BSE: 532016
ESPIRE HOSPITALITY LIMITED
Operates and manages hotels and resorts across India under multiple hospitality brands, with a portfolio that grew from 15 to 20 properties after adding five new hotels in Goa, Katra, Patna, Dehradun, and Rishikesh, plus six properties opened in Q4 FY26. A signed management agreement with Marriott International covers an upcoming JW Marriott Resort & Spa near Vrindavan in Uttar Pradesh — 14 acres, 151 keys (rooms, villas, and a Presidential Suite), scheduled to open in January 2029 with a planned investment of Rs 300 crore funded via equity and debt. The Hotels & Resorts segment is the core revenue earner, while a Real Estate line also contributes. FY26 revenue stood at Rs 134.25 crore with an EBITDA margin of 23.76% and net profit of Rs 8.12 crore. The biggest cost line is 'other operating expenses' at 47.7% of revenue, followed by employee costs at 26.5%; materials are a small 7.1% of revenue. FY26 operating performance included an Average Daily Rate (ADR) of Rs 10,827 and Revenue per Available Room (RevPAR) of Rs 6,317, both exceeding industry averages. The company has indicated plans to add 15 new hotels by the end of FY-27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotels & Resorts (69%), Real Estate (31%). Hospitality operator and manager running multiple hotel brands, asset-light model using management contracts (e.g. Marriott)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2 | 19 | 36 | 120 | 134 |
| EBITDA (ex other income) | (0) | 4 | 7 | 22 | 25 |
| margin % | (16.7) | 19.2 | 19.4 | 18.8 | 18.7 |
| Owners' profit | (0) | 0 | 3 | 8 | 8 |
| EPS, as reported (₹) | (0.06) | 0.16 | 1.90 | 6.05 | 5.45 |
| ROE % · ROCE % | (14.8) · 2.6 | 37.5 · 7.3 | 77.1 · 7.1 | 19.0 · 11.6 | 15.9 · 11.8 |
| Debt / equity (x) | 5.95 | 12.10 | 13.99 | 1.68 | 1.99 |
| Cash from operations | 4 | 16 | 1 | (28) | 3 |
| Capex | (4) | (18) | (36) | (24) | 0 |
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 | 17 | 20 | 41 | 41 | 32 | 19 | 41 | 43 |
| Profit before tax | 0 | 1 | 4 | 6 | 2 | (6) | 11 | 4 |
| Net profit | 0 | 1 | 3 | 4 | 1 | (6) | 11 | 4 |
| EPS (₹) | 0.02 | 0.71 | 2.07 | 3.26 | 1.04 | (3.81) | 6.07 | 2.84 |
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 | 1,14,612 | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.0 | 25.7 | 26 of 57 | 55% |
| P/B | 4.1 | 1.6 | 49 of 57 | 14% |
| ROCE | 6.4 | 4.9 | 27 of 65 | 59% |
| ROE | 15.9 | 6.3 | 8 of 57 | 88% |
| Debt / Equity | 2.0 | 0.2 | 55 of 57 | 4% |
| EBITDA margin | 25.7 | 29.5 | 34 of 58 | 42% |
| Revenue growth | 5.0 | 7.6 | 34 of 58 | 42% |
| Profit growth | (6.1) | 11.6 | 34 of 55 | 39% |
| Market cap | 210 | 246 | 36 of 66 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Non-promoter High Scale Properties raises stake to 9.55% in Espire Hospitality | ownership changes | high | — | — |
| 6 Oct 2026 · RTA submits dematerialization compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · 35th AGM held; all 3 resolutions passed with 100% approval | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · 35th AGM concluded; all 3 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 9 Sept 2026 · AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · Espire Hospitality 35th AGM on Sep 25, FY26 annual report filed | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY 2025-26 and 35th AGM Notice filed with BSE | board shareholder meetings | low | — | — |
| 31 Aug 2026 · AGM scheduled Sep 25 2026; auditor reappointed | corporate actions | high | — | — |
| 31 Aug 2026 · Board approves FY26 Annual Report; 35th AGM on 25 Sept 2026 | 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.