Ventive Hospitality Ltd (NSE: VENTIVE) Q3 2026 Earnings Call dated Feb. 03, 2026
Corporate Participants:
Ranjit Batra — Chief Executive Officer
Milind Wadekar — Executive Vice President Finance and Investor Relations
Paresh Bafna — Chief Financial Officer
Analysts:
Yash Darak — Analyst
Vaibhav Thorat — Analyst
Achal Kumar — Analyst
Sumit Kumar — Analyst
Jay Kant Beria — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Ventive Hospitality Limited Q3 FY 2026 Earnings Conference Call. 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. [Operator Instructions] The audio archive, transcript, financial statements and other documents related to the quarter will be made available on the company’s website. We have with us today the management team of Ventive Hospitality Limited represented by Mr. Ranjit Batra, Chief Executive Officer; Mr. Paresh Bafna, Chief Financial Officer; and Mr. Milind Wadekar, Executive Vice President, Finance and Investor Relations.
Please note that that Ventive 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 a forward-looking statement must be reviewed in conjunction with the risk 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 Batra. Thank you. And over to you, sir.
Ranjit Batra — Chief Executive Officer
Good evening, everyone and thank you for joining us. On December 30 we celebrated the completion of our first full year as a listed company. In the past 12 months we executed our growth vision while remaining focused on operational excellence and delivering memorable guest experiences. This helped us emerge as one of the strongest performers in the sector, reporting one of the highest revenue and profit growth while expanding our portfolio in strategic assets and locations. This performance has been recognized by the markets making our stock the most resilient in the sector, helping shareholders preserve their wealth in a soft market. Q3 FY ’26 marks another strong quarter of Ventive’s execution capability with broad-based growth across India, Maldives and our annuity portfolio and with continued improvement in operating leverage. Importantly, this growth has come through asset level actions rather than one-off effects.
Milind, my colleague will walk you through the headline numbers, but let me share some key highlights of our performance. On a consolidated basis, our hospitality revenue grew 35% year-on-year in Q3, while EBITDA increased 53% with margin expanding to 40%, up 5 percentage points from last year. These outcomes reflect our strong asset management practices, delivering pricing strength in India, occupancy growth in Maldives and tighter control over costs across the portfolio. Starting with India. The revenue growth during the quarter was primarily ADR-led. India hotel revenue including the contribution from Hilton Goa which we acquired last quarter, grew 22% year-on-year. Same-store revenue growth in India was 17%. EBITDA grew 33% with margins expanding to 41%. ADR rose 17% to over 13,000, reflecting our continued focus on yield optimization and premium positioning. Occupancy in India was stable at 62% due to the one-off external factors such as the airline disruption and not due to any structural demand issue. Most importantly, the rate strength and effective revenue management more than compensated for this resulting in RevPAR growth of 15% to around INR8,300 and TRevPAR to around INR16,000.
Pune continues to validate our long held thesis. The absence of new luxury hotel supply coupled with strong office absorption with new infrastructure upgrade give us a clear headroom to sustain our area growth. Bangalore, particularly the Whitefield and the ORR micro markets also delivered a very healthy performance supported by captive corporate demand. Food and beverage being Ventive’s key differentiator remained an important contributor to overall performance. India TRevPAR grew 14%, driven by better utilization of existing outlets, stronger event programming and improved monetization during shoulder periods.
Turning to Maldives, our Q3 revenue grew 46% was largely driven by strong occupancy growth. Same-store occupancy improved 4% points to 65%, reflecting our sales and marketing initiatives that captured a more spread out demand profile across those markets. Raaya hit a full stride during this quarter achieving an occupancy of 84%, driving up overall occupancy to 71%, underscoring the benefit of product diversity between our three resorts helping us capture market share across different price points. This translates into same-store TRevPAR growth of 17% to around INR82,000. Including Raaya, TRevPAR was around INR69,000. EBITDA growth was particularly strong, up 72% year-on-year with margins expanding by 6 percentage points to 39%. This improvement is a reflection of growing execution maturity in Maldives, cost variability has reduced, operating rhythms are more predictable and portfolio level coordination is improving flow through as volumes rise.
Refurbishment benefits at Conrad, Maldives and Anantara are now clearly visible. Improved product positioning and better alignment with guest expectations has helped us to drive longer average stays, higher repeat visitation and stronger monetization of food and beverage experience and wellness offerings. Raaya has now transitioned from ramp-up stage to stabilization. With a limited — with the initial phase of promotional offers and familiarization behind us, the resort has meaningful headroom to drive TRevPAR growth supported by strong occupancy, disciplined cost structures and growing brand recognitions in the all inclusive premium segment. At the market level, the full commissioning of the new Velana International Airport has eased historical capacity constraints evident in the all-time high international arrivals in 2025. This will further help us drive occupancy and TRevPAR in the coming years. Meanwhile, the structural limitation on new island supply continues to support long term pricing stability.
Lastly, our annuity portfolio continue to provide stability and cash flow visibility. Annuity revenues grew 15% year-on-year in Q3 from new tenant acquisitions while EBITDA grew at 12% with margin remaining strong at 90%. Our development pipeline remains firmly on track. Projects under our direct development including Marriott Varanasi, AC by Marriott Bangalore Courtyard, Mundra, Ritz Carlton Reserve Pottuvil, Sri Lanka continued progress through the design, planning and execution stages as scheduled with targeted completions between FY ’27 and ’28. Our ROFO assets including the JW Marriott Navi Mumbai and the three Moxy Hotels are in the approval design phase under the promoter group with deliveries target around FY ’30. These assets provide long term growth visibility without near term capital strain and remain central to objective of scaling to 4,000 keys over the medium term.
Across both organic development and acquisition, our focus remains on capital returns, brand strength and margin sustainability rather than headline scale alone. During the quarter we continue to make progress in our ESG initiatives in Maldives around solar, waste management and hydroponics. On the social side, [Technical Issues] help support retention, inclusion and long term operating [Technical Issues] resulted in the three important recognitions. Ventive Hospitality has been recognized as the Leading Indian Hospitality Chain of Hotel — of Ocean and Reef Conservation at the Sustainability Summit and Awards 2025. Anantara was awarded the Green Growth 2050 Platinum Certifications and Conrad was certified as the Forbes Travel Guide Sustainability Verified Badge. I would also like to highlight a few other awards we received during the quarter. Raaya by Atmosphere recognized in the Robb Report Russia Best of the Best 2025 Special Edition. Soho House Mumbai received a Michelin Key, a significant milestone for us. JW Pune and the Ritz Carlton were recognized by Travel and Leisure India for Excellence in Leisure and City Luxury Hospitality.
Lastly, with a stellar nine month performance, we are entering to the final quarter of the year with full confidence that we’ll achieve our annual plan FY ’26 and begin FY ’27 with a very strong momentum. We’re also looking forward to opening the first AC by Marriott by disciplined execution of repositioning Aloft in Whitefield, Bangalore with stipulated budget and time with 3 times EBITDA — hopefully 3 times EBITDA improvement.
With that I now request Milind and Paresh to take you through the financials in greater detail.
Milind Wadekar — Executive Vice President Finance and Investor Relations
Thank you. Thank you, Ranjit. Good evening, everyone. Let me begin with my usual disclaimer on the comparative from last year. As you are aware, the acquisition of several entities in our portfolio took place in August 2024, so our financial statements of prior period do not have the financial numbers of those entities. To enable comparison, we have prepared pro forma financial statements based on internal MIS for those periods as if those acquisitions were made on April 1, 2023. Their revenues, cost and EBITDA are included in the pro forma financial statement of nine months FY ’25. Hence, the number presented in the statutory financial statements will differ from the pro forma figures in our commentary, our press release and earning update presentation. Prior year comparative for Q3 on the other hand is based on actual financials.
We continue to deliver strong performance, reflecting competitive moats around our business. Let me give you five key highlights of our Q3 financial performance. First one, unmatched area growth, same-store ADR in India surged 18% led by luxury demand in Pune, setting us apart as a market leader. Second one, superior profitability, deliver industr-leading EBITDA margin of 41% in India and 39% in Maldives, reinforcing our operational excellence. Consistent margin expansion, achieve broad-based improvement of 4 percentage points in India and 6 percentage point in Maldives on same-store basis. Fourth one, sustained profitability. Marked the fifth consecutive quarter of positive PAT with strong year-on-year growth momentum and the fifth one, lowest cost of capital. After December 31, 2025 we have successfully negotiated better rates for our dollar denominated loans, reducing the weighted average cost of funds at portfolio level to 6.82%. Now the lowest in the peer group. As we speak we are negotiating with lender for rupee denominated loans and we expect 10 bps reduction that will bring down our average cost of funds further.
Now let me walk you through the performance of each of our business. In Q3, our India portfolio contributed revenue of INR239 crores, up 22% year-on-year driven by strong ADR growth and F&B growth. A common concern among investors is whether Pune is capable of absorbing high areas. As I already mentioned at the start we had 18% same-store area growth in Q3 with stable occupancy. While that is very impressive, let me draw your attention to absolute figures. Four of our Pune hotels, that is JW Marriott, Ritz Carlton, Courtyard by Marriott and Marriott Suites collectively had an ADR of INR14,758 in quarter three which is comparable with those of gateway-city luxury and upper upscale properties.
India hospitality EBITDA was INR98.6 crores, up 35% year-on-year. EBITDA margin for the quarter was 41%, an expansion of 4 percentage points over Q3 last year. EBITDA growth being higher than revenue growth implies an EBITDA margin of 59% on incremental revenue of INR43 crores, a clear demonstration of high operating leverages in our business model. On the same-store basis, revenue growth was 17% and EBITDA growth was 31%. For the nine month period, our India hospitality business delivered EBITDA of INR240.4 crores, up 36% year-on-year with margin expanding to 39%, a full 6 percentage points higher than last year. This performance is an outcome of our strategy. The premiumization of our offerings and superior revenue mix have enabled us to consistently meet and exceed our internal targets for margin expansion. Importantly, this improvement is not one-off achievement but something that we can sustain for the foreseeable future and get profitability leadership in our sector. Over the nine months period we maintained steady 62% occupancy. This is not a weakness but an untapped potential. We have significant headroom for occupancy growth supported by powerful structural demand drivers, the strong absorption of commercial office space by GCC and flexible workspace providers, operationalization of Navi Mumbai Airport and improved road connectivity both to Pune and within the city.
The Maharashtra Government’s recently announced GCC policy offering fiscal incentives to attract global capability centers in Maharashtra is expected to benefit Pune disproportionately, giving us clear visibility on medium to long term demand growth. Critically, there is no announced supply of new luxury keys in Pune, ensuring that our existing portfolio will continue to enjoy pricing power. Taken together, these factors position us for a sustained uplift in occupancy which alongside our proven ADR growth will serve as twin engine driving industry-leading growth and profitability.
Moving to our international hospitality portfolio, we entered the high season in Maldives in Q3. Our revenue grew 46% year-on-year to INR326.4 crore, driven by a mix of ADR and occupancy growth. On same-store basis, the international hospitality revenue growth was 17%. Our EBITDA was INR127.5 crores, up 73% year-on-year. EBITDA margin was 39%, an expansion of 6 percentage point year-on-year, quite similar to the profitability of our Indian hospitality business. Q3 was the first quarter in which Raaya’s differentiated all inclusive concept demonstrated its true profit potential, hitting an EBITDA margin of 40%, slightly higher than its more storied peers. Excluding Raaya, EBITDA growth was 38%. In Maldives as well, the same-store EBITDA growth was higher than revenue growth implying an EBITDA margin of 73% on incremental revenue of INR38.2 crores. Over the last four quarters with our consistently strong revenue and EBITDA growth in Maldives, we have clearly demonstrated its strength as unique global high end luxury destination. And this should finally set to rest any investor’s apprehension about the profitability or headroom for growth in Maldives.
On consolidated basis revenue was INR722 crore, up 27% year-on-year. This includes INR16.9 crore of foreign exchange gain from mark-to-market our dollar denominated assets. Our EBITDA was INR348 crore, up 25% and EBITDA margin of 48%. Same-store EBITDA growth in quarter three excluding foreign exchange gain was about 17%. For nine month period EBITDA was INR822 crore, up 28% year-on-year. Our EBITDA margin for the period was 46% versus 45% of the same period last year. Same-story EBITDA growth for nine month excluding foreign exchange gains was about 15%. Lastly, our profit after tax stood at INR140.4 crore for the quarter which is over 300% growth year-on-year basis.
I now request Paresh to give additional color on our debt.
Paresh Bafna — Chief Financial Officer
Thank you, Ranjit and Milind. Good evening, everyone. Ventive is steadily strengthening its financial foundation with lowering funding costs, improving leverage, strong liquidity and robust credit ratings, providing the confidence and capacity to pursue disciplined value-accretive growth. I’m pleased to report that we have achieved a sustained and significant reduction in our overall cost of funds. For our Indian assets, the cost of funds remain constant at 7.4%. For our offshore Maldivian assets, the cost decreased 7.02%, marking a reduction of 0.28% from previous quarter. Post the quarter-end, we have successfully renegotiated our offshore debt and would see a reduction of at least 70 basis points in the portfolio — in the Maldivian portfolio.
As of 31st December 2025, accumulated debt across INR and USD exposures stands at INR2,254 crores. This includes INR debt of INR1,375 crore linked to our Indian assets and USD debt of INR98 million equivalent to INR879 crores associated with our Maldivian assets. Our net debt position remains comfortable at INR1,667 crores. These improvements not only enhance our financial efficiency but also bolster our ability to deploy capital at the right time in the right place. Case in point being the recent acquisition of Hilton Goa where we astutely utilized our internal accruals for acquisition of the Hilton Goa expanding and diversifying our asset portfolio.
Today, our net debt to EBITDA is 1.4 which demonstrates the steady growth supported by strong operating cash flows and predictable annuity inflows. Reflecting our strong financial fundamentals, Ventive retains AA rating while a material subsidiary continues to hold a AA rating from CRISIL. A Bangalore-based subsidiary which operates the Aloft ORR Hotel has attained a AA rating. This further reinforces the financial strength and a capacity to pursue strategic acquisition and expand with confidence.
To conclude, Ventive’s solid balance sheet, disciplined financial management and clear growth trajectory position us exceptionally well to capture emerging opportunities and continue advancing towards an exciting future.
Thank you. Now I open the floor for questions.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We take the first question from the line of Yash Darak from Motilal Oswal Financial Services Limited. Please go ahead.
Yash Darak
Yeah, hello. Am I audible?
Operator
Yes, please go ahead.
Yash Darak
So what is Ventive’s philosophy and how does the company differentiate itself against its peers?
Ranjit Batra
So, hi Yash, thank you for your question. Ventive’s philosophy. Okay, let me try to answer it in, in EBITDA terms, I think let me give you a little flavor. We are top four hotel companies in India and we intend to be amongst the top two. One of the best performing, most resilient stock in the hospitality sector that I already mentioned. What we have in our kitty is very strong balance sheet strength. Our cost of debt, like my colleague just mentioned is probably the lowest in the industry. Our CRISIL rating is AA stable. One of our USPs is that our promoters, Panchshil, which has a 56% stake, we can build, we can acquire, we can rebrand really quick compared to anyone else. And we have Blackstone as the other promoter which can really make great acquisitions. So this I count as a huge strength.
Pune being a fortress market where we have a majority share in luxury market will be unmatched in pricing power. While Maldives market, the supply of islands is less and we continue to enjoy the great benefit that Maldives going through the entire uplift of rates that we see and occupancy. Typically it’s not easy to build in Maldives. Like I said before, Panchshil has built a Raaya from scratch. It takes five to eight years for construction, four to six times of cost. Very difficult to execute. Debt is also very difficult to come by. So we already know that market and we’ve got two more big assets. So this is a great destination for global leisure travelers with high ARRS. Pretty much what Ventive is. And I can give more flavor as we go on.
Yash Darak
[Technical Issues]
Ranjit Batra
Thank you.
Operator
Thank you. We take the next question from the line of Vaibhav from Haitong Securities. Please go ahead.
Vaibhav Thorat
Hi, sir. Congratulations on a strong set of numbers. My first question was on our international portfolio. We have seen a very strong occupancy expansion even on a same store basis, Occupancy has reached 65% mark for Q3. I wanted to understand how much headroom do you see from the current level, especially in a peak demand season for this portfolio. And on the similar lines, given the portfolio is doing exceptionally well, do you think we can going forward evaluate adding more properties into Maldives market? That’s my first question.
Ranjit Batra
Okay. Occupancies go very well in Maldives, 4 percentage points to 65%. And with the addition of Raaya it goes up north of 71%. So we will be stabilizing the occupancy in Maldives at around 70%. Largely the demand was better across the source markets. Our teams have also been working very hard to the volatility of base occupancy. So I see that Maldives will continue on the occupancy and for some of the obvious reasons, I think if you want I can break it up into Maldives and India. But first let me answer Maldives, Raaya which again has occupancy of 84% proves that there’s enough business between our three resorts. Having three different products like the Conrad, Anantara, all the ultra luxury and Raaya at a premium all inclusive resort is now working very well for us. It allows us to address different guest segments, price points and it steadily builds up market share supporting our thesis of TRevPAR growth. From a occupancy in India perspective largely remains flat. But this has been a conscious decision from a revenue perspective — on the revenue management perspective.
Vaibhav Thorat
And in terms of evaluating more opportunities for Maldives market, would you consider that in future?
Ranjit Batra
Given that we understand the market and we are now managing our portfolio really well and sometimes even ahead of the market, we do believe we have the bandwidth to understand a given opportunity that comes by and presents compelling reasons. Yes, we will.
Vaibhav Thorat
Understood, sir. Secondly, on our EBITDA margins at a consolidated level we have seen margins to be flattish despite the revenue being strong mainly due to opex, other expenses and our employee cost being higher year-on-year. Any particular reason for that?
Milind Wadekar
So Vaibhav, let me take that question. I mean EBITDA margins are consolidated level are flattish because one of the reason this Ventive came into existence in August 2025, sorry, August 2025 and employees were transferred from group companies to Ventive progressively. So last quarter corresponding last quarter we did not have corporate overheads or corporate overheads were on the lower side as we started building corporate team here and corporate office. So to some extent corporate overheads has taken away our margin by around 1%. Now if you compare or other expenses corresponding to quarter three last year the increase is around INR60 crore. Okay. But if you look at INR17 crore is on account of incremental fees to operators, fees and payments to operators for more business. INR20 crore are expenses of our new properties that is Raaya and Hilton. And INR15 crore is around corporate overheads increase as compared to last year. Hope I’ve answered your question.
Ranjit Batra
Yeah. Also I’d like to add also please look at our hospitality margins not at consol. India margins grew 4% to 41% and Maldives grew 6% to 39%.
Vaibhav Thorat
Understood sir.
Milind Wadekar
Vaibhav, I have not answered your employee cost. Employee cost increases on account of normal increments, salaries of new hotels, Hilton and Raaya which were not there last year. And this quarter we have impact of around INR3 crore on for this new labor code.
Vaibhav Thorat
And this INR3 crore impact will continue now going forward?
Milind Wadekar
It is onetime non-recurring, non-cash provision in the books.
Vaibhav Thorat
Understood. And now coming to India portfolio sir, we have seen a strong ADR growth of 17%. So can you break that up in terms of markets for Bangalore and Pune, how has been the ADR growth and in terms of occupancy as well there’s a minor difference this quarter. So if you could just share some asset wise performance for the Indian market?
Milind Wadekar
So Vaibhav, we don’t give portfolio or city level occupancy. But Ranjit will tell you about drivers for ADR abroad.
Ranjit Batra
So across Pune and Bangalore and that’s what your question is. You want to understand about more on the ADR side. So we have a 17% ADR growth that you’re seeing is probably one of the highest for Ventive since listing in this quarter. And I think this is predominantly — let me break it into Pune. I think Pune continues to be very strong office market driven by GCCs, which is also the main driver for ADR, top hubs being Kharadi, Baner, Koregaon Park, etc. And as of early 2026 India was actually the home of over 1,800 GCCs and more than half of that, which is actually half of that globally. So India has about 50% share of global GCCs and Pune hosts around 360 to 400 GCCs which is about 20% of India’s total. So that makes Pune one of India’s premier locations for capturing high end business demand. Apart from that for Bangalore we have and of course the new Navi Mumbai Airport which is also going to be helping. It’s already helping. But I see much more strength in the coming years.
Regarding the Bangalore Outer Ring Road and Whitefield, these are very strong fundamentally micro markets in Bangalore, among the country’s best office markets in my opinion. So I need to make a special mention here on the Aloft Outer Ring Road which has shown exceptional ADR growth, majority of the strategy has come through GDS. This has been our single largest revenue driver in India. 31% of GDS revenue growth and GDS contributed 52% of transient. I love GDS because it’s the global distribution system which translates to direct bookings as much as we can. So the focus remains direct bookings. Thank you.
Milind Wadekar
So let me add here Vaibhav, as I already mentioned in my opening remarks, the area of our four properties in Pune is 14,758 for the quarter which is comparable with companies with hotels in gateway cities. Right. If you look at our EBITDA per key is around INR2.3 million and consol level it is around INR3.5 million. Right. So again when we are tracking, comparing, benchmarking ourselves with the peer companies, in spite of having limited presence in gateway cities, our rates or EBITDA per key is really comparable.
Vaibhav Thorat
Great sir, Understood. Last question if I may. Regarding our Hilton acquisition. Just wanted to understand how has been the early demand trends post taking over the property and if you can just share a bit of color on the demand trends in January as well. Thank you.
Ranjit Batra
Sure. Vaibhav as you know, Goa is still top destination in India for leisure and will remain so this is our belief and that’s why we’ve added an asset there. While we moved in in a very strategic asset of Hilton we have now gone into the next phase already. We’re adding 60 to 65 new rooms of the existing sector to enhance asset value. We’re also in deep and conclusive talks with Hilton for a higher brand within the Hilton system. So there’s a huge substantial upside. Additional room inventory, new wellness offerings and full activation of F&B, will make sure that this hotel is one of the most prominent hotels in Goa, feeding and catering to all customer needs that come and enjoy leisure. So I personally feel as you know Ventive’s F&B strength will also play in here and post the soft refurb we’ve already gone to soft refurb or the existing inventory. I’m really looking forward to the upcoming new brand and can’t wait to announce it.
Milind Wadekar
So Vaibhav, when we acquired this property, this hotel had reported EBITDA of around INR18 crore rupees which translates into INR17 lakh EBITDA per key. As Ranjith mentioned we are rebranding, repositioning this hotel with 65 additional keys. We expect EBITDA per key will go around INR25 lakh EBITDA per key and this hotel generating annual EBITDA of around INR40 crore for us post innovation, repositioning, rebranding in a stabilized year.
Vaibhav Thorat
Understood sir. And regarding the January trends if you can just share a bit of color.
Ranjit Batra
We have gone little soft with our refurb, so I’m not able to give you the January trends Now we are moving into all our focus for Goa is moving into reinventing this hotel with a new face and uplift.
Vaibhav Thorat
Okay sir, perfect. Thank you so much for answering the questions and all the best.
Ranjit Batra
Thank you.
Operator
Thank you. [Operator Instructions] We take the next question from the line of Achal Kumar from HSBC. Please go ahead.
Achal Kumar
Yeah, perfect. Thank you for the opportunity. So first of all I want to understand about the areas in India hospitality segment. So you have reported 17% growth. So two questions here actually. So one how much of this growth was the underlying growth? So you must have built in some increase in when you you reduce the corporate rates and otherwise also. And secondly how much of this growth was due to the revenue management. So that is the first question. And second part of the question is that how much further scope do you see how much you can drive it through the revenue management? Thanks.
Ranjit Batra
Okay, just one sec. I think to answer specifically on your revenue management Achal, we are we use data-driven approach using industry’s leading intelligence tool, so we are not different to any other. Maybe we have some further and stronger tools to analyze our performance and benchmark it. What we basically do is we push yield first not volume for the sake of volume. This pretty much has resulted in double digit growth. As you’ve been following Ventive’s performance, we’ve had double digit growth in all our quarters in RevPAR and TRevPAR. And this is not just in one market, it’s in across the portfolio. So when we price for compression. On peak nights, we run tight spell to protect the retail channels.
We push GDS business which indirectly, like I explained before, helps translate into direct bookings. And we also try to lift weekday occupancy and ADRs, but more ADRs. We optimize channel mixes. We strengthen and prioritize OTAs when we need to. We are quite nimble. We keep shifting our focus based on the challenges of the quarter that come and present. This quarter the challenge was little softening of occupancy. So we pushed on rate. As you can see the result coming out in a RevPAR growth of very strong 15%. My direction to all revenue managers as owners of the assets is to focus on RevPAR, not occupancy alone or rate alone. And that’s pretty much our story. It’s always, like I said, it’s a tighter rope to walk to increase rates and it’s much easier to actually increase occupancy. I can do special discounts, I can prioritize, rates, discounted rates and increase occupancy any day of the week. But this is what we do at Ventive and in India we push RevPAR and in Maldives we push TRevPAR.
Achal Kumar
Yeah, so I mean, so my question, I mean thanks for that. My question was actually so by doing all these revenue management efforts which you have been doing and obviously in the hotel industry, I guess that’s a very sensible thing to do. What I was trying to understand is that how much of those efforts contributed to this 17% ADR growth? I mean was 17% was like a majority of it came from revenue management or did you increase the rates? And so what was the increase? What was the, what was contribution from increased rate and what was the contribution from these revenue management efforts if you could break them? Just, just want to understand, you know that how much growth was there?
Ranjit Batra
Achal, I’ll give you a breakup. There was an increase from a special corporate which is basically what we have as contracted corporate rates that grew 11% and retail grew 19%. That was one area. The other area was also foreign travelers that came into in this quarter was a record number for us at 61%. That also further lifted our rates. And going back to my GCC point also I cannot give all the contribution to revenue management. There is also a thrust of demand that came in through special conversion that we did in our luxury offerings in our hotels and we hopefully are doing the right things and giving the right value for money and product and service and customers are not reluctant to pay a premium for it. That’s our bet.
Achal Kumar
Right. Right. No, I think that’s fair. The other thing I wanted to understand generally, sort of about Pune markets have been expecting that, with the new airports in Pune, of course the demand will grow. And then of course you made a very valid point about GCC. Now going forward, how do you think these sectors will contribute to the growth? And have you sort of gone to the new GCCs or the new corporate partners coming to you for the agreements? And also just to understand, the sort of how the growth looks like incremental growth from here on?
Ranjit Batra
I am a firm believer. And so our planning stage when we develop these hotels, we knew exactly what we are doing, how the Pune market is currently doing and how it will unfold in the future. We’ve done very smart geographical mix within Pune city in different segments with different products and different price points. So there is no cannibalization. We are in micro markets of Pune as well. And apart from this, we are very active in our channel mix, segment mix and our marketing and RevPAR uplift. So we see the tailwinds of the airport in Navi Mumbai pushing it. The existing airport has already been upgraded. The GCC push, the office increase to about 40 million square feet of absorption over the next five years will further help great improvements in occupancy and rates. As you know, one of the things for Ventive, which puts us little differently is that 25% of our business comes in from our mixed-use development. And that is a very healthy advantage that we get over anyone else.
Milind Wadekar
So Achal, if I have to add further, and if you look at our India portfolio, two of our properties, Ritz and JW which is around 40% of our portfolio, I mean these are luxury offerings, right? And not really price sensitive. So I think pushing rate headroom for area growth is there. We’ll continue growing this. At the same time Pune market will drive occupancy. So we have headroom for both and I think growth will be faster in this sector.
Achal Kumar
Right, fair enough. My last question is about the sort of capex. If you could guide a capex and anything in terms of your debt and are you comfortable with the 1.4 or do you think you want to sort of drive it down further?
Ranjit Batra
Okay, let me answer on debt first. If you look at our debt, we are around INR1,650 crore net debt as of today. If you see the comparison with the previous quarter, I mean it has gone up marginally by INR20 crore. The gross debt increase, what you see, I mean the INR100-odd crore has come up from the acquisition Hilton debt we have taken. So we have invested around INR135 crores in Hilton in this quarter and around INR30 crore till date in Soho. Everything is funded from our internal accruals. I mean our debt is at flat. Right.
When we look at our capex over next two years for the projects which are on our balance sheet, that is Sri Lanka, Varanasi and AC by Marriott should take around INR800 crore to INR900 crore unspread amount over next two years which mostly will be funded through internal accruals and ROFO assets, we are evaluating taking it on warm-shell lease. So it will come after 30 months. So we are not stressing our balance sheet and we have enough headroom for taking additional debt as and when we want for any growth plans or acquisition.
Achal Kumar
So just one clarification. So you’re saying INR800 crores, INR900 crores including your capex on these assets plus your refurbishing everything. And this is over the two years which means about INR400 crores a year, INR450 crore a year, right?
Milind Wadekar
Yes. I mean over next 30 months. Over next 30 months.
Achal Kumar
Yeah, yeah, yeah. But INR400 crores to INR450 crores per year.
Milind Wadekar
Yes, yes.
Achal Kumar
Okay, perfect. Thank you so much.
Ranjit Batra
Thank you, Achal.
Operator
Thank you. [Operator Instructions] We take the next question from the line of Sumit Kumar from JM Financial. Please go ahead.
Sumit Kumar
Hi, good afternoon. Thanks for the opportunity and congratulations on our great set of numbers. A couple of bookkeeping questions, sir. One would be what could be the RevPAR or ADR growth for the India business if we leave out Goa? Okay. RevPAR growth is around…
Ranjit Batra
I think it’s around 18%.
Milind Wadekar
18%? Yeah.
Sumit Kumar
Okay. And the second question would be what is the growth of F&B business in both India and international portfolios for the quarter?
Ranjit Batra
So for F&B we’ve very healthy growth. Happy to announce 16% growth in F&B overall.
Sumit Kumar
That’s on an overall. Okay.
Ranjit Batra
14% in India.
Sumit Kumar
Okay. And how do you see that going forward into 4Q? Will the same trend continue or will it be better than that? How does that seasonality play out in F&B?
Ranjit Batra
Well, all I can tell you the next quarter or this quarter is even stronger traditionally and will continue to serve the same trends.
Milind Wadekar
So Sumit, Maldives properties quarter four is the strongest quarter. And if you compare our last year’s quarter three and quarter four EBITDA numbers, we had incremental EBITDA of around INR1,900 crores. So we expect the same trend will continue.
Ranjit Batra
Let me give you a flavor, Sumit. It will be in double digit.
Sumit Kumar
Yeah. Okay, cool. That’s all from my side. Thank you. And all the best.
Milind Wadekar
Thank you.
Operator
Thank you. We take the next question from the line of Jay Kant Beria from IIFL Capital. Please go ahead.
Jay Kant Beria
Hi. Thanks for the opportunity. So we mentioned in our presentation that we are scouting multiple acquisition opportunities and that they are under review. So can you give more color in terms of the geographies that we are targeting and the kind of mix whether they are more leisure-oriented or business-oriented?
Ranjit Batra
So we look at — Jay Kant, thank you for the question. I think we look at the industry as a whole. I think we are very aware of the customer preferences and we are always shifting. I think we are combining our strength of construction. As you know, we make great hotels. It’s not something I’m saying. Everyone knows how well Ritz Carlton has been executed within the budgets, within timelines. Our cost of construction is also lower versus competitor’s delivery time. So we have that whole strength behind us. Right. And we not only have that strength, we’ve executed. So while we have the execution ability of delivering about 150 keys every year, an almost hotel in every two years, we are at the final stage and conclusive stage of many opportunities and we are being very picky of what we do. To give you flavor, we are working more towards wellness and leisure and we’ll continue in that pipeline and we’ll use our strength of branded residents to add to that.
Jay Kant Beria
Sure. And also if I may, so for Hilton Goa, although you have hinted that the property is in its early stage, but can you give on a stabilized basis what kind of ARRs and occupancy should we build in for that hotel?
Ranjit Batra
Okay, please go ahead.
Paresh Bafna
So Jay, I think post rebranding, repositioning our existing ADR and when we took this property was around INR13,000 average, we’ll definitely see heightened growth in ADR. And as already mentioned, we are looking at with the per key of INR25 lakhs, this property should give us around INR40 crore EBITDA in absolute terms.
Ranjit Batra
Yeah, that’s doubling EBITDA for sure.
Jay Kant Beria
Sure. That’s all from my side. Thank you.
Ranjit Batra
Thank you.
Operator
Thank you. Ladies and gentlemen as there are no further questions from the participant, I now hand the conference over to Mr. Ranjit Batra for his closing comments.
Ranjit Batra
Thank you. And to summarize, Q3 FY ’26 reflects strong execution across all parts of our business. I’d like to special thanks to all my team to make all this happen. We delivered robust revenue growth, meaningful margin expansion and continued improvement in operating leverage while maintaining balance sheet discipline. This also marks another quarter of consistent double digit growth across key operating metrics since our listing. With another solid quarter still ahead of us, our focus remains on sustaining TRevPAR growth through active asset management and progressing our development acquisition pipeline with precision.
Thank you once again for joining us today. We appreciate your continued support and the interest in Ventive Hospitality. Thank you.
Milind Wadekar
Thank you very much. Thank you.
Operator
[Operator Closing Remarks]