Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Brigade Hotel Ventures Ltd (NSE: BRIGHOTEL) Q4 2026 Earnings Call dated Apr. 29, 2026
Corporate Participants:
Nirupa Shankar — Managing Director
Ananda Natarajan — Chief Financial Officer
Manoj Agarwal — Chief Operating Officer
Analysts:
Sourabh Gilda — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to Brigade Hortic Ventures Limited Q4FY26 earnings conference call. Before we begin, I would like to remind participants that this conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 Stars and zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nidipa Shankar, Managing Director of Brigade Hotel Ventures Ltd. Thank you and over to you Mishankar.
Nirupa Shankar — Managing Director
Thank you for that one and a very warm welcome to the Brigade Hotel Ventures Limited Q4 26 FY26 earnings conference call. I’m joined to by members of our senior leadership team, Amar Mysore, our Director Anand Natarajan, our cfo Manoj Agarwal, our Chief Operating Officer, Ryan Arhana, Vice President and along with our Investor relations advisor from SGA. FY26 has been a steady and encouraging year for India’s hospitality sector supported by strong domestic demand across leisure travel, weddings and corporate activity structures.
Rising disposable incomes, improved connectivity and evolving travel preferences continue to support the industry momentum. While global uncertainties and geopolitical developments have led to some volatility particularly impacting international travel, the domestic segment has remained resilient and continues to anchor growth. Against this backdrop, Brigade Hotel Ventures delivered a very stable performance in Q4 FY26 with continued focus on disciplined execution and margin expansion. Our strategy remains centered on driving ARR growth through calibrated pricing supported by healthy demand conditions.
Some of the highlights are we grew by 15% in and EBITDA for FY26 over FY25. We also saw 174% increase in our PAT from 24 crores to 65 crores for the whole year of FY26 over 25 for the quarter. Total income grew by 8% year on year led by 7% increase in ERR and occupancy remained relatively stable resulting in a 6% growth in RevPAR. EBITDA increased by 13% year on year to 58 crores translating into an EBITDA sorry, translating into an EBITDA margin of 39.7%. This performance is driven by a continued focus on cost efficiency and productivity led initiatives across the portfol.
Profit after tax for the quarter stood at 25 crores compared to 13 crores in the same period last year. This growth was supported by improved operating performance as well as lower finance costs due to the debt reduction. Our consistent efforts to improve cost control and productivity continue to yield positive results. Utilities as a percentage of operating revenue stood at 5% for the quarter and 5.4% for the whole year of FY26. Interest costs have reduced due to loan payments positively impacting the net profitability.
We are actively advancing adoption of renewable energy which is currently at 61% with some hotels exceeding 90% usage. In the coming quarter we plan to upgrade our hotel at kutchi from a 4.5 Sheraton to a courtyard by Marriott brand. This should help us in improving the ADRs and the profitability further in FY27. We will further strengthen the base with the launch of the Courtyard by Marriott in Chennai World Trade Center, a 45 key hotel that complements our existing presence in high demand business district of OMR in Chennai.
From a capital allocation perspective, we remain disciplined in how we fund this growth. Our plan capex of approximately 3600 crores of which 400 crores has already been invested by FY26 will be funded through a balanced mix of debt and internal accruals. Around 60% will be financed through borrowings with the remainder supported by internal cash generation. We expect internal accruals to contribute over 1000 crores in the coming years driven by steady ARR growth and operating leverage as new assets ramp up.
Our ARR stands at 7,500 ADR and as we commission more luxury properties through FY29 and beyond, we project this to exceed rupees 10,000 for an average ADR by FY29 and surpass rupees 14,000 by FY31, nearly double of what it is today. Looking ahead, demand visibility remains robust and we are positive about the year ahead. With that, I would now like to hand over the call to our CFO Mr. Nana Natarajan to take you through the financial highlights in detail.
Ananda Natarajan — Chief Financial Officer
Thank you NIRPA and good afternoon everyone. I will take you through the key financial highlights for the quarter starting with the consolidated performance for Q4FY26. Consolidated total income for the quarter stood at INR 146 crores as compared to INR 135 crores in Q4FY25 a year on year growth of 8%. Consolidated EBITDA for the quarter was INR 58 crore compared to INR 51 crore in the same period last year reflecting a growth of 13%. EBITDA margin for the quarter stood at 39.7% Est. 2.0 has resulted in a 1.4% impact on EBITDA margin for Q4FY26.
Profit after tax for the quarter stood at INR 25 crore compared to INR 13 crore in Q4FY25. For the year ended FY26 consolidated income stood at INR 543 crore compared to INR 471 crore in FY25. An increase of 15%. EBITA for the period was INR 192 crores up 15% year on year from INR 167 crore. In the corresponding period last year EBITDA was impacted by an additional property tax. Expenses of around 6 crore of additional property tax excluding this operational EBITDA would have grown 19% year on year for FY26.
EBITDA margin was additionally impacted by 0.8% due to GST. 2.0 impact pack for FY26 stood at INR 65 crore compared to INR 24 crore in FY25. From an operational standpoint, during Q4FY26 ARR stood at INR 8066 compared to INR 7548 in Q4FY25 with occupancy at 78%. This translated into a RevPAR of INR 6295 reflecting a year on year growth of 6%. For the year ended March 2026 ARR was INR 7453 versus INR 6696 in FY with occupancy at 76.1% resulting in a RevPAR of INR 5670 a growth of 10% year on year.
As at 31st March 2026 our net cash position stood at 110 crore. With that we conclude the financial highlights for the year and we would now be happy to take your questions. Thank you.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes on the line of Saurabh Kilda with GM Financial. Please go by. Yeah, hi.
Sourabh Gilda
Yes, please go back.
Operator
Yeah, so firstly on the other income bit for the quarter it looks relatively high. What extent that.
Ananda Natarajan
Yeah, thank you. The other income has increased due to interest from the fixed deposit. What we have kept mainly that is the major increase in other income and there is a.7 crores for the credit tax reversal which no longer payable.
Operator
Okay, fine, thank you. And secondly can you quantify the impact of during the quarter especially on the FB which came in at. Came in relatively softer compared to our previous quarter specialized impact on FNB business.
Nirupa Shankar
Yes, so for FNB we saw a slight decline on the quarter. On quarter for the FB revenue just about 3% or so. So basically we saw cancellations worth of about 8 to 7 to 8 crores for the quarter which was about 5% of the business for the quarter. We are also. Apart from that we, we were able to make it up with some domestic business but not to the extent that would see an increase in the FNB revenue. But the good part is that we were at least able to increase our ADR by 7%. We were able to increase our occupancy and keep IT at around 78% and overall RevPAR also we were able to increase by about 6%.
So our ADR if you look at it for the portfolio which is the highest ADR on average that we’ve received.
Operator
Okay, so lastly how do you see the situation? Maybe like since most of our business hotels are, you know, business centric and that’s where the travel is largely restricted. So at least in Yetum how do you see the impact on our hotels?
Nirupa Shankar
So, so while the most the greatest impact was seen in March, what we are seeing in April, May and June is also we also got some cancellations worth about 7 to 8 crores but we are trying to make that up with more domestic business. If you look at our mix now I would say domestic business contributes about 73% of our overall business and international only the balance 27% or so which was not the case before the war started. So the good thing is at least the domestic demand is remaining robust. So we are doing our best to make up for the loss in revenue through more domestic business.
Unidentified Participant
Okay, thank you.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Nitin Shaktar with green Capital Single Family office, please go ahead.
Nirupa Shankar
Hi, good afternoon to Nirupa
Operator
Under management. This is Nitin Shafter from the Green Proctor Single Family Office. My question is more strategic as an investor rather than an analyst is in a long term situation for the company. I do understand that the hotel brand is building and constructing and then taking on brands and management contracts from brands. But is there a sense from the management that what is more accretive in terms of assets, buying the asset or constructing the hotel asset and what is more beneficial in terms of revenue exercise in the long run?
So would you look at acquisition opportunities or would you look at only constructing and then looking at timing up? Thank you.
Nirupa Shankar
Hi Nitin, hope you’re well. Our strategy has always been to acquire the land. Whether we buy it outright or we lease it and then develop. Because there are very few people in the construction space of hotels. I would say it’s a very niche segment. And while it is much easier to buy an asset, it is much harder to build it up from scratch and get everything right. So in the country, I would say there are hardly half a dozen to a dozen players that can build a large scale and we are one of them. We’ve been able to do this very effectively over the last few years and we believe that this is our usp, the ability to build very efficient hotels, build it on time and build it well within cost.
And actually with the cost, I would say with the cost, positive cost impact compared to what the rest of the market can build. So this will continue to be our main strategy. But that said, considering now we are a listed entity, we understand that there will be a lot of lot more opportunities that are coming our way, as we have seen. So at this point in time we’re definitely open to acquiring assets. But when you’re a builder, acquiring comes at a much more expensive cost per key. Sometimes it’s hard for us to digest, but then we have to weigh the pros and cons of getting the hotel to market.
And if the pros outweigh the cons, and if we’re able to get value for money product, and if we’re able to find that, you know, if we buy an asset, potentially refurbish it, rebrand it and bring it to market much quicker than building it from scratch, and if that makes sense and a viable business proposition, then we go ahead and acquire. That said, we’ve been in the market, we are looking at various options but yet to navigate.
Operator
But
Nirupa Shankar
That’s one of our key focuses for this year.
Operator
Okay, great. So I’ll touch base with you offline and then we’ll discuss it further. But thanks a lot for that priority and all the best. And I obviously look at hotel companies at more long term. I don’t think quarter does justification for all that, but great set of consistent numbers. Thank you for this.
Nirupa Shankar
Okay, thank you,
Operator
Thank you. Next question comes from the line of Archanakude with IDBI Capital please.
Unidentified Participant
Hi team, good afternoon and thank you for the opportunity. I have a couple of questions. Firstly, you mentioned that we upgraded the four point Sheriton to portal Marriott. So what kind of area improvement should we expect there and how much we are invested for upgradation of the property?
Nirupa Shankar
Yes. So we are underway to change the branding. It should happen in this, in this quarter we definitely expect an ADR increase because you are upgrading the brand from a four points to a courtyard. So that is a normal expectation that ADR would definitely increase. We believe that you should be able to get something in the mid teens, a double digit growth and. Yeah, what was the second part of your question?
Unidentified Participant
Have you already invested for aberration of the property or. It is yet to be done.
Nirupa Shankar
Yeah, it’s in process. It should happen very soon.
Unidentified Participant
Sure. And if I, if I exclude your other income while calculating the operating margins, you know it is still lower compared to the previous quarters. Now I do understand because of cancellation and everything, the margins could have been impacted. But if you can guide us, some sustainable kind of range of operating margin for us would be helpful.
Nirupa Shankar
Yeah, so definitely the thing is with our operating margins, if you look at all our operating metrics, be it the employee cost, which is one of the highest cost, you know, expenses in the pnl. If you look at our utilities cost, if I, if you look at every, on every aspect we’ve, we have very healthy figures. Even our payroll costs, like I said, which is one of the Highest, it’s up 20%, it’s at 19%. Utilities is only five and a half percent for the year. Admin and general, everything is under control.
As I mentioned, as Anand also mentioned earlier. Yes, we got hit with a few, with a GST because of tax credit that we were not able to utilize. We had some additional one time property tax hit but apart from that, if that was not there, we would have probably hit about 37 and a half percentage for the EBITDA which was very much in line with what we had planned. So of course because of these other interest income and other things we were able to get a much higher EBITDA this time. But that’s also part of the business.
Repaying your debt and getting that interest income is very much part of running the business smoothly and effectively. So I would say that if we weren’t hit by these one off cases and then we would have also hit about 37.5%. And we will see this increase in EBITDA once the ARR increases. Because currently our ARR, while the Bangalore hotels I would say are averaging around 9,000 to 9,500. The rest of the portfolio, a lot of our other hotels are in tier 2 markets like Mysore, Kochi, Git City and these bring the overall ADR down to about 7,500.
But the goal for us is to bring all these so that the GST hit is not there in the coming years. That’s what we are focusing on. And once our ARRs increase, which we are again if you look at our current P and L as well, our occupancy stayed the same. But most of the growth came from adr. We should get some higher EBITDA margins as well.
Unidentified Participant
Sure. Nirupa, that was helpful. Maybe. Lastly, what is the timeline for this Courtyard by Marriott in Chennai to be open?
Nirupa Shankar
This is the Courtyard by in Chennai. Okay. So that we’re looking in the second half of the year. We are targeting Q3.
Unidentified Participant
Sure. So Q3 like the opening. So it probably will take a couple of quarters to stabilize. So that was helpful. Thank you so much and all the best.
Nirupa Shankar
Thank you.
Operator
Thank you. Next question comes from the line of Madhav Agarwal with SKP securities please.
Unidentified Participant
Yeah, Hi. Thanks for the opportunity.
Operator
I wanted to know, as you mentioned in the presentation, there was an impact of that supply issues also. Right. So now in the ongoing quarter, how the situation is resolved or what is the situation? That is one question. And the second question is out of as you mentioned that you saw calculations worth seven to eight years. Right. So out of that do you expect any business to like is it like gone forever or you expect some business to come back in the coming quarters?
Manoj Agarwal
Yeah. Hi. So see because of this, these disruptions during the last month of March and some bit of it still continuing, we faced a few cancellations on account of, you know, larger events which which are dependent on the foreign travelers coming in and international travel. But apart from that on a regular basis, this gas supply, you know, they didn’t cause too much of disruption because we manage with alternative fuel sources. We managed to restructure or redefine our menus and taken alternative items in the menu.
So that’s all we Never close any of our restaurant. All our restaurants have been performing as per the normal schedule and we don’t see because of this. And that has also been restored now. So with alternative fuels and alternative arrangements in place, we switch to inductions now in many of our hotels. So with all that in place, there’s on a regular FND serving we servicing. We don’t have any issue while the larger events and conferences we are hopeful that will start coming in. And we are already seeing the bookings and queries and you know, those queries coming in now.
Operator
Okay, okay. No, that is helpful. But what I was trying to understand is that cat issue I understood. But what I was trying to understand another thing was that out of the total cancellations of any, you know, my payment. So how, how should we look at it? Can we expect like in further quarters for the industry to see, you know, some of the events getting just postponed and in further quarters kind of bump up due to that or like these events are kind of, they are gone forever and no bump up we should expect.
So how should we look at it?
Nirupa Shankar
Yeah, hopefully it should come back at a later part in the year that. Yeah, that once things stabilize, hopefully it should come back. But honestly very hard to predict what will come back and what will get cancelled. But we hope we will definitely try to make sure that these come back to us.
Operator
Thank you. Next question comes from the line of Radhav Malik with Jeffries. Please go ahead. Yeah, hi. Am I audible?
Sourabh Gilda
Yes, please go back.
Operator
Okay, thank you for the opportunity. So first question just on revenue growth. And so growth seems to be about 6% blended and revenue growth is about 2%. How should we bridge this gap?
Nirupa Shankar
Yes. What is the question on that?
Operator
Yeah, so I just want to understand how we should, you know, bridge that gap. Why is revenue growth slower than revpar growth rate for this quarter?
Manoj Agarwal
Yeah, so that’s primarily. See our revpar growth is driven by ADR growth which is 7% and we maintained our occupancy. The overall revenue growth is a little lesser than that because of the main FNB impact. So if you see our FNB revenues quarter on quarter, I mean the year on year quarter has shown a little bit of downside, you know, around 3% because of these large cancellations. But overall room revenue has increased 7%. So that’s why we have achieved this 2% operational growth in the revenues for the quarter.
But for the full year this growth has been 12%.
Operator
Yeah, sorry, please. So I had another question on just the. Essentially Bangalore seems to have underperformed Is there a similar case for maybe Chennai as well? So is it something to do with better domestic mix for media, Mysore and Kochi, you know, non metro hotels. Is that why there is this divergence in performance on their.
Nirupa Shankar
Our Bangalore hotels did pretty well actually if you look at it our ADR grew pretty significantly for the Bangalore hotels as well. It grew by 13% and in terms of the occupancy it stayed kind of flat. But Revpar also grew by 10%.
Operator
Yeah, no, I mean specifically for the fourth quarter.
Nirupa Shankar
Yeah, in the fourth quarter we still saw an. Yeah, we saw an increase of around 4% for the quarter and we saw an increase of 6% in the RevPAR.
Manoj Agarwal
No. So what happens you know in Bangalore, especially for the Bangalore market. Like last year was the road show year, the aeroshow year. So that creates very high demand days and compressed market. This year that big event was not there but there were other events and we were doing fairly well within January and February. Although March faced some occupancy pressure because of these cancellations. We had to get some, some you know, lower paying groups to fill up the. Fill up the demand and we maintained our occupancy and that’s why the Bangalore hotels particularly saw a little bit for the quarter a lesser ADR increase compared to other markets.
Sourabh Gilda
Okay, understood. So that’s more one of.
Manoj Agarwal
Yeah, it’s not. It’s a one off case because now we are again seeing, you know, April onwards we are seeing good kind of increase in the Bangalore market.
Operator
Okay,
Sourabh Gilda
Thank you. Understood. That’s ok.
Operator
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of part one with IDPI Capital. Please go ahead.
Sourabh Gilda
Hi. So my question was on the GST 2.0 pass through.
Operator
I think last time around you mentioned that 7 out of your 9 hotels were under 7500arr. So any progress on that? How many keys do we have as a percentage of our total keys which are above that 7,500 finish over now.
Manoj Agarwal
Yeah. So you know two of our hotels are clearly on an annual basis averaging above 7,500 and the third hotel is just you know, on the verge of crossing the 7,500 mark. So three hotels will clearly cross the 7,500 marks. But having said that, you know the GST in fact comes not on the basis of the average annual adr. It comes on the basis of daily room nights. So whatever room nights you sell below 7,500 you have to reverse your GST input credit on account of that. And that can happen in a hotel averaging above 7,500.
Also some of, some of the room nights may be there below 7,500 and in the hotels which are less than 7,500 but they can, they must, they might be selling you know some room room nights above 7,500. So what is more important to see here is that currently our out of our total revenue only 30% is coming from the room night selling less than 7,500. So that 30% number is now slowly getting more and more reduced as we are increasing ADR in all our hotels.
Operator
Okay, okay, understood. Also one question on Lift city. So I think we are one of the only few hotels is there any progress on other players that have come in recently?
Manoj Agarwal
There is one announcement that is there and you know we are seeing movement on the ground that there’s one hotel coming up but it just starting. So at least for the next three to four years we don’t see any other supply coming in.
Nirupa Shankar
So we plan to capitalize on the fact that we’re one of the few hotels there. So we are investing a lot more into the FND options there. Currently there’s only one option but now we’re looking at adding two or three more since we’re also one of the few hotels with a liquor license. I think there’s only two of us or three of us at the moment. So we are going to invest a little bit of capex to add two more restaurants into this venue.
Operator
Thank you.
Nirupa Shankar
Thank you,
Operator
Thank you. Next question comes from the line of web of Mule with Hatong India Securities. Please go ahead. Hi, thanks for the opportunity and congratulations on decent set of numbers. My first question was on our overall ADR growth and occup occupancy expansion in the quarter we have seen bit of a divergent trend compared to rest of the peers where our occupancy has actually held up at decent healthy levels of 78% but ADR growth has been relatively muted at 6 to 7%. Any particular reason for this?
Where we have seen better occupancies despite our majority of presence into business markets? And is this a targeted revenue management strategy where we are focused on higher occupancy rather than focusing on more areas? And related to this regarding the GST impact, what is the practical scope you see to increase the ADRs above 7,500 into your mid scale portfolio? Specifically the keys, the 30% part which you mentioned which operates currently below 7,500. What kind of scope do you see to increase the ADR above 7,500 in this portfolio.
And if that happens, what could be the potential impact on occupancy? That’s my first question.
Nirupa Shankar
Yes. So as we mentioned earlier, I think it’s always a balance between the occupancy and the adr. Sometimes. And that’s why of course, we have to look at the revpar bit. Yes, we did. I’m quite happy with the ADR that we managed to get of around 8,000. That’s been the highest ADR for the quarter that we’ve seen in our portfolio. Also we maintain that 78% so that’s good. But yes. Is there room to do better? We believe so. In fact, if you look at quarter four, almost five of our nine hotels had occupancies in the mid-80s.
So we do believe that there is gap to move this average portfolio occupancy from 78 to somewhere in the mid to low 80s. The remaining, apart from that, three out of the nine hotels are already above 7,500. The others are sort of borderline. I would say they can be and some days they aren’t. Only maybe one or two hotels will take time to breach that 7.5 thousand. We are working on various revenue management strategies, sometimes to see if we can add more inclusions into the room rate, add more value add in terms of, I don’t know, could be laundry, could be a complimentary Bedford, could be a complimentary pickup.
So just to see how we can breach that 7,500 to negate the impact of the GST
Manoj Agarwal
Without compromising on the occupancy, of course. So we don’t see any impact on the occupancy as you have seen, you know, during March month also, in spite of some volatility, we kind of maintain very healthy occupancy. So occupancy we don’t want to compromise and we are working on our revenue strategies by coming up with more categorizations of rooms and inclusions and other things so that we get to that 7,500 plus marks for these other returns as well.
Operator
Understood, sir. If I may just drill down a bit more on this, my question was more from a perspective that rest of the peers are actually operating at relatively lower occupancy compared to brigade. We have been consistently maintaining this high occupancy, especially in business markets. So what is driving this slightly higher occupancy compared to the rest of the pack?
Manoj Agarwal
See, that’s the beauty of our portfolio in terms of our locations. We have such strategic locations in the key business districts and key areas and very minimal or very low supply or anything coming up in these markets in the near future. So during the demand compression days, during the high demand days, we have been able to maximize and since we are overall doing a good occupancy on an annual basis, we get more chance than usual to maximize on our ADR yield as well. So we can really then play out on those dates where we play on our transient business and OTA business to increase our overall adr.
So occupancy wise, I don’t see any problem across our portfolio.
Operator
Understood, sir. And what is the share of overall retail versus contracted business? And if you can also give the share of OTAs separately.
Manoj Agarwal
Yeah. So currently on the segment side we have almost reached, we have now reached 50% of our business coming from transient, which is retail business. And negotiated contracted business is only 25%. While this differs from from hotel to hotel depending on the location. But overall portfolio business, this is a breakup. 50% transient, 25% negotiated around 15% is our group business and 10% is the balanced miscellaneous crew and other businesses out of the retail 50% almost, you know, almost 30%.
So that is, you know, 60% of the total retail comes from the OTMs.
Operator
Understood?
Manoj Agarwal
30% is the OTA business.
Operator
Got it. And secondly, on our FDA mix, you mentioned that the FDA mix has fallen to 27% in Q4. What is the normal FTA trend for brigade? And now in Q1, are you seeing the recovery in the foreign west mix? And related to this, what is the practical scope to replace at least part of this foreign waste demand by domestic travelers?
Sourabh Gilda
Hi, this is Ryan here. The domestic business very quickly replaced international travel even in the situation of war conflict. So as you’ve seen, our occupancy has not dropped and our area has climbed up. So we consistently find that the demand domestically is still high. So even if there is, I mean, once this war conflict comes to an end, we will see a gradual increase in international business. But that does not mean that there is insufficient demand domestically so that travel still remains. And we are confident that that will continue.
Manoj Agarwal
So see, on a stabilized basis. You were asking, you know, what will be this ratio like? So it used to be 70, 30, now it has come down to around 25%. It will again go back to 30% for an FTA business even if it does not, let’s say for a shorter period of time. That’s very small number for us to fill up on account of domestic demand. So that’s where we are headed and it will always be good to have that healthy level of, you know that this kind of 7525 mix because this FTA business kind of helps us in maximizing our adr.
Operator
Understood sir. And just lastly if I may squeeze in one more question on our gas supply constraint issue. What is the mix of CNG versus PNG in our hotels and how much Much of our kitchen operations are now shifted to electric methods mainly using the induction cookers etc.
Sourabh Gilda
So four of our hotels are, you know, they run on PNG and the rest are LPG dependent. But however, considering the scope of kitchen operations across the hotel, there is a large amount of electric induction also will which we moved to very quickly. So we didn’t really see a lapse as such. There was no hotel which ran out of a gas supply. While there was reduced supply coming in from the PNG line, we still managed to supply the food that we had to. So very quick alternatives were made. We didn’t feel any lag in this whatsoever.
Operator
Perfect sir. Thank you so much and all the best.
Sourabh Gilda
Thank you.
Operator
Thank you.
Ananda Natarajan
A
Operator
Reminder to all the participants that you may press Star on one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now hand the conference over to Mr. Manoj Agarwal, COO of Brigade Hotel Ventures Limited for closing comments.
Manoj Agarwal
Thank you. Thank you for all for your time and continued engagement with Brigade Hotel Ventures. To conclude, this has been a year of steady progress and disciplined execution for us. We have strengthened our operating performance, maintained a healthy balance sheet and continue to deliver robust returns reflecting the underlying strength of our portfolio. At the same time, we have built a clear Runway for our future growth. Our development pipeline gives us strong visibility on expansion while the evolving mix of our portfolio towards higher value segments positions us to drive better pricing, improved margins and stronger cash flows over the medium term.
On that note, we remain confident in our direction and committed to to creating long term value for our shareholders. Before we conclude, we are also pleased to share a few recent recognitions across our portfolio. By the Blue at our Grand Mercury Bangalore Hotel was awarded Best Newcomer Hotel Restaurant at the Food Connoisseurs India Award 2025 and in February 2026 as well, Sheraton Garant Bangalore at Brigade Gateway was honored with Business Hotel of the Year at the satisfaction awards to 2026.
Further, the Persian terrace at Sheraton Grand Bangalore at Brigitte Gateway won restaurants serving the best Middle Eastern cuisine at the Food Connoisseur India Award 2025 held in February 2026, our hotels continue to uphold their commitment to community engagement and social responsibility through a range of impactful initiatives, including our CSR contribution towards skill development from the Corporate Office. With this, I would like to thank all of you and for any further queries or clarifications, please feel free to reach out to sga, our investor Relations advisors, and we wish you all a great day ahead.
Thank you.
Operator
Thank you on behalf of Brigade Hotel Ventures limited that concludes this conference. Thank you for joining us. You may now disconceurt.