Viceroy Hotels Share Price Gains Nearly 4% After Q2 FY27 Results: Revenue Up 56.5% to Rs 48.20 Crore but Profit Halves to Rs 2.23 Crore, and Why the Rs 106 Crore Rights Issue Matters on 13 November 2026
- November 13, 2026
- Posted by: Ankit Jaiswal
- Category: News
Rs 148.71, +3.83% on NSE (13 Nov). Q2 revenue Rs 48.20 cr, +56.5%. PAT Rs 2.23 cr, -49%. H1 PAT +171%. YTD about +16%. PE 53 vs industry 39.
Quick Answer
The Viceroy Hotels stock rose nearly 4% on 13 November 2026 after September quarter numbers showed revenue up 56.5% to Rs 48.20 crore. Net profit still halved to Rs 2.23 crore because expenses grew far faster than income, while the six-month profit was up 171% to Rs 3.68 crore. The company raised about Rs 106 crore through a rights issue in September to cut debt. At about 53 times earnings the shares already carry a premium, so profit has to catch up with sales.
Viceroy Hotels share price strength on 13 November 2026 stood out in a falling market, with Viceroy Hotels stock rising about 3.8% on the NSE after the September quarter results. The Hyderabad-focused premium hotel operator, which runs three Marriott-branded properties, grew sales sharply, though profit moved the other way. Viceroy Hotels stock also traded well above its opening level.
This article covers the quarterly numbers, why costs rose, the rights issue, valuation, ownership and the risks to weigh. Univest does not give buy or sell calls, so it sets out a framework and not a verdict. Viceroy Hotels shares are assessed here on both growth and cost.
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Viceroy Hotels Key Numbers After the Quarterly Result
| Metric (13 Nov 2026, 4:10 PM IST) | Value |
|---|---|
| Last price on NSE | Rs 148.71, up 3.83% |
| Last price on BSE | Rs 150.60, up 4.98% |
| Day range on NSE | Rs 142.00 to Rs 150.38 |
| 52-week high and low | Rs 161.35 (19 Oct 2026) and Rs 113.82 (9 Dec 2025) |
| Market capitalisation | About Rs 1,101 crore |
| PE, trailing earnings | 53.33, against industry PE of 39.42 |
| Price to book value and return on equity | 2.94 times and 6.87% |
| Debt to equity | 0.99 |
Viceroy Hotels stock gained while the Sensex and Nifty fell on profit-taking after a three-day rally and worries about a rate hike by the RBI, after retail inflation rose to 6.09% in October. A stock that rises against the market on results day usually has a clear reason, and here that reason is sales growth. Viceroy Hotels shares outperformed on a weak day for benchmarks.
Q2 FY27 Results: Sales Up, Profit Down
| Consolidated metric | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | Rs 48.20 crore | Rs 30.80 crore | Up 56.5% |
| Total income | Rs 48.79 crore | Rs 31.86 crore | Up 53% |
| Total expenses | Rs 47.78 crore | Rs 27.57 crore | Up 73% |
| EBITDA | Rs 12.89 crore | Rs 8.82 crore | Up 46% |
| EBITDA margin | 26.7% | 28.6% | Down 1.9 points |
| Profit before tax | Rs 1.01 crore | Rs 4.30 crore | Down 76% |
| Net profit | Rs 2.23 crore | Rs 4.38 crore | Down 49% |
The gap between EBITDA and pre-tax profit is the story. EBITDA rose by about Rs 4 crore, yet profit before tax fell by more than Rs 3 crore, so depreciation and interest took the difference. Depreciation and finance costs were about Rs 6 crore in the Viceroy Hotels Q2 quarter, our own calculation from reported EBIT and pre-tax figures. Viceroy Hotels profit therefore fell even as sales rose.
Viceroy Hotels profit of Rs 2.23 crore is higher than pre-tax profit of Rs 1.01 crore, which means a tax credit or other items lifted the bottom line. That makes the quality of the Rs 2.23 crore lower than it looks, and pre-tax profit is the cleaner number to track. Viceroy Hotels profit after tax is the figure most screens show.
| Quarter | Revenue | Net profit |
|---|---|---|
| Sept 2025 | Rs 31.86 crore | Rs 4.38 crore |
| Dec 2025 | Rs 41.87 crore | Rs 10.96 crore |
| March 2026 | Rs 49.54 crore | Rs 6.00 crore |
| June 2026 | Rs 45.19 crore | Rs 1.45 crore |
| Sept 2026 | Rs 48.79 crore | Rs 2.23 crore |
Revenue has climbed from Rs 31.86 crore to Rs 48.79 crore over five quarters, while net profit has swung between Rs 1.45 crore and Rs 10.96 crore. For the half year, revenue was Rs 93.11 crore against Rs 56.17 crore and profit was Rs 3.68 crore against Rs 1.36 crore, which is why the six-month profit shows a 171% rise. That pattern explains why the Viceroy Hotels share price reacts to sales news more than to profit. Viceroy Hotels results have been uneven from quarter to quarter.
A report also cites a standalone net profit of Rs 17.78 crore, far above the consolidated figure. We could not reconcile that gap from the details available, so this article uses consolidated numbers, which cover the whole group. Viceroy Hotels stock investors should keep to consolidated numbers.
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The Rs 106 Crore Rights Issue and Ownership Change
| Rights issue detail | Figure |
|---|---|
| Shares allotted | 92,03,008 on 15 September 2026 |
| Issue price | Rs 115, including Rs 105 premium |
| Amount raised | About Rs 105.83 crore |
| Stated use | Debt repayment and general corporate purposes |
| Promoter holding, June to Sept 2026 | 84.11% to 74.03% |
| Public holding, June to Sept 2026 | 15.85% to 25.62% |
The promoter, Loko Hospitality, held 84.11% through to June and 74.03% at the end of September. The fall suggests the promoter did not take up its full entitlement in the rights issue or renounced part of it, which we could not verify, so the filing should be checked. Public holding rose to 25.62%, which can help liquidity. Viceroy Hotels shares now have a larger public base.
Fresh equity helps the balance sheet. Debt to equity stood at 0.62 at the end of FY26 and 0.99 on the latest data, and the money is meant to cut borrowings, which should lower interest costs from the coming quarters if used as planned. Total assets nearly doubled in FY26 to Rs 556.72 crore as the company invested in new capacity. The Viceroy Hotels Q2 numbers will not show the benefit until debt falls.
Valuation and Risks Behind the Viceroy Hotels Share Price
| Measure | Figure |
|---|---|
| Trailing earnings per share | Rs 2.69 |
| Book value per share | Rs 48.85 |
| FY26 revenue and net profit | Rs 149.73 crore and Rs 18.32 crore |
| FY25 net profit | Rs 77.99 crore, above pre-tax profit of Rs 20.53 crore |
| Capital spending, FY26 | About Rs 123 crore |
The FY25 profit of Rs 77.99 crore was far above pre-tax profit of Rs 20.53 crore, so it included non-operating or tax items, our reading of the reported numbers. Trailing earnings are therefore not a clean guide, and the 53 times multiple should be read with that in mind. Viceroy Hotels profit has been lumpy for this reason.
Margins are the first risk, since expenses grew 73% against 53% for income. Debt is the second, because a debt to equity near 1 leaves little room if occupancy slips. Concentration is the third, since the business sits in one city, and small-cap liquidity is the fourth. Peers such as ITC Hotels and Lemon Tree also posted strong September quarters, which sets a high bar. Viceroy Hotels shares can therefore fall if costs stay high.
| What to watch | Why it matters |
|---|---|
| Pre-tax profit next quarter | Tests whether margins recover |
| Debt reduction from rights money | Should lower finance costs |
| Occupancy and room rates | Drive the revenue growth |
| Promoter and public holding | Shows the effect of the rights issue |
| Sensex trend | A weak market can pull small caps down |
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Conclusion
The market rewarded sales growth of 56.5% and a strong half year, but the Viceroy Hotels Q2 quarter itself showed profit falling as costs outran income. A rights issue that cuts debt is a positive, yet Viceroy Hotels shares already trade at a premium to the industry on a modest return on equity. Decide on position size, a review date and a stop-loss rule before acting. Viceroy Hotels results will need to show better profit conversion.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why did the Viceroy Hotels share price rise on 13 November 2026?
Ans. The stock rose about 3.8% to Rs 148.71 on the NSE and nearly 5% to Rs 150.60 on the BSE, even as the Sensex and Nifty fell on profit-taking. The trigger was the September quarter result, in which revenue from operations rose 56.5% to Rs 48.20 crore and the half-year profit jumped 171%. Investors looked past the fall in quarterly profit and focused on the growth in sales.
How did Viceroy Hotels perform in Q2 FY27?
Ans. Consolidated revenue from operations was Rs 48.20 crore against Rs 30.80 crore a year earlier, and total income was Rs 48.79 crore. Expenses rose to Rs 47.78 crore from Rs 27.57 crore, so profit before tax fell to Rs 1.01 crore from Rs 4.30 crore and net profit fell 49% to Rs 2.23 crore from Rs 4.38 crore. EBITDA rose about 46% to Rs 12.89 crore, our own reading of reported quarterly figures.
Why did profit fall when revenue grew so fast?
Ans. Expenses grew faster than income. Reports attribute the rise to higher employee costs, finance costs, depreciation and other operating expenses, though the exact amounts were not itemised in the details we could verify. Depreciation and interest are likely to have risen after the company spent about Rs 123 crore on capital projects in FY26.
What is the Viceroy Hotels rights issue?
Ans. The company allotted 92,03,008 equity shares on 15 September 2026 at Rs 115 each, including a premium of Rs 105 over the Rs 10 face value, raising about Rs 105.83 crore. The stated use is repayment of debt and general corporate purposes. The audit committee reviewed the statement of use on 12 November 2026 and no deviation was reported.
Is the Viceroy Hotels stock expensive?
Ans. At about Rs 149 the stock trades at roughly 53 times trailing earnings against an industry multiple near 39, and at 2.94 times book value. Return on equity is only 6.87% and debt to equity is 0.99. A premium multiple with a modest return on equity means the market is paying for growth that has to show up in profit.
How has the stock performed this year?
Ans. Reports put the year-to-date gain at about 16.3% against a 4.3% fall in the benchmark index. The 52-week range is Rs 113.82 to Rs 161.35, with the high set on 19 October 2026, so the stock is about 8% below its peak, our own calculation. Very large three and five year gains quoted in reports come from a low base after years of losses.
Should I buy, sell or hold Viceroy Hotels shares?
Ans. Univest does not give buy or sell calls. Weigh sales growth against falling profit, compare the premium multiple with returns and debt, and decide how much of a small hotel stock your portfolio can hold. Set a review date around the next quarterly result and the pace of debt reduction from the rights money.
