We initiate coverage on Brigade Hotel Ventures Ltd. (BHVL) with a BUY rating and TP of Rs86, valuing it at 14x EV/EBITDA on FY28E. BHVL has a portfolio of 9 operating hotels with 1,604 keys at the end of FY26. We like BHVL considering 1) its strong foothold in key Southern markets; 2) active asset management, which will drive operational efficiencies; 3) strong parentage of Brigade Group; 4) aggressive expansion plan in high growth markets; and 5) lucrative valuation at current level. We forecast net sales/EBITDA CAGR of 22.8%/28.3% over FY26-28E and we believe the long-term growth is more promising given majority of the...