Ladies and gentlemen, good day and welcome to Brigade Hotel Ventures Limited Q4 FY 2026 earnings conference call. Before we begin, I would like to remind participants that this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.
As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nirupa Shankar, Managing Director of Brigade Hotel Ventures Limited. Thank you, and over to you, Ms. Shankar.
Thank you for that. One and a very warm welcome to the Brigade Hotel Ventures Limited Q4 FY 2026 earnings conference call. I am joined today by members of our senior leadership team, Amar Mysore, our Director, Ananda Natarajan, our CFO, Manoj Agarwal, our Chief Operating Officer, Rayan Aranha, Vice President, and along with our investor relations advisor from SGA. FY 2026 has been a steady and encouraging year for India's hospitality sector, supported by strong domestic demand across leisure, travel, weddings, and corporate activity.
Structured rising disposable incomes, improved connectivity, and evolving travel preferences continue to support the industry momentum. While global uncertainties and geopolitical developments have led to some volatility, particularly impacting international travel, the domestic segment has remained resilient and continues to anchor growth. Against this backdrop, Brigade Hotel Ventures delivered a very stable performance in Q4 FY 2026 with continued focus on disciplined execution and margin expansion.
Our strategy remains centered on driving ARR growth through calibrated pricing supported by healthy demand conditions. Some of the highlights are we grew by 15% in EBITDA for FY 2026 over FY 2025. We also saw 174% increase in our PAT from INR 24 crore- INR 65 crore for the whole year of FY 2026 over FY 2025. For the quarter, total income grew by 8% year-on-year, led by 7% increase in ARR and occupancy remained relatively stable, resulting in a 6% growth in RevPAR. EBITDA increased by 13% year-on-year to INR 58 crore translating into an EBITDA margin of 39.7%.
This performance is driven by a continued focus on cost efficiency and productivity-led initiatives across the portfolio. Profit after tax for the quarter stood at INR 25 crore compared to INR 13 crore in the same period last year. This growth was supported by improved operating performance as well as lower finance costs due to the debt reduction. Our consistent efforts to improve cost control and productivity continue to yield positive results.
Utilities as a percentage of operating revenue stood at 5% for the quarter and 5.4% for the whole year of FY 2026. Interest costs have reduced due to loan payments, positively impacting the net profitability. We are actively advancing adoption of renewable energy, which is currently at 61%, with some hotels exceeding 90% usage. In the coming quarter, we plan to upgrade our hotel at Kochi from a Four Points by Sheraton to a Courtyard by Marriott brand. This should help us in improving the ADRs and the profitability further.
In FY 2027, we will further strengthen the base with the launch of the Courtyard by Marriott Chennai World Trade Center, a 45-key hotel that complements our existing presence in high-demand business district of OMR in Chennai. From a capital allocation perspective, we remain disciplined in how we fund this growth. Our planned CapEx of approximately INR 3,600 crore, of which INR 400 crore has already been invested by FY 2026, will be funded through a balanced mix of debt and internal accruals. Around 60% will be financed through borrowings, with the remainder supported by internal cash generation.
We expect internal accruals to contribute over INR 1,000 crore in the coming years, driven by steady ARR growth and operating leverage as new assets ramp up. Our ARR stands at INR 7,500 ADR, and as we commission more luxury properties through FY 2029 and beyond, we project this to exceed INR 10,000 for an average ADR by FY 2029 and surpass INR 14,000 by FY 2031, nearly double of what it is today. Looking ahead, demand visibility remains robust, and we are positive about the year ahead. With that, I would now like to hand over the call to our CFO, Mr. Ananda Natarajan, to take you through the financial highlights in detail.
Thank you, Nirupa, and good afternoon, everyone. I will take you through the key financial highlights for the quarter. Starting with the consolidated performance for Q4 FY 2026, consolidated total income for the quarter stood at INR 146 crore as compared to INR 135 crore in Q4 FY 2025, a year-on-year growth of 8%. Consolidated EBITDA for the quarter was INR 58 crore compared to INR 51 crore in the same period last year, reflecting a growth of 13%. EBITDA margin for the quarter stood at 39.7%. GST 2.0 has resulted in a 1.4% impact on EBITDA margin for Q4 FY 2026.
Profit after tax for the quarter stood at INR 25 crore compared to INR 13 crore in Q4 FY 2025. For the year ended FY 2026, consolidated income stood at INR 543 crore compared to INR 471 crore in FY 2025, an increase of 15%. EBITDA for the period was INR 192 crore, up 15% year-on-year from INR 167 crore in the corresponding period last year. EBITDA was impacted by additional property tax expenses of around INR 6 crore of additional property tax. Excluding this, operational EBITDA would have grown 19% year-on-year for FY 2026.
EBITDA margin was additionally impacted by 0.8% due to GST 2.0 impact. PAT for FY 2026 stood at INR 65 crore compared to INR 24 crore in FY 2025. From an operational standpoint, during Q4 FY 2026, ARR stood at INR 8,066 compared to INR 7,548 in Q4 FY 2025, with occupancy at 78%. This translated into a RevPAR of INR 6,295, reflecting a year-on-year growth of 6%.
For the year ended March 2026, ARR was INR 7,453 versus INR 6,696 in FY 2025, with occupancy at 76.1%, resulting in a RevPAR of INR 5,670, a growth of 10% year-on-year. As of March 31st, 2026, our net cash position stood at INR 110 crore. With that, we conclude the financial highlights for the year, and we would now be happy to take your questions. Thank you.
Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Sourabh Gilda with JM Financial. Please go ahead.
Yeah. Hi. Am I audible?
Yes, please go ahead.
Yes.
Yeah. Firstly, on the other income bit for the quarter, it looks relatively high. What explains that?
Yeah. Thank you. The other income has increased due to interest from the fixed deposit what we have kept. Mainly, that is the major increase in other income. There is INR 4.7 crore for the credit tax reversal, which no longer payable.
Okay. Thank you. Secondly, can you quantify the impact of war during the quarter, especially on the F&B bit which came in relatively softer compared to our previous quarters, especially the impact on F&B business?
Yes. For F&B, we saw a slight decline on the quarter-on-quarter for the F&B revenue, just about 3% or so. Basically, we saw cancellations worth about INR 7 crore- INR 8 crore for the quarter, which was about 5% of the business for the quarter. Apart from that, we were able to make it up with some domestic business, but not to the extent that would see an increase in the F&B revenue.
But the good part is that we were at least able to increase our ADR by 7%. We were able to increase our occupancy and keep it at around 78%. Overall RevPAR also, we were able to increase by about 6%. Our ADR, if you look at it for the portfolio, which is the highest ADR on average that we've received.
Okay. Lastly, how do you see the situation maybe in April? Since most of our hotels are business-centric, and that's where the travel is largely restricted. At least in near term, how do you see the impact on our hotels?
While the greatest impact was seen in March, what we are seeing in April, May, and June, we also got some cancellations worth about INR 7 crore- INR 8 crore, but we are trying to make that up with more domestic business. If you look at our mix now, I would say domestic business contributes about 73% of our overall business, and international only the balance, 27% or so, which was not the case before the war started. The good thing is at least the domestic demand is remaining robust. We are doing our best to make up for the loss in revenue through more domestic business.
Okay. Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Nitin Shakdher with Green Capital Single Family Office. Please go ahead.
Hi, good afternoon to Nirupa and the management, this is Nitin Shakdher from the Green Capital Single Family Office. My question is more strategic as an investor rather than an analyst. In a long-term situation for the company, I do understand that the hotel brand is building and constructing and then taking on brands and management contracts from brands.
Is there a sense from the management that what is more lucrative in terms of asset? Buying the asset or constructing the hotel asset, and what is more beneficial in terms of revenue exercise in the long run? Would you look at acquisition opportunities, or would you look at only constructing and then looking at buying? Thank you.
Hi, Nitin. Hope you are well. Our strategy has always been to acquire the land, whether we buy it outright or we lease it, and then develop, because there are very few people in the construction space of hotels. I would say it is a very niche segment, and while it is much easier to buy an asset, it is much harder to build it up from scratch and get everything right. In the country, I would say there are hardly half a dozen to a dozen players that can build a large scale, and we are one of them.
We have been able to do this very effectively over the last few years, and we believe that this is our USP, the ability to build very efficient hotels, build it on time, and build it well within cost. Actually, I would say, with a positive cost impact compared to what the rest of the market can build. This will continue to be our main strategy. That said, considering now we are a listed entity, we understand that there will be a lot more opportunities that are coming our way as we have seen. At this point in time, we are definitely open to acquiring assets.
When you are a builder, acquiring comes at a much more expensive cost per key. Sometimes it is hard for us to digest, but then we have to weigh the pros and cons of getting the hotel to market. If the pros outweigh the cons, if we are able to get value for money product, if we are able to find that if we buy an asset, potentially refurbish it, rebrand it, and bring it to market much quicker than building it from scratch, if that makes sense and a viable business proposition, then we go ahead and acquire. That said, we have been in the market. We are looking at various options, but yet to asset-
Okay.
...that is one of our key focuses for this year.
Okay, great. I will touch base with you offline and then we discuss it further. Thanks a lot for that clarity and all the best. I obviously look at hotel companies at more long-term annual results. I do not think quarters does justification for all that, but great set of consistent numbers. Thank you for the same.
Okay, thank you.
Thank you. Next question comes from the line of Archana Gude with IDBI Capital. Please go ahead.
Hi, team. Good afternoon, and thank you for the opportunity. I have a couple of questions. Firstly, Nirupa, you mentioned that you upgraded the Four Points by Sheraton to Courtyard by Marriott. So what kind of ADR improvement should we expect there? And how much we are invested for operation of the property?
Yes. We are underway to change the branding. It should happen in this quarter. We definitely expect an ADR increase because you are upgrading the brand from a Four Points by to a Courtyard. So that is a normal expectation that ADR would definitely increase. We believe that you should be able to get something in the mid-teens, a double-digit growth. And what was the second part of your question?
So, have you already invested for operation of the property or it is yet to be done?
Yeah. It's in process. It should happen very soon.
Sure. Nirupa, if I exclude your other income whilst calculating the operating margins, it is still lower compared to the previous quarters. I do understand that because of cancellation and everything, the margins could have been impacted. But if you can guide us some sustainable kind of range for operating margin for us, it would be helpful.
Yeah. So definitely, the thing is with our operating margins, if you look at all our operating metrics, be it the employee cost, which is one of the highest expenses in the P&L. If you look at our utilities cost, if you look on every aspect, we have very healthy figures. Even our payroll costs, like I said, which is one of the highest, it's up 20%, it's at 19%. Utilities is only 5.5% for the year. Admin and general, everything is under control.
As Ananda also mentioned earlier, yes, we got hit with a GST because of the input tax credit that we were not able to utilize. We had some additional one-time property tax hit. But apart from that, if that was not there, we would have probably hit about 37.5% for the EBITDA, which was very much in line with what we had planned. Of course, because of these other interest income and other things, we were able to get a much higher EBITDA this time. But that's also part of the business, right?
Repaying your debt and getting that interest income is very much part of running the business smoothly and effectively. I would say that if we weren't hit by these one-off cases and GST, then we would have also hit about 37.5%- 38%. We will see this increase in EBITDA once the ARR increases. Because currently our ARR, while the Bangalore hotels, I would say, are averaging around INR 9,000- INR 9,500 per room, the rest of the portfolio, a lot of our other hotels are in tier two markets like Mysore, Kochi, GIFT City, and these bring the overall ADR down to about INR 7,500.
But the goal for us is to bring all these to INR 7,500 so that this GST hit is not there in the coming years. That's what we are focusing on. And once our ARRs increase, which we are. Again, if you look at our current P&L as well, our occupancy stayed the same, but most of the growth came from ADR. We should get some higher EBITDA margins as well.
Sure, Nirupa. That was helpful. Maybe lastly, what is the timeline for this Courtyard by Marriott in Chennai to be open?
This is the Courtyard in Chennai? Okay. So that we're looking in the second half of the year. We are targeting Q3.
Sure. So Q3, the opening. So it probably will take a couple of quarters to stabilize. Sure. That was helpful. Thank you so much, Nirupa, and all the best.
Thank you.
Thank you. Next question comes from the line of Madhav Agarwal with SKP Securities. Please go ahead.
Yeah. Hi. Thanks for the opportunity. I wanted to know, as you mentioned in the presentation, there was an impact of gas supply issues also, right? Now in the ongoing quarter, how is the situation? Is it resolved or what is the situation? That is one question. The second question is out of, as you mentioned that you saw cancellations towards INR 7 crore-INR 8 crore there, right? Out of that, do you expect any business to— Is it gone forever or do you expect some business to come back in the coming quarter?
Yeah. Hi. So see, because of these disruptions during the last month of March and some bit of it still continuing, we faced a few cancellations on account of larger events which are dependent on the foreign travelers coming in and international travel. But apart from that, on a regular basis, this gas supply didn't cause too much of disruption because we managed with alternative fuel sources. We managed to restructure or redefine our menus and take in alternative items in the menu.
That's why we never closed any of our restaurants. All our restaurants have been performing as per the normal schedule. We don't see because of this disruption— And that has also been restored now. With alternative fuels and alternative arrangements in place, we switched to inductions now in many of our hotels. With all that in place, based on a regular F&B servicing, we do not have any issue. While the larger events and conferences, we are hopeful that will start coming in. We are already seeing the bookings and those queries coming in now.
Okay. That is helpful. But what I was trying to understand is that gas issue I understood, but what I was trying to understand, another thing was that out of the total cancellations of any MICE event, how should we look at it? Can we expect like in further quarters for the industry to see some of the events getting just postponed and in further quarters kind of bump up due to that? Or these events are kind of they are gone forever and no bump up we should expect. How should we look at it?
Hopefully it should come back at a later part in the year.
Okay.
That once things stabilize, hopefully it should come back, but honestly, very hard to predict what will come back and what will get canceled. But we hope we will definitely try to make sure that these come back to us.
Okay. Thank you.
Thank you. Next question comes from the line of Raghav Malik with Jefferies. Please go ahead.
Yeah. Hi. Am I audible?
Yes. Please go ahead.
Okay. Thank you for the opportunity. First question, just on revenue growth and RevPAR growth. Our RevPAR growth seems to be about 6% blended and revenue growth is about 2%. How should we bridge this gap?
What is the question on that?
Yeah. I just want to understand how we should bridge that gap. Why is revenue growth slower than RevPAR growth for this quarter?
Yeah. That's primarily, our RevPAR growth is driven by ADR growth, which is 7%, and we maintained our occupancy. The overall revenue growth is a little lesser than that because of the main F&B impact. If you see our F&B revenues year-on-year quarter has shown a little bit of downside, around 3%, because of these large cancellations. But overall, room revenue has increased 7%. That's why we have achieved this 2% operational growth in the revenues for the quarter. But for the full year, this growth has been 12%.
Sure. Understood. And second- Yeah, sorry. Please go ahead.
Yeah, go ahead.
Yeah. Sorry. So I have another question on just the RevPAR. Essentially, Bangalore seems to have underperformed. Is there a similar case for maybe Chennai as well? Is it something to do with better domestic mix for maybe a Mysore and Kochi non-metro hotels? Is that why there is this divergence in performance on RevPAR?
No. Our Bangalore hotels did pretty well, actually. If you look at it, our ADR grew pretty significantly for the Bangalore hotels as well. It grew by 13% and in terms of the occupancy, it stayed kind of flat. But RevPAR also grew by 10%.
Yeah. No, I mean specifically for the fourth quarter.
Yeah. In the fourth quarter, we saw an increase of around 4% for the quarter, and we saw an increase of 6% in the RevPAR. Yeah.
No. What happens in Bangalore, especially for the Bangalore market, like last year was the Aero Show year. That creates very high demand days and a compressed market. This year, that big event was not there, but there were other events, and we were doing fairly well within January and February. Although March faced some occupancy pressure because of these cancellations. We had to get some lower-paying groups to fill up the demand, and we maintained our occupancy. That's why the Bangalore hotels particularly saw a little bit for the quarter, a lesser ADR increase compared to other markets.
Okay, understood. That's more one-off than Chennai.
Yeah, it's a one-off case because now we are again seeing April onwards we are seeing good kind of increase in the Bangalore market.
Okay. Thank you. Understood. That's all from me.
Thank you. A reminder to all the participants that to ask a question, press star and one. The next question comes from the line of Parth Mandavgane with IDBI Capital. Please go ahead.
Hi. My question was on the GST 2.0 pass through. I think last time around you mentioned that seven out of your nine hotels were under INR 7,500 ARR. So any progress on that? How many keys do we have as a percentage of our total keys, which are above that INR 7,500 threshold now?
Yeah. Two of our hotels are clearly on an annual basis, averaging above INR 7,500. The third hotel is just on the verge of crossing the INR 7,500 mark. So three hotels will clearly cross the INR 7,500 mark. Having said that, the GST impact comes not on the basis of the average annual ADR. It comes on the basis of daily room nights. Whatever room nights you sell below INR 7,500, you have to reverse your GST input credit on account of that.
That can happen in a hotel averaging above INR 7,500 also. Some of the room nights may be there below INR 7,500. In the hotels which are less than INR 7,500, they might be selling some room nights above INR 7,500. What is more important to see here is that currently out of our total revenue, only 30% is coming from the room nights selling less than INR 7,500. That 30% number is now slowly getting more and more reduced as we are increasing ADR in all our hotels.
Okay. Understood. Also one question on GIFT City. I think we are one of the only few hotels having in GIFT City. Is there any progress on other players that have come in recently?
There is one announcement that is there and we are seeing movement on the ground that there is one hotel coming up, but it is just starting. At least for the next three to four years, we do not see any other supply coming in in GIFT City.
Yeah. We plan to capitalize on the fact that we are one of the few hotels there. We are investing a lot more into the F&B options there. Currently, there is only one option, but now we are looking at adding two or three more since we are also one of the few hotels with a liquor license. I think there is only two of us or three of us at the moment. We are going to invest a little bit of CapEx to add two more restaurants into this venue.
Understood. Thank you very much.
Thank you.
Thank you. Next question comes from the line of Vaibhav Muley with Haitong India Securities. Please go ahead.
Hi. Thanks for the opportunity and congratulations on decent set of numbers. My first question was on our overall ADR growth and occupancy expansion. In the quarter, we have seen a bit of a divergent trend compared to rest of the peers, where our occupancy has actually held up at decent healthy levels of 78%, but ADR growth has been relatively muted at 6%-7%. Any particular reason for this where we have seen better occupancies despite our majority of presence into business markets?
Is this a targeted revenue management strategy where we are focused on higher occupancy rather than focusing on more ADRs? Related to this, regarding the GST impact, what is the practical scope do you see to increase the ADRs above INR 7,500 into your mid-scale portfolio? Specifically, the keys, the 30% part which you mentioned, which operates currently below INR 7,500. What kind of scope do you see to increase the ADR above INR 7,500 in this portfolio? If that happens, what could be the potential impact on occupancy? That's my first question.
Yes. As we mentioned earlier, I think it's always a balance between the occupancy and the ADR. That's why, of course, we have to look at the RevPAR bit. Yes, we did. I'm quite happy with the ADR that we managed to get of around INR 8,000. That's been the highest ADR for the quarter that we've seen in our portfolio. Also we maintained at 78%, so that's good. Yes, is there room to do better? We believe so. In fact, if you look at quarter four, almost five of our nine hotels had occupancies in the mid-80s.
So we do believe that there is gap to move this average portfolio occupancy from 78% to somewhere in the mid to low- 80s. Apart from that, three out of the nine hotels are already above INR 7,500. The others are sort of borderline, I would say. They can be, and some days they aren't. Only maybe one or two hotels will take time to breach that INR 7,500. We are working on various revenue management strategies sometimes to see if we can add more inclusions into the room rate, add more value add in terms of, I don't know, could be laundry, could be a complimentary breakfast, could be a complimentary pickup. Just to see how we can breach that INR 7,500 to negate the impact of the GST.
Without compromising on the occupancy, of course.
Yeah.
We don't see any impact on the occupancy. As you have seen, during March month also, in spite of some volatility, we kind of maintained very healthy occupancy. Occupancy, we don't want to compromise. We are working on our revenue strategies by coming up with more categorizations of rooms and inclusions and other things, so that we get to that INR 7,500+ marks for these other hotels as well.
Understood, sir. If I may just drill down a bit more on this. My question was more from a perspective that rest of the peers are actually operating at relatively lower occupancy compared to Brigade. We have been consistently maintaining this high occupancy, especially in business markets. What is driving this slightly higher occupancy compared to the rest of the pack?
See, that's the beauty of our portfolio in terms of our locations. We have such strategic locations in the key business districts and key areas, and very minimal or very low supply or anything coming up in these markets in the near future. So during the demand compression days, during the high-demand days, we have been able to maximize.
Since we are overall doing a good occupancy on an annual basis, we get more chance than usual to maximize on our ADR yield as well. We can really then play out on those dates which play on our transient business and OTA business to increase our overall ADR. Occupancy-wise, I don't see any problem across our portfolio.
Yeah.
Understood, sir. What is the share of overall retail versus contracted business for Brigade? If you can also give the share of OTAs separately.
Yeah. Currently on the segment side, we have now reached 50% of our business coming from transient, which is retail business. Negotiated contracted business is only 25%. While this differs from hotel to hotel, depending on the location, but overall portfolio basis, this is the breakup, 50% transient, 25% negotiated, around 15% is our group business, and 10% is the balance miscellaneous crew and other businesses. Out of the retail 50%, almost 30%. That is 60% of the total retail comes from the OTAs.
Understood, sir.
From the overall occupancy, 30% is the OTA business.
Got it. Secondly, on our FTA mix, you mentioned that the FTA mix has fallen to 27% in Q4. What is the normal FTA trend for Brigade? Now in Q1, are you seeing the recovery in the foreign guest mix? Related to this, what is the practical scope to replace at least part of this foreign guest demand by domestic travelers?
Hi. This is Rayan here. The domestic business very quickly replaced international travel, even in this situation of war conflict. As you've seen, our occupancy has not dropped, and our ADR has climbed up. We consistently find that the demand domestically is still high. Even if there is a, once this war conflict comes to an end, we will see a gradual increase in international business, but that does not mean that there is insufficient demand domestically. That travel still remains, and we're confident that will continue.
See, on a stabilized basis, you were asking what will this ratio be like. It used to be 70:30, now it has come down to around 25%. It will again go back to 30% for an FTA business. Even if it does not, let's say for a shorter period of time, that's a very small number for us to fill up on account of domestic demands. That's where we are at. It will always be good to have that healthy level of this kind of 75:25 mix, because this FTA business kind of helps us in maximizing our ADR yield.
Understood, sir. Just lastly, if I may squeeze in one more question on our gas supply constraint issue. What is the mix of CNG versus PNG in our hotels and how much of our kitchen operations are now shifted to electric methods, mainly using the induction cookers, et c?
Yeah. So four of our hotels run on PNG and the rest are LPG dependent. However, considering the scope of kitchen operations across the hotel, there is a large amount of electric induction also available, which we moved to very quickly. We did not really see a lapse as such. There was no hotel which ran out of a gas supply. While there was reduced supply coming in from the PNG line, we still managed to supply the food that we had to. Very quick alternatives were made. We did not feel any lag in this whatsoever.
Perfect, sir. Thank you so much and all the best.
Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now hand the conference over to Mr. Manoj Agarwal, COO of Brigade Hotel Ventures Limited, for closing comments.
Thank you. Thank you all for your time and continued engagement with Brigade Hotel Ventures. To conclude, this has been a year of steady progress and disciplined execution for us. We have strengthened our operating performance, maintained a healthy balance sheet, and continued to deliver robust returns, reflecting the underlying strength of our portfolio. At the same time, we have built a clear runway for our future growth.
Our development pipeline gives us strong visibility on expansion, while the evolving mix of our portfolio towards higher value segments positions us to drive better pricing, improved margins, and stronger cash flows over the medium term. On that note, we remain confident in our direction and committed to creating long-term value for our shareholders. Before we conclude, we are also pleased to share a few recent recognitions across our portfolio.
By The Blue at our Grand Mercure Bangalore hotel was awarded Best Newcomer Hotel Restaurant at the Food Connoisseurs India Award 2025 and in February 2026 as well. Sheraton Grand Bangalore Hotel at Brigade Gateway was honored with Business Hotel of the Year at the SATTE Awards 2026. Further, The Persian Terrace at Sheraton Grand Bangalore Hotel at Brigade Gateway won restaurant serving the best Middle Eastern cuisine at the Food Connoisseurs India Award 2025, held in February 2026.
Our hotels continue to uphold their commitment to community engagement and social responsibility through a range of impactful initiatives, including our CSR contribution towards skill development from the corporate office. With this, I would like to thank all of you, and for any further queries or clarifications, please feel free to reach out to SGA, our investor relation advisors, and we wish you all a great day ahead. Thank you.
Thank you. On behalf of Brigade Hotel Ventures Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.