NSE: AHLWEST · BSE: 533221
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations (subsidiary), Hotel operations (standalone parent) (0%). Asset-heavy, single-property luxury hotel operator with one operational asset (subsidiary) and one non-operational asset (parent); standalone entity in financial distress
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 159 | 347 | 400 | 411 | 435 |
| EBITDA (ex other income) | 23 | 145 | 170 | 143 | 171 |
| margin % | 14.4 | 41.8 | 42.6 | 35.0 | 39.3 |
| Owners' profit | (118) | 0 | 0 | 40 | 65 |
| EPS, as reported (₹) | (100.85) | 27.84 | 4.73 | 34.16 | 55.77 |
| ROE % · ROCE % | 75.7 · (4.5) | (26.4) · 19.8 | (4.7) · 28.0 | (51.0) · 24.6 | (483.5) · 31.0 |
| Debt / equity (x) | (5.13) | (6.05) | (6.61) | (8.80) | (44.93) |
| Cash from operations | 70 | 155 | 152 | 138 | 203 |
| Capex | (2) | (5) | (7) | 0 | (54) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 96 | 110 | 115 | 89 | 114 | 111 | 122 | 98 |
| Profit before tax | 13 | 1 | 17 | 11 | 32 | 29 | 12 | 20 |
| Net profit | 18 | 5 | (1) | 8 | 24 | 22 | 11 | 14 |
| EPS (₹) | 15.50 | 4.38 | (0.81) | 0.00 | 20.95 | 18.58 | 9.30 | 12.26 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · Promoter Sandeep Gupta gets 9.51 lakh shares as gift from mother, stake doubles to 16.32% | ownership changes | low | — | — |
| 15 Sept 2026 · Sandeep Gupta gains 8.16% stake via gift from Vinita Gupta | ownership changes | medium | — | — |
| 12 Sept 2026 · Promoter Sandeep Gupta receives 8.16% stake via gift from Vinita Gupta | ownership changes | high | — | — |
| 31 Aug 2026 · Promoter Sandeep Gupta to acquire 8.16% stake via gift from Vinita Gupta | ownership changes | medium | — | — |
| 28 Aug 2026 · Promoter son to acquire 8.16% stake via gift from mother | ownership changes | medium | — | — |
| 27 Aug 2026 · Inter-se transfer of 8.16% shares by gift between promoter family members | ownership changes | medium | — | — |
| 26 Aug 2026 · Company replies to NSE queries on FY2021 financial results | compliance | low | — | — |
| 26 Aug 2026 · Asian Hotels West replies to NSE queries on delayed FY21 results filing | regulatory legal | medium | — | — |
| 18 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 7 Aug 2026 · Board Meeting on 14 Aug to consider Q1 FY27 results | results | low | — | — |
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.