1. At a Glance – Blink and You’ll Miss the Cash 💸
Ventive Hospitality Ltd is what happens when luxury hotels, private equity patience, and Indian wedding season all meet at the same buffet table. Market cap sits at ₹17,680 Cr, the stock is chilling around ₹757, and the business just reported Q3 FY26 revenue of ₹722 Cr, EBITDA of ₹348 Cr, and PAT of ₹141 Cr. That’s not growth, that’s a flex.
Operating margins are a spicy ~45%, occupancy is 64%, commercial assets are almost fully occupied at 98%, and RevPAR for FY25 stood tall at ₹13,293 with ADR of ₹20,769. In simple words: rooms are full, guests are paying up, and banquet halls are doing overtime.
Yet, ROE is a sleepy ~4.7%, debt stands at ₹2,578 Cr, and promoters have pledged shares like it’s Diwali shopping season. So yes, champagne on the P&L, but the balance sheet still has a mild hangover. Curious already? Good. Keep reading.
2. Introduction – From Pune to Maldives, With Love (and EBITDA)
Ventive Hospitality is not your average “rooms-and-breakfast” hotel chain. This is a luxury-first, asset-heavy, PE-backed hospitality platform that likes five-star addresses, long-term management contracts, and guests who don’t ask “is breakfast included?”
Incorporated in 2002, Ventive spent years quietly building premium hotels before suddenly bursting onto Dalal Street with an IPO in December 2024. And what timing! Indian hospitality is in its best cycle in over a decade: supply discipline, pricing power, destination weddings, corporate offsites, and revenge travel all rolled into one fat demand cocktail.
Ventive rides this wave with brands like Marriott, Ritz-Carlton, Hilton, Anantara, Conrad, and Atmosphere. Basically, if your Instagram influencer cousin tags the location, chances are Ventive owns the building.
But luxury comes at a cost. High capex, high depreciation, and meaningful debt. The big question: is Ventive building a compounding hospitality monster or just a very expensive wedding venue portfolio? Let’s investigate, detective-style.
3. Business Model – WTF Do They Even Do? 🏨
Ventive
is an owner, developer, and asset manager of luxury hotels and resorts. Translation: they own the real estate, let global brands run the hotel, and collect operating profits plus asset appreciation.
Portfolio Snapshot
- India: 1,521 keys across Pune and Bengaluru
- International: 515 keys, mainly Maldives (aka honeymoon capital of the world)
- Total: ~2,000 keys, planned to double to 4,000 keys in 5 years
Revenue Mix (FY25)
- Hotel operations: ~78%
- Annuity assets (commercial/retail): ~22%
Hotels make money from room rent (~55–57%), F&B (~33–36%), and “others” (events, banquets, spas, etc.). Annuity assets are the silent introverts: boring, stable, and always paying rent on time.
The model works because Ventive doesn’t fight brand wars. Marriott handles guests, Hilton handles loyalty points, Ventive handles the asset and the debt. Everyone sticks to their lane.
4. Financials Overview – Numbers Don’t Lie, They Roast 🔥
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 722 | 534 | 489 | ~35% | ~48% |
| EBITDA | 348 | 238 | 190 | ~46% | ~83% |
| PAT | 141 | 35 | 64 | ~303% | ~120% |
| EPS (₹) | 4.99 | 0.95 | 2.25 | ~425% | ~122% |
Commentary:
This is not “steady growth.” This is operating leverage on steroids. Fixed costs are paid, rooms are full, and incremental revenue is dropping straight to the bottom line. The YoY PAT jump looks insane partly because last year had higher interest and depreciation drag.
Now tell me—does this look like a cyclical upturn or structural re-rating?
5. Valuation Discussion – Fair Value Range Only,
