Ventive Hospitality Q2 FY27 Results Analysis: PAT Plunges 47.5%, Commercial Leasing Stays Strong

Cofacto Research Published November 02, 2026 4 min read

Negative

Ventive Hospitality Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 551.15 Cr (+12.63% YoY) and PAT growth of -47.50% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 02, 2026
Revenue (Q2)	Rs. 551.15 Cr (+12.63% YoY)
PAT (Q2)	Rs. 33.74 Cr (-47.50% YoY)
EBITDA margin	37.82% (+1137 bps YoY)
EPS (Q2)	Rs. 1.00 (-55.60% YoY)

Quarter Snapshot

Revenue growth accelerated to 12.6% YoY with hospitality up 15.1%, but PAT fell 47.5% YoY as Maldives diesel costs at 2.1x pre-war levels crushed hospitality EBIT margin to 3.5%. Commercial leasing remains the profit backbone at 80.2% margin with 98% committed occupancy, while management's guidance that Q3/Q4 recovery will offset Q1/Q2 one-off Maldives impact is the key catalyst to watch. FY27 high-teen EBITDA growth guidance requires 25-28% H2 YoY EBITDA growth, making the target stretch to difficult.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Low-teen revenue growth FY27	CEO, Q4 FY26 call	H1: +9.7% YoY; Q2: +12.6% YoY — at lower end of range	On Track
High-teen EBITDA growth FY27	CEO, Q4 FY26 call	H1 P&L EBITDA: +8.2% YoY; Segment EBIT: −4.6% YoY — needs H2 acceleration	Behind
India occupancy 72% short-term	Management, Q1 FY27	Q1 FY27: 67% (+7pp YoY) — 5pp gap remains	Approaching
TRevPAR and RevPAR double-digit growth	Management guidance	Q1 FY27: TRevPAR +12%, RevPAR +14%	Met
4,000 keys by FY30	Management, FY26 AGM	Current: ~2,199 keys (per Q1 notes) — pipeline of 1,700+ keys	On Track
Maldives solar >80% by April 2027	Management, Q1 FY27 call	4.1 MW solar capacity addition in progress	On Track
Cumulative EBITDA Rs.6,500 Cr over 5 years	CFO, Q2 FY26 call	FY26: Rs.1,299 Cr; requires ~Rs.1,300 Cr/year average — FY26 delivered	On Track
"Q3 and Q4 recovery will offset Q1 and Q2 one-off impact"	CEO, Q1 FY27 call	Q2 Hospitality EBIT still down 47% YoY; margin at 3.5% — Q3/Q4 must show recovery	Not Yet Visible
"India demand is strong — 20% RevPAR growth only happens when demand is genuinely strong"	CEO, Q1 FY27 call	Q2 India Hospitality revenue +15% YoY (per segment data) — India performing well	Confirmed
"Annuity continues to provide stability"	CEO, Q1 FY27 call	Commercial leasing EBIT stable at Rs.1,043 Mn, margin 80% — backbone intact	Confirmed

Key Numbers, Quarter by Quarter

Metric	Q4 FY26	Q1 FY27	Q2 FY27	Trend
India Occupancy	69%	67% (+7pp YoY)	Not disclosed in Q2 results	Monitor
India ADR (Rs.)	Rs.14,020	Rs.12,183 (+8% YoY)	Not disclosed	—
India RevPAR (Rs.)	Rs.9,634	Rs.8,201 (+20% YoY)	Not disclosed	—
Consolidated TRevPAR (Rs.)	Rs.34,169	Rs.23,382 (+12% YoY)	Not disclosed	—
Annuity Occupancy	98% committed	98% committed	Not disclosed	Stable
Total Keys	2,199 (Q1)	2,199	~2,199+ (Kelzai added)	Growing

Key Investment Insights

Key Positives

Consolidated revenue grew 12.6% YoY to Rs.5,511.48 Mn, accelerating from 7% YoY in Q1 FY27
Hospitality revenue grew 15.1% YoY to Rs.4,197.55 Mn despite Maldives disruptions
Commercial leasing EBIT stable at Rs.1,042.89 Mn (+3.3% YoY) with 80.2% margin and 98% committed occupancy
Others segment (windmill) revenue grew 73.8% YoY to Rs.103.42 Mn with EBIT doubling to Rs.80.08 Mn
H1 CFO grew 12.3% YoY to Rs.3,555.68 Mn; CFO/PAT at 225%
Finance costs grew only 1.3% YoY despite higher borrowings; CRISIL AA/Stable rating with lowest-in-industry cost of debt per management
Standalone PAT grew 18.5% YoY to Rs.663.07 Mn with EPS of Rs.2.84 (+18.3% YoY)

Risk Factors

PAT declined 47.5% YoY to Rs.337.35 Mn; normalized Q1 FY27 PAT was Rs.219.44 Mn after excluding Rs.1,022.38 Mn tax credit
Hospitality segment EBIT collapsed 47.5% YoY to Rs.148.45 Mn with margin at 3.5% vs 7.7% in Q2 FY26
Maldives diesel costs at 2.1x pre-war levels; management's Q3/Q4 recovery guidance not yet visible in Q2
Depreciation grew 29.5% YoY to Rs.1,021.74 Mn, outpacing revenue growth of 12.6%
Net debt/EBITDA rose to 1.73x from 1.38x at Mar 2026; consolidated current ratio at 0.80x
Free cash flow dropped 68% to Rs.828 Mn due to Kelzai acquisition (Rs.2,824 Mn) and higher capex
NCI absorbed 30.9% of PAT vs 18.2% YoY; subsidiaries contribute 70.5% of revenue but standalone PAT (Rs.663 Mn) is 2.8x consolidated PAT to owners (Rs.233 Mn)