VHLTD

Viceroy Hotels financials

Hyderabad-based hotelier operating Marriott-branded hotels and serviced apartments — Marriott Hyderabad, Courtyard by Marriott and Marriott Executive Apartments — with a new Courtyard project in development.

Market cap: ₹845 Cr
Sector: Consumer Services
Calls analysed: 5

Latest concall · Q1 FY27 · call held 07 Aug 2026

Viceroy Hotels Limited Q1 FY27

Revenue from Operations ₹44.9 cr +77%EBITDA ₹11.8 cr +144%EBITDA Margin 26.3% PAT ₹1.4 cr

What went well

Revenue from operations for Q1 FY27 stood at INR44.9 crores, showing robust growth of approximately 77% compared to INR25.4 crores in Q1 FY26.
EBITDA for the quarter came in at INR11.8 crores, representing a growth of 144% from INR4.8 crores in Q1 FY26, with margin expansion of 725 basis points to 26.3%.
Profit after tax (PAT) for Q1 FY27 was INR1.4 crores, a significant turnaround from a loss of INR3 crores in the corresponding quarter of the previous year.

What to watch

Combined ADR for Marriott and Courtyard decreased to INR6,107 in Q1 FY27 from INR6,952 in Q1 FY26, a 12.15% decline, attributed to renovation and strategic shift to lower-paying corporate groups.
The convention center at Marriott was offline from April for Phase 2 upgradation, temporarily constraining banquet capacity and impacting F&B revenue growth (15.1% vs 38.9% for rooms).

Read the full call →

What Viceroy Hotels Limited does

Viceroy Hotels Limited owns and operates hotel properties in Hyderabad under a long-standing brand partnership with Marriott International. Its operational portfolio comprises Marriott Hyderabad and Courtyard by Marriott, two flagship five-star properties in the city's central business district, and Marriott Executive Apartments, a long-stay serviced-apartment property acquired and consolidated in FY26. Revenue is earned from room stays and food & beverage operations (restaurants, bars and banquet/convention facilities) at these properties. The company is also developing a new greenfield Courtyard by Marriott hotel in Madhapur, Hyderabad.

Segments

Rooms
Food & Beverage

Operational hotel properties: 3 (Marriott Hyderabad, Courtyard by Marriott, Marriott Executive Apartments — all Hyderabad)
Total room keys: 538 rooms (295 Marriott Hyderabad + 168 Courtyard by Marriott + 75 Marriott Executive Apartments)
F&B outlets: 8 across the portfolio (5 Marriott Hyderabad + 2 Courtyard + 1 Executive Apartments)
Restaurant seating capacity: 483 covers (303 Marriott Hyderabad + 180 Courtyard by Marriott)
Convention centre space: 10,000 sq. ft. at Marriott Hyderabad, being expanded to 20,000 sq. ft. divisible into 3 banquet halls
Upcoming pipeline: 1 greenfield project — Courtyard by Marriott, Madhapur (~200 proposed rooms, ~7,000 sq. yds land, targeted FY29/FY30 opening)

Founded 1965Headquarters Hyderabad, Telangana Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 1 delivered 2 missed 15 open

Capacity delivered said Q2 FY26 Promised: complete it by the end of Q3, FY26 Q1 FY27: Phase 1 completion confirmed, with occupancy normalizing to 83.65% and significant revenue uplift expected for the full year.
Capex went quiet said Q4 FY25 Promised: capex renovation of about INR 120 crores over the next two to three years Q1 FY27: No update on the total capex figure. Focus was on the progress of Phase 2 renovation.
EBITDA Margin on track said Q4 FY25 Promised: maintain that 30% above EBITDA margin post-renovation Q1 FY27: Margin dipped to 26.3% due to seasonality and renovation. Management reaffirmed the 30% target for the full year, expecting a strong H2.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 29.1%, net profit up 138.1% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	32	38	35	25	31 −5%	38 +2%	35 −0%	33 +29%
Expenses	24	26	26	22	23	26	26	26
EBITDA	8	11	10	4	8 −2%	12 +6%	10 +2%	6 +71%
Margin	25%	30%	27%	15%	25%	32%	28%	20%
Other income	1	0	1	1	1	3	4	3
Interest	1	2	1	1	1	1	5	4
Depreciation	3	3	3	3	3	3	4	4
Profit before tax	5	7	7	0	4 −17%	11 +53%	5 −28%	1 +187%
Tax rate	-1056%	-4%	-9%	895%	-2%	-2%	-14%	-5%
Net profit	60	7	8	-3	4 −93%	11 +50%	6 −25%	1 +138%
EPS	5.55	1.08	1.15	-0.45	0.65	1.62	0.86	0.17

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +0.9% 1Y

1Y: ₹117.95 on 10 Sept 2025 → ₹118.98. High ₹151.25 (5 Mar 2026), low ₹115.25 (2 Sept 2026).

How the price took the results

close before → close after

Q1 FY27: −1.6%; 7 Aug
Q3 FY26: +5.0%; 11 Feb
Q2 FY26: −2.2%; 19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 4.5% a year over 3 years, FY23 to FY26. Operating margin widened to 25.7%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹114 Cr	₹119 Cr	₹132 Cr	₹130 Cr
Operating profit	₹3 Cr	₹23 Cr	₹34 Cr	₹33 Cr
Operating margin	2.7%	19.7%	25.7%	25.7%
Interest	₹0 Cr	₹2 Cr	₹5 Cr	₹8 Cr
Depreciation	₹8 Cr	₹14 Cr	₹12 Cr	₹14 Cr
Net profit	₹-0 Cr	₹7 Cr	₹76 Cr	₹18 Cr
Net margin	-0.2%	6.0%	57.7%	13.9%
Cash from operations	₹9 Cr	₹11 Cr	₹15 Cr	₹47 Cr
Free cash flow	₹9 Cr	₹3 Cr	₹-16 Cr	₹-5 Cr
ROCE	8.0%	7.0%	10.0%	7.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹42 Cr	₹42 Cr	₹42 Cr	₹63 Cr	₹68 Cr	₹68 Cr
Reserves	₹-438 Cr	₹-448 Cr	₹-444 Cr	₹56 Cr	₹177 Cr	₹195 Cr
Borrowings	₹469 Cr	₹469 Cr	₹471 Cr	₹75 Cr	₹52 Cr	₹223 Cr
Other liabilities	₹175 Cr	₹176 Cr	₹166 Cr	₹45 Cr	₹15 Cr	₹19 Cr
Total liabilities	₹248 Cr	₹239 Cr	₹236 Cr	₹239 Cr	₹312 Cr	₹504 Cr
Fixed assets	₹207 Cr	₹199 Cr	₹190 Cr	₹183 Cr	₹178 Cr	₹294 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹2 Cr	₹15 Cr	₹57 Cr
Investments	₹19 Cr	₹19 Cr	₹3 Cr	₹0 Cr	₹30 Cr	₹69 Cr
Other assets	₹22 Cr	₹21 Cr	₹42 Cr	₹55 Cr	₹88 Cr	₹84 Cr
Total assets	₹248 Cr	₹239 Cr	₹236 Cr	₹239 Cr	₹312 Cr	₹504 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

All earnings calls (5)

Read the Q1 FY27 call →

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