Ventive Hospitality Limited (VENTIVE) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to WENTIV Hospitality Limited's Q4FY2026 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing star and then zero on your touch-tone telephone. The audio archive, transcript, financial statements, and other documents related to the quarter will be available on the company's website. We have with us today the management team of Ventif Hospitality Limited, represented by Mr. Ranjit Batra, Chief Executive Officer, Mr. Paresh Bafna, Chief Financial Officer, and Mr. Milind Vadikar, Executive Vice President, Finance and Investor Relations. Please note that Pentib Hospitality Limited 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 construed as forward-looking statement must be reviewed in conjunction with the risks 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 hand the conference over to Mr. Ranjit Bhattra. Thank you, and over to you, Mr. Bhattra.

Good afternoon, everyone, and thank you for joining us today. FY26 has been an important year for Ventev Hospitality. It was our first full year of reporting as a listed company, and the year demonstrated the strength of the platform that we built. High-quality hospitality assets, a stable annuity backbone, disciplined capital allocation, and active asset management across the portfolio. I'm proud of what Ventiv has delivered this year. A strong growth in revenue and in EBITDA, expanded margin, strengthen our balance sheet, and finish the... Sorry, we... Okay, I will... I don't know where anyone would hear, but I'll start again. It was our first full year of re-reporting as a listed company, and the year demonstrated the strength of the platform that we built. High-quality hospitality assets, a stable identity backbone, disciplined capital allocation, and active asset management across the portfolio. I'm very proud of what Wendtiv has delivered this year. Strong growth in revenue and in EBITDA. Expanded margins strengthened our balance sheet and finished the year with a healthy momentum across the platform. For the full year FY26, the revenue stood at 2,666 crores, up 24%, while EBITDA grew at 28% to 1,299 crores. Full year EBITDA margin improved to 49% compared to 47 last year. For quarter four, F526, consolidated revenue grew 21% year-on-year to 870 crores, while EBITDA grew 28% to 476 crores. EBITDA margins expanded to 55% compared to 52 last year. Another important milestone for us is that the profit after tax has now crossed 500 crores. For Ventip, this is just not a financial number. It reflects the quality of our asset base. The benefits of scale, disciplined financing, and the operating strength of a platform that we've built. The year also tested the resilience of our business model. We saw travel disruption during the year. This included the impact of Operation Sindhu, geographical tensions, aviation uncertainties, and temporary pressure in certain travel corridors. Despite these headwinds, the platform delivered growth and returns for stakeholders. The key point is simple. Revenue growth translated to higher beta growth. That reflects operating leverage, better cost discipline, improved revenue quality, and the benefit of diversified platform. Our performance was not dependent on one geography, one asset, or one demand segment. In India, Maldives and Annuity all contributed in different ways. F5-26 showed the strength of Vente's model, luxury-led hospitality for growth, standout assets in strong markets, annuity income for stability, and active asset management for performance. Let me start with India. Our India hospitality business delivered a strong full-year performance, even though occupancy was impacted during some parts of the year. In their business, it's clearly a rate-led story. ADR grew at 13% to 12,500, REF-PAR grew 10% to 8,000, and REF-PAR grew at 12% to 15,000. Occupancy was at 64%, lowered by around 2% points year-on-year. Despite the lower occupancy, India delivered double-digit ADRs, REF-PAR and REF-PAR, and EBITDA growth, along with 300 base points of margin expansion for the full year. That tells us the market is supporting strategically located premium assets. In Q4, India performance was impacted by a rebranding shutdown of Aloft Whitefield and travel disruption-led occupancy softness. However, the full-year performance is a far more relevant indicator of underlying trajectory, where we demonstrated double-digit growth in key numbers. Oona continues to benefit from limited premium supply, rising corporate demand, GCC-led office growth, manufacturing-led business travel, and infrastructure improvements. Bangalore also remained well-placed because of her presence in the city's strongest office-led micro-markets, such as Whitefield and Outer Ring Road. So the India story is not simply about broad city exposure. It's about being in the right micro-markets with the right brands, quality asset management, and top asset quality. Turning to Maldives, F526 was a very strong year for our Maldives portfolio. Revenue grew 31% to $1,133 crores, while EBITDA grew 42% to $398 crores. EBITDA margins improved 35% compared to 32% last year. This was an important year for Maldives portfolio. Occupancy improved by 5 percentage points. The performance reflects both the recovery in demand and strength of our specific assets within this destination. Importantly, the performance was not only driven by Raya's consolidation. Same-store revenue grew 15%, EBITDA grew 29%, and Trefpa grew 15%. That is a strong validation of the portfolio. In Q4, Maldi's revenue grew 18% to 421 crores, EBITDA grew at 19% to 198 crores, and margins remain strong at 47%. Occupancy improved to 75%, which is up 3.3 percentage points, while TRAFPA grew at 18% to 91,000. There is always market commentary around Maldives, especially when there are geographical developments, aviation-related disruptions, or shift in source markets. We look at it practically. Maldives remains a globally recognized leisure destination with limited and unique island supply, improved airport infrastructure, and a huge diversified international-based feeder market. Our performance this year, including same-store growth, reinforces that high-quality resorts continue well-performed in that market. Rai is now contributing meaningfully to the portfolio and gives us all-inclusive offering that addresses a different customer segment. At the same time, Conrad and Anantara continue to occupy the luxury end of the market. This gives us a broader portfolio within the destination without diluting the positioning of our luxury assets. At the total hospitality level, FY26 was a landmark year. Hospitality revenue is now close to 2,000 crores on its own. This is a meaningful scale-up of the platform and gives us a stronger earning base as we enter the next phase of growth. Hospitality EBITDA also grew meaningfully during the year, with margins improving by 300 base points. This reflects the operating leverage in the portfolio, stronger revenue quality, and disciplined cost management across India and Maldives. For us, this is an important milestone. Ventev is no longer just a collection of high-quality assets. Scaled hospitality platform with multiple growth engines. Clear portfolio logic and increasing financial strength. Moving to our annuity business, which continues to provide stability. For FY26, annuity revenue was 505 crores, up 4%, while EBITDA was 452 crores, up 3%. EBITDA margin remained at 90%. This stable earning base remains a key strength of Venter. It gives us predictable cash flows, improves resilience through cycles, and supports disciplined investment in hospitality growth. During this year, we also announced Narnata Estate, a land parcel in East Puna, identified for annuity development. This will further strengthen our stable cash flows backbone in the market we understand well. FY26 was also an active year for portfolio sharpening for future growth. We acquired Hilton Goa, adding a high-quality leisure asset in India's strongest hospitality market. We completed show house transaction, giving us exposure to membership, lifestyle, and hospitality platform. We also added Shalda Goa, a small boutique hotel, deepening our presence in Goa leisure market. We also announced Narmada Estates, which I just spoke about. Each of these transactions funded by internal accruals has a clear role in the portfolio, leisure exposure, lifestyle and hospitality, wellness capability, annuities capability, and long-term value creation. The common filters remain quality of location, product relevance, execution feasibility, and return discipline. We are not pursuing growth for scale alone. Each addition is being assessed against return thresholds, funding discipline, execution complexity, and fit within the wider platform. At the same time, we also reassessed the Mundra opportunity and decided to keep it on hold for now. We continue to evaluate that return profile, strategic fit, the timing of capital deployment. During this year, we became sharper on where we want to deploy capital. Luxury and premium urban assets, leisure, wellness, lifestyle-led hospitality, stable annuity assets, and where the cash flows are visible. Moving on to the development side, our active projects continue to progress. The AC by Marriott conversion in Bangalore is progressing in line with plan. This project involves repositioning. The Whitefield asset into a stronger brand and product for that particular micro market. This asset remains well-placed, given Whitefield's office-led demand base, the depth of corporate activity in that catchment. At Varanasi Marriott, construction and design-related work is in progress. Varanasi remains attractive because of the obvious... Reasons that we all know, especially the spiritual tourism, domestic leisure, and improved connectivity. Paranasi also has very limited branded premium hotel supply. For Rich Carlton Reserve in Sri Lanka, design and planning work continues. The focus is on developing a luxury resort. There's two to the brand. This is going to be one of nine Rich Carlton Reserve in the world, so it's a premium brand. It's appropriate for the destination and capable of creating long-term value for the platform. Across the pipeline, our approach is the same. Execute carefully, protect product quality, manage CapEx discipline, and bring assets to the market only when the proposition is right. Moving to the sector outlook. The broader hospitality cycle remains healthy, but performance is becoming more specific to asset quality. Thank you. And micro-market positioning. Demand across corporate travel, mice, weddings, domestic leisure, and international leisure remains healthy. At the same time, new supply is difficult to create quickly because the hotels require land approvals, capital, and long development timelines. For Wintiv, the combination is clear. India gives us pricing power in strong micro-markets. Maltese gives us global leisure exposure, and it gives us stability. Our balance sheet gives us flexibility to grow with discipline. Our growth also supports local employment, destination development, vendor ecosystem, and tourism infrastructure in the markets where we operate in a responsible way. As we move into F527, our priorities remain unchanged. Grow REFPA, grow TREFPA, improve margins through active asset management, execute uptime carefully, and pursue acquisitions, only where the risk-return equation is attractive. We will continue to work with our brand partners who bring quality, reliability, innovation, and execution discipline, because these are critical for both guest experience and asset performance. With that, I request Milan and Parish to take you through financials and balance sheet in more detail.

Thank you, Ranjit. Good afternoon, everyone. Assist with the interpretation of our financial performance. I would like to highlight the following regarding prior period comparatives. As informed earlier, the company completed several portfolio acquisitions in August 2024. Consequently, the historical financial statements do not include the financial results of those entities. To facilitate like-to-like comparison, we have prepared proforma financial statements. Reflecting the impact of these acquisitions, as if these acquisitions were acquired on April 1, 2024, based on internal MS, the pro forma financials for 12 months of FY25 include the revenues, operating costs, and EBITDA contributions from these acquired entities. As a result, the reported statutory financials We will differ from the pro forma figures referenced in our commentary, race release, and earning presentation. However, the prior year comparative for Q4 FY25 is based on actual reported financial. We continued our strong growth trajectory in Q4 FY26 across our hotels in India and Maldives. As highlighted earlier, Q4 is typically our strongest quarter in both markets, and we were on track in January and February 26 to report record quarterly and annual ADRs, occupancy, revenue, EBITDA, and EBITDA margins. However, geopolitical developments in Middle East and travel restrictions advisories from U.S. And Europe impacted growth to some extent. Despite these challenges, supply chain issues, and restricted travel from key source market, we are pleased to report industry-leading performance across financial metrics. Our proactive strategy of diversifying source market for Maldives And leveraging Pune's unique positioning combined with tight cost controls helped us to drive highest ever Codafor FY26 numbers. Before diving into financials, note that Pune's demand drivers go beyond IT, FinTech, and GCC. The city has a strong manufacturing base with business travelers from South Korea, Japan, and Southeast Asia. This helped offset occupancy pressure and drive double-digit ADF growth in our India hotel portfolio. Now, let me walk you through the key financial highlights. As the hospitality industry sustains its long-term growth trajectory, backed by favorable demand supply dynamics, our Q4 FY26 results underscore the strength of our diversified portfolio and strategic agility. The consolidated revenue for the quarter stood at 870 crore, representing a 21% year-on-year growth. Consolidated EBITDA grew 28% year-on-year to 476 crore, with EBITDA merges expanding to 55% compared to 52% in quarter 4 FY25. The results include a foreign exchange gain of 74 crore in Q4 FY26. Adjusting for foreign exchange gain in both periods, the underlying EBITDA growth for the quarter was 8%. Our financial year 26 performance underscores the momentum and growth potential of hospitality industry driven by strong demand, dynamics, and strategic execution. Consolidated revenue for FY26 grew 24% to 2,666 crore, while EBITDA rose 28% to 1,299 crore, close to 1,300 crore mark, expanding margins to 49% from 47% in FY25. The results include foreign exchange gain of 138 crores. Adjusting for this, the revenue crossed 2500 crore mark and EBITDA crossed 1160 crore. Had geopolitical disruptions not impacted operations in March 26th, our adjusted EBITDA, that is adjusted for foreign exchange gain of 138 crore, we would have crossed 100 crore EBITDA versus 992 crore. In FY25, marking a robust 20% growth. Our FY26 hospitality segment, excluding annuity income, was little shy of 2,000 crores, with a revenue of 1980 crores. And EBITDA jumping 33% to 735 crores. This reflects our strong operating leverage, cost discipline. Driving a robust 49% flow-through on 375 crore incremental hospitality revenue in FY26 despite external headwinds. We have crossed another significant milestone with profit after tax exceeding 500 crores in FY26 just in the second year post-listing. This achievement is driven by significant reduction in debt and finance cost alongside lower average interest rates. As a result, we are generating sufficient cash from operation, enabling us to fund our aggressive growth plans, predominantly through internal accruals, and we are poised to deliver higher path in the years to come. In Q4 FY26, our consolidated hospitality segment revenue grew 13% year-on-year to 658 crore, with EBITDA up 9% to 295 crore. Margin stood at 45% versus 46% in Q4 FY25. In India, hospitality revenue grew 5% year-on-year to 238 crore, but EBITDA declined 7% to 97 crore due to certain one-off items. Specifically, in Q4 FY25, we had booked 8 crores of government grant versus 2.5 crores in Q4 FY26. Adjusting for incremental government grant and 1.5 crore electricity credit, our adjusted EBITDA for Q4 FY25 was 96 crore. In Q4 FY26, we received 5 crore debit. For past-period electricity cost, netting of these one-off expenses, our adjusted EBITDA for Q4 FY26 is 102 crores, reflecting a growth of 6% year-on-year with a healthy 43% EBITDA margin. India area jumped 12% year-on-year to 14,020 rupees in Q4 FY26. A testament to Pune's growing stature as premier business destination. Notably, ADRs are now on par with gateway cities despite our portfolio concentration in Pune. Rev power rose 8% year-on-year to Rs. 9634 as occupancy dipped slightly to 69% versus 71%. To elaborate on Pune's growth potential, ADR for our four Pune-based hotels, that is Ritz-Carlton, JW Marriott, Marriott Suites, and Courtyard by Marriott, averaged at Rs. 15,152 in Q4 FY26, comparable with ADRs of hotels in gateway cities. This underscores Pune's market strength. With strong commercial absorption underway and growing demand, we are confident of ramping up occupancy to 75% in the medium term. Looking ahead, Ventil's India portfolio has significant headroom for occupancy growth coupled with sustained double-digit area growth. These positions as well to deliver low-team revenue growth and high-team EBITDA growth in the medium to long-term. Meanwhile, our Maldi hotels deliver stellar results. Revenue grew 18% in Q4 FY26 to 421 crore with EBITDA rising 19% to 198 crore on the back of occupancy climbing to 75%. Driving this strong performance, trail path jump 18%. Year-on-year to 90,818, a clear indication of Maldives market's resilience and our hotel's ability to capture high-end demand. With luxury travel to Maldives remaining robbers, our focus strategy in premium island resort market continues to pay off. To highlight further, Maldives' occupancy for FY26 for our Conrad and Anantara was 61% versus 57% in FY25, and we are on track to achieve occupancy not of 65% for these resorts in the medium term, while short-term bleeds in occupancy are possible due to external factors. The long-term story for Maldives remain intact, driven by commencement of operation of New Malay Airport and improved direct flight connectivity to key source markets. For FY26, hospitality revenue grew 23% to 1980 crore, with EBITDA rising 33%. to 735 crore. Hospitality EBITDA margins expanded by 300 basis points to 37% versus 34% last year. India hospitality revenue grew 14% to 846 crore with EBITDA up 24% to 337 crore. ADR for India businesses was 12,516 up 13% while REVPAR grew 10% to 7952. Rev power growth was slightly lower than ADR growth as occupancy dropped due to disruptions in FY26. That was operations endured in quarter 1 FY26 and geopolitical resistance travel disruptions in quarter 4 FY26. For Maldives, revenue jumped 31% to 1133 crore with EBITDA up 42% to 398 crore. Margins improved to 35% versus 32% last year. In Q4, annuity revenue was 127 crore, up 2%, while EBITDA was 113 crore, up 2%. EBITDA margin was 89%. For F526, annuity revenue was 05 crore, up 4%, while EBITDA was 452 crore, up 3%, with margin at 90%. I now request Paresh to take you to debt, liquidity, and balance position.

Thank you. Good evening, everyone. FY26 has been an exceptional performance with results that demonstrate both the strength of our platform and a disciplined approach to value creation. This has translated into healthy cash generation and continued balance sheet strength. Our balance sheet remains a strategic asset, giving us flexibility to invest for committed capex and selective acquisitions. As of March 31st, 2026, gross debt stood at 111 crore, comprising 1232 crore of rupee-denominated debt and USG 81.44 million, equivalent to 766 crore of offshore debt relating to the Maldives portfolio. A cash and cash equivalents stood at 5 and 11 crores, resulting in net death of Our net debt to EBITDA was 1.14x compared to last year 1.7x. During the year, we reduced the average cost of debt, which stood at approximately 7.3% for Indian borrowings and 6.2% for USD borrowings, compared with 9.5% and 8.3% respectively at the beginning of the year. which has resulted in saving of approximately 20 crores, along with EBITDA growth, interest coverage has improved significantly and strengthened the ability to fund growth through internal accruals. We continue to hold strong price ratings with Crystal Tadolet's table at Rotendam and Atulet.

Sir, we are not able to hear you.

These ratings reflect the quality of our asset base, stable annuity cash flows, operating performance, and prudent leverage profile. We approach the next year with a strong brand portfolio, fortified balance sheet, and remain confident in our ability to deliver long-term value to operating excellence and disciplined capital allocation. Thank you.

With this, Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star followed by one on your touchtone telephones. If you wish to remove yourself from the question queue, you may enter star and two. Participants are requested to please use only handsets while asking a question. We will wait for a moment while the question queue assembles. The first question is from the line of Sumanth Kumar from Motilal Oswal Financial Services. Please go ahead.

Yeah, hi. My question is regarding the current scenario, and we have seen business disruption in March. So, considering current scenario, how is the, how you, you predict FY27, and how is the things going to happen, considering inbound is, has been impacted. And also a Pune market outlook. Considering all the infrastructure and what you talked about, all the foreign inbound, so can you talk on that also?

Yes, thank you for the questions, Samantha. Good to see you on the call. F527 outlook, I think the good news here is that the F526 showed that our platform can absorb disruption very clearly and at the same time still show growth. So, so far at this stage we have visibility of only Q1. And while there is some volatility, I don't think at all that this will derail the quarter for us, for sure. On a broader picture, I feel, and as and when the situation normalizes, Ventif can, in my view, deliver low-team revenue growth and high-team EBITDA growth. And now that it's very clearly established that our India portfolio has a higher rate base and there's still room for occupancy headroom. So that's where we are. And I think on the Maldives, Maldives has a broader market coverage. And Raya is now firing after its solid ramp up. That is really clearly helping our portfolio as well. So, with all these combinations and the annuity remaining stable, I think as we enter FY27, I think we are in a better position than last year. I think that's a short answer to the last line to your question. And as far as your second question regarding the Pune market, yes, there is room for both occupancy and ADR growth in the Pune market. Pune, as you know, and through Millen's introduction commentary, we've heard that Pune is not behaving like a secondary hotel market anymore. The demand base has changed. The GCC, it becomes a GCC stronghold. Just to give you an example, India has about 50% of the global GCC market, and Pune has about 20% of that, which is very, very healthy. And that also further combines a very unique platform for Pune where it enjoys multi... Structural platforms to, for example, the IT, financial services, manufacturing, mice. They're all combined together, improving a huge amount of improving infrastructure, and they all combine to contribute to higher occupancies than ADR. So Pune is a great story. We love the fortification of Pune with our assets. We are very well spread geographically with different products, different price points, and we pretty much control the luxury market, which I've said in my past calls as well, to the tune of north of 65%, Thank you. Sumant, very strong pricing power and demand capture. So, this is, I might be speaking too much on Puna, but I have a strong belief on a personal level on the market itself. And some data on that, I think, while we are talking about it, I think Q4 India ADR was up 12%. At 14,000 rupees and up 12%, so the full year was about 13% increase on ADR alone. So market has clearly accepted the high pricing, which I was trying to say, and the double digits in REFPA and REFPA continue to grow.

When we talked about March, and we have seen a business loss in March because of lower inbound, so how much business has recovered in April month? Number one. Number two, when we talk about lower teens, top-line growth, I hope you were talking about India also. And also, is there, because of the lower base, because in Q1, F526, we have operations endure, and there was a business loss in that quarter also. So, considering all the factors, can you talk on how the business recovery happening in the month of April and May?

So, like I said before, Samant, I think we have a good visibility of this quarter. There has been some displacement business coming in from March, which I can clearly see, and we've given credit lines on a lot of group bookings, mice events, etc., which is formalizing in this quarter, which is very healthy. And, of course, there was a lower base, like you rightly pointed out. Because of operational Sindhu last quarter, so that will obviously give everyone in the industry a big jump. But we are seeing a very healthy quarter, and we are seeing that, you know, while the geopolitical uncertainty continues, our portfolio being well-diversed is showing a lot of resilience, and I'll be very proud to announce next quarter results as well. But yeah, overall, we are moving northwards.

Thank you. Thank you so much, Sanjit.

Thank you. The next question is from the line of Baibhav Mule from Hightong Securities. Please go ahead. Mr. Moola, your line is unmuted. You may ask a question.

Hi, am I audible?

Yes, yes, please.

Hi. Congratulations on good set of numbers, Ranjit, sir, and Malin, sir. My first question was on our capex in FY26. If you can highlight that and the utilization of our cash flows, considering we have seen some reduction in gross debt. And going forward, what kind of capex do you expect over the next three years? That's my first question.

So, Weibo, we have reduced our debt to less than 1,500 crores now, and our capex for the next three years will be around 1,000 crores for our Bangalore Hotel, for our Sri Lanka Hotel, and some FF&E. See, and most of these will be funded through our internal accruals. I mean... And we are confident our internal accruals are sufficient to fund our TAPEX for the announced project. If I have to walk you through our cash flows for FY26, our EBITDA was close to 1,300 crore if you adjust it for foreign exchange gain, interest payment, and tax payment. We generated around 850 crore rupees in cash. Out of that 400 crore, we used for bearing down debt. If you look at our debt slide, our debt reduction is 1,300 crore. After absorbing 100 crore, incremental debt we have taken for Hilton Goa. We have invested around 200 crore for acquiring Hilton and Soho's debt. And 200 crore rupees was for capital work in progress and capital advances. So, all in all, we have around 500 crore cash today, and even if I reach to 2,300 debt, which was debt as on FY25, I am sitting on 900 crore rupees pipeline. Further, we will generate some internal accruals in the current year. So, we are confident of funding everything to internal accruals.

Understood, sir. My second question was on…

I'm sorry to interrupt, Mr. Mulek. Could you return to the question queue? We have several participants awaiting their turn. Thank you. Participants as a request, please limit your questions to just one question per participant. We have several participants awaiting their turn. The next question is from the line of Sumit Kumar from JM Financial. Please go ahead.

Hi, sir. Good afternoon. Thanks for the opportunity and congratulations on a good set of numbers. My question is on, you know, the revenue numbers for all the three businesses. If I add all the three, it comes to about 7, 8, 5, 8 million for the quarter, while the revenue from operations is a bit different. So could you just explain that gap?

So, that is other income, and we are accounted for around 78 crore rupees exchange gain in the quarter. So, that was part of our other income.

Okay. Okay, sir. I'll come back in the queue if I have more questions. Thank you.

Thank you. The next question is from the line of Abe Kertan from Axis Capital. Please go ahead.

Hi, thank you for the opportunity. So, my question is on the Q4 performance on the international side. So, while the total trade par growth of 18% is quite impressive, but when I look at the split between the room revenue growth and the F&B growth, it seems that room revenue is declining and F&B is up about 45%. Can you explain what is the, how is the accounting done for classification of the venues from Maldives, which is resulting in this?

I don't think it should be looked at as a decline. Actually, the portfolio room contribution remains pretty much intact, while F&B has seen a marginal growth. I think that's pretty much it. On the international front, what we see is a 39% growth in F&B. And that's the number that...

No, 39% is contribution. The growth is around 10%.

Yeah. So, just to understand...

The contribution is 39% in the F&B and 49% is the rooms part.

Yeah, but if you look at the YOY growth, it appears to be higher for FNB compared to room devenue. Is that an understanding correct for the international devenue part?

Yes, that is correct.

Yes, and then there are some allocations with Raya being, I think, all inclusive. That's where maybe that understanding is correct.

Okay, okay, understood. And I don't know if I can I ask one more question?

Yeah, please go.

Yeah, so I don't understand about the timeline. So you have added the Sol de Goa property. So is it like available right now? And will it hit the books from this year? Or do you expect that some capex to be done in that? And for the other properties as well, like Varanasi and Sri Lanka, if you can explain the timeline, then this could be completed.

Yeah, I mean, of all, the Goa is added to, is not a very big balance sheet move, and I think it's not a running property as such as now. So, you know, this is an addition to the intern property that we bought in Goa, and it will also work within the same framework. Under a different band, but the same management. That's how we structured it. So this is our 21 key boutique result. And from the other question about the Whitefield AC, that will be completed by March 2027. Just to give you a feeling on the existing capacity buildup, the Varanasi Marriott is progressing. Like I said before, and the completion timeline is FY28, and Rich Carlton, I'll just give the data anyway, even though you didn't ask, the Rich Carlton Reserve, these are three assets that are coming, and that is coming to a completion timeline in FY28.

Got it. Thank you. That is very good.

Thank you. The next question is from the line of Karan Kamdar from Choice Institutional Research. Please go ahead.

Hello, sir. Congrats on a good set of numbers. Thanks for the opportunity. Sir, I wanted to understand now that Middle East is sort of there's no flights in and out and very limited flights. Where are the travelers coming for our Maldives property from and what kind of impact would you see specifically in Maldives?

It's just, I don't know whether it's a coincidence or what, but typically, the two strong quarters are mainly, you know, contributed from Europe, typically, the strong quarters of Q3 and Q4, and Q1 typically moves into a totally different geography, and this is a traditional business for Maldives, moves from China, Russia, Korea, Japan. And this is, take it from me, this is not, I'm not answering to suit the narrative. And this is the way Maldives behaves. So we have just moved into the different market size, which has shorter duration, sort of planning to actually make the bookings. And that business, especially China, Korea, Japan, is looking very, very healthy and strong for us in Maldives.

Good morning, sir. Can I ask one more question if I have something? Sir, so, I get that Pune, we have some 66% market share in luxury. What kind of expansion are we seeing in luxury, and what is our mix of FTA and domestic for Pune, specifically?

So, I mean, this is the supply chain market. We love supply chain markets, both Pune, Maldives, these are the two markets. We don't see any major supply coming in the next four to five years in the luxury segment, considering we've captured most of the key strategic opportunities in Pune itself at different price points and different products. So we have a clear runway, and as far as the FTA is concerned, we have a 60% contribution from FTA and a 40% contribution from domestic.

So, you still don't see an impact because of lower FTAs or FTAs are improving any color on that? Let's just last question, if I can.

So, Karan, let me give you a few more data points. I mean, see, hospitality, I mean, luxury and upper upscale is directly linked to commercial office absorption, right? And typically, 1 million square feet. It's around 8,000 to 10,000 professional employees in a specific micro market. And how that office absorption contributes to a hotel business, there are three channels. One is transient travel, then internal relocations, and mice, right? And we have seen historically 2016 to 26. In Hyderabad and Bangalore, 1 million square feet commercial office absorption has added around 30 room nights business for luxury and upper upscale. But that may not be the case for Pune since international connectivity is very limited. But even if I take 10 room nights for 1 million square feet, it will add a lot of room nights for us, right? And last year's Pune's commercial office absorption was around 7 million. So we can estimate 70 room nights additional business. And next five years' absorption is estimated at around 40 million. We are very confident we'll do well, our occupancy will grow up in medium term and will hit 75% occupancy.

Well, thanks. Thanks. That was very helpful. All the best, sir. Thank you.

Thank you. Also, Karan, just to add, I mean, the FPA question I get asked for a long time, but if you really do a little bit of a deep dive into the... The kind of companies that are operating out of Pune, there is dependency on the US market and European market, but there's also a heavy dependency on the Japan-Korea market, especially because of the automobile and auxiliary market that we have. We've just seen the biggest base of Hyundai being based and coming along in Pune, along with a lot of auto parts and city units. So this has been typically the Pune story, and there's not heavy reliance on the US market at this stage.

Got it. Got it. This was really helpful. Thank you so much. Thank you.

Thank you. The next question is from the line of Samard Goel from Choice Institutional Equities. Please go ahead.

Hi. So, one question from me is that with respect to Hilton Goa and Soho House, are we still on with the expansion plan we mentioned earlier? Like the new keys coming, the villas coming up and the Soho House, Debbie, all.

Yes, Hilton is a very important acquisition for us, very timely. We're seeing a little down cycle, and we're going to use this down cycle for our advantage while we rebrand the asset and add additional 60 to 70 keys. Come up with a brand new hotel with a new brand and a new experience and great management that we hope to bring along with our partners at Hilton. So, yes, they will be additional. We also plan at one stage talks to put Saul into the same portfolio. So adding all the keys together, we'll have a healthy 200 keys. With customers to experience a lifestyle boutique hotel within the same hotel as well, while using operational efficiency from the Hilton Hotel by itself to support the 21 keys and the 60 keys, 60 to 70 keys. While Bithim Land, a branded residence, is also a work in progress design stage, so we plan to, as I've explained in previous quarters, raise some capital on that. Regarding Soho, Delhi, that is too on track, completion within the next two years. That's what we are looking at.

Thank you.

Thank you. The next question is from the line of Jay Kunt Beria from IIFL Capital. Please go ahead.

Hi, congrats on great help numbers, and thank you for the opportunity. So, two questions, if I may. First, if you...

Jay, we cannot hear you. Peel louder, please. Is this better?

Okay, go ahead. Yeah, we can hear.

Yeah, so if you could highlight separately for the India and the Maldives portfolio, you know, the initiatives that we are taking both on the cost side, given the input prices pressure, so how we are protecting our margins on that front, and also how on the India portfolio, have we seen some demand mix changing in terms of leisure and business travel?

Okay, let me take the margin question on India and Maldives. I think I'll take it separately. I think, you know, the margin story was different in India, and it's been different in Maldives. In India, we moved the margin to 40 percent, from 37, yeah. And this is also, despite a little bit of softening on the occupancy. So, the operational leverage kicked in with the rate that we did in India, that ADR was up 13% and REF power 10%. I think that's where a lot of operational leverage came out from. In Maldives, the improvement was both. Thank you. In the margin. And we've done a lot of things in Maldives, frankly. I mean, there's a lot of initiatives looking at the biggest cost, which is utilities, which we are doing through our solar project initiatives. We are doing cluster procurement. We're doing channel market mix. I think the revenue department is doing a great job in marketing departments. We're all coming together to create this story and meet our margin growth.

Sure. And also, can you highlight, you know, have you seen any mix changing in terms of business and leisure for the India portfolio?

So, we primarily are business hotels in India, and it's very typical. We are not seeing much change. We might, like I said before, seeing shift. Of business moving forward, Q1 is looking very healthy. I don't see any great signs of business shift, whether it's FDA or domestic, or any segment shift that is happening, that is continuing as pretty much the same breakups that we've historically seen.

Sure, and just a final one, if I may, can you give some more color on the Mundra asset in terms of when we should pencil in that asset coming into the operational?

Okay, so Mundra is, like I said, is currently on hold. We reassessed that opportunity, and I think we felt that the timing and the return profile. It can be put at a later stage. It needs further evaluation. Therefore, we thought it's important to inform. And at the right time, we will take that call. But at this stage, we will put it on hold and deploy our capital on other things as well.

Sure. Thank you very much.

Thank you. Next question is from the line of Achal Kumar from HSBC. Please go ahead.

Yeah, hi. Thanks for the opportunity. I have two questions, actually. So, one, going back to the international business, so basically, if I look at the traffic data in Mali, according to the Mali's immigration, I guess the April traffic was down almost 25 percent, and the first 10 days of May was down 15 percent. So, I don't know. I mean, that seems a bit of a difference from what you were saying about the business. So, can you please talk about that? And also, you know, what is the situation with the diesel? Because I think Moley runs on the diesel, and if I remember correctly, you mentioned that diesel situation is very tight. So, how do you see that? And my second question is on the domestic business. So, you mentioned about the operating leverage and still your India hospitality business, While your revenue was up 3% in the Q4, EBITDA was down 7%. So actually, you know, where was the pressure coming from, you know, while EBITDA was down while revenue was slightly up. So can you please give a bit of a color on that?

So, Ajal, let me take your first question, second question first. I have explained on why EBITDA was down. I mean, we had one-offs in both quarters. Last year, we had one-off income. So, my EBITDA was on the higher side. If I had just died, around 7 crore, I have to knock off from that. So, reported EBITDA was 107, 104 crore. I had just said it was 96. And this quarter, we have taken one-off expenses of around 5 crore rupees. So my adjusted EBITDA is 97 plus 5, that is 102. So there is 3% growth. At revenue, we are showing growth. My repair growth is 8% for India.

I think that answers the decline, and I think I'll take your other question. I think you mentioned about some data. I think, actually, typically, this is a weak water anyway for Maldives, and there is, I can't deny, some air connectivity disruption, especially from the Middle East, so maybe that's what

the data that you're referring to.

At the same time, I'm seeing different data as well. I'm seeing more flights coming in from especially Russia and China and direct connections that are coming in. The new flights have just started from Australia and Malaysia. So this is will continue to juggle as we navigate this uncertain times. And to be honest, the holiday makers don't cancel till the writing was on the wall and they have to cancel. We've seen a lot of... Cancellation, we've also seen a lot of uplift at the same time of people continuing their holiday as planned. Regarding your other question, regarding diesel, was that the question? What was that specific question, Anshad?

Yes, sir, my question was around the diesel situation, because I guess previously, according to my discussion with you, I guess you mentioned that diesel situation is very tight, and especially since mollet runs on diesel, any shortage would be a major risk. So, what is the situation with diesel? But then on the… Yeah, sorry.

Yeah, I mean, the situation is that we mitigated at least one and a half to two months with our existing supplies that we had on our island. Going forward, we will see and wait and watch how the diesel pricing gets re-adjusted in Maldives, and to give you a direct answer, will this have an impact? Yes, it will have an impact. But it's exactly how hard or when, it's a little bit difficult to see at this stage.

Right. Sorry, I mean, you know, on the Malay traffic, so you mentioned the flights are increasing, but the number which I spoke about was, that was the immigration traffic number. So that should actually, I mean, don't you think that should have captured the traffic number, which is down majorly?

So, you know, I'll have to study which immigration number exists because, you know, the new airport has opened. Are you checking quarter versus last quarter? What data is this?

Year on year.

Year on year is very spiky in Maldives, like I said before. The last data was that the growth from 2 million has already reached 2.5 million in Maldives. That was the last data. But, you know, there is no counter-argument. There will be some disruption on movement in Maldives, just like any other place in the world.

And Achal, impact could be different for different categories of hotel. It could be different for high-end hotels, luxury hotels, mid-scale hotels.

Absolutely right. To Milan's point, and I'm not trying to be over-defensive, Achal, but we saw similar volatility in the COVID times for Maldives, but the high-end resorts actually had no dips whatsoever. So, there were A, not price-sensitive channels, and B, you know, sometimes re-routing through different channels, customers are reaching their destinations, not an issue for Maldives. Maldives is connected to 90, just for you, 90 different destinations through about 40, 45 direct flights.

Sure, sure. Perfect. Thank you so much.

Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to Mr. Ranjit Bathra for closing comments.

Okay, thank you for your questions and continued engagement. F526 has been a milestone for Ventif, as we all have seen. It was our first full year of reporting as a listed company, and we delivered performance that reflects whatever we set out to achieve, whether it's quality or utility or utility of the platform. We delivered 24% of revenue growth. 28% of beta growth and expanded beta margin to 49% despite travel destruction and geopolitical uncertainties during the year. We also crossed 500 crores at PAT, which is an important milestone for the company and a strong marker for our progress as a listed platform. Our hospitality business is now close to 2,000 crores in revenue on its own with 33% beta growth and 300 base points for margin expansion. India delivered a rate-led year. Maldives delivered a strong occupancy and trefpa growth, and annually continued to provide high-margin steep ability. We also used the year to sharpen our portfolio through acquisitions. Hilton, Goa, Soho, Sol, The Goa, Narmada Estates, each sent in the platform in different ways, leisure, lifestyle, wellness, and annuity-led growth. The portfolio today is stronger, more diversified, and more focused than it was a year ago. As we enter FY27, we do so with a stronger earning base, sharper portfolio, and a clear focus on execution. I want to thank our teams across India, Maldives, corporate office. Result reflects thousands of daily decisions taken by our hotel teams, commercial teams, finance teams, asset management teams. Through a year that has more than its fair share of disruption. As we see scale, our biggest advantage will remain the quality of our people, the consistency of our best experience, and the operating culture we build across our brands, geographies, and formats. I also want to thank our operating partners, vendors, and other stakeholders who work closely with us. So we are here to deliver the both cash experience and financial performance. I want to thank our teams across India, Moldis, and the corporate office. These results reflect a great deal of involvement from each and every member. Thank you once again for joining us today. We look forward to speaking with you next quarter.

Thank you very much, sir. On behalf of Ventib Hospitality, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you.