Praveg Ltd (531637)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Praveg's revenue was ₹46.0 Cr (+16.8% year on year, -37.5% on the previous quarter), and net profit ₹-13.2 Cr (a bigger loss than a year earlier); the operating margin was 8.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹46.0 | +16.8% | -37.5% |
| Operating profit | ₹3.7 | -35.7% | -83.1% |
| Net profit | ₹-13.2 | loss widened | loss widened |
| EPS (₹) | -5.06 | loss widened | loss widened |
| Operating margin | 8.0% | — | — |
📢 Recent Corporate Announcements
Vishnukumar Vitthalbhai Patel (Promoter) acquired 9,03,213 equity shares (3.46% stake) of Praveg Ltd via off-market transmission from Vitthalbhai Dwarkabhai Patel on August 27, 2026. Following this transmission, Vishnukumar Patel's direct shareholding increased from 21.71% (56,75,002 shares) to 25.16% (65,78,215 shares). The overall aggregate promoter group shareholding remains unchanged at 1,20,72,294 shares, representing 46.18% of total equity share capital.
- 9,03,213 shares (3.46% voting capital) transmitted off-market to Promoter Vishnukumar Vitthalbhai Patel
- Acquirer's direct shareholding increased from 21.71% to 25.16%
- Vitthalbhai Dwarkabhai Patel's holding reduced to nil (3.46% to 0.00%)
- Aggregate Promoter and PAC holding remains intact at 1,20,72,294 shares (46.18%)
Praveg Ltd released its Q1 FY27 investor presentation, reporting revenue of ₹46.21 Cr and EBITDA of ₹3.90 Cr during a seasonally weaker quarter. The company currently manages 18 properties (17 resorts and 1 five-star hotel) with an inventory of 827+ rooms across 3.41 lakh sqm. Its expansion pipeline features 530+ planned rooms across 10 new destinations, including 350 luxury tents in Lakshadweep (Thinnakara and Bangaram) and 40+ luxury cottages at Umiam, Meghalaya under a 30-year DBFOT PPP model. High fixed lease costs continue to weigh on off-season margins, with the company aiming for operational ramp-up ahead of peak H2 demand.
- Q1 FY27 consolidated revenue reported at ₹46.21 Cr with an EBITDA of ₹3.90 Cr.
- Current operating portfolio comprises 18 properties with 827+ operational rooms.
- Expansion roadmap includes 530+ planned rooms across 10 new destinations.
- Secured 30-year DBFOT PPP resort project in Umiam, Meghalaya for 40+ cottages with an 18-month execution timeline.
- Lakshadweep island projects include 200 tents at Thinnakara and 150 tents at Bangaram Island.
Praveg Ltd reported a 15.92% YoY growth in consolidated total income to ₹46.21 Cr for Q1 FY27, supported by its hospitality and advertising segments. However, the company posted a significant consolidated net loss of ₹13.23 Cr, widening from the ₹5.75 Cr loss reported in the same quarter last year. Profitability was weighed down by high depreciation of ₹8.18 Cr and lease accounting (IND AS 116) impacts of ₹3.60 Cr. The hospitality segment contributed ₹29.80 Cr to the top line, while the advertising segment added ₹16.21 Cr.
- Consolidated Total Income increased by 15.92% YoY to ₹46.21 Cr.
- Net Loss for the quarter stood at ₹13.23 Cr against a TTM PAT of ₹-10 Cr.
- Hospitality and Event segment revenue contributed ₹29.80 Cr.
- Advertising segment revenue contributed ₹16.21 Cr.
- Operational capacity reached 825+ rooms across 17 resorts and one hotel.
Praveg Ltd has approved its unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27). The company, which operates in the luxury resort and advertising space, is currently navigating a period of high growth under its 'Vision 2028' plan despite a TTM net loss of Rs 10 Cr. Historically, Q1 is a seasonally weak period for the company, with the previous year's Q1 (June 2025) reporting a net loss of Rs 5.75 Cr. The 31st Annual General Meeting is scheduled for September 25, 2026, to discuss the fiscal performance and expansion progress.
- Board approved unaudited consolidated and standalone financial results for Q1 ended June 30, 2026
- 31st Annual General Meeting (AGM) to be held on September 25, 2026, via video conferencing
- Company maintains a debt of Rs 170 Cr against a net worth of Rs 449 Cr (D/E ratio of 0.38)
- TTM revenue stands at Rs 241 Cr with an operating profit margin of 23.9%
- Management continues execution of 'Vision 2028' targeting 18 new resorts in two years
Praveg Ltd's board met on August 13, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The company also scheduled its 31st Annual General Meeting (AGM) for September 25, 2026, to be held via video conferencing. This follows a fiscal year (FY26) where the company reported a net loss of ₹10 crore despite a revenue of ₹241 crore. The meeting lasted nearly four hours, reflecting the review of both standalone and consolidated performance.
- Board approved unaudited financial results for the quarter ended June 30, 2026
- 31st Annual General Meeting (AGM) convened for September 25, 2026
- Board meeting duration was 3 hours and 55 minutes (12:30 p.m. to 04:25 p.m.)
- Company currently manages 17 operational resorts with over 825 rooms
- TTM revenue stands at ₹241 crore with a net loss of ₹10 crore
Praveg Ltd has scheduled a board meeting on August 13, 2026, to approve its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company is coming off a challenging FY26 where it reported a net loss of Rs 10 crore on a revenue of Rs 241 crore. Historically, the June quarter is an off-season for the company's resort business, often resulting in losses due to fixed lease commitments under PPP models. The trading window for company securities remains closed until 48 hours after the results are declared.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results.
- Trading window has been closed since June 25, 2026, per SEBI regulations.
- Company reported a TTM net loss of Rs 10 crore against a TTM revenue of Rs 241 crore.
- June 2025 (previous year Q1) saw a net loss of Rs 5.75 crore on revenue of Rs 39.39 crore.
Praveg Ltd has scheduled an EGM for August 21, 2026, to seek approval for converting a Rs 22.93 Cr unsecured loan from a promoter group entity into equity. The company will issue 8,33,700 shares at Rs 275 per share to Jhaveri Credits and Capital Limited. This move will reduce the company's total debt of Rs 170 Cr by approximately 13.5% and improve the debt-to-equity ratio. The conversion price of Rs 275 is close to the current market price of Rs 285.2, indicating promoter confidence despite recent losses.
- Conversion of Rs 22.92,67,500 outstanding unsecured loan into equity shares
- Issuance of 8,33,700 equity shares at a fixed price of Rs 275 per share
- Debt reduction of ~13.5% relative to the current total debt of Rs 170 Cr
- Relevant date for pricing fixed as July 22, 2026
- EGM to be held on August 21, 2026, via video conferencing
Praveg Ltd has approved a preferential issue of equity shares and warrants totaling approximately ₹53.72 Cr. The company will issue 8,33,700 equity shares at ₹275 each (₹22.93 Cr) to Jhaveri Credits and Capital Limited to settle outstanding unsecured debt. Additionally, 11,00,000 convertible warrants will be issued to the Promoter Group at the same price (₹30.25 Cr) to provide growth capital. This move aims to strengthen the balance sheet and support the company's 'Vision 2028' expansion strategy.
- Total fundraise of approximately ₹53.72 Cr through equity and warrants
- Conversion of ₹22.93 Cr of unsecured inter-corporate debt into equity shares
- Promoter group to infuse ₹30.25 Cr through 11,00,000 convertible warrants
- Issue price of ₹275 per share/warrant is aligned with the current market price of ₹275.9
- Capital intended to support expansion of 577+ additional rooms across 11 new destinations
Praveg Ltd has approved a preferential issue totaling approximately ₹53.18 crore to strengthen its balance sheet. This includes converting an unsecured loan of ₹22.93 crore from Jhaveri Credits and Capital Limited into 8,33,700 equity shares at ₹275 each. Additionally, the company will issue 11,00,000 convertible warrants to the promoter group at ₹275 per warrant, potentially infusing ₹30.25 crore in cash over 18 months. Post-allotment, promoter holding is expected to increase from 46.17% to 49.87% on a fully diluted basis.
- Conversion of ₹22.93 crore unsecured inter-corporate loan into 8,33,700 equity shares at ₹275 per share
- Issuance of 11,00,000 convertible warrants to promoter group individuals at ₹275 per warrant, totaling ₹30.25 crore
- Promoter and promoter group holding to increase from 46.17% to 49.87% post-issue
- Issue price of ₹275 is nearly identical to the current market price of ₹275.9
- Extra Ordinary General Meeting (EGM) for shareholder approval scheduled for August 21, 2026
Praveg Ltd has approved a preferential issue totaling approximately ₹53.72 Cr to strengthen its balance sheet. This includes converting a ₹22.93 Cr unsecured loan from Jhaveri Credits and Capital Limited into 8,33,700 equity shares and issuing 11,00,000 convertible warrants to the promoter group for ₹30.25 Cr. Both are priced at ₹275 per share, near the current market price of ₹275.9. The move will increase promoter holding from 46.17% to 49.87% on a fully diluted basis while reducing the company's ₹170 Cr debt burden.
- Conversion of ₹22.93 Cr unsecured loan into 8,33,700 equity shares at ₹275 each
- Issuance of 11,00,000 convertible warrants to promoters at ₹275 each, totaling ₹30.25 Cr
- Promoter group shareholding to increase from 46.17% to 49.87% on a fully diluted basis
- Total fundraise and debt reduction represents ~8.6% of the current ₹624 Cr market capitalization
- Extraordinary General Meeting (EGM) for shareholder approval scheduled for August 21, 2026
Praveg Ltd has scheduled a board meeting for July 22, 2026, to evaluate two significant capital actions. The board will consider converting unsecured loans from the promoter group into equity shares on a preferential basis, which would effectively deleverage the balance sheet. Additionally, the company is evaluating a fresh fundraise through equity, convertibles, or QIPs to secure growth capital. The specific quantum of the fundraise and the conversion price remain undisclosed until the meeting.
- Board meeting scheduled for July 22, 2026, to approve capital issuance and loan conversion.
- Proposal to convert whole or part of promoter unsecured loans into equity shares.
- Evaluation of fresh fundraising via QIP, Rights Issue, or Preferential allotment.
- Trading window closed since July 1, 2026, pending Q1 FY27 financial results.
Praveg Ltd has executed a Supplemental Agreement on July 13, 2026, with its promoter group entity, Jhaveri Credits and Capital Limited. This agreement amends a previous loan dated May 7, 2025, to allow the company to repay outstanding principal and accrued interest through the issuance of equity shares, convertible warrants, or other securities. While no immediate issuance has been approved, this creates a framework for non-cash debt settlement. Any future conversion will be subject to regulatory, statutory, and shareholder approvals.
- Supplemental Agreement signed on July 13, 2026, with promoter group entity Jhaveri Credits and Capital Limited.
- Amends the existing Loan Agreement originally dated May 7, 2025.
- Enables repayment of principal and accrued interest via equity shares or convertible warrants.
- Board meeting for this approval concluded at 06:00 p.m. after starting at 04:30 p.m.
- No immediate issuance of securities has been approved as of this filing.
Financial Performance
Revenue Growth by Segment
Consolidated total income grew 28.94% YoY to INR 77.71 Cr in H1 FY26. Standalone revenue from operations increased 45.05% from INR 91.42 Cr in FY24 to INR 132.63 Cr in FY25. Advertising segment revenue reached INR 24 Cr in H1 FY26, nearly matching the previous full-year turnover of INR 32-33 Cr. Exhibition and events segment, which previously generated INR 50-80 Cr, had dropped to INR 10 Cr but is now regaining momentum.
Geographic Revenue Split
Not disclosed in available documents, but the company expanded from 4 to 15+ operational resorts across India, including Diu (Nagoa Beach), Rajasthan (Jawai), Lakshadweep (Bangaram Island), and Ahmedabad (Adalaj).
Profitability Margins
Standalone Net Profit Margin was 10.00% in FY25, down from 14.10% in FY24 (-31.24% change). Standalone Operating Profit Margin was 16.00% in FY25, down from 23.00% in FY24 (-30.43% change) due to high operational fixed costs from new resorts launched in Q3 and Q4.
EBITDA Margin
Consolidated EBITDA for FY25 was INR 56.88 Cr. H1 FY26 Consolidated EBITDA stood at INR 10.17 Cr, impacted by higher operating costs at newly launched properties and the temporary closure of 4 seasonal resorts during Q2 FY26.
Capital Expenditure
Not disclosed in available documents, but the company completed construction of almost all projects in FY25, converting them into revenue-generating units, which resulted in a sharp decrease in cash and cash equivalents.
Credit Rating & Borrowing
Debt Equity Ratio is 0 as of March 31, 2025, following a preferential issue of equity shares. Financial costs increased from INR 2.39 Cr to INR 8.05 Cr (Consolidated FY25), largely due to interest on lease liabilities under Ind AS 116.
Operational Drivers
Raw Materials
Food and beverages, tent materials, and event construction materials. 'Cost of operations and food consumed' represents the primary operational cost at INR 76.42 Cr (Consolidated FY25), or 43.8% of total revenue.
Key Suppliers
Indian Hotels Company Limited (IHCL) via the Taj SeleQtions brand for management tie-ups at Praveg Atoll, Bangaram Island.
Capacity Expansion
Current capacity includes 17 operational resorts with over 825 rooms. Planned expansion includes 577+ additional rooms across 11 new destinations.
Raw Material Costs
Cost of operations and food consumed grew 100.3% YoY from INR 38.15 Cr in FY24 to INR 76.42 Cr in FY25 (Consolidated), reflecting the massive scale-up in resort operations.
Manufacturing Efficiency
Management targets 70-75% straight margins on incremental revenue during peak seasons (H2) because fixed costs like rent and staff are already covered.
Strategic Growth
Expected Growth Rate
28.94%
Growth Strategy
Execution of 'Vision 2028' focusing on eco-luxury positioning; operationalizing 18 resorts in 2 years; scaling the advertising business through the acquisition of Abhik and Bidhan; and regaining the exhibition/event portfolio which was previously compromised for resort development.
Products & Services
Eco-luxury resort stays, tented accommodation, event management services, advertising hoardings, and theme park entertainment (Praveg Adalaj Theme Park).
Brand Portfolio
Praveg, Taj SeleQtions (partnership), Abhik, Bidhan, Praveg Adalaj Theme Park.
New Products/Services
Praveg Adalaj Theme Park (commenced Sept 2025); World Lion Day 2025 event management; expansion into weddings and banquet hotels.
Market Expansion
Expansion into untapped geographies like Lakshadweep and Rajasthan; targeting big metro cities for advertising monopoly.
Strategic Alliances
Management tie-up with IHCL (Taj SeleQtions) for premium resort operations.
External Factors
Industry Trends
Rising demand for experiential and sustainable travel in India (growing segment). Praveg is positioning itself as a leader in eco-responsible luxury hospitality by using non-permanent structures to flourish in delicate ecosystems.
Competitive Landscape
Competes with premium hotel brands and event management firms; pricing is reset based on market feasibility and competition.
Competitive Moat
Moat consists of the ability to create large, world-class non-permanent structures in short periods, allowing access to locations where traditional construction is impossible. This provides a durable advantage in the eco-luxury niche.
Macro Economic Sensitivity
Highly sensitive to Indian economic growth and tourism trends; GDP growth directly correlates with demand for experiential travel.
Consumer Behavior
Shift toward sustainable and experiential travel; high occupancy and strong pre-sales indicate robust demand for unique hospitality experiences.
Regulatory & Governance
Industry Regulations
Operations are subject to PPP model fixed lease commitments to the government and environmental regulations regarding non-permanent structures in tourist zones.
Environmental Compliance
ISO 9001:2015 certified; focus on eco-responsible hospitality to preserve delicate local ecosystems.
Legal Contingencies
A difference of INR 1.53 Cr in Trade Receivables and INR 0.41 Cr in Inventories was noted between the company's books and statements submitted to banks as of March 2025. ESOP effects of INR 1.06 Lakhs were recognized as a liability provision, deviating from Ind AS 102.
Risk Analysis
Key Uncertainties
Seasonality risk where Q2 off-season significantly hits EBITDA; fixed lease commitments under PPP models create high operating leverage risk during low occupancy periods.
Geographic Concentration Risk
Expanding footprint, but currently heavily reliant on Indian tourist destinations.
Third Party Dependencies
Dependency on government awards for events (e.g., World Lion Day) and PPP resort sites.
Technology Obsolescence Risk
Focus on digital transformation to maintain a competitive edge.
Credit & Counterparty Risk
Trade Receivables stood at INR 35.37 Cr as of March 31, 2025.
