NSE: HLVLTD · BSE: 500193
HLV LIMITED
Operates a single luxury hotel asset — The Leela Mumbai — generating revenue from room rentals, food and beverage, banquets and other hospitality services. The filings report one operating line (hotel income) with no segment breakdown; FY26 total income was Rs 21,427 lakhs, with employee costs at 30.1% of revenue and other operating expenses at 55.9%, reflecting the labour-heavy nature of hotel operations. Net profit in FY26 fell sharply to Rs 208 lakhs from Rs 2,613 lakhs in FY25, dragged by Rs 303 lakhs of exceptional items including a Rs 191 lakh hit from new Labour Code provisions and Rs 112 lakhs of unutilised GST input credit. Quarterly revenue tracked at Rs 6,766 lakhs in Q4 FY26 and Rs 4,995 lakhs in Q1 FY27 (up from Rs 4,397 lakhs a year earlier). The hotel land is subject to ongoing disputes with the Airports Authority of India, with cumulative disputed claims of Rs 17,552 lakhs on Mumbai hotel lease rent plus a separate Rs 80,705 lakhs AAI claim on an adjacent unconstructed plot, and AAI has initiated eviction proceedings — the auditor flagged a going concern emphasis of matter on these matters. Total assets stood at Rs 642.39 crore at FY26 end. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations. Single-asset luxury hotel, cyclical and exposed to one property plus regulatory/legal risk on land lease
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 154 | 146 |
| EBITDA (ex other income) | (32) | (14) |
| margin % | (20.7) | (9.5) |
| Owners' profit | (119) | 194 |
| EPS, as reported (₹) | (1.89) | 3.07 |
| ROE % · ROCE % | (44.8) · (3.2) | 42.4 · (3.7) |
| Debt / equity (x) | 2.89 | 0.07 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q4 FY20 |
|---|---|---|---|---|
| Revenue | 0 | 32 | 33 | 38 |
| Profit before tax | 0 | (1) | 2 | (16) |
| Net profit | 0 | (8) | 17 | (17) |
| EPS (₹) | 0.00 | (0.12) | 0.26 | (0.27) |
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 | 1,26,540 | 57.2 | 8.03 | 39.5 | 4.9 | 5.6 | 43.8 | 28.4 |
| ITC HOTELS LIMITED | 36,902 | 39.5 | 3.13 | 25.9 | 3.3 | 4.2 | — | 32.0 |
| LEELA PALACES HOTEL LTD | 22,799 | 36.7 | 3.45 | 32.6 | 2.2 | 2.3 | — | 45.6 |
| EIH LIMITED | 19,545 | 27.5 | 3.61 | 18.9 | 12.2 | 14.9 | 42.7 | 25.3 |
| CHALET HOTELS LIMITED | 17,848 | 30.3 | 4.48 | 16.9 | 7.6 | 4.0 | 56.6 | 43.3 |
| VENTIVE HOSPITALITY LTD | 12,751 | 28.3 | 1.84 | 13.3 | 2.3 | 1.4 | — | 38.2 |
| LEMON TREE HOTELS LTD | 9,372 | 36.4 | 4.21 | 16.4 | 6.2 | 4.9 | 41.8 | 44.2 |
| INDIA TOUR. DEV. CO. LTD. | 5,455 | 66.5 | 13.28 | 59.1 | 20.0 | 26.6 | 24.7 | 9.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 1.6 | 15 of 56 | 75% |
| ROCE | (3.8) | 2.2 | 55 of 63 | 13% |
| ROE | 42.4 | 2.6 | 1 of 56 | 100% |
| Debt / Equity | 0.1 | 0.2 | 20 of 56 | 66% |
| EBITDA margin | (37.2) | 22.8 | 58 of 63 | 8% |
| Market cap | 381 | 235 | 29 of 66 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 31 Oct 2026 · HLV revenue rises and year-on-year loss narrows for Q2 and half year | compliance | minimal | — | — |
| 30 Oct 2026 · HLV Sep 2026 Q2 sales rise 28%, but losses and airport lease dispute persist | results | high | — | — |
| 30 Oct 2026 · HLV posts Rs 699 lakh Q2 loss amid Mumbai hotel lease dispute | results | high | — | — |
| 22 Oct 2026 · Board meeting on Oct 30, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 5 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hrs after Q2 FY26 results | compliance | minimal | — | — |
| 29 Aug 2026 · HLV Limited AGM 2026 voting results - all resolutions approved | compliance | minimal | — | — |
| 27 Aug 2026 · HLV Limited 45th AGM: All resolutions passed via e-voting | board shareholder meetings | low | — | — |
| 7 Aug 2026 · HLV Limited sends Annual Report weblink to shareholders for AGM | board shareholder meetings | low | — | — |
| 5 Aug 2026 · HLV Limited 45th AGM notice published in newspapers | compliance | minimal | — | — |
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.