Ventive acquires Kelzai for Rs 231.88 crore, adds 420 acres

Ventive Hospitality Limited acquired 100% of Kelzai Eco Reserves Private Limited’s equity and preference share capital for Rs 231.88 crore during the quarter ended September 30, 2026, adding an entity that owns approximately 420 acres of resort property in the Mumbai Metropolitan Region (MMR). The share purchase agreement was entered into on July 9, 2026.

What did Ventive acquire from Kelzai shareholders?

Ventive acquired all of Kelzai’s equity and preference share capital, giving it full ownership of the company and its approximately 420-acre resort-property holding in MMR. The acquisition was disclosed in Ventive’s notes to its unaudited standalone financial results for the quarter and half year ended September 30, 2026.

Kelzai owns approximately 420 acres of resort property in MMR, according to the filing. The disclosure does not state the site’s precise location, number of rooms, operating facilities, development status, land-use permissions, revenue or profitability. It also does not provide a valuation of individual land, building or other asset components held by Kelzai.

The acquisition is a full share-capital purchase rather than a minority investment because Ventive acquired 100% of both equity and preference shares. The filing does not identify Kelzai’s shareholders, their earlier ownership proportions, or the assets and liabilities included in the acquired company beyond the approximately 420-acre resort-property description.

How much consideration did Ventive disclose for Kelzai?

Ventive disclosed total consideration of Rs 231.88 crore for Kelzai’s full equity and preference share capital. The source states consideration of INR 2,318.80 million, equivalent to Rs 231.88 crore.

The filing does not divide the Rs 231.88 crore between equity and preference shares. It also does not say whether consideration includes deferred payments, contingent payments, earn-outs, transaction costs or any adjustment for Kelzai’s cash, debt or other liabilities.

Ventive reported Rs 281.55 crore of investment in subsidiaries in the standalone cash-flow statement for the half year ended September 30, 2026, compared with Rs 18.151 crore in the corresponding 2025 half year. That cash-flow line increased by Rs 263.399 crore, but the filing does not reconcile it to the Kelzai consideration and therefore does not establish that it relates solely to this transaction.

Investments in subsidiaries on Ventive’s standalone balance sheet were Rs 492.3518 crore at September 30, 2026, versus Rs 401.3082 crore at March 31, 2026. This Rs 91.0436 crore increase covers the company’s overall investment-in-subsidiaries account, and the filing does not attribute the movement exclusively to Kelzai.

When did Ventive enter and complete the Kelzai transaction?

Ventive entered into the share purchase agreement with Kelzai’s shareholders on July 9, 2026, and stated that it had acquired the shares during the quarter ended September 30, 2026. The board approved the standalone results containing the disclosure on November 2, 2026.

The wording in the note says Ventive “has acquired” 100% of Kelzai’s share capital, indicating that the acquisition had occurred by the reporting period. However, the company did not disclose a separate closing date, regulatory approvals, conditions precedent or post-closing obligations for the MMR property.

The transaction was reported in the first half of Ventive’s financial year ending March 31, 2027. The financial statements compare the six months ended September 30, 2026 with the six months ended September 30, 2025, but do not present Kelzai as a separate standalone operating segment.

A separate matter in the same filing concerns a proposed amalgamation of three wholly owned subsidiaries with Ventive. The National Company Law Tribunal issued an order on September 23, 2026 directing, among other matters, meetings of equity shareholders and unsecured creditors, and the board approved an appeal; the filing does not connect that process to Kelzai.

What were Ventive’s standalone results during the acquisition period?

Ventive reported standalone revenue from operations of Rs 162.415 crore for the quarter ended September 30, 2026, compared with Rs 144.425 crore in the quarter ended September 30, 2025. Profit for the period increased to Rs 66.307 crore from Rs 55.976 crore over the same year-on-year comparison.

For the half year ended September 30, 2026, revenue from operations was Rs 313.942 crore, up from Rs 280.190 crore in the prior-year half. Profit for the period rose to Rs 124.547 crore from Rs 104.048 crore, an increase of Rs 20.499 crore.

Ventive did not quantify Kelzai’s contribution to the September 2026 quarter or half year. The company said operating-segment information under Indian Accounting Standard 108, Operating Segments, is provided in its unaudited consolidated financial results rather than its standalone financial results.

Finance costs were Rs 21.183 crore in the September 2026 quarter, against Rs 17.719 crore a year earlier. For the half year, finance costs rose to Rs 38.273 crore from Rs 36.625 crore, while employee-benefit expense increased to Rs 41.443 crore from Rs 35.162 crore.

How did Ventive’s cash flows and borrowings change?

Ventive’s standalone total assets were Rs 6,167.739 crore at September 30, 2026, compared with Rs 5,767.104 crore at March 31, 2026. Total equity stood at Rs 4,850.454 crore and total liabilities were Rs 1,317.285 crore at the September reporting date.

Non-current borrowings rose to Rs 887.484 crore at September 30, 2026 from Rs 754.192 crore at March 31, 2026. Current borrowings increased to Rs 175.027 crore from Rs 37.725 crore, although Ventive did not state that either borrowing movement funded the Kelzai acquisition.

Net cash generated from operating activities was Rs 126.799 crore in the half year ended September 30, 2026, compared with Rs 105.121 crore in the previous-year half. Net cash used in investing activities was Rs 361.489 crore, compared with Rs 16.260 crore used in the corresponding 2025 period.

Cash and cash equivalents were Rs 11.653 crore at September 30, 2026, down from Rs 14.357 crore at the start of the half year. Net cash used in financing activities was Rs 80.140 crore, resulting in a Rs 28.941 crore net decrease in cash and cash equivalents over the six-month period.

Conclusion

Ventive’s Rs 231.88 crore acquisition of Kelzai gives it complete ownership of an entity with approximately 420 acres of resort property in MMR. The filing establishes the consideration, ownership level and agreement date, while the company’s standalone half-year results show revenue and profit increased from the corresponding 2025 period.

What to watch next is whether Ventive discloses Kelzai’s existing facilities, development plans, funding requirements or financial contribution in subsequent reporting. The filing also leaves the outcome of the appeal against the September 23, 2026 National Company Law Tribunal order on the proposed amalgamation of three wholly owned subsidiaries unresolved.