BSE: 514402
ECO HOTELS AND RESORTS LIMITED
Operates boutique hotels and resorts in India, with a focus on leisure, weddings, corporate events, and spiritual destinations. The hospitality business is delivered through company-owned or leased properties, beginning with its first boutique hotel in Udaipur at Govardhan Villas near Govardhan Lake. Alongside rooms, the business runs a portfolio of restaurant brands covering pure vegetarian Satvik food (Sahar), Pan Asian and Continental (GG's Rooftop Lounge), global vegetarian with live entertainment (Kick In the Brick), and cafe beverages (EcoSip Cafe), with a premium non-vegetarian brand planned. Distribution is being widened through a partnership with Kesari Tours for pilgrimage destinations including Varanasi and Ayodhya, and EaseMyTrip has acquired a 13% strategic stake. Revenue is reported under a single segment, Sale of Service in Hotel and Resorts. The cost structure is dominated by employee costs and other operating expenses, both well above revenue, with capex also high relative to revenue, consistent with an early-stage build-out. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sale of Service in Hotel and Resorts (100%). Early-stage, asset-light hospitality expansion; significant pre-scale losses
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 0 | 0 | 5 |
| EBITDA (ex other income) | (5) | (3) | (7) |
| margin % | (2635.1) | (2097.0) | (153.2) |
| Owners' profit | 0 | (4) | (11) |
| EPS, as reported (₹) | (3.23) | (0.77) | (1.97) |
| ROE % · ROCE % | (15.3) · (12.0) | (10.3) · (8.1) | (32.7) · (14.4) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | (6) | (13) | 36 |
| Capex | (0) | 0 | (43) |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 |
| Profit before tax | (1) | 1 | (1) | (2) | (1) | (1) | (2) | (6) |
| Net profit | (1) | 1 | (1) | (2) | (1) | (1) | (2) | (5) |
| EPS (₹) | (2.11) | 1.37 | (0.28) | (0.51) | (0.29) | (0.19) | (0.34) | 1.73 |
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 | 1,01,296 | 47.2 | 6.78 | 26.9 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,182 | 37.1 | 2.75 | 20.9 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,603 | 32.4 | 3.04 | 26.1 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,198 | 25.6 | 3.36 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 18,067 | 34.2 | 4.89 | 16.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 13,125 | 27.4 | 1.94 | 11.5 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,710 | 37.0 | 4.19 | 16.0 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,635 | 68.7 | 13.71 | 46.0 | 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) | 11.5 | 27.3 | 14 of 57 | 77% |
| P/B | 1.8 | 1.7 | 32 of 57 | 45% |
| ROCE | (17.3) | 4.9 | 64 of 65 | 2% |
| ROE | (32.7) | 6.3 | 55 of 57 | 4% |
| Debt / Equity | 0.0 | 0.2 | 1 of 57 | 88% |
| EBITDA margin | (176.5) | 29.5 | 57 of 58 | 2% |
| Revenue growth | 1809.2 | 7.6 | 1 of 58 | 100% |
| Profit growth | (149.4) | 11.6 | 50 of 55 | 9% |
| Market cap | 61 | 247 | 44 of 66 | 34% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · All four resolutions passed at Eco Hotels 39th AGM | compliance | minimal | — | — |
| 30 Sept 2026 · Eco Hotels 39th AGM concludes; sweat equity issue for Chairman transacted | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 17 Sept 2026 · 18.4 lakh partly paid rights shares converted to fully paid-up equity shares | corporate actions | medium | — | — |
| 11 Sept 2026 · Audit Committee Chairperson change at Eco Hotels | management changes | medium | — | — |
| 11 Sept 2026 · Independent Director Mrs. Indira Bhargava resigns | management changes | medium | — | — |
| 8 Sept 2026 · Notice of 39th AGM and e-voting details published in newspapers | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 39th AGM and Annual Report FY 2025-26 link shared with shareholders | compliance | minimal | — | — |
| 8 Sept 2026 · Annual Report FY 2025-26 and 39th AGM Notice filed with BSE | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Eco Hotels 39th AGM on Sep 30, 2026; sweat equity issue to chairman proposed | board shareholder meetings | 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.