ASIAN HOTELS (WEST) LTD

Operates luxury hotels through a subsidiary, with the parent itself holding a currently-shut property. The group's revenue comes almost entirely from subsidiary Aria Hotels and Consultancy Services Private Limited, which runs the JW Marriott hotel in New Delhi Aerocity. On a consolidated FY26 basis, this generated total income of Rs 444.95 crores and profit after tax of Rs 64.98 crores. The standalone parent, which owns the Hyatt Regency Mumbai, reported zero revenue from operations because the hotel has been shut since June 2021 following admission to the corporate insolvency resolution process. CIRP closed in January 2024 but operations have not restarted, leaving standalone total income at just Rs 5.79 crores for FY26 with a net loss of Rs 8.55 crores. Statutory auditors flagged material uncertainty about the parent's ability to continue, with current liabilities exceeding current assets by Rs 42,432.87 lakhs on a standalone basis, and a Rs 39,000 lakhs funding from the Saraf Group whose classification as borrowing versus acquisition advance remains disputed.