Batliboi & Associates LLP said nothing had come to its attention that caused it to believe the statement had not disclosed information required under the Listing Regulations or contained a material misstatement. The review was conducted under SRE 2410 and provided moderate assurance; the auditors did not express an audit opinion.

The auditors included an emphasis of matter drawing attention to Note 6 and ongoing legal proceedings relating to property tax and income tax survey matters. Their conclusion was not modified in respect of these matters. The report also noted reliance on the subsidiary auditor’s report for one subsidiary, with the conclusion not modified in respect of that reliance.

What did Brigade Hotel Ventures' management say?

Managing director Nirupa Shankar said the company was working to increase each hotel’s ADR above INR7,500 over the next few quarters. The company expected H2 RevPAR to improve, and management said a potential acquisition could close within two to three quarters or slip by one to two.

Management said Q2 portfolio ADR rose 11% to about INR7,900 and RevPAR increased 10% to INR5,922. It attributed the improvement to rate-led growth with broadly stable occupancy, while citing GST 2.0 as a 1.4% drag on the Q2 EBITDA margin and 1.6% on H1 EBITDA.

The expansion plan includes 1,700 keys under development and a target of 3,300 keys by FY31. Management said the 45-key Chennai Courtyard was due in H2 FY27, two Bangalore Fairfields were planned for end-FY28, and acquisition timing could slip by one or two quarters because valuation and diligence were difficult.

How did Brigade Hotel Ventures shares react?

The filing appeared after market hours. From the price when the filing appeared, BRIGHOTEL fell 3.0% after five minutes, 5.0% after 15 minutes and 4.8% after 30 minutes. On the reaction day, the stock closed 0.8% above its pre-results close, against a 0.3% median move for the Hotels & Resorts industry.

By the next day’s close, the stock was down 0.1% from its pre-results close, while the industry median was up 0.1%. By the fifth session’s close, it was up 5.5% from the same pre-results close, compared with a 1.6% industry median move; the five-session difference was 3.9 percentage points.

Earlier reaction-day moves were 0.4% on 5 August 2026, negative 0.3% on 28 April 2026, negative 1.8% on 28 January 2026, 2.0% on 24 October 2025 and negative 0.7% on 11 August 2025.

How did other Hotels & Resorts companies do?

Twenty other Hotels & Resorts companies had filed for the quarter by 4 November 2026. Their median revenue growth was 12.4%, and all 20 grew faster than Brigade Hotel Ventures; none grew slower than the company.

Twelve of the 19 peers for which profit was compared reported higher profit. Brigade Hotel Ventures was therefore ahead of every compared peer on the stated revenue-growth measure, while fewer than half of the profit-compared peers reported an increase.