NSE: ASIANHOTNR · BSE: 500023
ASIAN HOTELS (NORTH) LTD
Operates the Hyatt Regency Delhi hotel, which is its main business, contributing 99.2% of segment revenue in the YTD period ended September 2024. The hotel earned Rs 139.64 crore in revenue and Rs 25.60 crore in EBIT during that period. It also runs a small real estate operation (Rs 1.08 crore revenue, 0.8% of segment revenue) and a power generation unit that recorded no revenue. Cost structure is dominated by other operating expenses (51.2% of revenue) and employee costs (25.2%), reflecting the labour-intensive nature of hotel operations. Materials account for 10.3% of revenue and depreciation 5.2%. The company raised Rs 76,494 lakhs in February 2026 through a preferential equity issue at Rs 330 per share and used the proceeds to fully repay defaulted borrowings of Rs 59,326.48 lakhs principal plus Rs 23,709.15 lakhs interest. Auditors flagged material uncertainty about going concern as current liabilities exceeded current assets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel Business (99%), Real Estate Operation (1%), Power Generation (0%). Single-asset hotel operator, asset-heavy, with a small ancillary real estate and power generation presence
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 | FY26 |
|---|---|---|---|---|---|
| Revenue | 274 | 252 | 73 | 131 | 341 |
| EBITDA (ex other income) | 81 | 54 | (592) | (323) | (60) |
| margin % | 29.7 | 21.6 | (815.3) | (247.6) | (17.5) |
| Owners' profit | (36) | (59) | (694) | (425) | (102) |
| EPS, as reported (₹) | (20.08) | (33.28) | (357.25) | (233.29) | (44.05) |
| ROE % · ROCE % | (5.4) · 3.8 | (9.8) · 3.1 | (152.9) · (40.4) | (192.6) · (30.9) | (11.1) · (5.3) |
| Debt / equity (x) | 1.62 | 1.84 | 2.78 | 4.58 | 0.36 |
| Cash from operations | — | — | 41 | 15 | (156) |
| Capex | — | — | (2) | (1) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35 | 47 | 36 | 53 | 60 | 69 | 103 | 78 |
| Profit before tax | (22) | (25) | (45) | (33) | (30) | (17) | (2) | (5) |
| Net profit | (22) | (25) | (45) | (33) | (30) | (17) | 31 | (4) |
| EPS (₹) | (11.53) | (12.78) | (23.12) | (17.19) | (15.34) | (8.68) | 8.70 | (0.83) |
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 | 1,15,701 | 53.9 | 7.74 | 30.7 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 34,472 | 39.8 | 2.95 | 22.4 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,829 | 32.8 | 3.07 | 26.4 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,135 | 25.5 | 3.35 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 17,782 | 33.6 | 4.81 | 16.2 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,520 | 26.1 | 1.85 | 11.1 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,434 | 35.9 | 4.06 | 15.6 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,146 | 62.8 | 12.52 | 42.0 | 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 | 1.4 | 1.6 | 25 of 57 | 57% |
| ROCE | (10.9) | 4.9 | 61 of 65 | 6% |
| ROE | (11.1) | 6.3 | 53 of 57 | 7% |
| Debt / Equity | 0.4 | 0.2 | 38 of 57 | 34% |
| EBITDA margin | 17.9 | 29.5 | 43 of 58 | 26% |
| Revenue growth | 45.2 | 7.6 | 4 of 58 | 95% |
| Profit growth | 89.4 | 11.6 | 14 of 55 | 76% |
| Market cap | 1322 | 237 | 18 of 66 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Delhi High Court dismisses petition involving Asian Hotels (North) | regulatory legal | medium | — | — |
| 9 Oct 2026 · Submission of confirmation certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Asian Hotels (North) reappoints Sunil Upadhyay as Chief Financial Officer | management changes | high | — | — |
| 29 Sept 2026 · 45th AGM held on Sept 29, 2026; all 4 resolutions passed with over 99.99% majority | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Trading window closes from Oct 1 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Newspaper publication for special window to re-lodge physical share transfers | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper ad confirms completion of 45th AGM Notice and Annual Report dispatch | compliance | minimal | — | — |
| 4 Sept 2026 · 45th AGM notice and FY26 Annual Report filed; meeting on Sep 29, 2026 | results | high | — | — |
| 4 Sept 2026 · 45th AGM on Sep 29, 2026; two director re-appointments on agenda | board shareholder meetings | low | — | — |
| 26 Aug 2026 · AGM notice on Sept 29; email update request for Asian Hotels North | compliance | minimal | — | — |
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.