Ventive Hospital Q1 FY27 Results (NSE: VENTIVE)
Signal: Margin pressure
The read
The operating trajectory is mixed: revenue grew 6.97% YoY to ₹542.8 million, but EBITDA margin fell to 37.7% from 49% in Q4FY26 and hospitality segment result dropped 46.1% YoY to ₹229.20 million; the ₹80.75 million PAT is additionally distorted by a ₹1,022.38 million deferred-tax credit.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹54.28 Cr | +6.97% | -30.3% |
| EBIT | ₹11.49 Cr | N/A | |
| Net profit | ₹8.07 Cr | +112.5% | |
| EPS | ₹3.46 | +200.9% | |
| EBIT margin | 37.7% |
P&L walk
Consolidated revenue rose 6.97% YoY to ₹542.8 million, while EBITDA margin fell to 37.7% from the recent Q2FY26-Q4FY26 range of 39%-49%; the quarter's ₹80.75 million PAT is not a clean operating read because the filing records a ₹1,022.38 million deferred-tax credit.
Segments
Commercial leasing remained the earnings anchor with ₹1,279.37 million revenue and ₹1,009.93 million segment result, while hospitality revenue grew 8.2% YoY to ₹4,148.76 million but hospitality segment result fell 46.1% YoY to ₹229.20 million, dragging consolidated operating momentum.
Key positives
- Consolidated revenue increased 6.97% YoY to ₹542.8 million, led by hospitality revenue growth of 8.2% to ₹4,148.76 million.
- Commercial leasing generated ₹1,009.93 million of segment result on ₹1,279.37 million revenue, remaining the group's principal earnings contributor.
- Finance costs declined 13.1% YoY to ₹52.208 million while borrowings declined 2.6% YoY to ₹21,322.64 million.
- Segment assets rose 11.9% YoY to ₹103,277.30 million, and depreciation rose 12.4% YoY to ₹89.682 million, a clean asset-base cross-check.
Key concerns
- Consolidated EBITDA margin fell to 37.7%, down 330bps YoY and 1130bps QoQ, extending the margin weakness visible against Q4FY26's 49%.
- Hospitality segment result fell 46.1% YoY to ₹229.20 million despite 8.2% revenue growth, indicating weak conversion in the core hotel business.
- Employee costs rose 14.5% YoY to ₹98.393 million, more than twice consolidated revenue growth of 6.97%.
- The group approved a corporate guarantee of up to ₹290 crores for Kelzai Eco Reserves, a letter of comfort for up to ₹175 crores for Urbanedge Hotels and a shortfall undertaking for up to ₹200 crores for KBJ Hotel & Restaurants, increasing contingent financing exposure.
Research and educational content only. Not investment advice.