Ventive Hospitality Ltd (Hotels) — fundamental analysis, earnings data, and key metrics. PE: 44.9. ROE: 4.8%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: Weighted average cost of funds: 6.82%
Impact: ₹11.5 crore PAT impact per ₹1 USD-INR change
“After December 31, 2025, we successfully negotiated better rates for our dollar denominated loans, reducing the weighted average cost of funds at portfolio level to 6.82%.”
What: Incremental EBITDA margin (India): 59%
Impact: ₹43 crore incremental revenue
“EBITDA growth being higher than revenue growth implies an EBITDA margin of 59% on incremental revenue of ₹43 crore. A clear demonstration of high operating leverages.”
What: Same-store ADR growth (India): 18%
Impact: ₹14,758 absolute ADR in Pune
“Same-store ADR in India surged 18% led by luxury demand in Pune, setting us apart as a market leader.”
What: Office space absorption: 40 million sq.ft
“The expected 40 million sq.ft of office space absorption over the next 5 years will further drive improvements in occupancy.”
What: EBITDA per key (Goa): ₹25 lakh
Impact: ₹40 crore absolute EBITDA
“We expect EBITDA per key will go to around ₹25 lakh EBITDA per key, and this hotel will generate annual EBITDA of around ₹40 crore.”
What: Maldives EBITDA Margin of 39%
“Q3 was the first quarter in which Raaya's differentiated all-inclusive concept demonstrated its true profit potential, hitting an EBITDA margin of 40%.”
Earnings deceleration risks from management commentary
Trigger: New regulatory requirements for labor provisioning.
Impact: PAT impact: ₹3 crore (non-cash)
Management view: Stated as a one-time, non-recurring, non-cash provision.
Monitor: labor
Trigger: Mark-to-market gains/losses on loans given to Maldives entities.
Impact: PAT impact: ₹11.5 crore per ₹1 change
Management view: Natural hedge at operating level as revenue and expenses are dollar-denominated.
Monitor: fx
Key quotes from recent conference calls
“And we expect it will rise to 72% in the short term and stabilize at around 75% in the medium term. [Previous Occupancy (India) guidance]”
“Second, we achieved 41% EBITDA margin in our India hospitality business in Q2... With our seasonally strongest quarters coming up, this can only go up for the full year. [Previous EBITDA Margin (India) guidance]”
“We're also looking forward to opening the first AC by Marriott by disciplined execution of repositioning Aloft in Whitefield... with a 3x EBITDA improvement. [Initiative: Repositioning Aloft Whitefield to AC by Marriott]”
“And this quarter, we have impact of around ₹3 crore due to the new Labour Code... It is a one-time, non-recurring, non-cash provision in the book. [Risk (labor): LOW]”
Headline numbers from the latest earnings call
Revenue
₹722 crore
Why: Growth was driven by a mix of ADR and occupancy growth in the Maldives high season and strong India performance.
Consolidated revenue includes a ₹16.9 crore forex gain; excluding this, growth was approximately 24%.
EBITDA
₹348 crore
Why: EBITDA growth was supported by high operating leverage, particularly in India where incremental revenue flowed through at a 59% margin.
India hospitality EBITDA margin reached 41%, while Maldives hit 39%.
PAT
₹140.4 crore
Why: The surge in PAT was driven by strong operational performance and a significant reduction in the overall cost of funds.
This marks the fifth consecutive quarter of positive PAT for the company.
Other Highlights
• India same-store ADR surged 18% led by luxury demand in Pune.
• Raaya resort achieved 84% occupancy in its first full high season.
• Weighted average cost of funds reduced to 6.82% at the portfolio level.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
RevPAR (India)
₹8,300
Why: Driven by strong rate growth which compensated for stable occupancy.
Occupancy (India)
62%
Why: Stable due to one-off external factors like airline disruptions.
Average Daily Rate (India)
₹13,000+
Why: Continued focus on yield optimization and premium positioning.
Occupancy (Maldives Same-Store)
65%
Why: Reflecting sales and marketing initiatives capturing spread-out demand.
Raaya Resort Occupancy
84%
Why: Hit full stride during the quarter, capturing market share across price points.
F&B Revenue Growth (India)
14%
Why: Better utilization of outlets and stronger event programming.
EBITDA per Key (Consolidated)
₹3.5 million
Why: Reflects high rates and operational efficiency comparable to gateway cities.
TRevPAR (India)
₹16,000
Why: Driven by strong ADR and F&B performance.
Forward-looking targets from management for Q4 FY26
Capex Plan
₹900 Cr
Double-digit growth
₹800 - ₹900 crore
Sri Lanka, Varanasi, and AC by Marriott projects plus refurbishing.
Targeting 4,000 keys by FY30.
Guidance Changes
Cost of Funds: 7.36% (India) / 7.27% (Maldives) → 6.82% (Portfolio)
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Ventive Hospitality Ltd's latest quarterly results (Dec 2025) show
Ventive Hospitality Ltd's current PE ratio is 44.9x.
Ventive Hospitality Ltd's price-to-book ratio is 2.9x.
Ventive Hospitality Ltd's fundamental strength based on key financial ratios
Ventive Hospitality Ltd has a debt-to-equity ratio of N/A.
Ventive Hospitality Ltd's return ratios over recent years
Ventive Hospitality Ltd's operating cash flow is positive (FY2025).
Ventive Hospitality Ltd currently does not pay a significant dividend (yield 0.00%).
Ventive Hospitality Ltd's shareholding pattern (Mar 2026)
Ventive Hospitality Ltd's promoter holding has remained stable recently.
Ventive Hospitality Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Ventive Hospitality Ltd has 6 key growth catalysts identified from recent earnings analysis
Ventive Hospitality Ltd has 2 key risks worth monitoring
In Q3 FY26, Ventive Hospitality Ltd's management highlighted
Ventive Hospitality Ltd's management has provided the following forward guidance for Q4 FY26
Ventive Hospitality Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Ventive Hospitality Ltd may be worth studying
Ventive Hospitality Ltd investment thesis summary:
Ventive Hospitality Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
