Brigade Hotel Ventures IPO Review & Recommendations

Brigade Hotel Ventures IPO Peer Comparison

Brigade Hotel Ventures Ltd. peer comparison with similar listed entities. (As on March 31, 2025)

Notes:

• All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports/ annual results as available of the respective company for the year ended March 31, 2025 submitted to the Stock Exchanges. For Ventive Hospitality and ITC Hotels financial information has been sourced from proforma financials stated in the Prospectus and Information Memorandum respectively.
• P/E ratio has been computed based on the closing market price of equity shares on BSE on July 16, 2025 divided by the Diluted EPS for the year.
• RoNW is calculated as Profit/ (loss) for the year divided by the Net Worth at the end of the year.
• Net Worth is the aggregate value of the equity share capital and Instruments entirely equity in nature and Equity component of Compound Financial Instruments and General reserves and Retained earnings.
• Net asset value per equity share is calculated by dividing Net Worth as at the end of the year by weighted average number of equity shares outstanding during the respective year.
• EV (Enterprise Value) = Market cap plus the net borrowings as of March 31, 2025.
• Net borrowings is computed as total borrowings less cash and cash equivalents and other balances with banks.
• Market cap has been computed based on the closing market price of equity shares on BSE on July 16, 2025.
• EBITDA for our Company is calculated as Profit/(loss) for the year plus total tax expense plus finance costs plus depreciation and amortisation expenses.