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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,02,271 | 47.7 | 6.85 | 27.2 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,180 | 37.1 | 2.75 | 20.9 | 7.0 | 9.0 | — | 37.5 |
| CHALET HOTELS LIMITED | 19,293 | 36.5 | 5.22 | 17.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| EIH LIMITED | 17,976 | 25.3 | 3.32 | 16.8 | 12.2 | 14.9 | 42.7 | 31.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Jul 2026 · Newspaper ad on special window for re-lodgement of physical share transfers | compliance | minimal | — | — |
| 23 Jul 2026 · 55th AGM concludes, all 6 resolutions passed, Rs 25 dividend declared | board shareholder meetings | medium | — | — |
| 23 Jul 2026 · Benares Hotels 55th AGM: Rs. 25 dividend declared, all resolutions passed | board shareholder meetings | low | — | — |
| 15 Jul 2026 · Benares Hotels Q1 FY27 results: revenue up 31% YoY, profit up 9% | compliance | minimal | — | — |
| 14 Jul 2026 · Benares Hotels appoints Mr. Thomas Kunjukunju as CFO from 14 July 2026 | management changes | high | — | — |
| 14 Jul 2026 · Benares Hotels Q1 FY27: Revenue up 31% to INR 35.2 Cr, PAT at INR 8.2 Cr | compliance | low | — | — |
| 14 Jul 2026 · Q1 FY27 Results: Revenue up 35%, PAT rises 9%; new CFO appointed | results | high | — | — |
| 14 Jul 2026 · Benares Hotels Q1 PAT up at 824.87 lakhs, appoints new CFO Thomas Kunjukunju | results | high | — | — |
| 14 Jul 2026 · Routine compliance certificate on share dematerialisation for Q1 FY27 | compliance | minimal | — | — |
| 8 Jul 2026 · Board meeting on July 14 to consider Q1 FY27 results | results | low | — | — |
| 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 |
| LEELA PALACES HOTEL LTD |
| 17,930 |
| 29.6 |
| 2.78 |
| 24.0 |
| 6.2 |
| 5.9 |
| — |
| 43.2 |
| VENTIVE HOSPITALITY LTD | 13,431 | 28.0 | 1.99 | 11.8 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,314 | 35.4 | 4.00 | 15.4 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,888 | 71.8 | 14.33 | 48.1 | 20.0 | 26.6 | 24.7 | 17.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.4 | 24.1 | 40 of 60 | 34% |
| P/B | 6.8 | 1.9 | 53 of 57 | 7% |
| ROCE | 26.1 | 4.9 | 4 of 65 | 95% |
| ROE | 20.3 | 6.4 | 5 of 59 | 93% |
| Debt / Equity | 0.0 | 0.2 | 3 of 59 | 85% |
| 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 | 1443 | 274 | 18 of 66 | 74% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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