Viceroy Hotels FY26: Margins Improve as Hyderabad Expansion Moves Into Execution

Q4 FY26 consolidated total revenue was 49.534 crore and EBITDA was 15.554 crore, with EBITDA margin of 31.4%.

FY26 consolidated total revenue was 149.726 crore versus 140.826 crore in FY25, and EBITDA was 44.568 crore versus 36.953 crore. EBITDA margin improved to 29.8% from 26.2%.

Management cited two key factors: last year had a deferred tax element related to booking losses, and FY26 had higher finance costs and depreciation due to acquisition and renovation-related investments.

Management outlined a 100 plus crore phased renovation program in three phases. Phase I at Courtyard is completed, Phase II at Marriott Hyderabad started in April 2026 with completion expected in FY27, and Phase III is targeted for FY28.

The presentation states consideration of 206 crore excluding stamp duty, located at SLN Terminus, Gachibowli, with 75 executive rooms. CY25 turnover was 48.08 crore and CY25 operational EBITDA was 21.45 crore.

For FY26, ADR was 7,328 at Marriott and 7,633 at Courtyard; occupancy was 69.5% at Marriott and 52.2% at Courtyard. For executive apartments, FY26 ADR was 14,845 with occupancy of 82%.