Incorporated in **1959**, Graviss Hospitality Limited is a specialized Indian hospitality group with a legacy of luxury operations. The company’s crown jewel is the **Inter-Continental**, a flagship luxury boutique hotel situated at the prestigious **Marine Drive, Mumbai**. Beyond its core standalone hotel operations, the consolidated group has strategically diversified into catering, restaurant management, and real estate development. --- ### **Core Asset Portfolio & Strategic Business Verticals** The group operates through two primary reporting segments under **Ind AS 108**, with a recent expansion into the F&B retail space. * **Luxury Hospitality (Primary Revenue Driver):** Centered on the **Hotel Inter-Continental** in Mumbai. This vertical encompasses high-yield room stays, banquet services, and world-class fine dining, including the iconic **Dome** terrace bar. * **Catering & Restaurant Management:** A high-growth vertical bolstered by the **April 1, 2024**, acquisition of **Graviss Restaurants Private Limited**. This segment manages a portfolio of cafes, clubs, and decoration services. * **Real Estate Development:** Managed via subsidiaries, this segment focuses on the development and monetization of land parcels and luxury condominiums across India, including strategic holdings in **Shirdi and Alibaug**. --- ### **Financial Performance & Operational Turnaround** Graviss Hospitality has demonstrated a robust post-pandemic recovery, characterized by a return to profitability and a significantly strengthened balance sheet. #### **Consolidated Financial Snapshot** | Metric (Rs. in lacs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Income** | **6,317** | **5,521** | **6,546** | | **Net Profit After Tax (PAT)** | **939** | **301** | **595** | | **Standalone PAT** | **1,192** | **417** | **727** | #### **Key Efficiency Ratios & Metrics** * **Profitability Surge:** Standalone PAT increased by **185%** year-on-year in FY 2024-25, driven by higher **Average Room Rates (ARR)** and strong domestic demand. * **Liquidity Improvement:** The **Current Ratio** rose to **1.45** (from **0.55**), supported by increased current investments and improved collections. * **Capital Returns:** **Return on Equity (ROE)** shifted from **(1.04)** to **3.77**, while **Return on Capital Employed (ROCE)** improved to **4.41** from **(0.68)**. * **Conservative Leverage:** The company maintains a very low **Debt Equity Ratio** of **0.0069**. * **Foreign Exchange (FY 2023-24):** Actual Inflows reached **Rs. 2,105.45 lacs** against Outflows of **Rs. 230.59 lacs**. --- ### **Strategic Growth Drivers & Market Positioning** The company is positioning itself to capture the projected **7% annual growth** in India’s tourism sector through several key initiatives: * **Asset Optimization:** In **FY 2021-22**, the company converted its Marine Drive leasehold land to **Occupancy Class - I (Freehold Land)** for a premium of **Rs. 28.17 crores**, significantly enhancing the asset's long-term value. * **Digital Transformation:** Strategic investments in digital platforms are being utilized to optimize bookings, enhance customer engagement, and reduce operational costs. * **Vacation Ownership:** Management has identified a significant upside in the Indian vacation ownership market, which has a low penetration of **~2%** compared to **11%** in the US. * **Geographic Expansion:** Targeting growth in **Tier-II and Tier-III cities**, alongside emerging niches such as **wellness and eco-tourism**. * **F&B Expansion:** Following the **April 2024** acquisition of **Graviss Restaurants**, the group is scaling its restaurant and cafe footprint to drive non-room revenue. --- ### **Subsidiary Ecosystem & Asset Monetization** The company operates through three wholly owned subsidiaries. While these units have faced historical financial stress, management views them as integral to the long-term recovery and expansion strategy. | Subsidiary Name | Ownership | Status & Recovery Strategy | | :--- | :---: | :--- | | **Graviss Hotels & Resorts Limited** | **100%** | **Material Unlisted Subsidiary**; exploring the sale of land in **Shirdi and Alibaug** where market value exceeds book value. | | **Graviss Catering Private Limited** | **100%** | Focused on high-margin decoration and catering orders to cover fixed costs. | | **Graviss Restaurants Private Limited** | **100%** | Acquired **April 2024**; recovery plan involves aggressive expansion of new restaurant and cafe outlets. | *Note: Management considers the **interest-free loans** provided to these subsidiaries as recoverable based on long-term business plans, despite accumulated losses exceeding their net worth.* --- ### **Governance, Leadership & Shareholding** The company has undergone a strategic realignment of its leadership and promoter structure to support its growth phase. * **Executive Leadership:** **Mr. Gaurav Ghai** was appointed **Managing Director** for a **5-year term** effective **February 14, 2024**. **Mr. Romil Ratra** serves as **Whole Time Director & CEO**. * **Promoter Realignment:** As of **January 2026**, **Mr. Ravi Ghai** was reclassified to the 'Promoter Group' following a reduction in indirect shareholding to **~6.6%**. In **June 2025**, **Graviss Food Solutions Private Limited** acquired **1,000,000 shares** (**1.4181%** of capital) via the open market. * **Board Oversight:** The board consists of **6 directors**, including **3 Independent Directors** (50% strength) and a **Woman Director**. * **Shareholding Infrastructure:** **82.13%** of shares are held with **CDSL**, **10.80%** with **NSDL**, and **7.07%** in physical form. **MUFG Intime India Private Limited** was appointed as RTA effective **December 31, 2024**. --- ### **Risk Management & Regulatory Outlook** Graviss Hospitality utilizes a formal **Risk Management Committee (RMC)** to navigate financial and legislative volatility. * **Regulatory Transitions:** The group is currently assessing the financial impact of the **four new Labour Codes** (Wages, Industrial Relations, Social Security, and Occupational Safety) notified in **November 2025**. * **Contingent Liabilities:** The company is contesting several tax demands without making provisions, citing high success probability: * **GST Demand (2018-19):** **Rs. 181.47 lacs**. * **VAT Demand (2010-11):** **Rs. 48.69 lacs**. * **Financial Risks:** * **Interest Rate:** Exposure is limited to fixed-rate liabilities of **Rs. 207.39 lacs** (as of March 2025); no variable-rate debt exposure. * **Currency:** The group uses **foreign exchange forward contracts** and **principal only swaps** to hedge operational exposure; speculative trading is strictly prohibited. * **Taxation Adjustments:** Following the **Finance (No. 2) Act 2024**, the company adjusted deferred tax assets/liabilities due to the withdrawal of indexation benefits and new capital gains rates.