BSE: 532145
H.S.INDIA LTD.
Operates a single-segment hotel business in India's leisure services space. Reported FY26 revenue from operations of Rs. 2,659.20 lakh, down from Rs. 2,727.87 lakh in FY25, while net profit after tax rose to Rs. 162.12 lakh from Rs. 141.18 lakh. Quarterly income from operations ran at Rs. 725.87 lakh in Q4 FY26 and Rs. 708.54 lakh in Q3 FY26. The largest cost line is other operating expenses at 37.7% of revenue, followed by employee cost at 25.2%; materials (likely food, beverage and consumables) make up 5.8%. Operating cash flow rose to Rs. 460.68 lakh in FY26 from Rs. 199.90 lakh, and total borrowings were cut to Rs. 1,243.40 lakh from Rs. 1,626.94 lakh. The company is listed on BSE and headquartered in Andheri West, Mumbai. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Hotel operations. Small single-segment hotelier; asset base of Rs. 47.82 crore against revenue of Rs. 26.09 crore
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 18 | 24 | 26 | 27 | 26 |
| EBITDA (ex other income) | 4 | 4 | 4 | 4 | 4 |
| margin % | 20.4 | 15.3 | 14.8 | 14.8 | 14.2 |
| Owners' profit | 1 | 1 | 1 | 1 | 2 |
| EPS, as reported (₹) | 0.69 | 0.66 | 0.79 | 0.86 | 1.00 |
| ROE % · ROCE % | 3.8 · 6.1 | 3.5 · 6.9 | 4.4 · 7.6 | 4.4 · 7.8 | 4.8 · 7.9 |
| Debt / equity (x) | 0.84 | 0.71 | 0.63 | 0.51 | 0.37 |
| Cash from operations | (4) | 3 | 3 | 2 | 5 |
| Capex | (0) | (0) | (0) | (1) | (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 | 6 | 6 | 7 | 7 | 6 | 6 | 7 | 7 |
| Profit before tax | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 |
| Net profit | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| EPS (₹) | 0.06 | 0.09 | 0.45 | 0.26 | 0.08 | 0.07 | 0.38 | 0.47 |
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) | 12.0 | 25.7 | 16 of 57 | 73% |
| P/B | 0.6 | 1.6 | 8 of 57 | 88% |
| ROCE | 5.1 | 4.9 | 32 of 65 | 52% |
| ROE | 4.8 | 6.3 | 32 of 57 | 45% |
| Debt / Equity | 0.4 | 0.2 | 39 of 57 | 32% |
| EBITDA margin | 20.7 | 29.5 | 41 of 58 | 30% |
| Revenue growth | (0.8) | 7.6 | 45 of 58 | 23% |
| Profit growth | 72.8 | 11.6 | 16 of 55 | 72% |
| Market cap | 19 | 246 | 58 of 66 | 12% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine RTA compliance certificate for quarter ended Sept 2026 | compliance | minimal | — | — |
| 23 Sept 2026 · Newspaper notice to shareholders about physical share transfer re-lodgment window | compliance | minimal | — | — |
| 11 Sept 2026 · H.S. India 37th AGM: All 4 resolutions approved with 100% majority | board shareholder meetings | low | — | — |
| 11 Sept 2026 · H.S. India appoints R. M. Hariyani and Co as statutory auditor for five years | management changes | medium | — | — |
| 11 Sept 2026 · Statutory Auditor's 5-year term ends; not re-appointed | management changes | medium | — | — |
| 11 Sept 2026 · 37th AGM proceedings - 4 resolutions passed including related party deals | board shareholder meetings | low | — | — |
| 14 Aug 2026 · H.S. India files 37th AGM and e-voting newspaper notice | compliance | minimal | — | — |
| 13 Aug 2026 · H S India sends AGM notice to shareholders with unregistered emails | compliance | minimal | — | — |
| 13 Aug 2026 · H.S. India 37th AGM notice on Sep 11, 2026; auditor change and RPT approval | board shareholder meetings | low | — | — |
| 13 Aug 2026 · AGM Notice and Annual Report FY 2025-26 filed with BSE | 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.