1. Kelzai Eco Reserves acquisition - completion within 3 months Delivered - At the Q1 FY27 announcement, Ventive committed to completing the Kelzai Eco Reserves acquisition (100% equity and preference capital, cash consideration of ₹2,818,795,572; enterprise value ₹466 crore) within an indicative 3 months. The Sahyadri Hills Ritz-Carlton Reserve acquisition was completed in July 2026, within the 3-month period, with the occupancy certificate already received.
2. Soham Leisure Ventures acquisition - completion before end of Q3 FY26 Delivered - At the Q2 FY26 announcement, Ventive expected to complete the Soham Leisure Ventures acquisition (76% equity, cash consideration ₹9.5 crore; enterprise value approx ₹320 crore including land) before end of Quarter III of FY 2025-26. The 76% stake was acquired on October 15, 2025, well before the deadline, making Soham - operator of the 104-key Hilton Resort at Saipem Hills, Goa - a subsidiary.
3. IPO general corporate purpose funds - utilized in Q1 FY2026 Delivered - At the Q4 FY25 monitoring report, the Board proposed that the delayed General Corporate Purpose object "Will be utilized in Q1 FY 2026". The FY26 Annual Report shows no revision to the ₹1,194.56 million GCP object, with utilisation not exceeding 25% of Gross Proceeds.
4. Sol de Goa - repositioning as luxury boutique hotel On track - At the Q4 FY26 PPT, Ventive outlined the Sol de Goa transaction - post-transaction ownership of 76%, equity consideration ₹16.72 Cr, enterprise value ₹30 Cr - with repositioning as a luxury boutique hotel targeting RevPAR uplift via brand-led demand and pricing power. The 21-key resort was acquired during FY26, and refurbishment and rebranding are set for around FY29-FY30.
5. Yerawada Commercial Office Park - ₹500 crore project, 15% target yield, 48-60 months construction On track - At the Q4 FY26 PPT, Ventive detailed the Yerawada Commercial Office Park, Pune: project cost \~₹500 Cr, target rentals \~₹110 psf/month, target yield \~15%, construction period 48-60 months, with ₹94 Cr invested for 50.02% of Narmada Estates. The Narmada Estates East Pune land parcel was acquired during FY26 from internal accruals and is now an upcoming annuity asset of 0.6-0.7 Msf.
6. Sahyadri Hills Wellness Estate (Ritz-Carlton Reserve) - operational in 2-2.5 years, yield-on-cost above 12% On track - At the Q1 FY27 call, management guided the Sahyadri Hills Wellness Estate (equity \~₹281 crores, enterprise value \~₹466 crores) to a yield-on-cost above 12%, with the resort operational in 2 to around 2.5 years and 15-20% tourism incentive subsidies expected; the Q1 FY27 PPT set the timeline at FY29. The acquisition completed in July 2026 with the occupancy certificate received and the 80-key structure complete on 72 acres; interiors and fit-out are pending.
7. Maldives solar program - Raaya 80% solar by April 2027, $1.5 million annual savings On track - At the Q1 FY27 call, management guided Raaya to about 80% solar with battery backup by April 2027, scaling from 1.2 to almost 5 megawatts, with Maldives-wide savings of around $1.5 million a year, roughly 2.5% of Maldives EBITDA, without upfront capex; the Q1 FY27 PPT detailed +4.1 MW capacity and $1.5-2Mn annual savings from FY28-29. Solar installation commenced across all 3 Maldives resorts as of Q2 FY26; the April 2027 deadline is not yet reached.
8. Captive solar plant for Pune hotels - Q4 FY27 commissioning, 85% green energy, 45% energy bill reduction On track - At the Q1 FY27 call, management targeted commissioning of the captive solar plant with battery storage for Pune hotels in Q4 FY27, raising green energy contribution to \~85% from \~70%, cutting the Pune energy bill by close to 45% - a 5-6% India EBITDA impact - with roughly 3-year payback on \~₹60 crores capex. About 70% of Pune hotels' electricity already comes from green sources as of Q1 FY27; commissioning is pending.
9. Mundra - on hold On track - At the Q4 FY26 call, Ranjit Batra said Mundra is on hold for now, with timing and return profile requiring further evaluation and capital to be deployed elsewhere. Mundra had been announced as the 200-room Courtyard by Marriott Mundra, signed with Marriott in May 2025; no further development activity has been disclosed.
10. Soho House Delhi - completion within 2 years On track - At the Q4 FY26 call, Ranjit Batra said Soho House Delhi is on track for completion within the next 2 years; the Q1 FY27 PPT set the timeline at FY30 for the 24-key property. The mock-up room is completed and 400+ members have signed in Delhi and Goa pre-opening; completion is yet to come.
11. India portfolio - low-teen revenue growth, high-teen EBITDA growth medium to long term On track - At the Q4 FY26 call, Milind Wadekar positioned the India portfolio to deliver low-teen revenue growth and high-teen EBITDA growth in the medium to long term, with Ranjit Batra reiterating this as the situation normalizes. Q1 FY27 India hospitality revenue grew 13% YoY and EBITDA 16% YoY; FY26 delivered 14% revenue and 24% EBITDA growth.
12. AC by Marriott Whitefield - 3x EBITDA improvement On track - At the Q3 FY26 call, management guided the first AC by Marriott - a repositioning of Aloft in Whitefield, Bangalore - to open within stipulated budget and time with a 3x EBITDA improvement; revisions moved completion to March 2027, then Q1FY28 with long-lead items ordered. The conversion is progressing in line with plan as of Q4 FY26, though Q4 India was impacted by the Aloft Whitefield rebranding shutdown.
13. Cost of funds - 10 bps reduction on rupee loans, 70 bps on offshore debt Delivered - At the Q3 FY26 call, management expected a 10 bps reduction in average cost of funds from rupee-loan negotiations and at least 70 bps from post-quarter-end renegotiation of Maldivian offshore debt. By Q4 FY26, Indian borrowings fell to \~7.3% and USD borrowings to 6.2% (from 9.5% and 8.3%), saving \~₹20 crores; by Q1 FY27 India reached 7.2% and Maldives 6.1%, down 12 bps quarter-on-quarter.
14. Maldives occupancy - stabilize at around 70% On track - At the Q3 FY26 call, management stated they will stabilize Maldives occupancy at around 70%; a Q4 FY26 revision targeted Conrad and Anantara occupancy north of 65% in the medium term. Maldives occupancy was 71% in Q3 FY26 and 75% in Q4 FY26, but FY26 was 63% including Raaya and Q1 FY27 international occupancy was 52%.
15. Goa land parcel - 10 villas, ₹100 crore revenue potential, ₹60 crore EBITDA Pending - At the Q2 FY26 call, Milind Wadekar targeted \~10 villas on the 4-acre Goa land parcel with revenue potential north of ₹100 crore and expected EBITDA of around ₹60 crore, to reduce the net cost of the Hilton acquisition. The Batim Land branded residence was at design stage as of Q4 FY26, with plans to raise some capital on it; no villas constructed or revenue generated yet.
16. Soho House India - ₹60 crore for 51% stake Delivered - At the Q2 FY26 call, Paresh Bafna planned to invest approximately ₹60 crore for a 51% stake in Sohobo Pvt Ltd (Soho House India). The Soho House transaction completed during FY26; Soho House Mumbai runs \~85% occupancy with 90%+ retention and \~4k members, and 400+ members have signed in Delhi and Goa pre-opening.
17. Hilton Goa expansion - 60-65 additional keys, EBITDA per key ₹25 lakh, annual EBITDA ₹40 crore On track - At the Q2 FY26 call, Paresh Bafna flagged development potential for an additional 60-65 keys at Hilton Goa; at Q3 FY26 the post-renovation target was set at EBITDA per key of around ₹25 lakh and annual EBITDA of around ₹40 crore in a stabilized year, later revised to 60-70 keys with delivery around FY29-FY30. Hilton Goa was acquired with 104 keys and FY25 EBITDA of ₹18 crore (₹17 lakh per key); extension planning and design are underway with no new keys added yet.
18. Seven announced hotels - 1,582 keys over next five years starting FY27 On track - At the Q1 FY26 call, Ranjit Batra said the seven announced hotels plus the AC by Marriott rebranding will add 1,582 keys over the next five years, starting FY27; revisions restated the pipeline as seven hotels / 1,382 keys, then over 1,700 keys across 8 hotels completing FY28-FY30. No new keys have been added yet: AC by Marriott Whitefield (166+33 keys) targets Q1FY28, Varanasi Marriott (161 keys) Q3FY28, Ritz-Carlton Reserve Pottuvil (73 keys) FY30-31, Soho House Delhi (24 keys) FY30, and Hilton Goa +50 keys is at planning stage.
19. India occupancy - 70-75% medium term On track - At the Q1 FY26 call, Milind Wadekar guided India portfolio occupancy to 70%-75% in the medium term, progressively; at Q2 FY26 he guided 72% short term and \~75% stabilization "around 4-5 years from now", later revised to Pune at 75% medium term and India stabilizing in the high 70s. FY26 India occupancy was 64%, down \~2 percentage points YoY; Q1 FY27 reached 67%, up about 7 percentage points YoY.
20. Promoter dilution to 75% - within 2.5 years Pending - At the Q4 FY25 call, Milind Wadekar said "we still have around 2.5 years for that dilution" to reduce promoter stake to 75% per SEBI guidelines, to be addressed as and when required. Panchshil held a 56% stake as of Q3 FY26, and no promoter dilution to 75% has been disclosed through Q1 FY27.
21. ROFO assets - evaluation and transfer to Ventive On track - At the Q4 FY25 call, Milind Wadekar said ROFO asset evaluation was at an initial stage expected to conclude "in two quarters or so", with Ranjit Batra committing transfer to Ventive at warm shell stage at fair market value around 2.5 to 3 years out; revisions identified four promoter hotels totalling 1,114 keys, ready by FY30, with the Q1 FY27 PPT setting the timeline at FY31. The ROFO assets remain under promoter group development at planning and design stage as of Q1 FY27; no transfer has occurred yet.
22. Capex plan - ₹5,000 crore over five years for 2,000-room growth On track - At the Q4 FY25 call, Milind Wadekar estimated around ₹2.5 crores per key, i.e. around ₹5,000 crores over the next five years, to fund the 2,000-room growth plan; revisions restated this as \~₹2,000-2,200 crore over five years, then \~₹1,000 crores over three years for Bangalore, Sri Lanka and FF&E. FY26 capital work in progress was ₹182 crore, with \~₹200 crore invested in capital work in progress and capital advances in FY26 cash flows.
23. Revenue doubling - ₹2,000 crore to ₹4,000 crore over five years On track - At the Q4 FY25 call, Ranjit Batra guided that over the next five years ₹1,000 crores of revenue would come from existing properties and another ₹1,000 crores from acquisitions and key additions, doubling revenue from ₹2,000 to ₹4,000 crores. FY26 consolidated revenue was ₹2,666 crore, up 24% YoY, and Q1 FY27 revenue was ₹543 crore; the five-year window runs through FY30.
24. Existing assets cumulative EBITDA - ₹6,500 crore over five years On track - At the Q4 FY25 call, Milind Wadekar guided that existing assets will conservatively generate over ₹6,500 crores of EBITDA over the next five years, driven by mid-teen RevPAR growth and high-teen EBITDA growth; this was reiterated at Q2 FY26 as cumulative EBITDA of ₹6,500 crore over the next 5 years. FY26 consolidated EBITDA was ₹1,299 crore and Q1 FY27 EBITDA was ₹205 crore, a cumulative \~₹1,504 crore since the promise; the window runs through FY30.
25. Maldives EBITDA margin - 32% to 35-36% in 2-3 years Delivered - At the Q4 FY25 call, Milind Wadekar set an internal target to take Maldives EBITDA margin from 32% to 35-36% in the next two to three years. FY26 international hospitality EBITDA margin reached 35%, up from 32% in FY25, within the first year of the window; Q1 FY27 international margin fell to 15% on elevated diesel costs from the West Asia war.
26. India portfolio EBITDA margin - 37% to 40-42% in 2-3 years Delivered - At the Q4 FY25 call, Milind Wadekar set an internal target to take India portfolio EBITDA margin from 37% to around 42% in the next two to three years, with Ranjit Batra stating "we are targeting around 40-42%". FY26 India hospitality EBITDA margin reached 40%, up from 37% in FY25, within the first year of the window; Q1 FY27 India margin expanded to 36% from 35% YoY, with the 42% upper target not yet reached.
27. Leverage headroom - net debt to EBITDA up to 2-3x Delivered - At the Q3 FY25 call, Milind Wadekar committed to a leverage headroom of consolidated net debt to EBITDA "2 to 3 times we can go up to", with annuity assets leveraged at 6.5 times annuity EBITDA leaving virtually no debt on hotel assets. Net debt to EBITDA improved from 1.7x at FY25 to 1.4x at Q3 FY26, 1.14x at Q4 FY26 and 1.2x at Q1 FY27, remaining well below the 2-3x ceiling.
28. Recently acquired entities - PBT positive in a quarter or two Delivered - At the Q3 FY25 call, Milind Wadekar committed that the recently acquired entities (acquired Aug '24, currently EBITDA positive) would turn PBT positive "in a quarter or two". The entities were refinanced with cost of finance down 210 bps and were already EBITDA positive as of Q3 FY25; consolidated PAT turned positive in Q4 FY25 at ₹151 crore and FY25 PAT was ₹165 crore, though entity-level PBT was not separately disclosed.
29. New pipeline assets (Varanasi, Sri Lanka, Bangalore AC conversion) - contributing from FY28 On track - At the Q3 FY25 call, management guided the new pipeline assets - Varanasi (Marriott), Sri Lanka, and the Bangalore Aloft-to-AC-by-Marriott conversion - to start contributing from "FY28", with projects "on time" at that stage; revisions moved timelines to AC by Marriott Q1FY28, Varanasi Q3FY28 and Sri Lanka FY30-31. The AC conversion is progressing in line with plan and Varanasi's mock-up room is complete; the Sri Lanka Ritz-Carlton Reserve is pending environmental clearances, with no asset from this group contributing revenue yet.
30. Portfolio doubling to 4,000 keys - 2x growth over next five years On track - At the Q3 FY25 call, management committed to replicating the 2019-2024 pace of portfolio doubling "in the next 3 to 5 years"; the Q4 FY25 call and FY25 Annual Report set the target at 4,000 keys by FY2030, later revised to \~4,000 keys by 2031 from 2,199 keys in 2026. As of Q1 FY27 the portfolio stands at 2,199 keys across 14 hotels, with 1,382 keys in Ventive's announced pipeline, 1,114 ROFO keys, and FY26 acquisitions of Hilton Goa (104), Soho House Mumbai (38) and Sol de Goa (21).