Brigade Hotel Ventures Ltd (NSE: BRIGHOTEL) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Nirupa Shankar — Managing Director
Ananda Natarajan — Chief Financial Officer
Manoj Agarwal — Chief Operating Officer
Analysts:
Unidentified Participant
Adhidev Chattopadhyay — Analyst
Sourabh Gilda — Analyst
Vaibhav Muley — Analyst
Arun Agarwal — Analyst
Pulkit Chawla — Analyst
Kartikey Goyal — Analyst
Presentation:
operator
Ladies and gentlemen, good afternoon and welcome to Brigade Hotel Ventures Limited’s Q3FY26 earnings conference call. Before we begin, I would like to remind the participants that this conference call may contain forward looking statements which are based on beliefs, opinions and expectations of the company as of today. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing Star and zero on your touchtone phone.
Please note that this conference is being recorded with this. I now hand the call over to Ms. Nirupa Shankar, Managing Director of Brigade Hotel Ventures Limited. Thank you and over to you.
Nirupa Shankar — Managing Director
Good afternoon everyone and a very warm welcome to the Brigade Hotel Ventures Limited Q3FY26 earnings conference call. I’m joined today by members of our senior leadership team. Mr. Vineet Varma, executive Director, Amar Maiso, Executive Director Arindam Mukherjee, President Projects our CFO Anand Natarajan, Mr. Manoj Agarwal, COO and Mr. Ryan Arhana, VP of Operations along with our Investor relations advisors from SGA. Brigade Hotel Ventures delivered a solid performance in Q3 FY26 supported by strong operating fundamentals and disciplined execution across the portfolio. Our total income grew by 14% year on year for the quarter, driven by a 17% year on year increase in both ARR and Revpar.
While the occupancy for the portfolio remained at a healthy 76%. EBITDA increased by 17% to 51 crores for the quarter, translating to an ebitda margin of 35.9%. This performance was driven by continued focus on cost efficiency and productivity led initiatives. Initiatives across the portfolio From a market perspective, Bangalore delivered a very strong performance with both ARR and RevPAR growing by 19% and an average occupancy of 76% limited near term new supply which has helped occupancy stay high. We have been able to command higher pricing in Grand Mercure, Gift City, AR and RevPAR grew by 21% and 24% year on year respectively.
We remain positive on GiftCity’s growth potential and are already seeing strong traction. Our MISO Hotels maintain strong occupancy levels with the newly launched IBIS Styles Mysore ramping up well and achieving 71.7% occupancy within its first year of operation. We remain committed to elevating guest experiences and driving FNB revenue across our hotels. We plan to launch two new outlets in our hotels this quarter, one at Sheraton grand and the other at Grand Mercure Gift City. 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 three and 5.5% for nine months.
FY26 interest costs have reduced due to loan payments positively impacting the net profitability. We are actively advancing the adoption of renewable energy which currently stands at 66%. With some hotels exceeding 90% usage of renewable energy, our existing portfolio is well positioned to sustain the strong performance over the medium and long term. In parallel, we are gearing up for the next phase of growth with the development pipeline of nine new hotels. Over the next five years, we plan to nearly double our portfolio by adding 1700 keys, taking the total inventory to 3300 keys by FY30 backed by investment of close to 3600 crores.
This pipeline is well diversified with a balanced mix of luxury, upper, upscale and upscale properties across business and leisure destination. The Courtyard by Marriott at Chennai World Trade center with 45 keys is expected to become operational in FY27. Looking ahead, our outlook for FY26 remains strong. The demand visibility continues to be healthy supported by strong corporate activity and sustained mice. Momentum. This will improve traction from our we are also expecting improved traction from our FNB offerings. We expect this momentum to continue into the coming quarters. With that, I would now like to hand over the call to our CFO Mitana Natarajan to take you through the financial highlights in detail.
Ananda Natarajan — Chief Financial Officer
Thank you Nirubha and good afternoon everyone. On behalf of the company I would like to welcome you all the Brigade Hotel Ventures Limited Q3FY26 earnings call I will take you through the key financial highlights for the quarter starting with the Consolidated performance for Q2 Q3 Sorry Q3FY26 Consolidated total income for the quarter stood at INR 143 crores as compared to INR 125 crores in Q3FY25 Year on year growth of 14% Consolidated EBITDA for the quarter was INR 51 crore compared to INR 44 crore in the same period last year reflecting a growth of 17% EBITDA margin for the quarter stood at 35.9% GST 2.4 has resulted in a 1.6% impact on EBITDA margin.
For Q3FY26 profit after tax for the quarter stood at INR 22 crores compared to INR 10 crores in Q3FY25 a growth of 126% YoY for the nine months ended FY26 consolidated income stood at INR 398 crores compared to INR 336 crore in nine month FY25 increase of 19%. EBITDA for the period was INR 135 crore up by 17% year on year from INR 115 crore. In the corresponding period last year EBITDA was impacted by an additional property tax expenses of 6 crores excluding this operational EBITDA would have grown 22%. YY EBITDA margin was additionally impacted by 0.6% due to GST 2.0 PAT.
For nine months FY26 stood at INR 40 crore compared to INR 11 crore in nine months FY25. For an operational standpoint during Q3 FY26 ARR stood at INR 7852 compared to INR 6708 in Q3 FY25 with occupancy at 76.1%. This translated into a RevPAR of INR 5973 reflecting a year on year growth of 17%. For the nine month period ARR was INR 7246 versus INR 6396 in nine month FY25 with occupancy at 75.4% resulting in a RA of INR 54655465 a growth of 12% year on year. As on 31st December 2025 our net cash position stood at INR132 crore.
Our adjusted ROCE for 9 months FY26 is 13.1% and return on operating capital employed for 9 months FY26 stands at 18.8%. With that we conclude the financial highlights for the quarter. We would now happy to take your questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touch tone telephone. If you wish to remove yourself from the question queue you may press star and 2. 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 is from the line of Adidev Chetopadhyay from ICICI Securities. Please go ahead.
Adhidev Chattopadhyay
Yeah. Good afternoon everyone. Thank you for the opportunity. I have got three questions. The first question is on the. Could you help us understand is GST how it is impacting us in terms of the pricing and what costs we are able to pass on or not being able to pass on and how will this impact in the future? That is the first question.
Ananda Natarajan
Yeah, thank you. Thank you for your question. This is Anandia. See the GST as per the new GST law if our ADR, that is room rent, if we are charging anything 7500 and below the GST rate is 5% they have reduced it from 12% to 5%. So. But what they have done is on the input tax credit eligibility that whichever we are charging on the pro rata basis we have to reverse it. We can’t take as an input. So that is hitting our expenses which is sitting for the quarter around 1.6%.
Adhidev Chattopadhyay
Okay. So. So this, this. Should this ease off in the coming quarters or is this will be around for. For some time now?
Ananda Natarajan
It will. It will continue in the same 1.6% will continue till the rate cross that 1700 mark.
Adhidev Chattopadhyay
Okay. As a. At a overall level, right. Means broadly as we head towards that thing as a company, right. Overall. The right.
Ananda Natarajan
Not overall. Any individual, any individual bill for any hotel. If they charge 7501 then this impact will be zero. If it is 7500 and below then we have consider this impact.
Adhidev Chattopadhyay
Okay. Okay. Got that. Got that. Okay. Okay. Yeah. So the second question now is on our CAPEX plan, right we had a capex plan of 34, 3500 crores, right. For the next four, five years. So could you give us the YTD capex number and going ahead for the rest of this year and next year any number on the budgeted capex you can model in.
Nirupa Shankar
Yeah. So I can just take that. So as we mentioned we for the next set of nine hotels we’re expecting a capex of 3600 crores. We’ve already deployed about 158 odd crores in FY24 and FY25 smaller to do the preparatory work in FY26 we have or in the last nine months we’ve already invested about 230 odd crores and possibly maybe in the next quarter or so it could be about 25 to 30 crores. So that’s how it looks. The balance 3200 crores would come in over the next four years or so.
Adhidev Chattopadhyay
Okay so the next four years from let’s say 27 this. So how will this 30 will be split? 800 crores evenly or next year it is more 500 to 600 crores. Ish this number.
Nirupa Shankar
No, it’s going to be back ended. Back ended in FY29 and FY30. So the exact amount really depends on the pace of construction. So can’t really split it up at this point in time. But I would say they’re going to be back ended in 29 and 30.
Adhidev Chattopadhyay
Okay. Okay, got that. Yeah. And final question. Obviously FNB right was a strong suit for us right in the first half. Right. The growth is pretty strong but it seems to have tapered off in this quarter. So any one offs because of that. And for the current quarter, how are you seeing the demand trends? Yeah. Yeah.
Nirupa Shankar
So overall I would say yes, the FNB trend was the increase was only 4%. If we compare the quarter on quarter growth. However it was a one off with one particular hotel because maybe last year, maybe they did an excellent job with their OTC this year some of those were not repeated. So if I remove the one hotel, the portfolio actually grew by 20%. And if I look at the last nine months, FNB has grown at 16% which is pretty healthy. And going forward I expect the growth to be in the similar high teens number for fnb.
Adhidev Chattopadhyay
Okay. So to understand correctly the room revenue and the FNB should again start tracking. Right. The similar growth levels right from this quarter.
Nirupa Shankar
Yeah, I, I have been saying mid mid teens to high teens is the growth rate that we are projecting for the portfolio in terms of bead rooms or fnd.
Adhidev Chattopadhyay
Okay, okay. Fine. Fine. Sure. Okay. Thank you. I’ll come back in the primo questions.
Nirupa Shankar
Thank you.
operator
Thank you. Participants who wish to ask question you may press star and 1. The next question is from the line of Saurabh Gilda from JM Financial. Please go ahead.
Sourabh Gilda
Hi, I’m audible.
Nirupa Shankar
Yes.
Sourabh Gilda
Yep. Thank you for the opportunity. I just have one question. On the Bangalore portfolio, we have been performing well on the rate front and the occupancy has been consistent and 76, 78% for the last couple of quarters. Do you see still further room to improve it further and if yes, like what could be the drivers? Thanks.
Nirupa Shankar
See Bangalore has been performing well mainly because it’s a business market and the overall business segment has been doing well. While our portfolio is at mid-70s. I do believe that at an optimum Level it should be in the. It should touch about 80 or low 80s. That’s how we would like to see the portfolio trend. Obviously during the weekdays, Monday to Thursday, the hotels are doing extremely well and extremely high occupancies. But it tapers off as a natural course of business on Friday, Saturday, Sunday. So we do have to market it a little more for vacations.
But that said, two of our Bangalore hotels like the Holiday in Bangalore and the Holiday inn Express on OMR have been trending at 80% plus. So we do expect that the other hotels as well in Bangalore will be able to touch 80% plus. ADR growth will definitely be there because there’s still limited supply coming into the market. The demand and supply dynamics for the next five years are very healthy in all the markets we are operating, be it Bangalore, Chennai, Hyderabad. So for Bangalore as well, the supply is growing only at 7.3% for the next five years.
But as demand is growing at 10.1% so we still think that there is room to grow.
Sourabh Gilda
Sure. Thanks. And just a follow up on the GST front. Can you please highlight what percentage of our inventory is below the 7,500 crore bucket?
Nirupa Shankar
Out of the nine hotels, seven have a ADR below seven and a half thousand. I think our objective now and what we need to work on is to see how we can take this ADR above 7500. So we are obviously it’s not a decision we can make in isolation. It’s very much dependent on the market dynamics. But we do have to see how we can take our ADR above. But yeah, currently two hotels are above the 7,500 rate.
Manoj Agarwal
Just to add here. Hi, this is Manoj Bisrahed. So if you see our portfolio ADR is already now reaching 7,300 levels. So we are now getting up to a level where most of our hotels would start hitting more than 7,500 right now clearly two are above 7,500 and another three, four are, you know, kind of right there. So hopefully now with these hotels also crossing that 7,500 mark, that impact will be getting minimal, you know, over the course of new next few.
Sourabh Gilda
Got it. Thank you very much.
operator
Thank you. The next question is from the line of Vaibhav Mulev from High Tong India securities. Please go ahead.
Vaibhav Muley
Hello.
Nirupa Shankar
Yes, we can hear you.
Vaibhav Muley
Yeah, hi. Congratulations on good set of numbers. I had a question regarding our expansion pipeline. So for the properties which are coming online in 28 and 29, would you be able to give the status of current Development and when during the year do you expect these properties to become operational?
Nirupa Shankar
See Currently we have three hotels that are slated to come up in FY28, the two Fairfields and one Grand Hyatt Chennai. We’ve already started our construction on the two Fairfields for the Grand Hyatt Chennai we are, it will be a low rise beachfront property but we are waiting on one approval in order for us to start our construction. Basically it’s the CRZ approval that we’re waiting on but apart from that, you know the both the Fairfields we’ve already started the construction. In fact the Fairfield in Bayal already the footings are in progress and even Brigade Valencia we’ve already started.
Vaibhav Muley
Understood. So you’re confident about the timeline for operationalization of these properties?
Nirupa Shankar
As of now we believe that there’s nothing to worry about and we believe that business is on track.
Vaibhav Muley
All right, and secondly related to Capex we have overall 3,600 crores of capex planned. Do you expect any incremental debt raise regarding the future Capex?
Nirupa Shankar
Yes, we definitely expect to raise debt in order to fund our construction. So we, we are expecting about, we haven’t yet raised that debt because we don’t require it immediately but maybe in the coming fiscal year we will start to take some debt but we already have the banks everything sorted out for our debt line so right now we’re not taking anything in the next couple of quarters but as and when we start to take we’ll keep you posted. But yes, we definitely expect good chunk of the construction cost to be financed. By debt
Vaibhav Muley
and what would be the threshold net debt will be done?
Nirupa Shankar
See basically if we look at it, the peak that we can look at, like I said the construction cost and the capex invested would be back ended in FY29 and FY30. So there it would be. Debt to EBITDA would be about four and a half, half to four times. However if you look at the DSCR it’s actually four point, it’s actually four times covered till FY29. So we have a very healthy DSCR. So we’re not worried about enhancing our debt levels because it is required with the kind of growth that we have outlined. So while debt to EBITDA is one angle to look at, if we look at the DSCR our EBITDA covers are debt levels by four times till FY29 post.
Yeah, so I
Vaibhav Muley
understood. So yes, yeah.
Manoj Agarwal
And once these hotels start, you know, once these hotels start operation then suddenly we’ll see A drop in this debt to EBITDA ratio.
Vaibhav Muley
Understood sir. Perfect. Thank you so much and all the best.
operator
Thank you. Ladies and gentlemen, if you wish to ask a question you may press star and one. Now the next question is from the line of Arun Agrawal from Kotak Securities. Please go ahead.
Arun Agarwal
Yeah, hi, thanks for the opportunity. Couple of questions. One is that you talk about mid teen growth for the company. So I presume that would be for 27 as well, right?
Nirupa Shankar
That’s right. That’s right,
Arun Agarwal
yeah. So this wanted to understand, you know, how big a role you’re the occupancy and the ARR will play because the occupancy what we have seen has been around that, you know, 70, 77. So how going into next year. So how do you see the ARR moving from here on now? And if you just highlight what would drive the error?
Nirupa Shankar
See basically I don’t think we should, you know, basically we have to look at the revpar. Our revpar grew by about 17% for the quarter and we should basically we need to give the operating hotels the flexibility to work within occupancy and adr. So for instance if the during the weekdays when occupancies are very high, you know they can have the ability to also increase the adr. But obviously during low demand period then they may decide to decrease the adr. But overall as a portfolio what we need to see and as an overall hotel performance we have to look at the rep and those dynamics.
In some cases if we want to play on the occupancy then it does impact ADR to some extent. If you’re just driving volumes to the hotel versus REIT business. So I think this is just something that’s very dynamic. We have revenue managers across each of the properties and their job is to figure out how to play within these two levers. But as long as we see IRFPAR increasing, I think that should be the biggest sign of growth.
Arun Agarwal
All right, my second question is basically with respect to your capex. Now we have got the one property coming up in FY27. We got three properties coming in FY28. So I think there would be a good amount of capex that would entail in FY27 as well. It would just help us with the amount because you told that a lot of capex will backhand it. So just wanted to understand how much it would be in FY27 20 possible because four of the properties are coming in the next week.
Nirupa Shankar
So you know, for the 45 room key we’ve had to put in about 50 odd crores. But in terms of the larger amount. Yeah, so. But in terms of the coming year we. You know the capex that we need to put in could range between 400 to 500 crores for the additional nine hotels.
Arun Agarwal
And apart from this, these also sort of includes your maintenance, any upgradation cases. For the existing property
Nirupa Shankar
we put in. About 10 crores thus far in the last nine months. We are looking to put in another possibly 10 crores in the coming quarter and maybe in the coming fiscal year another 20 odd crore.
Arun Agarwal
All right, thank you. That’s from mine.
operator
Thank you. The next question is from the line of Adid Chattopadhya from ICICI Securities. Please go ahead.
Adhidev Chattopadhyay
Yeah, thank you for the follow up. My specific question is around the two. The Chennai five Star, right and the Hyderabad. Right. The Intercontinental. What is the status of the construction progress in there? When do we start or what is happening over there?
Nirupa Shankar
Yeah, so you asked about the. Which the. For the Hyderabad Intercontinental. We’ve already started the construction. But of course the hotel comes only after the 32nd floor. So it will be a while before we can start the construction for the hotel. But because it sits on top of the mall and the World Trade Center Hyderabad in terms of the. Did you ask about the jw? Yeah, Grand Hyatt, like I already mentioned, we are awaiting. We all our preparatory works are done for the property. We are ready to start construction. We are waiting on one approval, environmental clearance and then we are good to start the construction.
Adhidev Chattopadhyay
Okay, so is that expected in this year? Means what is the movement? Any death.
Nirupa Shankar
Sorry, could you please repeat the question?
Adhidev Chattopadhyay
Environmental gdc. Are we expecting to receive it shortly? Within this year, in next couple of months or is it still some time away?
Nirupa Shankar
Okay, hopefully this financial year. We’re working on it. Hopefully this financial year.
Adhidev Chattopadhyay
Okay. Okay. Okay, fine, fine. Yeah, that’s it. From my side. Yeah. Thank you. All the best.
Nirupa Shankar
Thanks.
operator
Thank you. To ask a question participants, you may press star and one. Now the next question is from the line of Prashant, an individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Nirupa Shankar
Yes, please.
Unidentified Participant
Yeah, thanks for the opportunity. A couple of questions. One was in the last last quarter was there any impact of the airline disruption? A major Indian airline disruption?
Manoj Agarwal
No. So that was.
operator
Sorry to interrupt but we can’t hear you.
Manoj Agarwal
Yeah, can you hear me now?
operator
Yes, sir.
Manoj Agarwal
So thankfully, you know what I was saying that thankfully we did not see much impact of the airline disruptions because we’re short lived three, four days and you know, all the, all the business occupancies were kind of continued steadily on account of the groups and other conference based businesses. So we did not see much impact due to airline disruptions.
Unidentified Participant
Okay. Another thing, how much of your inventory is covered by corporate contracts?
Nirupa Shankar
Yeah, so this has been quite dynamic I would say currently if I look at it from a portfolio level, about 30% comes from corporate business, 20% comes from groups and the retail business has moved quite significantly to 50%. Now not to say that within the retail business you don’t have corporates, but it’s just hard to clearly define how much of the retail business is actually from corporates and how much are free independent travelers.
Unidentified Participant
So in terms of dynamic pricing, the 50% is where I mean you could play. I mean you have the levers to increase the revpar. Would that mean that.
Nirupa Shankar
Yes. And that’s one of the reasons why we’ve also maybe kept more of the inventory towards retail because this helps us be a lot more flexible with the high demand days on the REITs.
Manoj Agarwal
And also to add to that now the contracted business also is gradually shifting towards dynamics. So it’s no more that contracted business we are doing at static rates. Most of the operators now are slowly shifting their corporate business to link to, you know, the dynamic rate and not the static rate for the full year.
Unidentified Participant
So I mean that means the rate, I mean the rate gets priced every more frequently or how does it if. You can
Manoj Agarwal
link to the going rate corporate now the contract happens at a percentage discount to the going rate of that day.
Unidentified Participant
Okay, okay. Okay.
Nirupa Shankar
Yeah. Changes on a daily basis. I mean for the retail it would be a daily rate change.
Unidentified Participant
Okay. Since you are a predominantly south based, I mean operations, could you help us? I mean in terms of what was the mice and wedding business for the first last nine months and going forward, how do you see that a general industry trend plus your observation that would be helpful.
Manoj Agarwal
So see that that depends on hotel to hotel and what category of the hotel and the market. In some of our hotels like Sheraton, which is a banquet heavy and which has large conference and banker team spaces, we are seeing up to 25, 30% of the business coming from the conferences and social functions. In some of the business hotels where there is lesser amount of conferencing space There we see 10 to 15% business coming from the conferences and events. So it’s a mixed bag depending on the hotel and the category. But overall on the portfolio basis we see our almost out of 30% of the FNB that we do.
One third of that FNB business comes from the mice and conferences and events.
Unidentified Participant
Okay. And going forward, you feel that will continue or there is a possibility of increasing that?
Manoj Agarwal
Yes. So right. Even now the occupancy of our, of our conference spaces and banquet spaces is still not reached the full potential. I mean they are still operating at around 40, 40, 50% occupancy. So there’s a clear room to grow the conferencing and this social event businesses.
Unidentified Participant
And this last one, I mean you have. Sa.
Nirupa Shankar
Yeah. So in fact our T80 has even increased by 126% for the last three months and almost by 273% for the last nine months. So we’ve definitely seen improvement in profitability. In terms of debt. There’s not much, there’s not hardly any debt on the books right now because we just raised the IPO proceeds and repaid all our debt. The only amount we have is about 140 odd crores which is a loan from the parent company which we plan to repay as well. And our net debt is in fact negative because we have a cash surplus at the moment.
About 132 crores of net debt in the negative surplus.
Unidentified Participant
So for the upcoming expansion, I mean can we see any asset recycling from the existing portfolio or you would still prefer to go for a fresh debt?
Nirupa Shankar
No, we plan to go for fresh debt because we’ve repaid all the debt through the IPO proceeds. So it’ll all be fresh. No. And we’re not planning to sell any of our existing portfolio assets.
Unidentified Participant
Wish you all the best.
Nirupa Shankar
Thank you so much.
operator
Thank you. Reminder to participants to who wish to ask a question, you may press star and one at this time. The next question is from the line of Pulkit Chawla from BNK Securities. Please go ahead.
Pulkit Chawla
Hi. Thanks for taking my question. So my first question is a lot. Of your peers have been highlighting that the revpar growths, their expectations are typically high single digit to low double digit. While you sort of being confident of mid to high teens, what’s sort of giving you this confidence that you can probably do much better than market. So that’s one. And second, specifically on QC performance, if you could just spell out how the individual months have performed and also how has January been? Has there been some softness and how are you looking at Feb and March as well? Thank you.
Manoj Agarwal
Yeah. Hi. So see what market is saying is high single digit or low double digit ADR growth. What we are experiencing in our portfolio is that as nirpal Also mentioned in the beginning that in our particular micro markets we are not seeing overall there is a demand and supply arbitrage in any case in our cities, wherever we are operating, like Chennai and Bangalore, over and above that, in our particular micro markets we don’t see any major supply coming in or disrupting, you know, the kind of the dynamic in the market. And these primary contributors currently in our portfolio which is the Chennai hotel and the three Bangalore hotels there we have already, you know, kind of maintaining a very healthy occupancy level.
So low supply, steady occupancy levels. And now we are targeting better yield on the EDR which we are doing continuously for the last several months quarters. So this trend we are seeing to continue if the market is increasing, let’s say 10, 12% in these micro markets we have the ability to exploit further because of our strategic positioning and the healthy occupancy level to yield better on the edr. So that’s how we are saying that we will be able to maintain our mid teens kind of revpar growth.
Pulkit Chawla
And the second question on how the months have behaved and how the month.
Manoj Agarwal
Correct. So overall this quarter has shown a very fantastic 19% kind of growth on the same store basis. But overall October started a little slow because there were two period of holidays within the October month. But November came back very strongly and November, you know, kind of over compensated for whatever lesser growth was there in October. Then similarly December, in spite of the flight disruptions in the first week, we continued our revpar growth and it got a little slow towards the end of the month. But overall it remained, you know, in line. So November was the best month and October and December I would say was performed on a expected level.
Nirupa Shankar
And January has been a good month. We like I said, we expect a good quarter because Q4 in every fiscal year is generally a very strong quarter.
Pulkit Chawla
Perfect. Thank you so much.
operator
Thank you. The next question is from the line of Kartike Goyal from Lapis India Capital. Please go ahead.
Kartikey Goyal
Hi. So if I look at your Q2 investor presentation it mentions the capex for FY26 and 27 at around 1500 crores. Now in the like somebody asked a question and you said you expect FY27 capex to be around 500 crores. So have we spent thousand crores on FY26 or some portion of this capex is being pushed out? I have a second question but once you answer it I’ll ask that.
Nirupa Shankar
Yeah, thanks for that. So as I mentioned in FY26 we plan to spend about 265 crores and we’ve already spent about 230 odd crores in the first nine months for FY27. We are expecting it to be approximately 500 odd crores. And like I said a lot of this will be back ended to FY 29 and 30. I mean we didn’t give year wise breakup because it’s very difficult to say based on the pace of construction as well. So these are approximate numbers and can be subject to change.
Kartikey Goyal
Sure. The second question is that you have another nine hotels in the pipeline. The land for these hotels, has it been purchased by the company or it still sits elsewhere? Because I looked at your current portfolio and I found that five of those hotels are on lease from third. Like the land is leased from either third party or the promoter. So can you give some clarity on that?
Nirupa Shankar
Yeah, I think that’s a conscious strategy that we have taken currently for the nine hotels that we have upcoming. All the land has been tied up in brigade hotel ventures. Either it has been acquired or we have taken it on long lease. And yeah, because of that I would say we’ve been able to keep our cost of land also very cost effective. In fact out of the total capex only approximately 10% of it is going towards land. So acquiring the land at a very cost effective price has been one of our key strengths and strategies.
Kartikey Goyal
Okay. But the land does not sit in the company. It belongs to third parties. So I mean when we are liquidating these assets do you see any challenge? Like if we were doing a cycle.
Nirupa Shankar
Like I said, these are long leases. So for instance the new hotels that we have tied up could be 55 year leases, 60 year leases. So I think it will go on far beyond my time or your time.
Kartikey Goyal
Okay, thank you.
operator
Thank you. A reminder to all the participants, if you wish to ask a question you may press star and one at this time. Participants who wish to ask a question may press star and 1. The next question is from the line of Nishant Mundra from Vadwan Pandey and company. Please go ahead.
Kartikey Goyal
Hello.
Nirupa Shankar
Hi.
Unidentified Participant
Yeah, so I wanted to ask you about one of one of the hotels has been. The contract with Marriott has, is going to end by 31st of December 2026. So what are the plans? Are we going to renew it or we have some other other partner coming in.
Nirupa Shankar
So yeah we’re discussing in Marriott already and we’re just seeing what is the best outcome for the hotel and just trying to see which is the best outcome for the overall property in the long term. So it’s still under negotiation and we’re still discussing to see what. What to do. Either we renew with the current one or we upbrand it. We’re just trying to see where we will get the best returns.
Unidentified Participant
All right. Yeah, that’s. That’s it. From my side.
Nirupa Shankar
Okay. Thank you.
operator
Thank you. Those who wish to ask a question, you may press star and one now. A reminder to all the participants, if you wish to ask a question, you may press star n1 now. Ladies and gentlemen, as there are no further question, I would now like to hand the conference over to Mr. Manoj Agrawal, COO of Brigade Hotel Ventures Limited for closing comments.
Manoj Agarwal
Hi. Thank you. Thank you all for your time and continued engagement with Brigade Hotel Ventures. We trust this session has provided a comprehensive overview of our business performance and addressed all your queries. We remain confident in the strength of our operating portfolio supported by healthy pipeline, disciplined execution, strong demand visibility and our unique positioning across our micro markets. As we move forward, our focus will remain on driving operational efficiencies, enhancing guest experience and building a more balanced portfolio with newer additions across luxury, upper upscale and upscale segments. With a strong balance sheet and a well phased development pipeline, we believe we are well positioned to deliver sustainability, sustainable growth and long term value for all our stakeholders.
Before we conclude, we are proud to share that our restaurant, High Ultra Lounge at Sheraton Grand Bangalore at Brigade Gateway has won the Nightclub of the Year South Award at ET Restaurants and Nightlife Awards in October 2025. Our hotels continue to uphold their commitment to community engagement and social responsibility through a range of impactful initiatives. For any further queries or clarifications, please feel free to reach out to sga, our investor relations advisors. And thank you once again for your time and we wish you all a great day ahead.
operator
Thank you on behalf of Brigade Hotel Ventures limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.