NSE: AHLEAST · BSE: 533227
ASIAN HOTELS (EAST) LTD
Operates premium hotels in India under the Hyatt Regency brand, with the flagship being the Hyatt Regency Kolkata. Revenue is split between two reported segments: Hotel Business (East), which is the operating hotel contributing 65.7% of segment revenue at a 25% segment EBIT margin, and Investments including investments in Hotel (South), which contributed 34.3% of segment revenue at an 18.1% segment EBIT margin. The investment line is in the process of expanding into a second property — the Hyatt Regency Mumbai — which is being acquired through wholly owned subsidiary Novak Hotels. FY25 total revenue stood at ₹113.02 crore with a 62.4% EBITDA margin, while FY26 standalone revenue rose about 8% to Rs 12,228.74 lakhs and standalone PAT was Rs 2,768.89 lakhs. Costs are dominated by other operating expenses (40.2% of revenue) and employee costs (20.6% of revenue), with materials (food, beverages, consumables) at 13.1% and depreciation at 3.4%; capex was 9.6% of revenue in FY25. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Hotel Business (East) (66%), Investments including investments in Hotel (South) (34%). Asset-heavy, single-property luxury hotel operator (currently), with a second premium hotel in the process of being added through acquisition
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 54 | 92 | 95 | 108 | 113 |
| EBITDA (ex other income) | (10) | (7) | 32 | 38 | 29 |
| margin % | (18.8) | (7.9) | 33.9 | 35.4 | 26.1 |
| Owners' profit | (33) | (34) | 25 | 32 | 18 |
| EPS, as reported (₹) | (28.60) | (29.93) | 14.19 | 18.34 | 10.13 |
| ROE % · ROCE % | (4.6) · (2.3) | (5.0) · (2.4) | 12.4 · 14.4 | 13.8 · 16.1 | 7.2 · 16.7 |
| Debt / equity (x) | 0.14 | 0.20 | 0.00 | 1.45 | 1.35 |
| Cash from operations | (7) | 3 | 9 | (385) | 0 |
| Capex | (4) | (14) | (5) | (2) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22 | 23 | 33 | 35 | 25 | 26 | 37 | 27 |
| Profit before tax | 1 | 4 | 8 | 15 | (5) | (5) | (49) | 6 |
| Net profit | (0) | 3 | 5 | 10 | (7) | (7) | (53) | 4 |
| EPS (₹) | (0.22) | 1.75 | 2.79 | 5.82 | (3.77) | (4.03) | (30.44) | 2.50 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,01,296 | 47.2 | 6.78 | 26.9 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,182 | 37.1 | 2.75 | 20.9 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,603 | 32.4 | 3.04 | 26.1 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,198 | 25.6 | 3.36 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 18,067 | 34.2 | 4.89 | 16.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 13,125 | 27.4 | 1.94 | 11.5 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,710 | 37.0 | 4.19 | 16.0 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,635 | 68.7 | 13.71 | 46.0 | 20.0 | 26.6 | 24.7 | 17.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.0 | 1.7 | 17 of 57 | 71% |
| ROCE | (2.7) | 4.9 | 55 of 65 | 16% |
| ROE | (5.9) | 6.3 | 51 of 57 | 9% |
| Debt / Equity | 1.6 | 0.2 | 50 of 57 | 13% |
| EBITDA margin | 26.5 | 29.5 | 33 of 58 | 44% |
| Revenue growth | (23.2) | 7.6 | 52 of 58 | 11% |
| Profit growth | (57.1) | 11.6 | 43 of 55 | 22% |
| Market cap | 229 | 247 | 34 of 66 | 49% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 4 Sept 2026 · Promoter Ratna Saraf gifts 11.72% stake to her son | ownership changes | medium | — | — |
| 3 Sept 2026 · Promoter Arun Saraf gets 11.72% stake as gift from mother | ownership changes | medium | — | — |
| 2 Sept 2026 · Inter-se promoter gift transfer at Asian Hotels (East) | ownership changes | medium | — | — |
| 31 Aug 2026 · Inter-se gift transfer of 11.72 percent shares among promoter family members | ownership changes | high | — | — |
| 27 Aug 2026 · Mr Sandipan Chakravortty reappointed as Independent Director for 5 years | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Asian Hotels East 19th AGM: All 4 resolutions passed | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 19th AGM held; 4 resolutions including director reappointments proposed | board shareholder meetings | medium | — | — |
| 21 Aug 2026 · Promoter Arun Kumar Saraf to receive 11.72% stake via gift from Ratna Saraf | ownership changes | medium | — | — |
| 20 Aug 2026 · Promoter inter-se transfer of 11.72% shares by way of gift | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.