Brigade Hotel Ventures: consolidated PAT jumps 107% YoY to ₹21.95 Cr, margins expand

Brigade Hotel Ventures reported consolidated revenue from operations of ₹138.24 Cr for Q2 FY27 (quarter ended September 30, 2026), up 9.96% YoY from ₹125.72 Cr and 8.82% QoQ from ₹127.04 Cr. Consolidated PAT came in sharply higher at ₹21.95 Cr, up 107% YoY from ₹10.60 Cr and 26.6% QoQ from ₹17.34 Cr, with profit growth far outpacing revenue growth — a margin-led, not volume-led, beat. Basic EPS was ₹0.52 against ₹0.26 a year ago and ₹0.42 in Q1 FY27. Standalone PAT was ₹17.89 Cr, up 137% YoY — notably faster than the 107% consolidated gain — because subsidiary SRP Prosperita Hotel Ventures (₹4.06 Cr net profit this quarter per the auditor's note) grew off a smaller base and diluted the consolidated growth rate; readers should expect the two bases to diverge this quarter rather than assume an error. Consolidated OPM expanded to 34.80% from 29.55% a year ago (+525 bps) and 32.82% last quarter (+198 bps); NPM rose to 15.42% from 8.17% YoY (+725 bps) and 13.25% QoQ. No current tax was provided in either period — the full ₹7.35 Cr charge is deferred tax — consistent with the company's standing position and not a one-off distortion, since neither the current nor year-ago quarter carried any exceptional items (the ₹30 Cr impairment-loss reversal on record belongs to standalone FY26 full-year, outside this comparison). The YoY jump is therefore organic margin expansion, not a base-effect illusion. Management's prior (Q4 FY26) concall guidance flagged margin improvement from GST mitigation and operating efficiencies alongside a ₹3,600 Cr multi-year capex plan targeting portfolio ARR above ₹14,000 by FY31; this quarter's OPM/NPM expansion is directionally consistent with that guidance, though the filing discloses no ARR/occupancy metrics to verify the mechanism directly, so we call it met rather than beat. No quarter-specific sell-side consensus for Q2 FY27 PAT or revenue surfaced in a search — only directional commentary that Q2/Q3 FY27 were expected to be buoyant on MICE and bookings rebound, and a full-year FY27 consensus near ₹601 Cr revenue and ₹2.73 EPS — so vsStreet is marked unknown rather than guessed. No press-release commentary was available in our records for this filing; the only company communication on hand is the board-outcome letter confirming approval, with no management quotes to weigh against the numbers. The quarter also sits alongside the August 2026 appointment of Vinay Gupta as CEO, a leadership change the filing itself does not tie to the print. Consolidated capital work-in-progress rose to ₹192.74 Cr from ₹95.92 Cr at FY26-end, and the company raised ₹100 Cr of fresh borrowings this half while repaying ₹111.10 Cr of existing debt — both consistent with the capex cycle management has guided to. Cash and cash equivalents (net of a ₹48.21 Cr bank overdraft) stood at a net outflow position of ₹21.57 Cr at period-end, down from a net ₹22.24 Cr inflow a year earlier, reflecting the capex and debt-repayment outflows this half.