Advani Hotels & Resorts (India) Limited adopted valuations for its Caravela Beach Resort Goa asset and the Caravela brand following a Board meeting on June 12, 2026. The Board selected the lower of two independent valuation reports, setting the asset value at ₹828.50 crore on an as-is-where-is basis and the brand value at ₹81.88 crore. These valuations exclude the market value of additional FSI and liquid fund reserves.

The Board considered reports from Whitestone Valuers and Consultants Private Limited and ANVI Technical Advisors India Private Limited. The valuations were conducted as on March 31, 2026, for the operating business undertaking of the resort and the associated brand. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For the Asset, the Board adopted the valuation by Whitestone of ₹828.50 crores on an as-is-where-is basis, which was lower than ANVI's valuation. For the scenario considering the Asset with a new Banquet space under construction being completed and operational, the Board adopted Whitestone's valuation of ₹982.00 crores, again the lower of the two. For the 'Caravela' brand, the Board adopted the valuation by ANVI of ₹81.88 crores, which was lower than Whitestone's estimate.

The adopted valuations for the Asset under different scenarios do not include the Market Value of the permissible additional FSI, valued at ₹33.28 crores by Whitestone and ₹40.06 crores by ANVI as on the Valuation Date. They also do not include liquid fund reserves and fixed deposits of ₹57.18 crores held by the company as on March 31, 2026.

Whitestone utilized the Discounted Cashflow method under the Income Approach, estimating a pre-tax discount rate of 12%. ANVI also employed the Income Approach using the Discounted Cashflow method, estimating a discount rate of 13.39% per the CAPM Model. Both valuers referenced the 2025 transaction of the Hilton Goa Resort in Candolim for benchmarking EV/EBITDA multiples.

The valuation of the Caravela brand was conducted using the Relief from Royalty Method under the Income Approach. ANVI assumed a royalty rate of 6% on revenue and a discount rate (WACC) of 11.12%. Whitestone also used the Relief from Royalty Method, analyzing the EBITDA and PE ratios of listed hospitality companies to determine the brand's fair value.

Advani Hotels & Resorts (India) Limited reported a net profit of ₹238.63 crore for the financial year ended March 31, 2026, a decrease from ₹264.36 crore in the prior year. The board approved the audited standalone financial results in a meeting held on May 23, 2026. The company has declared a total dividend payout of 70% for FY26, amounting to ₹1,664 lakhs, and remains debt-free with liquid fund reserves of ₹5,718 lakhs.

Financial Results

For the financial year ended March 31, 2026, the company reported a total income of ₹1,102.03 crore, compared to ₹1,112.06 crore in the previous year. Earnings per share (EPS) for the year was ₹2.58, down from ₹2.86 in the previous year. For the quarter ended March 31, 2026 (Q4FY26), revenue from operations stood at ₹3,550 lakhs, a growth of 5.1% year-on-year, while profit after tax was ₹1,171 lakhs.

Operational Performance

The company achieved an occupancy of 83.8% in Q4FY26, compared to 84.1% in Q4FY25, with total revenue per occupied room per night (TRevPOR) increasing to ₹24,693 from ₹23,432. Annual occupancy for FY26 fell to 73.4% from 82.0% in the previous year, attributed to macroeconomic factors and geopolitical uncertainty. However, TRevPOR for the full year grew by 6.9% to ₹21,086. The company undertook a strategic operational shift by transitioning from LPG-based cooking systems to electric stoves to optimize costs.

Asset Revaluation

The board considered valuation reports from Whitestone Valuers and Consultants Private Limited and ANVI Technical Advisors India Private Limited regarding the land owned by the company at Varca, Goa. Adopting a prudent approach, the board accepted the valuation from Whitestone Valuers. The land value increased from a historical cost of ₹2.56 crores to ₹429.82 crores. Consequently, the board approved a change in accounting policy from the historical cost model to the revaluation model, recognizing an incremental value of ₹427.26 crores as a revaluation surplus.

Dividend Declaration

The board declared a total dividend payout of 70% for FY26. This includes a second interim dividend of 40%, or ₹0.80 per equity share. The record date for determining shareholder eligibility is Friday, May 29, 2026. The dividend will be paid or warrants dispatched by June 20, 2026. The total outgo for this second interim dividend is estimated at ₹739.51 lakhs.

Strategic Initiatives

During FY26, the company initiated the construction of a new banquet facility within the hotel premises, funded entirely through internal accruals. Additionally, the company introduced four dedicated pickleball courts. M/s. BDO India LLP was re-appointed as the internal auditors for the financial year 2026-2027.