Whalesbook
Leela Palaces Hotels & Resorts ne FY2026 mein sach mein record tod diya hai! Unhone operating revenue ₹1,527.3 crore aur profit after tax ₹403 crore kamaya hai, jo pichhle saal se lagbhag 8 guna zyada hai. Ye sab hotel business mein badhti RevPAR aur expansion plans ki wajah se possible ho paya hai, aur ab Leela ka brand India ke booming hospitality market mein ekdum solid position par hai. Lekin, inki parent company, Hotel Leelaventure Ltd. (HLVLTD), ek alag hi financial picture dikha rahi hai, jisme extreme market valuation aur operational issues ka bojh hai.
Aur detail mein batau toh, sirf FY26 ke Q4 mein hi operating revenue 12% badh kar ₹484.4 crore ho gaya aur profit after tax 46% jump kar ke ₹172 crore pahunch gaya. Unka operating EBITDA margin bhi lagbhag 55% tak pahunch gaya hai, jo operations ki efficiency dikhata hai. Rooms per available room (RevPAR) bhi 6% badh kar ₹23,028 ho gaya hai, aur average daily rates 15% badh ke ₹32,059 ho gayi hain. Mazedaar baat yeh hai ki Leela ka RevPAR luxury segment se 2.3 guna tezi se badh raha hai! Iske alawa, unhone 4 naye properties bhi FY26 mein add kiye, jisse unki total keys 5,200 se zyada ho gaye hain. Sabse achhi baat yeh hai ki unhone apna net debt bhi ₹2,568 crore se ghata kar ₹1,271 crore kar liya hai FY26 tak, jisse net debt to EBITDA ratio bhi 3.7x se sudhar kar 1.6x ho gaya.
Par yahan ek interesting twist hai. Jabki Leela brand ka performance zabardast hai, iski listed parent company, Hotel Leelaventure Ltd (HLVLTD), kaafi alag picture dikha rahi hai. April 2026 tak, HLVLTD ka market capitalization sirf ₹558 crore ke aas paas hai, lekin P/E ratio 130x se bhi upar hai! Analysts isko 'risky' ya 'bahut mehenga' keh rahe hain. Iske comparison mein dekho toh Indian Hotels Company Ltd (IHCL), jo Taj Hotels chalati hai, uska market cap ₹92,000 crore se upar hai aur P/E ratio bhi stable hai. ITC Hotels bhi strong perform kar rahe hain. Ye sab domestic demand se fayda utha rahe hain, par unke valuation models aur strategies bilkul alag hain.
HLVLTD ki apni alag kahani hai. Q3 FY26 mein, company ne consolidated net loss ₹16.87 crore report kiya, jabki net sales ₹60.90 crore ki rahi jo ki record thi. Operating margins bhi negative -37.21% hain, jo operational inefficiences ko saaf dikhate hain. Aur toh aur, company Airports Authority of India (AAI) ke saath ₹97,171 lakh ke bade legal disputes mein phansi hai, jo unke Mumbai hotel ke lease rentals se jude hain. HLVLTD ka 'going concern' status bhi isi baat par depend karta hai ki woh ye bade, purane legal cases jeet paayenge ya nahi. Yeh situation IHCL ke strong balance sheet aur large cash reserves se bilkul alag hai.
Toh overall dekha jaye toh Leela brand ka future toh bright lag raha hai, expansion aur luxury demand ke chakkar mein. Debt bhi kam ho gaya hai. Lekin parent company HLVLTD ki extreme valuation aur unresolved financial aur legal issues investors ke liye bada risk factor hain. Shareholders ko brand ki success aur parent ki financial weaknesses ke beech ek careful balance banana hoga, jabki domestic demand ek stability de rahi hai.