Praveg Q2 FY27 Results (NSE: PRAVEG)
Signal: Loss widened
The read
The key inflection is negative: after Q1FY27 revenue of ₹46.01 Cr and EBITDA of ₹3.90 Cr, Q2 revenue fell to ₹44.25 Cr while EBITDA swung to a ₹2.93 Cr loss and PAT loss deepened to ₹20.13 Cr; new 100-key Lakshadweep capacity and the stated H2 peak season provide growth optionality, but the current operating base is not absorbing costs.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹44.25 Cr | 16.9% | N/A |
| Net profit | ₹-20.13 Cr | -118.3% | |
| EPS | ₹-7.7 | -118.1% | |
| EBIT margin | -6.6% |
P&L walk
Consolidated revenue increased 16.9% YoY to ₹44.25 Cr, but EBITDA fell from ₹3.96 Cr to a ₹2.93 Cr loss and PAT widened from a ₹9.22 Cr loss to a ₹20.13 Cr loss, indicating severe operating deterioration despite top-line growth.
Segments
Hospitality & Events contributed ₹27.73 Cr and Advertisement ₹16.02 Cr of Q2 revenue, but the standalone-versus-consolidated gap is the sharper signal: consolidated revenue grew 16.9% YoY to ₹44.25 Cr versus only 4.2% standalone growth to ₹27.80 Cr, while standalone EBITDA fell to a ₹9.71 Cr loss.
Key positives
- Consolidated revenue reached ₹44.25 Cr, up 16.9% YoY, with Hospitality & Events contributing ₹27.73 Cr and Advertisement contributing ₹16.02 Cr.
- The portfolio expanded to 18 properties and 927+ keys across 7 destinations, with a further 100-key Lakshadweep property commencing operations on October 21, 2026.
- The company received an ₹11.16 Cr plus GST Statue of Unity work order, adding visible time-bound events and infrastructure activity.
Key concerns
- EBITDA fell from ₹3.96 Cr profit to a ₹2.93 Cr loss, compressing EBITDA margin from approximately 10.5% to -6.6% despite 16.9% revenue growth.
- Net loss widened from ₹9.22 Cr to ₹20.13 Cr and EPS loss widened from ₹3.53 to ₹7.70, indicating that revenue growth is not yet translating into earnings.
- Standalone performance was materially weaker: revenue rose only 4.2% to ₹27.80 Cr while EBITDA swung from a ₹0.41 Cr profit to a ₹9.71 Cr loss.
- Reported depreciation of ₹8.32 Cr on 17 resorts and a hotel is substantial relative to standalone EBITDA, increasing the earnings burden as the resort portfolio expands.
Research and educational content only. Not investment advice.