Brigade Hotel Q2 FY27 Results (NSE: BRIGHOTEL)
Signal: Growth reaccelerated
The read
The earnings inflection is operating and financial rather than revenue-led: consolidated revenue grew 10.0% YoY to ₹13,824 lakh, EBITDA margin recovered to 37.8% from 30.4%, and PAT rose 107.1% to ₹2,195 lakh as finance costs fell 28.3% YoY; however, ₹19,274 lakh of CWIP and weaker H1 operating cash flow of ₹7,807 lakh keep execution and capital intensity central to the trajectory.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹138.24 Cr | +10.0% | +8.8% |
| EBIT | ₹39 Cr | +41.2% | |
| Net profit | ₹21.95 Cr | +107.1% | |
| EPS | ₹0.52 | +100.0% | |
| EBIT margin | 37.8% |
P&L walk
Revenue increased to ₹13,824 lakh, +10.0% YoY and +8.8% QoQ; EBITDA rose to ₹5,223 lakh, implying a 37.8% margin versus 30.4% YoY, while finance costs fell 28.3% YoY and PAT rose 107.1% to ₹2,195 lakh.
Segments
The group has one reportable hospitality segment; the subsidiary contributed ₹1,860 lakh of quarterly revenue and ₹406 lakh of PAT, making subsidiary earnings a material contributor to consolidated PAT of ₹2,195 lakh versus standalone PAT of ₹1,789 lakh.
Key positives
- Consolidated revenue reached ₹13,824 lakh, +10.0% YoY and +8.8% QoQ, reversing the near-flat +2.4% growth reported in Q1FY27.
- EBITDA margin expanded to 37.8% from 30.4% YoY, with EBITDA of ₹5,223 lakh growing faster than revenue as employee cost rose only 5.3% and other expenses declined 2.0%.
- Finance costs declined 28.3% YoY to ₹970 lakh, helping EBIT rise 41.2% to ₹3,900 lakh and PAT rise 107.1% to ₹2,195 lakh.
- The subsidiary generated ₹406 lakh of quarterly PAT and ₹685 lakh in H1FY27, supporting consolidated earnings above standalone PAT of ₹1,789 lakh.
Key concerns
- H1 operating cash flow fell 37.4% YoY to ₹7,807 lakh while PPE/CWIP additions were ₹9,257 lakh, increasing dependence on balance-sheet liquidity for expansion.
- CWIP nearly doubled from ₹9,592 lakh at March 31, 2026 to ₹19,274 lakh at September 30, 2026, so returns from the expansion pipeline remain to be demonstrated.
- Revenue growth of 10.0% YoY is below the mid-teens FY27 like-to-like growth claim in the prior context, though this quarter improved sequentially.
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