UVS Hospitality and Services Limited (formerly **Thirdwave Financial Intermediaries Limited**) has executed a definitive strategic pivot, transitioning from a Non-Banking Financial Company (**NBFC**) into a specialized, high-growth player in the international food and beverage (**F&B**) and hospitality sector. Following a change in management and ownership in **2023**, the company consolidated its operations under the **UVS Group** brand, shifting its corporate headquarters from **Kolkata** to **Mumbai** to align with India’s commercial hospitality hub. --- ### **Strategic Pivot and Corporate Evolution** The company’s transformation is marked by a complete departure from its legacy financial services roots (its NBFC license was cancelled in **2018**) toward a vertically integrated hospitality model. * **Corporate Identity:** Rebranded to **UVS Hospitality and Services Limited** effective **March 17, 2025**. * **Management Transition:** **Mrs. Rashmi Vartak** assumed the role of **Managing Director** in **August 2025**, succeeding **Mr. Utkarsh Vartak**, who remains on the Board as a Director. * **Governance Standards:** Following an increase in paid-up share capital and turnover, the company became subject to **SEBI Corporate Governance** regulations effective **October 1, 2024**. * **Operational Relocation:** The registered office was moved to **Andheri West, Mumbai**, effective **April 22, 2026**, to facilitate closer oversight of its primary Indian assets. --- ### **Multi-Brand Portfolio and Subsidiary Ecosystem** UVS Hospitality operates as a holding entity, managing a diverse portfolio of premium dining, nightlife, and international franchises through its wholly-owned subsidiaries. | Subsidiary Name | Type | Acquisition Date | Holding | Jurisdiction | | :--- | :--- | :--- | :--- | :--- | | **UVS Investment Management Pty Ltd** | Foreign Subsidiary | **May 15, 2024** | **100%** | Australia | | **British Brewing Company Pvt Ltd** | Direct Subsidiary | **Nov 14, 2024** | **100%** | India | **Key Brand Assets:** * **British Brewing Company (BBC):** A flagship brand operating premium pubs and bars in high-traffic retail hubs. A major new outlet launched in **March 2026** at **Sky City Mall (Oberoi Realty)**, Borivali, Mumbai. * **Rosa Mexicano:** An international franchise managed via the Australian subsidiary. As of **April 2025**, the group operates **6** restaurants in **Australia** and **4** in **India**. * **Calcio Restaurants Portfolio:** In **February 2026**, the company approved a **51%** stake acquisition in Calcio Restaurants via share swap, adding high-profile brands including **Dragonfly, Shiloh, Not Just Tamasha, Lord of Drinks, Garnet, Club Iguana,** and **Aomi**. * **Mi Casa Su Casa:** Acquired in **May 2024** via a slump sale for **₹1.70 Crore**. --- ### **Revenue Streams and Geographical Footprint** The company reports under a single business segment (**Restaurant and Bar**) as per **Ind AS 108**, but maintains a heavily weighted international revenue profile. **Geographical Revenue Distribution (FY25):** * **Outside India:** **₹9,678.51 Lakhs (95.48%)** * **Within India:** **₹458.46 Lakhs (4.52%)** * **Total Revenue:** **₹10,137.00 Lakhs** **Operational Channels:** * **Dine-in & Bar:** Full-service hospitality including alcoholic spirits, wine, and beer. * **E-commerce Integration:** Robust delivery presence via platforms like **Swiggy** and **Zomato**. * **Consultancy & Training:** Technical expertise and staff training (chefs and management) for third-party hotels and canteens. * **Manufacturing:** Capabilities in processing aerated waters, bakery products, and instant food preparations. --- ### **Capital Structure and Financial Engineering** To fund its aggressive expansion into cloud kitchens and fine dining, the company has significantly restructured its balance sheet. **Fundraising and Equity Metrics:** * **Authorised Capital:** Increased to **₹50 Crore** in **February 2026**. * **Preferential Allotment (May 2024):** Issued **86,05,000 shares** at **₹17** for cash and **2,50,00,000 shares** via share swap. * **2026 Capital Round:** Issued **15,83,000 shares** and **31,65,000 convertible warrants** at **₹100** per unit. * **Promoter Holding:** Adjusted to approximately **40.01%** following the expansion of the capital base, with **UVS Hospitality Private Limited** as the lead promoter. **Consolidated Financial Snapshot (H1 Ended Sept 2025):** * **Total Revenue:** **₹57.58 Crore** * **Net Profit After Tax (PAT):** **₹(7.53) Crore** (Reflecting transition costs and high setup fees). * **Total Equity:** **₹15,733.60 Lakhs** (as of March 31, 2025). * **Net Debt to Equity Ratio:** **0.24** (Targeting optimized ROCE through low leverage). --- ### **Risk Profile and Mitigation Strategies** The company navigates a complex landscape of operational and environmental challenges inherent to the global hospitality industry. | Risk Category | Impact Detail | Mitigation Strategy | | :--- | :--- | :--- | | **Market Competition** | Intense pressure in premium dining and nightlife segments. | Consolidation of brands to reduce fixed overheads and administrative costs. | | **Credit Risk** | Exposure to **Swiggy/Zomato** receivables and UPI collectors. | Individual creditworthiness analysis and ongoing monitoring of default probability. | | **Liquidity Risk** | Obligations from rapid expansion and lease liabilities. | Use of **activity-based costing** and **Ind AS 116** lease management (10.17% borrowing rate). | | **Environmental** | Climate change impacting F&B supply chains (tea/produce). | Diversification of sourcing and investment in kitchen automation. | | **Operational** | Infrastructure risks (e.g., water ingress at **Rosa Mexicano, Queensland**). | Rigorous facility maintenance and insurance protocols. | --- ### **Future Growth Pillars** 1. **Asset Optimization:** Utilizing a mix of **Owner-operated**, **Franchisee**, and **Joint Venture** models to scale without heavy capital expenditure. 2. **Infrastructure Investment:** Allocating fresh capital toward **kitchen automation** and advanced **POS/CRM platforms** to enhance customer retention. 3. **Strategic Locations:** Focusing on high-footfall retail hubs, exemplified by the partnership with **Oberoi Realty**. 4. **Foreign Investment:** The Board has approved a foreign investment limit of up to **100%** of paid-up capital, signaling intent for global institutional participation.