Key Metrics of Viceroy Hotels
About Viceroy Hotels
Sectors
Company details
- Registered office
- 3rd Floor, Aparna Crest, 8-2-120/112/88 & 89, Road No. 2, Banjara Hills, Khairatabad, Hyderabad, In-ts, 500034
- Listed
- NSE: VHLTD · ₹145.48
Operational Areas of Viceroy Hotels
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Apr 2026 | CARE | Assigned | BBB | A3+ | Stable | ₹230 Cr | View |
| 12 Jul 2010 | CARE | Revised | D | — | — | ₹739 Cr | View |
| 27 Apr 2010 | CARE | Other | — | — | — | ₹14,418 Cr | View |
| 16 Apr 2010 | CARE | Other | — | — | — | ₹14,418 Cr | View |
| 29 May 2009 | CARE | Other | — | — | — | — | View |
| 30 Mar 2009 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Apr 2026)
+ Qualified and resourceful promoter group
Kondareddy Ravinder Reddy, Managing Director and CEO of VHL, is highly resourceful, has a long-standing presence in the real estate sector with over 500 acres of real estate assets across Telangana, Andhra Pradesh, and Karnataka. S. Prabhakar Reddy, Director, has over three decades of industry experience and has spent over 25 years in North America as an investor and developer in the hospitality industry. He also founded Terminus Group, a real estate development company based in Hyderabad.
+ Improving scale and satisfactory operating profitability
Post change in VHL’s management since October 2023, its overall operational and financial performance has witnessed significant improvement. In FY25, the revenue grew by 12% to ₹132.49 crore (PY: 118.46 crore), primarily supported by improvement in occupancy levels, the overall average room rate (ARR) for the properties remained stable in FY25. However, in 9M-FY26, occupancy levels at Courtyard by Marriott Hyderabad declined due to inventory expansion and renovation activities, which
+ Operations and management agreement with Mariott
The company has entered an operating agreement with Marriott International, under which the hotel is operated by Marriott under the “Marriott” brand on behalf of V HL. Per the agreement, Marriott is entitled to a royalty fee, a marketing fee, and an incentive fee. Marriott is responsible for hotel operations, including marketing and promotion through its distribution platforms and loyalty programme. The arrangement enables the company to leverage Marriott’s brand recognition, established service
+ Favourable location despite geographical concentration
The company operates Marriott Hotel and Courtyard by Marriott, both of which are strategically in the central part of Hyderabad near Hussain Sagar Lake. The properties benefit from proximity to key city landmarks, government offices, convention centres, and established leisure zones, supporting steady demand from leisure, Meetings, Incentives, Conferences, and Exhibitions(MICE), and transient segments. The central location facilitates consistent footfalls and underpins the operational performanc
Credit challenges
− Moderate capital structure, capex plans
The company has availed term loans towards acquisition of SLN (including land), renovations and repayment of unsecured promoter loans, which is expected to result in moderation in the capital structure. Overall gearing projected to remain ~1.3x while TD/PBILDT and TD/gross cash accruals (GCA) are expected to remain leveraged at 7-8x, going forward. However, this acquisition is expected to result in operational synergies, improved revenue and operating profitability. The company has plans towards
Could lead to an upgrade
• Total debt to profit before interest, lease rentals, depreciation, and taxes (TD/PBILDT) falling below 3x. • Notable improvement in occupancy/average room rate (ARR) resulting in growth in operating income above ₹250 crore.
Could lead to a downgrade
• Significantly declining occupancy and PBILDT margin falling to less than 20%. • Any further debt-funded capex resulting in significant deterioration in overall gearing beyond 2x.
Agency-reported financials (CARE, 16 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 |
|---|---|---|
| Total operating income | ₹132 Cr | ₹94.50 Cr |
| PBILDT* | ₹34.02 Cr | ₹23.58 Cr |
| Profit after tax (PAT) | ₹76.41 Cr | ₹12.29 Cr |
| Overall gearing (x) | 0.21× | — |
| Interest coverage (x) | 6.87× | 7.26× |
| Revenue growth (YoY) | — | −28.7% |
| PAT margin | 57.7% | 13.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹228 Cr | — | BBB (Stable) | Assigned | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹2.50 Cr | — | A3+ | Assigned | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Overdraft | ₹1.00 Cr | CARE BBB; Stable |
| BG/LC | ₹2.50 Cr | CARE A3+ |
| Term Loan | ₹227 Cr | CARE BBB; Stable |
Lenders
| Fund-based - LT | Bank Overdraft | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term Loan | Aditya Birla Capital Limited |
| Fund-based - LT | Term Loan | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | BG/LC | Kotak Mahindra Bank Ltd. |
Credit assessment · Hotels
Rating Methodology – Hotel Industry (Feb 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | Last default 12 Jul 2010, cured 16 Apr 2026 (198 days; investment grade needs 365) |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 55% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 52% chance the next rating action is stable or better
- Current rating BBB (investment grade)
- Interest coverage 7.26×
What happened, step by step
- Apr 2010 — ₹50 cr raised through NCDs / bonds
- Apr 2010 — Full repayment of term loans
“Also, CARE has revised the rating of ‘CARE BBB+ [Triple B plus]’ to ‘CARE B’ [Single B]’to the Non-Convertible Debenture (NCD) issue of Rs.50 cr of VHL.”
Rated limits by facility
Timeline
From the report
Key weaknesses Moderate capital structure, capex plans The company has availed term loans towards acquisition of SLN (including land), renovations and repayment of unsecured promoter loans, which is expected to result in moderation in the capital structure.
From the report
Liquidity is supported by healthy current ratio, un-utilised overdraft facility of ₹1 crore and free cash and cash equivalents of ~₹35 crore as on March 24, 2026.
From the report
Also, CARE has revised the rating of ‘CARE BBB+ [Triple B plus]’ to ‘CARE B’ [Single B]’to the Non-Convertible Debenture (NCD) issue of Rs.50 cr of VHL.
From the report
Crore) Long-term Bank Facilities 691.34 ‘CARE B’ Non-Convertible Debenture 50.00 ‘CARE B’ Total 641.34 Rating Rationale The rating revision factors in marked deterioration in financial position of the company due to declining occupancy levels and average room rents, increase in debt levels due to funding of projects under execution, especially considering extensive time and cost overrun in the projects, strained liquidity position due to high repayment of term loans, restructuring of part of debt and challenging operating conditions on account of the slowdown in economy and unstable political
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Viceroy Hotels
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Indian Hotels Company (Taj) |
Hotels & Resorts · Restaurants, Hotels & Travel | ihcltata.com | — | India |
 ITC Hotels |
Hotels & Resorts · Restaurants, Hotels & Travel | itchotels.com | 1975 | Kolkata, India |
| Hotels & Resorts · Restaurants, Hotels & Travel | oberoihotels.com | — | India | |
| Chalet Hotels Limited | · Trading | — | — | Mumbai, Maharashtra, India |
 Leela Palaces Hotels & Resorts Limited |
Hotels & Resorts · Trading | theleela.com | — | New Delhi, Delhi, India |
 Lemon Tree Hotels Limited |
Hotels & Resorts · Restaurants, Hotels & Travel | lemontreehotels.com | 2002 | Gurgaon, Haryana, India |
| Samhi Hotels Limited | · Trading | — | — | Delhi, India |
| Apeejay Surrendra Park Hotels Limited | · Community, personal and Social Services | — | — | Kolkata, West Bengal, India |
| Taj GVK Hotels And Resorts Limited | · Electricity, Gas and Water companies | — | — | Hyderabad, Telangana, India |
| Hotels & Resorts · Restaurants, Hotels & Travel | royalorchidhotels.com | — | Bangalore, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.