Ventive Hospitality Limited (VENTIVE) Q3 2026 Earnings Call Transcript

Ladies and Chairman, good day, and welcome to the VENTIV Hospitality Limited Q3-FI-2026 Learnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. The audio archives, transcripts, financial statements, and other documents related to the quarter will be made available on the company's website. We have with us today the management team of MTF Hospitality Ltd. represented by Mr. Ranjit Batra, Chief Executive Officer, Mr. Paresh Bafna, Chief Financial Officer, and Mr. Melind Wadekar, Executive Vice President, Finance and Investor Relations. Please note that Ventef Hospitality Ltd. does not provide specific revenue or earnings guidance. Anything said on this call, which reflects management's outlook for the future, or which could be conclued as a forward-looking statement, must be reviewed in conjunction with the risk that the company faces. These risks are outlined in the second slide of the earnings update presentation, available on the company's website. I now have the conference over to Mr. Ranjit Batra. Thank you, and over to you, sir.

Good evening, everyone, and thank you for joining us.

On December 30th, we celebrated the completion of our first full year as a listed company. In the past 12 months, we executed our growth vision while remaining focused on operational excellence and delivering memorable guest experiences. This helped us emerge as one of the strongest performers in the sector. Reporting one of the highest revenue and profit growth, while expanding our portfolio in strategic assets and locations. This performance has been recognized by the markets making our stock the most resilient in the sector, helping shareholders preserve their wealth in a soft market. Q3, F526 marks another strong quarter. of Ventiv's execution capability with broad-based growth across India, Maldives, and our annuity portfolio, and with continued improvement in operating leverage. Importantly, this growth has come through asset-level actions rather than one-off effects. Milind, my colleague, will walk you through the headline numbers, but let me share some key highlights of our performance. On a consolidated basis, our hospitality revenue grew 35% year-on-year in Q3, while EBITDA increased 53%, with margins expanding to 40%, up 5 percentage points from last year. These outcomes reflect our strong asset management practices, delivering pricing strength in India, occupancy growth in Maldives, and tighter control over costs across the portfolio. Starting with India. The revenue growth during the quarter was primarily ADR-led. India hotel revenue, including the contribution from Hilton Gua, which we acquired last quarter, grew 22% year-on-year. Same-store revenue growth in India was 17%. EBITDA grew 33%, with margins expanding to 41%. ADR rose 17% to over 13,000. Reflecting a continued focus on yield optimization and premium positioning. Occupancy in India was stable at 52% due to the one-off external factors such as the airline disruption and not due to any structural demand issue. Most importantly, the rate strength and effective revenue management more than compensated for this, resulting in REFPA growth of 15% to around 8,300 and REFPA to around 16,000. PUNA continues. To validate our long-held pieces, the absence of new luxury hotel supply, coupled with strong office absorption with new infrastructure upgrade, give us a clear headroom to sustain our area growth. Bangalore, particularly the Whitefield and the ORR micromarkets, also delivered a very healthy performance supported by captive corporate demand. Food and beverage, being Wente's key differentiator, remained an important contributor to overall performance. India's trackpad grew 14%, driven by better utilizers of existing outlets, stronger event programming, and improved monetization during solar periods. Turning to Maldives, our Q3 revenue grew 46%, was largely driven by strong occupancy growth. Same-store occupancy improved 4% points to 65%, reflecting our sales and marketing initiatives that captured a more spread-out demand profile across those markets. Raya hit a full stride during this quarter, achieving an occupancy of 84%, driving up overall occupancy to 71%, underscoring the benefit of product diversity between our three resorts, helping us capture market share across different price points. This translates into same-store Traffar growth of 17% to around 82,000 rupees, including Raya, Traffar was around 69,000 rupees. EBITDA growth was particularly strong, up 72% year-on-year, with margins expanding by 6 percentage points to 39. This improvement is a reflection of growing execution maturity in Maldives. Cost variability has reduced. Operating rhythms are more predictable, and portfolio-level coordination is improving flow-through as volumes rise. Refurbishment benefits at Conrad, Maldives, and Anantara are now clearly visible. Improved product positioning and better alignment with guest expectations has helped us to drive longer average stays. Higher repeat visitation and stronger monetization of food and beverage experience and wellness offerings. Raya has now transitioned from ramp-up stage to stabilization. With the initial phase of promotional offers and filmarization behind us, the resort has meaningful headroom to drive track for our goals, supported by strong occupancy, disciplined cost structures, and growing brand recognitions. In the all-inclusive premium segment, at the market level, the full commissioning of the new Vilena International Airport has eased historical capacity constraints, evident in the all-time high international arrivals in 2025. This will further help us drive occupancy and drive power in the coming years. Meanwhile, the structural limitation on new island supply continues to support long-term pricing stability. Lastly, our annuity portfolio continues to provide stability and cash flow visibility. Annuity revenues grew 15% year-on-year in Q3 from new tenant acquisitions while EBITDA grew At 12%, with margin remaining strong at 90%. Our development pipeline remains firmly on track. Projects under our direct development, including Marriott, Varanasi, AC, by Marriott, Bangalore, Courtyard, Mundra, Ritz-Carlton, Reserve, Puteville, Sri Lanka, continue to progress through the design, planning, and execution stages as scheduled, with targeted completions between FY27 and FY28. Our ROFO assets, including the JW, Marriott, Navi Mumbai, and the three Moxie hotels, are in the approval design phase under the promoter group, with deliveries target around FY30. These assets provide long-term growth visibility without near-term capital strain and remain central to objective of scaling to 4,000 keys over the medium term. Across both organic development and acquisition, our focus remains on capital returns, brand strength, and margin sustainability, rather than headline scale alone. During the quarter, we continue to make progress in our ESG initiatives in Maldives around solar, waste management, and hydroponics. On the social side, Our Accessibility and Workforce Initiatives help support retention, inclusion, and long-term operating stability. Our efforts resulted in three important recognitions. Ventik Hospitality has been recognized as the leading Indian hospitality chain of ocean and reef conservation at the Sustainability Summit and Awards 2025. Anantara was awarded the Green Growth 2050 Platinum Certification, and Conrad was certified as the Forbes Travel Guide Sustainability Verified Badge. I would also like to highlight a few other awards we received during the quarter. Raya by atmosphere recognized in the Rob report, Russia, Best of the Best 2025 Special Edition. Soul House Mumbai received a Michelin tea, a significant milestone for us. JW Pune and the Ritz Carlton were recognized by Travel and Leisure India for excellence in leisure and city luxury hospitality. Lastly, with a stellar nine-month performance, we are entering into the final quarter of the year with full confidence that we will achieve our annual plan FY26 and begin FY27 with a very strong momentum. We're also looking forward to opening the first AC by Marriott by disciplined execution of repositioning our loft in Wildfield, Bangalore, with stipulated budget and time, with 3x EBITDA, hopefully 3x EBITDA improvement. With that, I now request Milind and Palesh to take you through the financials in greater detail.

Thank you. Thank you, Rajiv. Good evening, everyone. Let me begin with my usual disclaimer on the comparative from last year. As you are aware, the acquisition of several entities in our portfolio took place in August 2024. So our financial statements of prior period do not have the financial numbers of those entities. To enable comparison, We have prepared proforma financial statements based on internal MIS for those periods, as if those acquisitions were made on April 1, 2023. Their revenues, costs, and EBITDA are included in the proforma financial statement of 9 months FY25. Hence, the number presented in the statutory financial statements. We'll differ from the pro forma figures in our commentary, our press release, and earning update presentation. Prior year comparative for Q3, on the other hand, is based on actual financials. We continue to deliver strong performance, reflecting the competitive modes around our business. Let me give you five key highlights of our Q3 financial performance. First one, unmatched ADR growth. Same store ADR in India surged 18% led by luxury demand in Pune, setting us apart as a market leader. Second one. Superior profitability. Deliver industry-leading EBITDA margin of 41% in India and 39% in Maldives, reinforcing our operational excellence. Consistent margin expansion. Achieve broad-based improvement of 4 percentage points in India and 6 percentage points in Maldives on same store basis. Fort one, Preston Profitability. Mark the fifth consecutive quarter of positive path with strong year-on-year growth momentum and the fifth one, lowest cost of capital. After December 31st, 2025, we have successfully negotiated better rates for our dollar-denominated loans, reducing the weighted average cost of funds at portfolio level to 6.82 percent. Now, the lowest in the peer group. As we speak, we are negotiating with lender for rupee denominated loans, and we expect 10 to BIPs reduction. That will bring down our average cost of funds further. Now, let me walk you to the performance of each of our business. In Q3, our India portfolio contributed revenue of 239 crores. Up 22% year-on-year, driven by strong ADR growth and F&B growth. A common concern among investors is whether Pune is capable of absorbing high ADRs. As I already mentioned at the start, we had 18% same-store ADR growth in Q3 with stable occupancy. While that is very impressive, let me draw your attention to absolute figures. Four of our Pune hotels, that is JW Marriott, Ritz Carlton, Courtyard by Marriott, and Marriott Suites, collectively had an ADR of 14,758 in quarter 3, which is comparable with those of gateway, city luxury, and upper upscale properties. India Hospitality EBITDA was 98.6 crores, up 35% year-on-year. EBITDA margin for the quarter was 41% and expansion of 4 percentage points over Q3 last year. EBITDA GROWTH Being higher than revenue growth implies an EBITDA margin of 59% on incremental revenue of 43 crores, a clear demonstration of high operating leverages in our business model. On the same short basis, revenue growth was 17% and EBITDA growth was 31%. For the nine-month period, Our India hospitality business delivered EBITDA of 240.4 crore, up 36% year-on-year, with margin expanding to 39%, a full 6 percentage points higher than last year. This performance is an outcome of our strategy. The premiumization of our offerings. And superior revenue mix have enabled us to consistently meet and exceed our internal targets for margin expansion. Importantly, this improvement is not one-off achievement, but something that we can sustain for the foreseeable future and get profitability leadership in our sector. Over the nine-month period, we maintain steady 62% occupancy. This is not a weakness, but an untapped potential. We have significant headroom for occupancy growth, supported by powerful structural demand drivers, the strong absorption of commercial office space by GCC, and flexible workspace providers. The Maharashtra government's recently announced GCC policy, offering fiscal incentives to attract global capability centers in Maharashtra, is expected to benefit Pune disproportionately, giving us clear visibility on medium- to long-term demand growth. Critically. There is no announced supply of new luxury keys in Pune, ensuring that our existing portfolio will continue to enjoy pricing power. Taken together, these factors position us for a sustained uplift in occupancy, which alongside our proven ADR growth will serve as twin engine, driving industry-leading growth and profitability. Moving to our international hospitality portfolio, we entered the high season in Maldives in Q3. Our revenue grew 46% year-on-year to 326.4 crore, driven by a mix of area and occupancy growth. On same store basis, the international hospitality revenue growth was 17%. Our EBITDA was 127.5 crores. Up 73% year-on-year. EBITDA margin was 39%, an expansion of 6% year-on-year, quite similar to the profitability of our Indian hospitality business. Q3 was the first quarter in which RAYA's differentiated all-inclusive concept demonstrated its true profit potential. Hitting an EBITDA margin of 40%, slightly higher than its more storied peers. Excluding Raya, EBITDA growth was 38%. In Maldives as well, the same-store EBITDA growth was higher than revenue growth, implying an EBITDA margin of 73% on incremental revenue of 38.2 crores. Over the last four quarters, With our consistently strong revenue and EBITDA growth in Maldives, we have clearly demonstrated its strength as unique global high luxury destination. And this should finally set to rest any investor's apprehension about the profitability or headroom for growth in Maldives. On a consolidated basis, revenue was 722 crore, up 27% year-on-year. This includes 16.9 crore rupees of foreign exchange gain from mark-to-market, our dollar-denominated assets. Our EBITDA was 348 crore, up 25%, and EBITDA margin of 48%. Same-store EBITDA growth in quarter three, excluding foreign exchange gain, was about 17%. For nine-month period, EBITDA was 822 crore, up 28% year-on-year. Our EBITDA margin for the period was 46% versus 45% of the same period last year. Same-store EBITDA growth for nine months, excluding foreign exchange gains, was about 15%. Lastly, our profit after tax stood at 140.4 crore for the quarter, which is over 300% growth year-on-year. I now request Paresh to give additional color on our debt.

Thank you, Ranjit and Malin. Good evening, everyone. Mentev is steadily strengthening its financial foundation with lowering funding costs, improving leverage. Strong liquidity and robust credit ratings, providing the confidence and capacity to pursue disciplined value-accreditive growth. I am pleased to report that we have achieved a sustained and significant reduction in our overall cost of funds. For our Indian assets, the cost of funds remained constant at 7.4%. For our offshore Moldavian assets, the cost decreased 7.02%, marking a reduction of 0.28% from previous quarter. Post the quarter-end, we have successfully re-negotiated our offshore debt and would see a reduction of at least 70 basis points in the portfolio, in the Bolivian portfolio. As of 31st December 2025, our cumulative debt across INR and USG exposures stands at Rs. 2,254 crores. This includes INR debt of 1,375 crores linked to our Indian assets and USD debt of 98 million equivalent to Rs. 879 crores associated with our Maldivian assets. Our net debt position remains comfortable at 1,667 crores. These improvements... Not only enhance our financial efficiency, but also bolster our ability to deploy capital at the right time in the right place, case in point being the recent acquisition of Hilton Goa, where we astutely utilize our internal accruals for acquisition of the Hilton Goa, expanding and diversifying our asset portfolio. Today, a net debt to EBITDA is 1.4, which demonstrates the steady growth supported by strong Operating cash flows and predictable annuity inflows. Reflecting our strong financial fundamentals, Ventev retains AA rating while a material subsidiary continues to hold a AA plus rating from Crystal. A Bangalore-based subsidiary which operates the Aloft ORR Hotel has attained a AA rating. This further reinforces our financial strength and our capacity to pursue strategic acquisition and expand. With confidence, to conclude, Venter's solid balance sheet, disciplined financial management, and clear growth trajectory positioned us exceptionally well to capture emerging opportunities and continue advancing towards an exciting future. Thank you. Now, I open the floor for questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Yash Dharak from Motila Losfal, Financial Services Limited. Please go ahead.

Yeah, hello. Am I audible?

Yes, please go ahead.

So what is Vinted's philosophy and how does the company differentiate itself against its peers?

So, hi, Yash, thank you for your question. Bentiff philosophy, okay, let me try to answer it in a bit of terms. I think, let me give you a little flavor. We are top four hotel companies in India, and we intend to be amongst the top two. One of the best performing, most resilient stock in the hospitality sector that I already mentioned. What we have in Akiti is... Very strong balance sheet strength. Our cost of debt, like my colleague just mentioned, is probably the lowest in the industry. Our crystallating is AA stable. One of our USPs is that our promoter's punch shield, which has a 56% stake, we can build, we can acquire, we can rebrand really quick compared to anyone else. And we have Blackstone as the other promoter, which can really make great acquisitions. So this is, I count as a huge strength. Pune, being a fortress market, where we have a majority share in luxury market, will be unmatched in pricing power. While Maldives market, the supply of islands is less, and we continue to enjoy the great benefit that Maldives are going through the entire uplift of rates that we see and occupancy. Typically, it's not easy to build in Maltese. Like I said before, Panjshil has built Raya from scratch. It takes five to eight years for construction, four to six times of cost. Very difficult to execute. Debt is also very difficult to come by. So we already know that market, and we've got two more big assets. So this is a great destination for global leisure travelers with high PRRs. Pretty much what Venteb is, and I can give more flavor as we go on.

Thank you.

We take the next question from the line of Vaibha from Hightong Securities. Please go ahead.

Hi, sir. Congratulations on a strong set of numbers. My first question was on our international portfolio. We have seen a very strong occupancy expansion even on the same store basis. Occupancy has reached 65% mark for Q3. I wanted to understand how much headroom do you see from the current level, especially in a peak demand season for this portfolio? And on the similar lines, given the portfolio is doing exceptionally well, do you think we can, going forward, evaluate adding more properties into Maldi's market? That's my first question.

Okay, occupancy grew very well in Maldives, 4 percentage points to 65%, and with the addition of Raya, it goes up north of 71%. So, we will be stabilizing the occupancy in Maldives at around 70%. Largely, the demand was better across the source markets. Our teams have also been working very hard to the volatility of base occupancy. So I see that Maldives will continue on the occupancy. And for some of the obvious reasons, I think, if you want, I can break it up into Maldives in India. But first, let me answer Maldives. Raya, which again has occupancy of 84%, proves that there's enough business between our three resorts. Having three different products, like the Conrad, Anantara, all the ultra-luxury, and Raya, the premium all-inclusive resort, is now working very well for us. It allows us to address different guest segments, price points, and it steadily builds up market share, supporting our thesis of Tref Bar Groups. From an occupancy in India perspective, It largely remains flat, but this has been a conscious decision from a revenue perspective and revenue management perspective.

And in terms of evaluating more opportunities for Maldives market, would you consider that in future?

Given that we understand the market and we are now managing our portfolio really, really well and sometimes even ahead of the market, we do believe we have the bandwidth to understand a given opportunity that comes by and presents compelling reasons. Yes, we will.

Understood, sir. Secondly, on our EBITDA margins at a consolidated level, we have seen margins to be flattish despite the revenue being strong, mainly due to OPEX, other expenses, and our employee costs being higher year and year. Any particular reason for that?

So, Weber, let me take that question. I mean, EBITDA margins are consolidated level are plattish because One of the reasons this VENTIV came into existence in August 2025, and employees were transferred from group companies to VENTIV. So, last quarter, corresponding last quarter, we did not have corporate overheads or corporate overheads on the lower side as we started building corporate team here and corporate office. So, to some extent, corporate overheads has taken away our margin by around 1%. Now, if you want, if you compare other expenses, Corresponding to quarter three last year, the increase is around 60 crore. Okay. But if you look at 17 crore rupees is on account of incremental fees to operators, fees and payments to operators for more business. 20 crore rupees are expenses. Of our new properties, that is Raya and Hilton, and 15 crore rupees is around corporate overage increase as compared to last year. Hope I have answered your question.

Yeah, also I'd like to add, also please look at our hospitality margins, not at console. India margins grew 4% to 41% and Maldives grew 6%.

I have not answered your employee cost. Employee cost increases on account of normal increments, salaries of new hotels, Hilton and Raya, which were not there last year, and this quarter we have...

And this 3 crore impact will continue now, going forward?

It is one-time, non-recurring, non-cash provision in the books.

And now coming to India portfolio, sir, we have seen a strong ADR growth of 17%. So, can you break that up in terms of markets for Bangalore and Pune? How has been the ADR growth? And in terms of occupancy as well, there is a minor disc quarter. So, if you could just share some asset-wise performance for the Indian market.

So, why don't we give portfolio or city-level occupancy, but Ranjit will tell you about drivers for ADR growth.

So, of course, Puna and Bangalore, and that's what your question is, you want to understand about more on the ADR side. So, we have a 17% ADR growth that you're seeing. It's probably one of the highest for Ventef since listing in this quarter. And I think this is predominantly, let me break it into Puna. I think Puna continues to be a very strong office market driven by GCCs, which is also the main driver for ADRs, crop hubs being Karadi, Banair, Koryangau Park, etc. As of early 2026, India was actually the home of over 1,800 GCCs, and more than half of that It is actually half that globally. So India has got 50% share of global GCC. And Pune hosts around 360 to 400 GCC, which is about 20% of India's total. So that makes Pune one of India's premier locations for capturing high-end business demand. Apart from that, for Bangalore, we have, and of course, the new Navi Mumbai Airport, which is also going to be helping. It's already helping, but I'll see much more strength in the coming years. Regarding the Bangalore Outer Ring Road and Whitefield, these are very strong, fundamentally, micro markets in Bangalore, among the country's best office markets, in my opinion. So, I need to make a special mention here on the Aloft Outer Ring Road, which has shown exceptional area growth. Majority of the strategy has come through GDS. This has been our single largest revenue driver in India. 31% of GDS revenue growth, and GDS contributed 52% of transient. I love GDS because it's a global distribution system which translates. Do direct bookings as much as we can. So the focus remains direct bookings. Thank you.

So let me add here, Vaibhav, as I already mentioned in my opening remarks, the ADR of our four properties in Pune is 14,758 quarter, which is comparable with companies with gateway hotels in gateway cities, right? If you look at our ibidda per key, It's around 2.3 million, and console level, it is around 3.5 million, right? So, again, when we are tracking, comparing, benchmarking ourselves with the PR companies, in spite of having limited presence in gateway cities, our rates, our EBITDA parking is really comparable.

Great, sir. Understood. Last question, if I may, regarding our Hilton acquisition. Just wanted to understand how has been the early demand trends post taking over the property, and if you can just share a bit of color on the demand trends in January as well. Thank you.

Sure. As you know, Goa is still the top destination in India for leisure. And will remain. So this is our belief. And that's why we've added an asset there. While we've moved in, in a very strategic asset of Hilton, we have now gone into the next phase already. We're adding 60 to 65 new rooms of the existing sector to enhance asset value. We're also in deep and conclusive talks with Hilton for a higher brand within the Hilton system. So there's a huge substantial upside, additional room inventory, new wellness offerings, and full activation of F&B. We'll make sure that this hotel is one of the most prominent hotels in Goa, feeding and catering to all customer needs that come and enjoy leisure. So, I personally feel, as you know, Venti's F&B strength will also play in here. And post the soft refurb, we've already gone to soft refurb for the existing inventory. I'm really looking forward to the upcoming new brand and can't wait to announce it.

So, Vaibhav, when we acquired this property, this hotel had reported EBITDA of around 18 crore rupees, which translates into 17 lakh rupees EBITDA per key. As Ranjit mentioned, we are rebranding, repositioning this hotel with 65 additional keys. We expect EBITDA per key will go around 25 lakh rupees EBITDA per key, and this hotel generating annual EBITDA of around 40 crore rupees for us post-renovation, repositioning, rebranding in a stabilized year.

Understood, sir. And regarding the January trends, if you can just share a bit of color.

We have gone little soft with our refurb, so I'm not able to give you the general sense. Now we are moving into, all our focus for Goa is moving into reinventing this hotel with a new face and uplift.

Okay, sir. Perfect. Thank you so much for answering the questions and all the best.

Thank you.

Thank you. Ladies and Chairman, if you wish to ask a question, please press star and one. We take the next question from the line of Achal Kumar from HSBC. Please go ahead.

Yeah, perfect. Thank you for the opportunity. So, first of all, I want to understand about the areas in India hospitality segment. You have reported 17% growth. So, two questions here, actually. One, how much of this growth was the underlying growth? So, you must have built in some increase when you renew the corporate rates and otherwise also. And secondly, how much of this growth was due to the revenue management? So that is the first question. And the second part of the question is that how much further scope do you see, how much you can drive it through the revenue management? Thank you.

Okay, just one sec. I think to answer specifically on your revenue management, Hanshal, we use data-driven approach using industry's leading intelligence tools, so we are not different to any other. Maybe we have some further and stronger tools to analyze our performance and benchmark it. What we basically do is we push yield first, not volume for the sake of volume. This pretty much has resulted in double-digit growths. As we've been following Vente's performance, we've had double-digit growths in all our quarters, in ref bar and ref bar. And this is not just in one market, it's across the portfolio. So we price for compression. On Peak Nights, we run Tidespan to protect the retail channels. We push GDS business, which indirectly, like I explained before, helps translate into direct bookings. And we also try to lift week, day occupancy and ADRs, but more ADRs. We optimize channel mixes. We strengthen and prioritize OTAs when we need to. We are quite nimble. We keep shifting our focus based on the challenges of the quarter that come and present. This quarter, the challenge was little softening of occupancy, so we pushed on rate. As you can see, the result coming out in a REFPA growth of very strong 15%. My direction to all revenue managers as owners of those assets is to focus on REFPA, not... Occupancy alone or rate alone, and that's pretty much our story. It's always, like I said, it's a tighter rope to walk to increase rates, and it's much easier to actually increase occupancy. I can do special discounts. I can prioritize, you know, rates, discounted rates, and increase occupancy any day of the week, but this is what we do at Ventiv. And in India, we push RERPA, and in Maldives, we push RERPA.

So, I mean, thanks for that. My question was actually, so, by doing all these revenue management efforts which you have been doing, and obviously in the hotel industry, I guess that's a very sensible thing to do, what I was trying to understand is that how much of those efforts contributed to this 17% ADR growth? I mean, was 17%, was like a majority of it came from revenue management, or did you increase the rates, and so what was the increase, what was the contribution from increased rate, and what was the contribution from these revenue management efforts, if you could break them, just to understand, you know, that how much was there.

Anshal, I'll give you a breakup. There was an increase from a special corporate, which is basically what we have as contracted corporate. That grew 11%. And retail grew 19%. That was one area. The other area was also foreign travelers that came into, in this quarter, was a record number for us at 61%. That also further lifted our rates. And going back to my GCC point, also, I cannot give all the contribution to revenue management. There is also a trust. of demand that came in through special conversion that we did in our luxury offerings, in our hotels, and we hopefully are doing the right things and giving the right value for money and product and service, and customers are not reluctant to pay a premium for it. That's our bet.

The other thing I wanted to understand, generally, you know, sort of about Pune markets have been expecting that, you know, with the new airports in Pune, of course, the demand will grow. And then, of course, you made a very valid point about GCC. Now going forward, how do you think these factors will contribute to the growth? And have you sort of gone to the new GCCs or the new corporate partners come to you for the agreements and also just to understand, you know, the sort of how the growth looks like, incremental growth from here on?

I am a firm believer, and so our planning stage, when we developed these hotels, we knew exactly what we were doing, how the Pune market is currently doing, and how it will unfold in the future. We've done very smart geographical mix within Pune City in different segments with different products and different price points. So there is no cannibalization. We are in micro markets of Pune as well. And apart from this, we are very active in our channel mix, segment mix, and our marketing and ref power uplift. So we see the tailwinds of the airport in Navi, Mumbai pushing it. The existing airport has already been upgraded. The GCC pushed. The office increased to about 40 million square feet of absorption over the next five years will further help. Great improvements in occupancy and rates. As you know, one of the things for Vintave, which puts us a little differently, is that 25% of our business comes in from our mixed-use development, and that is a very healthy advantage that we get over anyone else.

So, Achal, if I have to add further, and if you look at our India portfolio. Two of our properties, REITS and JW, which is around 40% of our portfolio. I mean, these are luxury offerings, right? And not really price sensitive. So I think pushing right headroom for ADR growth is there. We'll continue growing this. At the same time, Pude market will drive occupancy. So we have headroom for both. And I think growth will be faster. In this sector.

Sort of a capex, if you could buy a capex, and anything in terms of your debt, and are you comfortable with a 1.4, or do you think you want to sort of drive it down further?

Okay, let me answer on debt first. If you look at our debt, we are around 1650 net debt. As of today, if you see the comparison with the previous quarter, I mean, it has gone up marginally by 20 crore rupees. The gross debt increase, what you see, I mean, the 100 and all crore has come up from the acquisition, Hilton debt we have taken. So, we have invested around 135 crores in Hilton, in this quarter, and around 30 crores rupees till date in Soho. Everything is funded from our internal accruals. Our debt is at flat, right? When we look at our CapEx for the next two years for the projects which are on our balance sheet, that is... So, Sri Lanka, Varanasi, and AC by Marriott should take around 800 to 900 crore unspent amount over the next two years, which mostly will be funded through internal accruals. And ROFO assets, we are evaluating taking it on warm cell lease, so it will come after 30 months. So, we are not stretching our balance sheet. And we have enough headroom for taking additional debt as and when we want for any growth plans or acquisition.

Sir, just one clarification. So, you're saying 800-900 crores, including your capex on these assets, plus your refabrication, everything, and this is over the two years, which means about 400 crores a year, 450 crores a year, right?

Yep. Yes. I mean, over next 30 months. Over next 30 months.

Yeah, yeah. But 400 to 450 per year. And I'm alright. Okay, thank you.

Thank you, Anshul.

Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and 1. We take the next question from the line of Sumit Kumar from GM Financial. Please go ahead.

Hi, good afternoon. Thanks for the opportunity and congratulations on our great set of numbers. A couple of bookkeeping questions, sir. One would be, what would be the REVPAR or ADR growth for the India business if we leave out Goa?

Okay. Repop growth is around 18%.

Okay. And the second question would be, what is the growth of F&B business in both India and international portfolios for the quarter?

So, for FNB, we have a very healthy growth, happy to announce 16% growth in FNB overall.

That's on an overall?

14% in India.

Okay. And how do you see that going forward into 4Q? Will the same trend continue or will it be better than that? How does that seasonality play out in F&B?

Well, all I can tell you, the next quarter or this quarter is even stronger traditionally and will continue to serve the same trends.

So Sumit, Maldives Properties Quarter 4 is the strongest quarter. And if you compare our last year's quarter three and quarter four, EBITDA numbers, we had incremental EBITDA of around 1,900 crores. So we expect the same trade will continue.

Let me give you a flavor, Sumir. It will be in double digits.

Cool. That's all for myself. Thank you and all the best.

Thank you.

Thank you. We take the next question from the line of Jaykant Bhavya from IIFL Capital. Please go ahead.

Hi, thanks for the opportunity. So, we mentioned in our presentation that we are scouting multiple acquisition opportunities and that they are under review. So, can you give more color in terms of the geographies that we are targeting and the kind of mix, whether they are more leisure-oriented or business-oriented?

So, we look at the industry as a whole. I think we are very aware of the customer preferences and we are always shifting. I think we are combining our strength of construction. As you know, we make great hotels. It's not something I'm saying. Everyone knows how well Rich Carton has been executed. Within the budgets, within timelines, our cost of construction is also lower. So we have that whole strength behind us, right? And we not only have that strength, we've executed. So while we have the execution ability of delivering about 150 keys every year, and almost hotel in every two years, we are at the final stage and conclusive stage of many opportunities. And we are being very picky of what we do. To give you flavor, we are working more towards wellness and leisure. And we will continue with that pipeline. And we'll use our strength of branded residents to add to that.

And also, if I may, so for Hilton Goa, although you have hinted that the property is in its early stage, but can you give on a stabilized basis what kind of ARRs and occupancy should we build in for that hotel?

So, Jay, I think post-rebranding, repositioning, our existing ADRM, when we took this property, was around 13,000 average. We'll definitely see height in growth in ADR, and as already mentioned, we are looking at EBITDA per key of 25 lakhs this property should give us. Around 40 crore rupees EBITDA in absolute terms.

Yeah, that's doubling the EBITDA for sure. Sure. That's all for all my time. Thank you. Thank you.

Thank you. Ladies and Chairman, as there are no further questions from the participants, I now have the conference over to Mr. Ranjit Batra for his closing comments.

Thank you. And to summarize, Q3FI26 reflects strong execution across all parts of our business. I'd like to do special thanks to all my team to make all this happen. We've delivered robust revenue growth, meaningful margin expansion, and continued improvement in operating leverage, while maintaining balance sheet discipline. This also marks another quarter of consistent double-digit growth across key operating metrics since our listing. With another solid quarter still ahead of us, our focus remains on sustaining track-par growth through active asset management and progressing our development acquisition pipeline with precision. Thank you once again for joining us today. We appreciate your continued support and the interest in Ventif Hospitality. Thank you. Thank you very much. Thank you.

Thank you. On behalf of Ventif Hospitality Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.