Analysts/Institutional Investor Meet/Con. Call Updates

Ref: BHVL/NSEBSE/TCR/02112026 November 02, 2026 Listing Department Department of Corporate Services – Listing National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Re.: Scrip Symbol: BRIGHOTEL /Scrip Code: 544457 Dear Sir/ Madam, Subject: Transcript of Conference Call on the Company’s Q2 FY ’27 Earnings – October 27, 2026 We are enclosing herewith the transcript of the Conference Call on the financial and operational performance of the Company for Q2 FY ‘27 held on Tuesday, October 27, 2026. Kindly take the same on your records. Thanking you, Yours faithfully, For Brigade Hotel Ventures Limited Akanksha Bijawat Company Secretary & Compliance Officer Encl: a/a “Brigade Hotel Ventures Limited Q2 & H1 FY27 Earnings Conference Call” October 27, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 27th October 2026 will prevail MANAGEMENT: MS. NIRUPA SHANKAR – MANAGING DIRECTOR – BRIGADE HOTEL VENTURES LIMITED MR. JAISHANKAR – CHAIRMAN – BRIGADE HOTEL VENTURES LIMITED MR. VINEET VERMA – DIRECTOR – BRIGADE HOTEL VENTURES LIMITED MR. VINAY GUPTA – CHIEF EXECUTIVE OFFICER – BRIGADE HOTEL VENTURES LIMITED MR. ANANDA NATARAJAN – CHIEF FINANCIAL OFFICER – BRIGADE HOTEL VENTURES LIMITED MR. RAYAN ARANHA– VICE PRESIDENT – BRIGADE HOTEL VENTURES LIMITED MR. AMAR MYSORE – DIRECTOR – BRIGADE HOTEL VENTURES LIMITED MR. NIKHIL JAJU – SENIOR BUSINESS ANALYST – BRIGADE HOTEL VENTURES LIMITED Page 1 of 11 Brigade Hotel Ventures Limited October 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to Brigade Hotel Ventures Limited Q2 FY27 Earnings Conference Call. Before we begin, I would like to remind participants that this conference call may contain forward-looking statements, which are based on the beliefs, opinions, and expectations of the company as of today. These statements are not 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. There will be an opportunity to ask questions after the presentation concludes. Should you require assistance during the call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. With this, I now hand the conference over to Ms. Nirupa Shankar, Managing Director of Brigade Hotel Ventures Limited. Thank you and over to you, ma'am. Nirupa Shankar: Thank you. Good afternoon, everyone and a very warm welcome to the Brigade Hotel Ventures Limited Q2 FY27 Earnings Conference Call. I'm joined today by members of our senior leadership team. First of all, our Chairman, Mr. Jaishankar; Mr. Vineet Verma, our Director; Mr. Vinay Gupta, our CEO; Mr. Ananda Natarajan, our CFO; Mr. Rayan Aranha, our Vice President; Nikhil Jaju, Senior Business Analyst, and now we're also joined by Amar Mysore, our Director. I will now dive deeper into this quarter's performance compared to Q2 of FY26. Our growth for this quarter is rate-led. Average Daily Rate (ADR) for the portfolio grew by 11% from INR7,100 to approximately INR7,900. This is something we actively worked towards in the portfolio of the last three quarters to increase the ADR and I'm very happy that we achieved it. We are now working to increase the ADR of each of our individual hotels to above INR7,500, which we are working to do over the next few quarters. Occupancy stayed relatively flat for our portfolio at 75%, with 76% of our customers coming in from domestic demand, a Y-on-Y increase of just 1%. Our room revenue, F&B revenue, and total revenue increased by 10% for the quarter compared to Q2 of FY26. What we're very happy about is that Total Income1 increased by 10%2 from INR130 crores to INR142 crores for Q2 FY273, thereby increasing our margin from 32% to 37%. We were able to sustain our margins through tight cost control, with employee and operating costs growing below the revenue growth. The margins increased substantially despite the GST 2.0 impact, with 1.4%4 impact on margins coming from the GST aspect. Profit doubled from INR11 crores to INR22 crores, and lower financing costs helped double this profitability. On the F&B side, the quarter marked a clear turnaround. After muted Q1, impacted by dry events calendar and cancellations due to the West Asia crisis, MICE activity picked up meaningfully 1 Mentioned as EBITDA on the call, however, it is Total Income 2 Mentioned as 26% on the call, however, the growth rate is 10% 3 Mentioned as Half Year on the call, however, it is for the Quarter 2 of FY27 4 Mentioned as 1.6% on the call, however, the figure is 1.4% for Q2 FY27 Page 2 of 11 Brigade Hotel Ventures Limited October 27, 2026 this quarter on the back of strong domestic demand. Large ‘Electronica’ conference hosted in Bangalore in September contributed to both rooms and F&B, and F&B returned to double-digit growth for the quarter. Moving to market-wise performance. Bangalore developed a strong quarter with Average Room Revenue (ARR) growing 8% Y-on-Y to INR 9,400 ADR, and occupancy improving to 81% from 78% last year, resulting in 12% RevPAR growth to INR7,600. Unlike the first quarter, when we chose to optimize occupancy in a softer demand environment, this quarter we were able to grow both rate and occupancy, a reflection of the recovery in the corporate and MICE demand in the city. Across our other markets, ARR grew by 13% Y-on-Y to INR6,300, while occupancy moderated to 70% from 74% last year, resulting in a RevPAR growth of 8%. This was a deliberate attempt to play on ARR in cities like Grand Mercure GIFT City and Mysore. In Mysore Grand Mercure, we were able to improve our ARR by 27% Y-on-Y, improving its positioning in the market. The ibis Styles Mysuru also recorded a healthy 68% occupancy in its second full year of operations. At Grand Mercure Ahmedabad GIFT City, ARR grew by 16% and RevPAR grew by 37%, as the business ecosystem in GIFT City continues to deepen. The Courtyard by Marriott Kochi Infopark completed its first full quarter after rebranding with ARR growing by 17%. Occupancy is still on the way to increase. It declined for this quarter, but we believe that it is temporary, and we will see the uptake in the occupancy in the coming quarters. Looking ahead to the third quarter, we are encouraged by what we are seeing so far. October trends and forward inquiries indicate a strong Q3 supported by festive demand, the start of the wedding season, and healthy MICE calendar across our markets. Industry outlooks also point to stronger growth in the second half of FY27 as corporate travel normalizes and international arrivals gradually recover. We also remain firmly on track with our portfolio expansion strategy. The Courtyard by Marriott Chennai at World Trade Center, a 45-key hotel in one of Chennai's key business districts is well on track to open in H2 of FY27. In parallel, we are actively evaluating acquisition opportunities that fit our portfolio and return criteria. Together, these can meaningfully add to our growth in the second half, over and above the performance of our existing portfolio. We have a clear growth runway with 1,700 keys under development, set to expand our portfolio to 3,300 keys by FY31, anchored by brands like Grand Hyatt, InterContinental and JW Marriott and the Ritz-Carlton across markets of Chennai, Hyderabad, Kochi and Bangalore. This will lift our luxury and upper upscale mix from 14% today to 31% by FY29 and 38% by FY31. Of our INR3,600 crores planned capex for this expansion, INR484 crores has been invested till September 2026. Page 3 of 11 Brigade Hotel Ventures Limited October 27, 2026 On the sustainability front, renewable energy now accounts for 67% of our total energy needs across the portfolio. With a strengthened ba [Showing first 8,000 characters — download PDF for full document]