NSE: CHALET · BSE: 542399
CHALET HOTELS LIMITED
Runs hotels, develops and sells residential real estate, and earns rental income from commercial office space. In FY26, hospitality (hotels) was the largest revenue stream at 61.6% of segment revenue at Rs 1,731.131 cr, drawing guests across a portfolio of more than 5,000 keys; Q1 FY27 hospitality RevPAR was Rs 8,582 (+6.5% YoY) with average rate up 8.5% and leisure hotels delivering 19% RevPAR growth. The real estate segment contributed 26.3% of segment revenue at Rs 738.312 cr from sale of residential apartments, an inherently lumpy line — Q1 FY27 saw only 1 unit handed over versus 95 a year earlier. The rental/annuity business contributed Rs 306.086 cr (10.9% of segment revenue) by leasing commercial office space at the Powai complex in Mumbai, including the 0.9 mn sqft Cygnus 1 (over 90% occupied, ~Rs 1,300 mn annual EBITDA) with a further 0.9 mn sqft Cygnus 2 commissioning in FY27-28. The largest cost line is other operating expenses at 27.4% of revenue, followed by employee costs at 10.4%; depreciation runs at 8.3%, reflecting the asset-heavy hotel and property model. EBITDA margin was 44.4% in FY26, and management has guided to ~Rs 30 bn of capex over FY27-FY29 to grow the hotel pipeline (currently 1,655 keys across projects like Ritz-Carlton Hyderabad) and commercial real estate. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospitality (Hotels) (62%), Real Estate (26%), Rental / Annuity Business (11%), Unallocated (1%). Asset-heavy hospitality operator and mixed real estate developer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 508 | 1,128 | 1,417 | 1,718 | 2,770 |
| EBITDA (ex other income) | 94 | 495 | 585 | 736 | 1,186 |
| margin % | 18.5 | 43.9 | 41.2 | 42.8 | 42.8 |
| Owners' profit | (82) | 0 | 278 | 143 | 645 |
| EPS, as reported (₹) | (3.98) | 8.94 | 13.54 | 6.53 | 29.50 |
| ROE % · ROCE % | (6.1) · (0.1) | 11.9 · 11.1 | 15.0 · 12.1 | 4.7 · 12.2 | 17.4 · 16.6 |
| Debt / equity (x) | 1.89 | 1.81 | 1.59 | 0.84 | 0.63 |
| Cash from operations | 62 | 477 | 689 | 950 | 1,067 |
| Capex | (42) | (175) | (436) | (969) | (338) |
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 | 377 | 458 | 522 | 895 | 735 | 582 | 558 | 512 |
| Profit before tax | 79 | 118 | 159 | 269 | 205 | 167 | 178 | 133 |
| Net profit | (139) | 97 | 124 | 203 | 155 | 124 | 163 | 86 |
| EPS (₹) | (6.35) | 4.42 | 5.68 | 9.30 | 7.08 | 5.67 | 7.45 | 3.93 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Hospitality (Hotels) | 1,731 | 61.6 |
| Real Estate | 738 | 26.3 |
| Rental / Annuity Business | 306 | 10.9 |
| Unallocated | 37 | 1.3 |
| Total, before eliminations | 2,812 | 100.0 |
Exhibit 4: 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 | 1,14,612 | 53.4 | 7.67 | 30.4 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 34,265 | 39.5 | 2.93 | 22.3 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 20,355 | 33.6 | 3.15 | 27.0 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,260 | 25.7 | 3.38 | 17.1 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED ◆ | 17,481 | 33.1 | 4.73 | 16.0 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,684 | 26.4 | 1.88 | 11.2 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,500 | 36.1 | 4.09 | 15.7 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,172 | 63.1 | 12.59 | 42.2 | 20.0 | 26.6 | 24.7 | 17.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.1 | 25.7 | 36 of 57 | 38% |
| P/B | 4.7 | 1.6 | 51 of 57 | 11% |
| ROCE | 13.6 | 4.9 | 12 of 65 | 83% |
| ROE | 17.4 | 6.3 | 7 of 57 | 89% |
| Debt / Equity | 0.6 | 0.2 | 42 of 57 | 27% |
| EBITDA margin | 45.5 | 29.5 | 13 of 58 | 79% |
| Revenue growth | (42.7) | 7.6 | 56 of 58 | 4% |
| Profit growth | (57.6) | 11.6 | 44 of 55 | 20% |
| Market cap | 17481 | 246 | 5 of 66 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting to approve September 2026 quarterly results | results | low | — | — |
| 13 Oct 2026 · Routine compliance filing for Q2 FY26 - demat share confirmation | compliance | minimal | — | — |
| 8 Oct 2026 · Stock exchanges reject reclassification of four promoter group entities to public | regulatory legal | high | — | — |
| 30 Sept 2026 · ICRA reaffirms AA- rating, upgrades outlook to Positive | credit debt | high | — | — |
| 29 Sept 2026 · Chalet Hotels issues Rs.100 crore Commercial Paper at 6.60% | fund raising | medium | — | — |
| 24 Sept 2026 · Trading window closure from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Chalet Hotels to meet institutional investors in Singapore on Sep 29-30 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · AGM results: All 7 resolutions approved, final dividend of Re.1/share cleared | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Credit rating upgraded to IND AA with stable outlook | credit debt | high | — | — |
| 21 Sept 2026 · Chalet Hotels 41st AGM approves dividend, debt fund raising plan | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
| 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 |
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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.