BRIGHOTEL Q4 FY26 Guidance vs Delivery (BRIGHOTEL Management Mirror)

Capital Expenditure & Funding Allocation

Management continues to target INR 3,600 crores in total capital expenditure over the next five years, with ~60% to be funded by debt and 40% through internal accruals. In the Sep'25 Qtr, total capex was first outlined as heavily back-ended toward Mar'29 and Mar'30, with INR 350 crores in cash not expected to be fully deployed that year. The Dec'25 Qtr confirmed this timeline, projecting INR 500 crores for Mar'27 and a peak debt-to-EBITDA ratio of 4.0x–4.5x during the back-ended expansion phase. By the Mar'26 Qtr, management confirmed INR 400 crores had already been invested, reaffirming the 60/40 funding mix and expectations that internal accruals will generate over INR 1,000 crores in the coming years. [Status: Reaffirmed]