Viceroy Hotels
Zerodha founders acquire 6.72% stake in Viceroy Hotels after insolvency resolution
Zerodha founders Nithin and Nikhil Kamath have acquired a 6.72% stake in Viceroy Hotels during the September quarter, according to the company's latest shareholding disclosures. The investment was made through two entities—Kamath Associates and Nksquared—as reported by The Economic Times.
Promoters continue to hold the majority stake at 74%, while general shareholders account for the remaining 25.6%. The Kamath brothers' investment follows a period of significant recovery for Viceroy Hotels after its emergence from the Corporate Insolvency Resolution Process (CIRP).
The hotel chain had entered CIRP due to heavy debt, with creditors owed over ₹1,150 crore and trading in its shares suspended at one point. The National Company Law Appellate Tribunal approved a resolution plan submitted by Anirudh Agro Farms Limited in October 2023, leading to the infusion of fresh funds via its subsidiary, Loko Hospitality.
Trading in Viceroy Hotels' shares resumed on the NSE and BSE in April 2024 after the resolution plan was implemented. The company reported a resilient performance in FY26, with revenue rising 6.3% year-on-year to ₹149 crore and EBITDA increasing by 20.6% to ₹44.6 crore.
Operating margin expanded by 353 basis points to 30.62%, although net profit declined to ₹18 crore from ₹76.4 crore in FY25 due to the absence of a prior-year deferred tax gain on unabsorbed losses.
Viceroy Hotels currently operates three Marriott-branded properties in Hyderabad—Marriott Hotel Convention Centre, Courtyard by Marriott, and Marriott Executive Apartments—offering a total of 538 keys. The company is set to expand its portfolio with the upcoming Courtyard by Marriott Madhapur, targeting growth in Hyderabad’s IT corridor.
Long-term, Viceroy Hotels aims to operate 10,000 rooms across India through strategic acquisitions, greenfield developments, and asset enhancement, as stated in its FY26 annual report by Managing Director and CEO Kondareddy Ravinder Reddy.
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