NSE: EIHAHOTELS · BSE: 523127
EIH ASSOCIATED HOTELS LTD
Operates hotels under the Trident brand as part of the Oberoi Group, with all revenue coming from hotel services split across rooms (62%), food and beverages (29%) and other hotel services (9%). In FY26, the company posted total revenue of Rs 383.73 crore, net profit of Rs 87.17 crore and an EBITDA margin of 35.07%. Other operating expenses are the largest cost line at 43.3% of revenue, followed by employee costs at 18%, materials at 7.7% and depreciation at 4.4%, with capex at 15.8% of revenue. The company has declared a final dividend of Rs 3.50 per equity share for FY26. It carries zero bank borrowings and has proposed related party transactions with promoter EIH Limited capped at Rs 1,400 million. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Rooms (62%), Food and beverages (29%), Other hotel services (9%). Asset-heavy hotel operator with debt-free balance sheet, earnings driven by room rates and occupancy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 195 | 337 | 385 | 408 | 384 |
| EBITDA (ex other income) | 32 | 95 | 113 | 122 | 115 |
| margin % | 16.3 | 28.1 | 29.4 | 29.9 | 30.0 |
| Owners' profit | 13 | 65 | 81 | 92 | 87 |
| EPS, as reported (₹) | 4.23 | 21.21 | 26.59 | 15.07 | 14.31 |
| ROE % · ROCE % | 3.9 · 5.1 | 16.3 · 19.5 | 17.5 · 21.8 | 17.1 · 21.3 | 14.5 · 18.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 38 | 91 | 78 | 109 | 100 |
| Capex | (16) | (20) | (37) | (28) | (61) |
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 | 71 | 133 | 140 | 69 | 58 | 129 | 127 | 66 |
| Profit before tax | 3 | 54 | 62 | 8 | 4 | 55 | 50 | 8 |
| Net profit | 2 | 40 | 46 | 6 | 3 | 41 | 38 | 7 |
| EPS (₹) | 0.34 | 6.55 | 7.59 | 1.01 | 0.45 | 6.66 | 6.18 | 1.13 |
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) | 20.3 | 27.3 | 23 of 57 | 61% |
| P/B | 3.0 | 1.7 | 42 of 57 | 27% |
| ROCE | 18.0 | 4.9 | 8 of 65 | 89% |
| ROE | 14.5 | 6.3 | 12 of 57 | 80% |
| Debt / Equity | 0.0 | 0.2 | 1 of 57 | 88% |
| EBITDA margin | 19.7 | 29.5 | 42 of 58 | 28% |
| Revenue growth | (4.0) | 7.6 | 47 of 58 | 19% |
| Profit growth | 11.6 | 11.6 | 28 of 55 | 50% |
| Market cap | 1781 | 247 | 16 of 66 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Newspaper notice on SEBI special window for re-lodging physical shares | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results consideration | compliance | minimal | — | — |
| 17 Aug 2026 · EIH Associated Hotels Q1FY27 investor presentation filed; PAT up 10% YoY | investor communications | medium | — | — |
| 6 Aug 2026 · Notice to shareholders on re-lodgment window for physical share transfers | compliance | minimal | — | — |
| 4 Aug 2026 · 43rd AGM results: 6 resolutions passed, Rs 3.50 dividend approved | board shareholder meetings | medium | — | — |
| 4 Aug 2026 · 43rd AGM held; dividend approved, key resolutions passed | board shareholder meetings | medium | — | — |
| 4 Aug 2026 · Independent Director Surin Kapadia completes tenure | management changes | medium | — | — |
| 4 Aug 2026 · EIH Associated Hotels Q1 FY27 PAT up 12% at Rs 689 lakh | results | high | — | — |
| 4 Aug 2026 · Board reconstitutes Audit, Risk and other committees | general | medium | — | — |
| 4 Aug 2026 · Trident Jaipur reopening pushed to October 2027 from January 2027 | general | medium | — | — |
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.