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Stock Analysis

Description

Chalet Hotels is engaged in the business of hospitality (hotels), commercial and retail operations and real estate development.

Key Growth Triggers

Launch of ATHIVA®, its proprietary premium lifestyle hospitality brand, aiming to double capacity in three years.
Strategic expansion plans, including new keys, the Delhi Airport hotel project, and a proposed acquisition of a Udaipur resort.
Benefiting from industry tailwinds such as demand-supply gaps and the recovery in travel.
Focus on asset ownership and operational depth strategy, with projected revenue CAGR of 25% and PAT CAGR of 35% over FY25-28E.

Key Red Flags

Stock trades at 5.50x book value.
Low Return on Equity (10.8%) over the last 3 years.
Promoters have a significant portion of their holding pledged.
Promoter holding has shown a decrease over the last 3 years.

Key Dates To Watch

Shwetank Singh to take over as MD & CEO from February 1, 2026.
E-voting period for management transition approvals: January 1 to January 30, 2026.

Corporate Announcements

31st Mar 26

Impact Rating: 8

Chalet Hotels Limited has been ordered by the GST Department to pay ₹10.70 crore (₹107.02 million) for FY 2019-20 ITC issues. The company will contest the demand, noting no impact on operations.

27th Mar 26

Impact Rating: 5

Chalet Hotels Limited announced the closure of its trading window from April 1, 2026, for designated persons, in preparation for declaring its audited financial results for the period ending March 31, 2026.

18th Mar 26

Impact Rating: 7

Chalet Hotels is allotting 10,000 equity shares to employees under its ESOP 2022 plan. The decision, made on March 18, 2026, involves an exercise price of Rs. 292 per share, generating Rs. 29,20,000.

2nd Mar 26

Impact Rating: 7

Chalet Hotels achieved a total score of 82 in the S&P Global CSA 2025, ranking 2nd worldwide among 80 companies in its category, a significant improvement from last year's score of 67.

23rd Feb 26

Impact Rating: 8

Chalet Hotels announced its Board has approved developing a ~330 room luxury hotel and ~36,255 sq. ft. commercial space in Hyderabad, with an investment of ~Rs.6,328 Million.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Indian Hotels Co	726.40	61.27	103398.12	0.31	318.26	-9.12	2040.89	11.76	17.21	9040.16	32.79	1687.62	284.92	8.94	10.98	0.28
2.	ITC Hotels	200.00	56.47	41657.07	0.00	133.29	74.31	839.48	7.91	9.63	3731.04	34.40	737.74	132.77	3.77	5.67	0.01
3.	EIH	356.35	29.24	22284.85	0.42	116.56	-17.77	597.94	1.52	23.43	2799.14	36.48	762.10	108.02	4.74	14.70	0.05
4.	Chalet Hotels	870.95	31.40	19069.79	0.11	167.51	228.40	705.31	95.43	11.90	2474.16	42.96	607.40	167.51	5.50	2.74	0.64
5.	Ventive Hospital	769.10	77.59	17961.69	0.00	64.24	193.44	489.33	89.74	11.73	2228.71	44.30	231.49	52.57	3.61	3.10	0.52
6.	Leela Palaces Hotels	419.95	80.63	14024.56	0.00	74.73	246.02	310.65	12.09	11.98	1300.57	45.75	48.04	74.72	2.28	0.62	0.28
7.	Lemon Tree Hotel	148.55	53.48	11768.82	0.00	41.93	16.73	306.28	7.70	12.98	1355.75	48.57	220.06	34.60	9.52	6.00	1.67
–	Median: 45 Co.	237.81	39.23	842.0	0.0	3.6	16.73	55.71	7.37	11.9	193.56	28.44	19.01	3.6	3.42	4.19	0.28

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	290	371	434	303	348	851	338	411	484	248	307	361	705
Expenses	176	205	236	196	214	512	183	236	251	163	184	216	413
Operating Profit	114	166	198	107	133	339	155	175	234	85	123	144	292
Other Income	93	8	12	5	12	19	-9	10	20	4	5	11	16
Profit before tax	142	91	127	35	84	271	75	99	170	21	43	89	222
Tax %	27%	20%	20%	-148%	20%	25%	46%	17%	22%	26%	17%	247%	25%
Net Profit	103	73	102	88	67	205	40	82	133	16	36	-130	168
EPS in Rs	5.03	3.56	4.67	4.28	3.06	9.36	1.96	3.98	6.11	0.77	1.73	-5.98	7.66

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	582	737	796	987	976	276	508	1,128	1,392	1,627	2,474
Expenses	441	624	550	667	656	261	409	673	820	917	1,411
Operating Profit	141	113	245	320	320	14	99	455	571	710	1,063
Other Income	7	311	-77	40	18	12	11	93	26	54	67
Interest	216	215	209	265	145	145	144	154	193	137	166
Depreciation	99	127	112	115	111	108	118	117	136	157	173
Profit before tax	-167	82	-153	-21	83	-226	-153	277	268	470	791
Net Profit	-113	130	-101	-10	82	-117	-81	188	278	172	607
EPS in Rs	-7.43	8.55	-5.90	-0.50	3.98	-5.70	-3.94	9.16	13.54	7.85	27.80
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	152	152	171	205	205	205	205	205	205	218	219
Reserves	397	350	351	1,242	1,344	1,228	1,140	1,345	1,654	2,864	3,247
Borrowings	2,331	2,612	2,700	1,544	1,784	1,970	2,594	2,849	2,796	2,337	2,221
Other Liabilities	487	449	469	604	573	540	527	558	918	1,427	1,051
Total Liabilities	3,367	3,563	3,691	3,595	3,906	3,943	4,465	4,957	5,573	6,847	6,738
Fixed Assets	2,401	2,848	2,819	2,753	2,719	2,792	3,413	3,720	3,974	4,201	4,313
Gross Block	2,887.72	3,563.88	3,642.31	3,672.23	3,733.55	3,892.32	4,652.13	5,048.52	5,411.66	5,769.56	–
Accumulated Depreciation	486.58	715.49	823.13	918.81	1,014.16	1,100.26	1,238.74	1,328.93	1,437.98	1,568.90	–
CWIP	32	22	22	28	88	36	32	92	14	127	72
Investments	47	0	4	30	131	131	6	166	211	873	804
Other Assets	887	692	846	783	968	984	1,013	979	1,373	1,646	1,549
Total Assets	3,367	3,563	3,691	3,595	3,906	3,943	4,465	4,957	5,573	6,847	6,738

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	111	203	250	360	256	63	62	494	712	970
Cash from Investing Activity	-160	334	-120	131	-404	-86	-396	-615	-457	-1,350
Cash from Financing Activity	53	-470	-155	-502	141	-0	411	125	-308	474
Net Cash Flow	4	67	-25	-10	-7	-23	77	4	-53	94

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	11	15	25	18	15	40	31	19	14	16
Inventory Days	–	–	2,559	1,454	1,881	6,895	2,070	1,604	2,015	2,246
Days Payable	–	–	629	401	439	1,248	411	542	707	548
Cash Conversion Cycle	11	15	1,955	1,070	1,457	5,686	1,690	1,081	1,321	1,713
Working Capital Days	45	-131	-83	-59	-22	-100	-181	-138	-251	-227
ROCE %	–	6%	6%	8%	7%	-2%	0%	9%	10%	12%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	71.65%	71.65%	71.65%	71.69%	71.69%	71.66%	67.52%	67.48%	67.41%	67.41%	67.40%	67.34%
FIIs	1.89%	2.04%	2.97%	2.51%	3.09%	4.24%	6.81%	7.04%	7.52%	5.23%	5.29%	5.73%
DIIs	22.34%	22.52%	21.50%	21.82%	20.72%	19.61%	21.47%	21.46%	21.21%	23.93%	23.92%	23.40%
Public	4.12%	3.79%	3.88%	3.98%	4.50%	4.48%	4.20%	4.04%	3.86%	3.41%	3.38%	3.53%