NSE: BENARAS · BSE: 509438
BENARES HOTELS LTD.
Operates two luxury hotels in Varanasi under the Taj brand — Taj Ganges and Taj Nadesar Palace — earning revenue from room stays, food and beverage, banquets and other hospitality services. Taj Ganges was expanded by 100 rooms in Q4 FY26 to 230 rooms total, recording over 80% occupancy in March 2026. Taj Nadesar Palace holds a Michelin Key (2025); Taj Ganges holds EarthCheck Platinum. FY26 revenue stood at Rs 139.14 crore and net profit at Rs 43.24 crore, both broadly flat versus FY25. The properties hosted the BRICS delegation in June 2026, and Taj Nadesar Palace earned a BSQA Gold award. The cost base is led by other operating expenses at 36.6% of revenue and employee costs at 12.9%, with materials (largely food and beverage) at just 7.6%. The company is debt-free with zero borrowings and declared a Rs 25 per share dividend for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations. Asset-heavy luxury hospitality, two-property single-city operator
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 50 | 93 | 121 | 135 | 139 |
| EBITDA (ex other income) | 15 | 36 | 51 | 59 | 59 |
| margin % | 29.3 | 38.7 | 42.4 | 43.8 | 42.8 |
| Owners' profit | 6 | 23 | 36 | 43 | 43 |
| EPS, as reported (₹) | 43.48 | 179.85 | 277.25 | 332.69 | 332.61 |
| ROE % · ROCE % | 7.3 · 9.6 | 23.4 · 28.9 | 27.1 · 34.0 | 25.0 · 32.2 | 20.3 · 26.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 16 | 28 | 41 | 42 | 49 |
| Capex | (0) | (2) | (11) | (17) | (60) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 24 | 39 | 49 | 25 | 24 | 42 | 49 |
| Profit before tax | 9 | 10 | 18 | 21 | 10 | 8 | 19 | 21 |
| Net profit | 6 | 7 | 14 | 16 | 8 | 6 | 14 | 15 |
| EPS (₹) | 49.48 | 55.41 | 104.31 | 123.49 | 58.32 | 46.76 | 109.48 | 118.05 |
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/E (TTM) | 30.7 | 26.1 | 33 of 57 | 43% |
| P/B | 6.2 | 1.6 | 53 of 57 | 7% |
| ROCE | 26.1 | 4.9 | 4 of 65 | 95% |
| ROE | 20.3 | 6.3 | 4 of 57 | 95% |
| Debt / Equity | 0.0 | 0.2 | 1 of 57 | 88% |
| EBITDA margin | 47.7 | 29.5 | 10 of 58 | 84% |
| Revenue growth | (1.1) | 7.6 | 46 of 58 | 21% |
| Profit growth | (4.4) | 11.6 | 32 of 55 | 43% |
| Market cap | 1326 | 237 | 17 of 66 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Benares Hotels Q2 FY27 results published in newspapers | compliance | minimal | — | — |
| 16 Oct 2026 · Benares Hotels: director Rohit Khosla resigns, Satyajeet Krishnan appointed | management changes | medium | — | — |
| 16 Oct 2026 · Benares Hotels Q2 revenue up 29% at Rs 32.8 cr, PAT Rs 6.6 cr | compliance | minimal | — | — |
| 16 Oct 2026 · Benares Hotels Q2 FY27: Revenue up 32% to Rs 31.52 cr, PAT at Rs 6.56 cr | results | medium | — | — |
| 16 Oct 2026 · Benares Hotels Q2 FY27 results, director changes at board | management changes | medium | — | — |
| 12 Oct 2026 · Quarterly Compliance Certificate for Securities Dematerialisation | compliance | minimal | — | — |
| 9 Oct 2026 · Board meeting on Oct 16, 2026 to consider Q2 FY27 results | results | low | — | — |
| 5 Oct 2026 · Newspaper ad on special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 21 Sept 2026 · Trading window closes from September 24 for Q2 results | compliance | minimal | — | — |
| 29 Jul 2026 · Newspaper ad on special window for re-lodgement of physical share transfers | 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.