Initiating Coverage on Brigade Hotels
Owned a full initiating coverage from management conversations to financial model and published report
Parth Mandavgane
Institutional Equity Research Associate at IDBI Capital Markets & Securities Ltd.
From their time as
Institutional Equity Research Associate
IDBI Capital Markets & Securities Ltd. • 2025
Overview
Parth took on the Brigade Hotels initiating coverage after the company's IPO, at a point where the team was keen to understand the expansion story and the real growth drivers behind the business.
The Story
Parth took on the Brigade Hotels initiating coverage after the company's IPO, at a point where the team was keen to understand the expansion story and the real growth drivers behind the business.
He started by meeting directly with the company's COO and CEO, building a picture of the long-term thesis before touching the model. The harder part of those conversations was getting management to speak openly about the West Asia crisis, which had hit foreign tourist arrivals and was weighing on occupancy and RevPAR. Management was reluctant to engage on the subject.
Parth's approach was to reframe the conversation: he positioned the geopolitical disruption as a short-term, macro-level event that would affect the broader economy, not just Brigade, and made the case that transparency on the impact would serve the company better than silence. That framing opened the conversation, and he was able to quantify the effect on margins, occupancy rates, and RevPAR.
With that information in hand, he built a thorough financial model anchored on EV/EBITDA analysis and sensitivity analysis, leading the revenue buildup and the valuation work. The output was a comprehensive initiating coverage report published for the investor base.