Add Ventive Ltd for the Target Rs. 790 by Choice Institutional Equities
Key Conference Call Highlights
Demand & Outlook:
* Management expects low-teen revenue growth and high-teen EBITDA growth in FY27E, supported by ARR growth and occupancy improvement across hotels in India
* Pune continues to benefit from GCC growth, manufacturing demand, MICE and improving infrastructure, supporting occupancy and ARR growth
* Demand in the Maldives remained resilient despite geopolitical and aviation disruptions owing to improvement in connectivity from China, Korea, Japan and Russia
Industry & Positioning
* India portfolio ARR grew 13% YoY to INR 12,516 in FY26, while TRevPAR grew 10% YoY to INR 7,952
* Management highlighted >65% share in Pune luxury hospitality market with limited new luxury supply expected over the next 4– 5 years
* Indian Portfolio occupancy was ~64% in FY26, down ~2 ppts YoY. The management attributed this to Operation Sindoor (Q1) and geopolitical/aviation disruptions (Q4). However, it confirms, underlying demand remained intact
* Pune FTA/domestic mix: 60% FTA, 40% domestic; Japan/Korea demand (auto/manufacturing sector) cited as a meaningful offset to US/Europe softness
Growth Drivers:
* Same-store Maldives revenue grew 15% YoY, while same-store EBITDA grew 29% YoY
* Raya continued to scale up within the Maldives portfolio, while Conrad and Anantara maintained premium positioning
Operations & Trends:
* Q4FY26 India performance was impacted by travel disruptions and temporary shutdown of Aloft Whitefield
* MICE, weddings, corporate travel, domestic leisure and international leisure demand trends remained healthy
* Q1 FY27 visibility is healthy; deferred March business (group bookings, MICE credits) is formalising in the current quarter
Expansion & Execution:
* Hilton Goa, Sol de Goa and SoHo acquisitions were completed in FY26 using internal accruals
AC by Marriott Whitefield conversion remains on track for scheduled completion by March-27
* Varanasi Marriott and Ritz-Carlton Reserve Sri Lanka are targeted for FY28E completion
* Mundra opportunity has been kept on hold pending reassessment of returns and capital allocation priorities
Financials & Balance Sheet:
* Management expects ~INR 10.0 Bn capex over the next three years, primarily funded through internal accruals
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SEBI Registration no.: INZ 000160131
