Brigade Hotel Ventures (BRIGHOTE IN) – Management Meet Update – Execution of expansion plan to be keenly watched – Not Rated
Published on 04 Dec 2025
We met the management of Brigade Hotel Ventures Ltd (BRIGHOTE IN) to derive insights into the company’s expansion plan, which entails doubling of inventory by FY30E. BRIGHOTE IN is the 2nd largest owner & developer of chain affiliated hotels in South India. It has a portfolio of 9 hotels comprising 1,604 keys that are managed by global brands like Marriott International, Accor and IHG. The expansion plan entails addition of 1,700 keys by FY30E at an estimated capex of Rs36bn. The expansion is likely to be funded via internal accruals and debt. Post IPO, the balance sheet has become lean with debt/cash balance of Rs2bn/Rs3bn as of 1HFY26. However, given the plan to add 45/586 keys in FY27E/FY28E, leverage is likely to increase in future. Over FY23-25, BRIGHOTE IN’s revenue/EBITDA has registered a CAGR of 15%/27%. We believe execution of the plan to double the inventory in 5 years, will be keenly watched from here on. The stock trades at 12x/10x based on FY27E/FY28E consensus EBITDA. Not Rated.
