Brigade Hotel Q1 FY27 Results (NSE: BRIGHOTEL)
Signal: Margin expansion
The read
The trajectory improved at the operating level after the margin contraction seen in Q2FY26-Q4FY26: EBITDA margin was 35.8%, up 280bps YoY, and PAT rose to ₹15.95 crore, but revenue growth has decelerated to 2.4% from 16.7% in Q2FY26 and 12.1% in Q3FY26. The key thesis support is room-led pricing power, with ARR up 7% and RevPAR up 9%, particularly Bengaluru RevPAR up 10%; the key risk is that weaker corporate/MICE activity and F&B revenue down 10.6% are limiting consolidated top-line momentum.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹127.04 Cr | +2.4% | -6.6% |
| EBIT | ₹31.96 Cr | N/A | |
| Net profit | ₹15.95 Cr | +140% | |
| EPS | ₹0.42 | +90.9% | |
| EBIT margin | 35.8% |
P&L walk
Consolidated revenue was ₹127.04 crore, up 2.4% YoY but down 6.6% QoQ, while EBITDA rose 9% YoY to ₹45.49 crore and margin expanded to 35.8%; PAT reached ₹15.95 crore, up 140% YoY, supported by stronger room operations and lower finance costs after debt reduction.
Key positives
- ARR increased 7% YoY to ₹7,241 and RevPAR increased 9% YoY to ₹5,479, indicating room-led pricing and yield improvement.
- Bengaluru RevPAR rose 10% YoY to ₹7,099, with occupancy at 84.2% and ARR at ₹8,435, making the largest operating market a clear growth driver.
- Operating EBITDA increased 9% YoY to ₹45.49 crore and margin expanded 280bps YoY to 35.8% on sustained cost discipline.
- PAT increased 140% YoY to ₹15.95 crore, aided by lower finance costs after debt reduction.
Key concerns
- Revenue growth slowed to 2.4% YoY at ₹127.04 crore from 16.7% in Q2FY26 and 12.1% in Q3FY26.
- F&B revenue declined 10.6% YoY to ₹42 crore, reflecting weaker corporate/MICE activity, air-travel disruptions and a quiet events calendar.
- Occupancy was 75.7% across the portfolio, below Bengaluru's 84.2%, indicating uneven portfolio performance.
- EPS growth of 90.9% to ₹0.42 lagged PAT growth of 140% to ₹15.95 crore, warranting monitoring of dilution or minority-interest effects.
Research and educational content only. Not investment advice.