Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Ventive Hospitality Ltd (NSE: VENTIVE) Q4 2026 Earnings Call dated May. 13, 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
Sumit Kumar — Analyst
Unidentified Participant
Achal Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to ventev Hospitality Limited’s Q4FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing STAR and then zero on your touchstone telephone. The audio archive transcript, financial statements and other documents related to the quarter will be available on the company’s website.
We have with us today the management team of Ventev Hospitality Limited represented by Mr. Ranjit Batra, Chief Executive Officer, Mr. Paresh Bafna, Chief Financial Officer and Mr. Milan Vadikar, Executive Vice President, Finance and Investor Relations. Please note that Ventev Hospitality Ltd. 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 forward looking statement must must be reviewed in conjunction with the risks 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, Mr. Batra.
Ranjit Batra — Chief Executive Officer
Good afternoon everyone and thank you for joining us today. FY26 has been an important year for Ventev Hospitality. It was our first full year of reporting as a listed company. And the year demonstrated the strength of the platform that we built. High quality hospitality assets, a stable annuity backbone, disciplined capital allocation and active asset management across the portfolio. I’m proud of what Ventiv has delivered this year. A strong growth in revenue and in EBITDA expanded margin, strengthen our balance sheet and finish.
Operator
I’m sorry sir, we are not able to hear you.
Ranjit Batra — Chief Executive Officer
Oh, sorry, I don’t.
Operator
Yes, please go ahead.
Ranjit Batra — Chief Executive Officer
Sorry, there is auto mute. Sorry.
Operator
Yes sir, are you able to speak now? Is it on mute?
Ranjit Batra — Chief Executive Officer
Yeah, I can. Can you hear me?
Operator
Yes, yes, we can hear you loud and clear. Please go ahead. Please proceed.
Ranjit Batra — Chief Executive Officer
Yeah, sorry, I’m just getting my technical guy so in case this happens again he can sort it out. It goes on to auto mute sometimes. So just watch out for that. Okay, I will. I don’t know where anyone would hear, but I’ll start again. It was our first full year of re reporting as a listed company. And the year demonstrated the strength of the platform that we built. High quality hospital assets, a stable annuity backbone, disciplined capital allocation and active asset management across the portfolio.
I’m very proud of what Ventev has delivered this year. Strong growth in revenue and in EBITDA expanded margins, strengthened our balance sheet and finished the year with a healthy momentum across the platform. For the full year, FY26 revenue stood at 2,666 crores up 24% while EBITDA grew at 28% to 1,299 crores. Full year EBITDA margin improved to 49% compared to 47 last year. For quarter four, FY26 consolidated revenue grew 21% year on year to 870 crores while EBITDA grew 28% to 476 crores. EBITDA margins expanded to 55% compared to 52 last year.
Another important milestone for us is that the profit after tax has now crossed 500 crores. For Ventev, this is just not a financial number. It reflects the quality of our asset base, the benefits of scale, disciplined financing and the operating strength of a platform that we’ve built. The year also tested the resilience of our business model. We saw travel disruption during the year. This included the impact of operations, Hindu geographical tensions, aviation uncertainties and temporary pressure in certain travel corridors.
Despite these headwinds, the platform delivered growth and returns for stakeholders. The key point is simple revenue growth translated to higher beta growth that reflects operating leverage, better cost discipline, improved revenue quality and the benefit of diversified platform. Our performance was not dependent on one geography, one asset or one demand segment. In India, Maldives and Annuity all contributed in different ways. FY26 showed the strength of Vente’s model luxury LED hospitality for growth, standout assets in strong markets, Annuity income for stability and active asset management for performance.
Let me start with India. Our India hospitality business delivered a strong full year performance even though occupancy was impacted during some parts of the year. India business was clearly a rate led story. ADR grew at 13% to 12,500, Revpa grew 10% to 8,000 and Prevpa grew at 12% to 15,000. Occupancy was at 64% lowered by around 2 percentage points year on year. Despite the lower occupancy, India delivered double digit ADRs RevPAR and TrevPAR and EBITDA growth along with 300 base points of margin expansion for the full year.
That tells us the market is supporting strategically located premium assets. In Q4, India performance was impacted by a rebranding shutdown of Aloft. Whitefield and travel disruption led occupancy softness. However, the full year performance is far more relevant indicator of underlying trajectory where we demonstrated double digit growth in key numbers. UNA continues to benefit from limited premium supply, rising corporate demand, GCC led office growth, manufacturing led business travel and infrastructure improvements.
Bangalore also remained well placed because of our presence in city’s strongest office led micro markets such as Whitefield and Outdooring Road. So the India story is not simply about broad city exposure, it’s about being in the right micro markets with the right brands, quality asset management and top asset quality. Turning to Maldives, FY26 was strong for very strong year for our Maldives portfolio. Revenue grew 31% to 1,133 crores while EBITDA grew 42% to 398 crores. EBITDA margins improved 35% compared to 32 last year.
This was an important year for Maldives. Portfolio Occupancy improved by 5 percentage points to 63 and Trev Bar was at 60,000 rupees. The performance reflects both the recovery in demand and strength of our specific assets within this destination. Importantly, the performance is not only driven by Raya’s consolidation. Same store revenue grew 15%, EBITDA grew 29% and Trevpa grew 15%. That is a strong validation of the portfolio. In Q4 Maldives revenue grew 18% to 421 crores, EBITDA grew at 19% to 198 crores and margins remained strong at 47%.
Occupancy improved to 75% which is up 3.3 percentage points while Trefpa grew at 18% to 91,000. There is always market commentary around Maldives especially when there are geographical developments, aviation related disruptions or shift in source markets. We look at it practically. Maldives remains a globally recognized leisure destination with limited and unique island supply, improved airport infrastructure and a huge diversified international base feeder market. Our performance this year included same store growth reinforces that high quality resorts continue well perform in that market.
Raya is now contributing meaningfully to the portfolio and gives us all inclusive offering that addresses different customer segment. At the same time, Conrad and Amantara continue to occupy the luxury end of the market. This gives us a broader portfolio within the destination without diluting the positioning of our luxury assets at the total hospitality level. FY26 was a landmark year. Hospitality revenue is now close to 2000 crores on its own. This is a meaningful scale up of the platform and gives us a stronger earning base as we enter the next phase of growth.
Hospitality EBITDA also grew meaningfully during the year with margins improving by 300 base points. This reflects the operating leverage in the portfolio, stronger revenue quality and disciplined cost management across India and Maldives. For US this is an important milestone. Ventev is no longer just a collection of high quality assets. We are now operating a scaled hospitality platform with multiple growth engines, clear portfolio logic and increasing financial strength. Moving to our annuity business which continues to provide stability for FY26, annuity revenue was 505 crores up 4% while EBITDA was 450, 52 crores up 3%.
EBITDA margin remained at 90%. This stable earning base remains a key strength of Ventiv. It gives us predictable cash flows, improves resilience through cycles and supports disciplined investment in hospitality growth. During this year we also announced Narmada Estate, a land parcel in East Pune identified for annuity development. This will further strengthen our stable cash flows backbone in the market. We understand well. FY26 was also an active year for portfolio sharpening for future growth.
We acquired Hilton Goa, adding a high quality leisure asset in India’s strongest hospitality market. We completed show house transaction giving us exposure to membership lifestyle led hospitality platform. We also added Sol de Goa, a small boutique hotel deepening our presence in Goa leisure market. We also announced Narmada Estate which I just spoke about. Each of these transactions funded by internal accruals has a clear role in the portfolio. Leisure exposure, lifestyle and hospitality, wellness capability, annuity stability and long term value creation.
The common filters remain quality of location, product relevance, execution feasibility and return discipline. We are not pursuing growth for scale alone. Each addition is being assessed against return thresholds, funding discipline, execution, execution complexity and fit within the wider platform. At the same time, we also reassessed the Mundra opportunity and decided to keep it on hold for now. We continue to evaluate that return profile strategic fit at the timing of capital deployment during this year, we became sharper on where we want to deploy capital, luxury and premium urban assets, leisure, wellness, lifestyle led hospitality, stable annuity assets and where the cash flows are visible.
Moving on to the development side, our active projects continue to progress. The AC by Marriott conversion in Bangalore is progressing in line with plan. This project involves repositioning the Whitefield asset into stronger brand and product for that particular micro market. This asset remains well placed given Whitefield’s office led demand base. The depth of corporate activity in that catchment at Varanasi, Marriott construction and design related work is in progress. Varanasi remains attractive because of the obvious reasons that we all know especially the spiritual tourism, domestic leisure and improved connectivity.
Varanasi also has very limited branded premium hotel supply for Ritz Carlton reserve in Sri Lanka. Design and planning work continues. The focus is on developing a luxury resort. There’s two to the brand. This is going to be one of nine Ritz Carlton reserve in the world. So it’s a premium brand appropriate for the destination and capable of creating long term value for the platform. Across the pipeline, our approach is the same. Execute carefully, protect product quality, manage capex, discipline and bring assets to the market only when the proposition is right.
Moving to the sector outlook, the broader hospitality cycle remains healthy, but performance is becoming more specific to asset quality, location and micro market positioning. Demand across corporate travel, mice, weddings, domestic leisure and international leisure remains healthy. At the same time, new supply is difficult to create quickly because the hotels require land approvals, capital and long development timelines. For Ventiva, the combination is clear. India gives us pricing power in strong micro markets, Maldives gives us global leisure exposure and it gives us stability and our balance sheet gives us flexibility to grow with discipline.
Our growth also supports local employment, destination development, vendor ecosystem and tourism infrastructure in the markets where we operate in a responsible way. As we move into FY27, our priorities remain unchanged. Grow RevPAR, grow Trevpa, improve margins through active asset management, execute our pipeline carefully and pursue acquisitions only where the risk return equation is attractive. We will continue to work with our brand partners who bring quality, reliability, innovation and execution discipline because these are critical for both guest experience and asset performance.
With that, I request Milan and Paresh to take you through financials and balance sheet in more detail.
Milind Wadekar — Executive Vice President Finance and Investor Relations
Thank you Ranjit Good afternoon everyone. To assist with the interpretation of our financial performance, I would like to highlight the following regarding Biopedite comparatives. As informed earlier, the Company completed several portfolio acquisitions in August 2024. Consequently, the historical financial statements do not include the financial results of those entities. To facilitate like to like comparison, we have prepared pro forma financial statements reflecting the impact of these acquisitions as if these acquisitions were acquired on April 1, 2024.
Based on internal MIS, the pro forma financials for 12 months of FY25 include the revenues, operating cost and EBITDA contributions from these acquired entities. As a result, the reported statutory financials will differ from the pro forma figures referenced in our commentary press release and earning presentation. However, the prior year comparative for Q4FY25 is based on actual reported financial we continued our strong growth trajectory in Q4 FY26 across our hotels in India and Maldives. As highlighted earlier, Q4 is typically our strongest quarter in both markets and we were on track in January and February 26 to report record quarterly and annual areas occupancy, revenue, EBITDA and EBITDA margins.
However, geopolitical developments in Middle east and traveler restrictions advisories from US and Europe impacted growth to some extent. Despite the challenges, supply chain issues and restricted travel from key source market, we are pleased to report industry leading performance across financial metrics. Our proactive strategy of diversifying source market for Maldives and leveraging Pune’s unique positioning combined with tight cost controls helped us to Drive Highest ever Quarter 4 FY26 numbers before diving into financials.
Note that Pune’s demand drivers go beyond it fintech and gcc. The city has a strong manufacturing base with business travelers from South Korea, Japan and Southeast Asia. This helped offset occupancy pressure and drive double digit ADR growth in our India hotel portfolio. Now let me walk you through the key financial highlights as the hospitality industry sustains its long term growth trajectory backed by favorable demand supply dynamics. Our Q4 FY26 results underscore the strength of our diversified portfolio and strategic agility.
The consolidated revenue for the quarter stood at 870 crore representing a 21% year on year growth. Consolidated EBITDA grew 28% year on year to 476 crore with EBITDA margins expanding to 55% compared to 52% in Q4FY25. The results include a foreign exchange gain of 74 crore in Q4FY26. Adjusting for foreign exchange gain in both periods, the underlying EBITDA growth for the quarter was 8%. Our financial year 26 performance underscores the momentum and growth potential of hospitality industry driven by strong demand dynamics and strategic execution.
Consolidated revenue for FY26 grew 24% to 2,666 crore while EBITDA rose 28% to 1,299 crore close to 1300 crore mark expanding margins to 49% from 47% in FY25. The results include foreign exchange gain of 138 crore. Adjusting for this, the revenue crossed 2,500 crore mark and EBITDA crossed 1160 crore had geopolitical disruptions not impacted operations in March 26, our adjusted EBITDA that is adjusted for foreign exchange gain of 138 crore, we would have crossed 1,100 crores EBITDA versus 992 crore in FY25, marking a robust 20% growth.
Our FY26 hospitality segment excluding annuity income was little shy of 2000 crore with a revenue of 1980 crores and EBITDA jumping 33% to 735 crores this reflects our strong operating leverage cost discipline driving a robust 49% flow through on 375 crore incremental hospitality revenue in FY26. Despite external headwinds, we have crossed another significant milestone with profit after tax exceeding 500 crores in FY26 just in the second year post listing. This achievement is driven by significant reduction in debt and finance cost alongside lower average interest rates.
As a result, we are generating sufficient cash from operation enabling us to fund our aggressive growth plans predominantly through internal accruals and we are poised to deliver higher PAT in the years to come. In Q4FY26 our consolidated hospitality segment revenue grew 13% year on year to 658 crore with EBITDA up 9% to 295 crores. Margin stood at 45% versus 46% in Q4FY25. In India, hospitality revenue grew 5% year on year to 238 crore but EBITDA declined 7% to 97 crore due to certain one off items.
Specifically in Q4FY25 we had booked 8 crores of government grant versus 2.5 crores in Q4FY26. Adjusting for incremental government grant and 1.5 crore electricity credit, our adjusted EBITDA for Q4FY25 was 96 crore. In Q4FY26 we received 5 crore debit for pass period electricity cost netting off these one off expenses. Our adjusted EBITDA for Q4 FY26 is 102 crores reflecting a growth of 6% year on year with a healthy 43% EBITDA margin. India ADR jumped 12% year on year to 14,020 rupees in Q4FY26, a testament to Pune’s growing stature as premier business destination.
Notably, ADRs are now on par with Gateway cities. Despite our portfolio concentration in Pune, RevPAR rose 8% year on year to Rupees 9634 as occupancy dipped slightly to 69% versus 71%. To elaborate on Pune’s growth potential, ADR for our four Pune based hotels I.e. This Ritz Carlton, JW Marriott, Marriott Suites and Courtyard by Marriott averaged at Rupees 15,152 in Q4FY26 comparable with ADRs of hotels in Gateway cities. This underscores Pune’s market strength. With strong commercial absorption underway and growing demand, we are confident of ramping up occupancy to 75% in the medium term.
Looking ahead. Ventiv’s India portfolio has significant headroom for occupancy growth coupled with sustained double digit area growth. This positions us well to deliver low teen revenue growth and high teen EBITDA growth in the medium to long term. Meanwhile, our Maldi hotels deliver stellar Results. Revenue grew 18% in Q4FY26 to 421 crore with EBITDA rising 19% to 198 crore on the back of occupancy climbing to 75%. Driving this strong performance, Tripa jumped 18% year on year to 90,818, a clear indication of Maldi market resilience and our hotel’s ability to capture high end demand with luxury hotels.
With luxury travel to Maldives remaining robust, our focus strategy in premium island resort market continues to pay off. To highlight further Maldives Occupancy for FY26 for our Conrad and Anantara was 61% versus 57% in FY25 and we are on track to achieve occupancy north of 65% for these resorts in the medium term when short term blips in occupancy are possible due to external factors. The long term story for Maldives remain intact driven by commencement of operation of new Malay Airport and improved direct flight connectivity to key source markets.
For FY26 hospitality revenue grew 23% to 1980 crore with EBITDA rising 33% to 735 crore. Hospitality EBITDA margins expanded by 300 basis point to 37% versus 34% last year. India hospitality revenue grew 14% to 846 crore with EBITDA up 24% to 337 crore. India ADR for India businesses was 12,516 up 13% while Rebpar grew 10% to 7,952. RevPAR growth was slightly lower than ADR growth as occupancy dropped due to disruptions in FY26. That was Operation Sindur in code of 1 FY26 and geopolitical travel disruptions in quarter 4 FY26 for Maldives revenue jumped 31% to 1133 crore with EBITDA of 42% to 398 crore.
Margins improved to 35% versus 32% last year in Q4 annuity revenue was 127 crore up 2% while EBITDA was 113 crore up 2%. EBITDA margin was 89% for FY26 annuity revenue was 505 crores up 4% while EBITDA was 452 crore up 3% with margin at 90%. I now request Paresh to take you through debt liquidity and balance position.
Paresh Bafna — Chief Financial Officer
Thank you. Good evening everyone. FY26 has been an exceptional performance with results that demonstrate both the strength of our platform and a disciplined approach to value creation. This has translated into healthy cash generation and continued balance sheet strength. Our balance sheet remains a strategic asset giving us flexibility to Invest for committed capex and selective acquisitions. As of March 31, 2026, gross debt stood at 1,099 crore comprising 1,232 crore of rupee denominated debt and USD 81.44 million equivalent to 766 crores of offshore debt.
Relating to the Maldives portfolio. Our cash and cash equivalents stood at 511 crores resulting in net debt of 1484 crores. Our net debt to EBITDA was 1.14x compared to last year 1.7x. During the year we reduced our average cost of debt which stood at approximately 7.3% for Indian borrowings and 6.2% for USD borrowings compared with 9.5% and 8.3% respectively at the beginning of the year which has resulted in saving of approximately 20 crores. Along with EBITDA growth, our interest coverage has improved significantly and centered ability to fund growth through internal accruals.
We continue to hold strong credit ratings with Crystal AA stable.
Operator
Sir, we are not able to hear you.
Paresh Bafna — Chief Financial Officer
These ratings reflect the quality of our asset base, stable annuity, cash flows, operating performance and prudent leverage profile. We approach the next year with a strong brand portfolio, fortified balance sheet and remain confident in our ability to deliver long term value through operating excellence and disciplined capital allocation. Thank you. With this, keep the floor open for questions.
Questions and Answers:
Operator
Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter STAR followed by one on your touchstone telephones. If you wish to remove yourself from the question queue, you may enter Star and 2. Participants are requested to please use only handsets while asking a question. We will wait for a moment while the question queue assembles. The first question is from the line of Sumant Kumar from Motilal Oswal Financial Services.
Please go ahead.
Yash Darak
Yeah. Hi Sumatu. My question is regarding the current scenario and we have seen business disruption in March. So considering current scenario how is the how you predict FY27 and how is the things going to happen considering inbound is has been impacted and also Pune market outlook considering all the infrastructure and what you talked about, all the foreign inbound. So can you talk on that also?
Ranjit Batra
Yes, thank you for the questions. Good to see you on the call. FY27 outlook I think the good news here is that the FY26 showed that our platform can absorb disruption very clearly and at the same time still show growth. So so far at this stage we have visibility of only Q1 and while there is some volatility, I don’t think at all that this will derail the quarter for us for sure. On a broader picture, I feel as and when the situation normalizes, Ventiv can in my view deliver low teen revenue growth and high teen EBITDA growth.
And now that it’s very clearly established that our India portfolio has a higher rate base and and there’s still room for occupancy headroom. So that’s where we are and I think on a Maldives, Maldives has a broader market coverage and Raya is now firing after its solid ramp up that is really clearly helping our portfolio as well. So with all these combinations and the annuity remaining stable, I think as we enter FY27 I think we are in a better position than last year. I think that’s a shorter answer.
The last line to your question. And as far as your second question regarding the Pune market, yes there is room for both occupancy and ADR growth in the Pune market. Pune as you know and through Milan’s introduction commentary we heard that Pune is not behaving like a secondary hotel market anymore. The demand base has changed the gcc. It becomes a GCC stronghold. Just to give you an example, India has about 50% of the global GCC market and Pune has about 20 20% of that which is very very healthy.
And that also further combines a very unique platform for Pune where it enjoys multi structural platforms to for example the IT financial services, manufacturing mice, weddings, they’re all combined together improving a huge amount of improving infrastructure and they all combine to contribute to higher occupancies and adr. So Pune is a great story. We love the fortification of Pune with our assets. We are very well spread geographically with different products, different price points and we pretty much control the luxury market which I’ve said in my past calls as well to the tune of north of 65% which gives us sumant a very strong pricing power and demand capture.
So this is I might be speaking too much on Pune, but I have a strong belief on a personal level on the market itself and some data on that. I think while we are talking about it, I think Q4 India IDR was up 12% at 14,000 rupees and up 12%. So the full year was about 13% increase on ADR alone. So market has clearly accepted the high pricing which I was trying to say and the double digits in Revpar and continue to grow.
Yash Darak
When, when we talk about. Yeah when we talk about March and we have seen a business loss in March because of lower inbound. So how much business has recovered in April month number one. Number two, when we talk about lower teens top line growth this you’re talking about hope you are talking about India also. And also is there because of the lower base because in Q1 FY26 we have operations indoor and there was a business loss in that quarter also. So considering all the factor can you talk on how the business recovery happening in the month of April and May?
Ranjit Batra
So like I said before Sumant, I think we have a good visibility of this quarter. There’s been some displacement business coming in from March which I can clearly see and we’ve given credit lines on a lot of group bookings, mice, events etc. Which is formalizing in this quarter which is very healthy. And of course there was a lower base like you rightly pointed out because of operational Sindhu last quarter. So that will obviously give everyone in the industry a big jump. But we are seeing a very healthy quarter and we are seeing that while the geopolitical uncertainty continues.
Our portfolio being well diverse, showing a lot of resilience and I’ll be very proud to announce next quarter results as well. But yeah overall we are moving northwards.
Yash Darak
Thank you. Thank you so much Sangeet.
Operator
Thank you. The next question is from the line of Vaibhav Mule from Haitong securities. Please go ahead. Mr. Muller, your line is unmuted. You may ask a question?
Vaibhav Thorat
Yes,
Operator
Yes please.
Vaibhav Thorat
Hi. Congratulations on good set of numbers. Ranjit sir and Milim sir. My first question was on our capex in FY26 if you can highlight that and the utilization of our cash flows considering we have seen some reduction in gross debt. And going forward what kind of capex do you expect over next three years? That’s my first question.
Milind Wadekar
So Vaibhav, we have reduced our debt to less than 1500 crores now. And our capex for next three years will be around thousand crore for our Bangalore hotel, for our Sri Lanka cartel and some ffne. Most of these will be funded through our internal accruals. I Mean and we are confident our internal accruals are sufficient to fund our capex for the announced project. Right. If I have to walk walk you through our cash flows for FY26 our EBITDA was close to 1300 crore. If you adjust it for foreign exchange gain, interest payment and tax payment we generated around 850 crore rupees in cash.
Out of that 400 crore we use for paring down debt. Okay. If you look at our debt slide, our debt reduction is 1300 crore. That after absorbing 100 crore incremental debt we have taken for Hilton Goa. We have invested around 200 crore for acquiring Hilton and Sohaus debt. And 200 crore rupees was for capital work in progress and capital advances. Right? So all in all we have around 500 crore cash today. And even if I reach to 2300 debt which was dead as on FY25, I am sitting on 900 crore rupees pipeline.
Further will generate some internal accruals in the current year. So we are confident of funding everything to internal accrual.
Vaibhav Thorat
Understood. Sir, my second question. I’m sorry to interrupt. Mr.
Operator
Mole, could you return to the question queue? We have several participants awaiting the turn. Thank you participants. As a request please limit your questions to just one question per participant. We have several participants awaiting their turn. The next question is from the line of Sumit Kumar from JM Financial. Please go ahead.
Sumit Kumar
Hi sir, good afternoon. Thanks for the opportunity and congratulations on a good set of numbers. My question is on, you know the revenue numbers for all the three businesses. If I add all the three it comes to about 7, 8, 4 million for, for the quarter. While the revenue from operations is a bit different. So could you just explain what, explain that gap.
Milind Wadekar
So that is other income and we are accounted for around 78 crore rupees exchange gain in the quarter. So that was part of our other income.
Sumit Kumar
Okay. Okay sir, I’ll come back in the queue if I have more questions. Thank you.
Operator
Thank you. The next question is from the line of Abe Kathan from Access Capital. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity. So my question is on the Q4 performance on the international side. So while the total growth of 18% is quite impressive. But when I look at the split between the room revenue growth and the FNB growth it seems that room revenue is about, it’s declining and FNB is up about 46%. So can you explain how is the accounting done for classification of revenues from Maltese which is resulting in this?
Ranjit Batra
I don’t think it should be Looked at a decline actually though the portfolio room contribution remains pretty much intact while FNB has seen a marginal growth. I think that’s pretty much it. On the international front, what we see is a 39% growth in FNB and that’s the number that
Milind Wadekar
39% is contribution. The growth is around 10%.
Ranjit Batra
Yeah.
Vaibhav Thorat
So just understand
Ranjit Batra
The contribution is 30, 39 in the FNB and 49 is the rooms part. Yeah,
Unidentified Participant
Yeah. But if you look at the YOY growth, it appears to be higher for FNB compared to room revenue. Is an understanding correct for the international revenue part?
Milind Wadekar
Yes, that is correct.
Ranjit Batra
Yes. And then there are some allocations with Araya being I think all inclusive. That’s where maybe that understanding is correct.
Unidentified Participant
Okay, okay, understood. And I don’t know if I Can I ask one more question?
Ranjit Batra
Yeah, please go.
Unidentified Participant
Yeah, so I do not understand about the timeline. So you have added the Solidoa property. So, so is it like available right now and will it hit the books from this year or do you expect that some capex to be done in that and for the other properties as well like Varanasi and Sri Lanka? If you can explain the timeline when this could be completed.
Ranjit Batra
Yeah, I mean Sol de Goa is added to is a lot of very big balance sheet movement and I think it’s not a running property as such as now. So you know, this is an addition to the intern property that we bought in Goa and it will also work within the same framework under a different brand but the same management. That’s how we structured it. So this is a 21 key boutique resort. And from the other question about the Whitefield AC that will be completed by March 2027. Just to give you a feeling on the existing capacity buildup, the Varanasi Marriott is progressing like I said before and the completion timeline is FY28 and Ritz Carlton.
I’ll just give the data anyways. And even the student asked whether Ritz Carlton reserves. These are three assets that are coming and that is coming to a completion timeline FY28.
Unidentified Participant
Thank you. That is very useful.
Operator
Thank you. The next question is from the line of Karan Kamdar from Choice Institutional Research. Please go ahead.
Unidentified Participant
Hello sir. Congrats on a good set of numbers. Thanks for the opportunity. Sir. I wanted to understand now that Middle east is sort of. There’s no flights in and out and very limited flights. Where are the travelers coming for our Maldives property form? And what kind of impact would you see specifically in Maldives?
Ranjit Batra
Look, it’s just I don’t know whether It’s a coincidence or what? But typically the two strong quarters are mainly, you know, contributed from Europe. Typically the strong quarters of Q3 and Q4 and Q1 typically moves into a totally different geography. And this is a traditional business for Maldives moves from China, Russia, Korea, Japan and this is take it for me it’s a coincidence. This is not, I’m not answering to suit the narrative. And this is the way Maldives behaves. So we have just moved into the different market size which has shorter duration, sort of planning to actually make the bookings.
And that business, especially China, Korea, Japan is looking very, very healthy and strong for us in Maldives.
Unidentified Participant
Got it sir. Can I ask one more question if I have some time? Sir. So I get that Pune we have some 66 market share in luxury. What kind of expansion are we seeing in luxury? And what is our mix of FTA and domestic for Pune specifically?
Ranjit Batra
I mean this is the supply constrained market. We love supply constrained markets. Both Pune, Maldives, these are the two markets. We don’t see any major supply coming in the next four to five years in the luxury segment considering we’ve captured most of the key strategic opportunities in Pune itself at different price points and different products. So we have a clear Runway and as far as the FDA is concerned we have a 60% contribution from FTA and contribution from domestic.
Unidentified Participant
So you still don’t see an impact because of lower FTAs or FDA’s are improving any color on that? Just last question if I can.
Milind Wadekar
So Karan, let me give you few more data points. I mean see hospitality, I mean luxury and upper upscale is directly linked to commercial office absorption. And typically 1 million square feet adds around 8,000 to 10,000 professional employees in a specific micro market. And how that office absorption contributes to hotel business. There are three channels. One is transient travel, then internal relocations and mice. Right. And we have seen historically 2016-26 in Hyderabad and Bangalore, 1 million sq ft commercial office shops option has added around 30 room nights business for luxury and upper upscale.
But that may not be the case for Pune since international connectivity is very limited. But even if I take pen room nights for 1 million square feet, it will add a lot of room nights for us. Right? And last year’s Pune’s commercial office absorption was around 7 million. So we can estimate 70 room nights, additional business and next five years absorption is estimated at around 40 million. We are very confident we’ll do well. Our occupancy will grow up, go up in medium term and will hit 75% occupancy
Unidentified Participant
Thanks, thanks. That was very helpful. All the best, sir. Thank you.
Ranjit Batra
Just to add, I mean, the FDA question I get asked for a long time, but if you really do a little bit of a deep dive into the kind of companies that are operating out of Pune, there’s very, there is dependency on the US market and European market, but there’s also a heavy dependency on the Japan Korea market, especially because of the automobile and auxiliary market that we have seen. This biggest base of Hyundai being based and coming along in Pune along with a lot of auto parts and units. So this has been typically the Pune story and there’s not heavy reliance on the US market at this stage.
Unidentified Participant
Got it, Got it. This was really helpful. Thank you so much. Thank you.
Operator
Thank you. The next question is from the line of Samarth Goel from Choice Institutional Equities. Please go ahead.
Vaibhav Thorat
Hi. Hi, Ranjit. Hi. So one question from me is
Unidentified Participant
That with respect to Hilton Gore and so House, are we still on with the expansion plan we mentioned earlier, like the new keys coming, villas coming up and the soho’s Delhi or.
Ranjit Batra
Yes, Samarth Hilton is a very important acquisition for us, very timely. We’re seeing a little down cycle and we’re going to use this down cycle for our advantage while we rebrand the asset and add additional 60 to 70 keys and come up with a new brand new hotel with a new brand and a new experience and great management that we hope to bring along with our partners at Hilton. So yes, they will be additional. We also plan advanced stage talks to put Sol into the same portfolio. So adding all the keys together, we’ll have a healthy 200 keys with customers to experience a lifestyle boutique hotel within the same hotel as well while using operational efficiencies on the Hilton hotel by itself to support the 21 fees and the 60 fees, 6270 fees.
While Betim landed residence is also work in progress at design stage. So we plan to, as I’ve explained in previous quarters, raise some capital on that. Regarding Soho Delhi, that is too on track completion within the next two years. That’s what we are looking at.
Vaibhav Thorat
Thank you.
Operator
Thank you. The next question is from the line of J. Kant Beria from IIFL Capital. Please go ahead.
Unidentified Participant
Hi. Congrats on great set of numbers and thank you for the opportunity. So two questions if I may. First, if you cannot hear
Ranjit Batra
You, be louder please.
Unidentified Participant
Is this better?
Ranjit Batra
Okay, go ahead. Yeah, we can hear.
Unidentified Participant
Yeah. So if you could highlight separately for the India and the Maldives portfolio, you know the, the initiatives that we are taking both on the cost side, given the input prices pressure. So how we are protecting our margins on that front and also how the on the India portfolio have we seen some demand mix changing in terms of leisure and business travel?
Ranjit Batra
Okay, let me take the margin question on India and Maldives. I think I’ll take it separately. I think, you know, the margin story was different in India and it’s been different in Maldives. In India we moved the margin from to 40% from 37. Yeah. And this is also despite a little bit shafting on the occupancy. So the operation leverage kicked in with the rate that we did in India. That ADR was up 13% and RevPAR 10%. I think that’s where a lot of operational leverage came out from In Maldives. The improvement was both volume and it was efficiency led.
I think FY26 margin improved to 35% from 32. I think that was a great achievement. I’m very proud of what we achieved there. Occupancy also really helped. That moved 5 percentage points to 63. And the high, you know how it works in Maldives is that the high fixed costs, once they are tackled, I think they and the extra occupancy, they make a huge difference in the margin. And we’ve done a lot of things in Maldives, frankly. I mean there’s a lot of initiatives looking at the biggest cost which is utilities.
We are doing through our solar project initiatives. We are doing cluster procurement. We are doing channel market mix. I think the revenue department is doing a great job and marketing department is all coming together to create the story and EBITDA margin growth.
Unidentified Participant
Sure. And also can you highlight have you seen any mix changing in terms of business business and leisure for the India portfolio?
Ranjit Batra
So jv primarily our business hotels in India and it’s very typical. We are not seeing much change. We might, like I said before, seeing shift of business moving forward. Q1 is looking very healthy. I don’t see any great signs of business shift, whether it’s FDA or domestic or any segment shift that is happening that is continuing as pretty much the same breakups that we’ve historically seen.
Unidentified Participant
Sure. And just a final one if I may. Can you give some more color on the Mundra asset in terms of when we should pencil in that asset coming into the operational.
Ranjit Batra
Okay, so Mundra Mundra is, like I said, is currently on hold. We reassessed that opportunity and I think we felt that the timing and the return profile can be put at a later stage. It needs further evaluation. Therefore we thought it’s important to inform and at the right time we will take that call. But at this stage we will put it on hold and deploy our capital on other things as well.
Unidentified Participant
Sure. Thank you very much.
Ranjit Batra
Thank
Operator
You. Next question is from the line of Achal Kumar from hsbc. Please go ahead.
Achal Kumar
Yeah, hi. Thanks for the opportunity. I have two questions actually. So one, going back to the international business. So basically if I look at the the traffic data in Mali according to the Maldives immigration, I guess the April traffic was down almost 25% and the first 10 days of May was down 15%. So. So I don’t know, I mean that seems a bit of a difference from what you are saying about the business. So can you please talk about that? And also you know, what is the situation with the diesel Because I think Molly runs on the diesel and if I remember it correctly previously you mentioned that these are situation is very tight.
So how do you see that? And my second question is on the domestic business. So you mentioned about the operating leverage and still your India hospitality business. While your revenue was up 3% in the Q4, EBITDA was down 7%. So actually you know, where was the pressure coming from? You know why the EBITDA was down while revenue was slightly up. So can you please give a bit of a color on that?
Milind Wadekar
So Ajal, let me take your first question for second question. First I’ve explained on why EBITDA was down. I mean we had one offs in both quarters last year we had one off income. So my EBITDA was on the higher side. If I adjust that around 7 crore I have to knock off from that. So reported EBITDA was 107, 104 crore adjusted was 96. And this quarter we have taken one off expenses of around 5 crore rupees. So my adjusted EBITDA is 97 plus 5, that is 102. So there is 3% growth and revenue we are showing growth.
My Refer growth is 8% for India.
Ranjit Batra
I think that decline and I think I’ll take your other question. I think you mentioned about some data. I think Archil, typically this is a weak quarter anyway for Maldives and there is, I can’t deny some air connectivity disruption especially from the Middle East. So maybe that’s what the data that you’re referring to. At the same time I’m seeing different data as well. I’m seeing more flights coming in from especially Russia and China and direct connections that are coming in the new flights that just started from Australia and Malaysia.
So this will continue to juggle as we navigate this uncertain Times and to be honest, the holidaymakers don’t cancel till the writing goes on the wall. Then they have to cancel. We screen a lot of cancellations. We’d also seen a lot of uplift at the same time of people continuing their holiday as planned. Regarding your other question regarding Diesel, was that the question? What was that specific question, Anshul? Yes
Achal Kumar
Sir, My question was around the diesel, around the diesel situation. Because I guess, I guess previously according to my discussion with you, I guess you mentioned that digital distribution is very tight and especially, especially distance molle drums on diesel. Any shortage would be a major risk. So what is the situation with Diesel? But then. Yeah, sorry,
Ranjit Batra
Yeah, I mean situation is that we mitigated at least one and a half to two months with our existing supplies that we had on our island. Going forward we will see and wait and watch how the diesel pricing gets readjusted in Maldives. And to give you a direct answer, will this have an impact? Yes, it will have an impact but it’s exactly how hard or when it’s a little bit difficult to see at this stage.
Achal Kumar
Right, sorry. I mean you know on the, on the, on the Malay traffic. So you mentioned the flights are increasing but the number which I spoke about was that was the immigration traffic number. So that should actually, I mean don’t you think that should have captured the traffic number which is, which is down majorly. So you know, I’ll have to study which
Ranjit Batra
Immigration number is this because.
Achal Kumar
Sure.
Ranjit Batra
Yeah. You know the new airport has opened. Are you checking quarter versus last quarter or what data is this year
Achal Kumar
Only
Ranjit Batra
Year on year is very spiky in Maldives. Like I said before, the last, the last data was that it was the growth from 2 million has already reached 2.5 million in Maldives. That was the last data. But you know there is no counter argument there will be some disruption on movement in Maldives just like any other place in the world.
Milind Wadekar
And Achal impact could be different for different categories of hotel. It could be different for high end hotels, luxury hotels, mid scale hotels. Absolutely
Ranjit Batra
Right to Milan’s point. And I’m not trying to be over defensive here Achal, but we saw similar volatility in the times for Maldives. But the high end resorts actually had no tips whatsoever. And you know, sometimes rerouting through different channels, customers are reaching their destinations. Not an issue for Maldives. Maldives is connected to 90, just for 90. 90 different destinations to about 45. 45 direct flights.
Achal Kumar
Sure, sure. Perfect. Thank you so much.
Operator
Thank you ladies and gentlemen. That was the last question. I now hand the conference over to Mr. Ranjit Batra for closing comments.
Ranjit Batra
Okay. Thank you for your questions and continued engagement. FY26 has been a milestone for Ventev as we all have seen. It was our first full year of reporting as a listed company and we delivered performance whatever we set out to achieve, whether it’s quality and resilience and scalability of the platform. We delivered 24% of revenue growth, 28% EBITDA growth and expanded EBITDA margin to 49% despite travel destruction and geopolitical uncertainties during the year, we also crossed 500 crores at PAT, which is an important milestone for the company and strong marker for our progress as a listed platform.
Our hospitality business is now close to 2000 crores in revenue on its own. With 33% EBITDA growth and 300 base points of margin expansion, India delivered a rate led year. Maldives deliver strong occupancy and growth and Annuncia continue to provide high margin stability. We also use the year to sharpen our portfolio through acquisitions. Hilton Goa, Soho Sol Goa, Narmada Estates. Each sentence in the platform in different ways. Leisure, lifestyle, wellness and annuity LED growth. The portfolio today is is stronger, more diversified and more focused than it was a year ago.
As we enter FY27, we do so with a stronger earning base, sharper portfolio and a clear focus on execution. I want to thank our teams across India, Maldives corporate office result reflects thousands of daily decisions taken by our hotel teams, commercial teams, finance teams, asset management teams through a year that had more than its fair share of disruption. As we see scale, our biggest advantage will remain the quality of our people, the consistency of our guest experience and the operating culture we build across our brands, geographies and formats.
I also want to thank our operating partners, vendors and other stakeholders who work closely with us through the year to deliver the both guest experience and financial performance. I want to thank our teams across India, Maldives and the corporate office. These results reflect a great deal of involvement from each and every member. Thank you once again for joining us today. We look forward to speaking with you next quarter.
Operator
Thank you very much sir. On behalf of Ventev Hospitality, that concludes this conference call. Thank you all for joining us and you may now disconnect your lines. Thank you.