BSE: 537839
HBG HOTELS LIMITED
Operates hotels and resorts in coastal India, with two operating properties: Park Inn by Radisson in Goa and Phoenix Island Resort in Poovar, Kerala. Hospitality revenue is earned from room rentals, food and beverage, and related guest services at these properties. In FY26, consolidated revenue from operations was Rs 2,807.84 lakhs (Rs 28.074 crore), with total assets of Rs 794.5 crore. The company is expanding — subsidiary Palolem Resorts LLP has signed a management agreement with Rajscape Hotels (Tree of Life/Taj Group) for a new resort in Goa, and agreements with Marriott Hotels India, Starwood Hotels, and Global Hospitality Licensing have been signed for a new hotel in Thiruvananthapuram, Kerala. Employee costs account for 27.3% of revenue and other operating expenses for 37.5%, with materials at 22.9%. The business is asset-heavy, with capex at 94.4% of revenue in FY26, reflecting the ongoing expansion program. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospitality operations. Asset-heavy hospitality operator dependent on tourism in Goa and Kerala, currently in expansion phase
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 30 | 29 | 28 |
| EBITDA (ex other income) | 201 | 54 | 3 |
| margin % | 678.9 | 190.2 | 12.4 |
| Owners' profit | 196 | 56 | 0 |
| EPS, as reported (₹) | 140.45 | 34.49 | 1.30 |
| ROE % · ROCE % | 88.9 · 44.0 | 16.0 · 8.5 | 0.7 · 0.7 |
| Debt / equity (x) | 1.03 | 0.84 | 0.95 |
| Cash from operations | 25 | (63) | (33) |
| Capex | (215) | (105) | (27) |
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 | 5 | 9 | 8 | 6 | 5 | 9 | 9 |
| Profit before tax | 3 | (0) | 3 | 51 | 0 | 1 | 1 | 1 |
| Net profit | 2 | (0) | 2 | 51 | 0 | 1 | 1 | 1 |
| EPS (₹) | 1.70 | (0.10) | 1.49 | 31.55 | 0.12 | 0.43 | 0.36 | 0.60 |
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) | 48.8 | 27.3 | 48 of 57 | 16% |
| P/B | 0.4 | 1.7 | 6 of 57 | 91% |
| ROCE | 0.5 | 4.9 | 52 of 65 | 20% |
| ROE | 0.7 | 6.3 | 44 of 57 | 23% |
| Debt / Equity | 0.9 | 0.2 | 45 of 57 | 21% |
| EBITDA margin | 28.2 | 29.5 | 31 of 58 | 47% |
| Revenue growth | 5.3 | 7.6 | 33 of 58 | 44% |
| Profit growth | (97.6) | 11.6 | 49 of 55 | 11% |
| Market cap | 149 | 247 | 41 of 66 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · HBG Hotels 33rd AGM: All 5 resolutions passed with near-unanimous votes | compliance | minimal | — | — |
| 29 Sept 2026 · 33rd AGM of HBG Hotels held on Sept 29, 2026 via video conference | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Newspaper notice published for Postal Ballot and E-voting | compliance | minimal | — | — |
| 12 Sept 2026 · Postal ballot for share capital hike, warrants issue, and land acquisition | board shareholder meetings | low | — | — |
| 11 Sept 2026 · HBG Hotels board approves capital raise and promoter land buy | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Board approves capital hike, preferential warrants, land purchase | board shareholder meetings | low | — | — |
| 5 Sept 2026 · HBG Hotels submits FY26 Annual Report, 33rd AGM set for Sep 29, 2026 | compliance | low | — | — |
| 4 Sept 2026 · HBG Hotels board to meet Sep 11; to consider fund raise and related party deal | results | low | — | — |
| 7 Aug 2026 · HBG Hotels board meeting on Aug 14 to consider Q1 FY26 results | results | 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 |
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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.