NSE: JUNIPER · BSE: 544129
JUNIPER HOTELS LIMITED
Owns and operates luxury and premium hotels in Indian metros, with a current portfolio of 1,895 keys including Grand Hyatt Mumbai, Andaz Delhi, and Hyatt Regency Ahmedabad. FY26 operating revenue of INR1,047.7 crores was up 11% Y-o-Y, with portfolio ARR of INR13,457 at 81% occupancy in Q4 and portfolio ARR growing 9% Y-o-Y for the year. Grand Hyatt Mumbai, Andaz Delhi, and Hyatt Regency Ahmedabad each outperformed their competitive sets. The largest non-room revenue contributor mentioned is the Grand Showroom at Grand Hyatt Mumbai, which generated INR28 crores in FY26, with management flagging 25-30% further upside. A pipeline of 5 projects will add 1,400+ keys by FY30, taking the portfolio to 3,320+ keys: a 238-key Westin Bangalore Phase 1 opening Q2 FY27 (targeting INR15,000 starting ARR), a 266-key Westin Bangalore Phase 2 in H2 FY27, and a 500-key luxury hotel on a 2.5-acre DDA land parcel at Dwarka near Yashobhoomi. EBITDA of INR444 crores in FY26 (up 21% Y-o-Y) came with a 400 bps margin expansion to 42%. The largest cost line is 'other operating expenses' at 41.9% of revenue, followed by employee costs at 17.7% and depreciation at 10.7%; capex was 18.9% of revenue in FY26. Total expansion capex of ~INR1,800 crores is planned through FY30 (INR300 crores in FY27, INR700-750 crores in FY28), with peak net debt-to-EBITDA expected to stay below 2.5x. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations (rooms, F&B, banquets, MICE), Leased retail at Grand Showroom, Grand Hyatt Mumbai. Asset-heavy luxury and premium hotel owner-operator with a multi-year expansion pipeline and improving operating leverage
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 818 | 944 | 1,048 |
| EBITDA (ex other income) | 311 | 337 | 379 |
| margin % | 38.0 | 35.7 | 36.2 |
| Owners' profit | 24 | 71 | 142 |
| EPS, as reported (₹) | 1.46 | 3.20 | 6.36 |
| ROE % · ROCE % | 0.9 · 6.6 | 2.6 · 6.2 | 4.9 · 7.2 |
| Debt / equity (x) | 0.32 | 0.37 | 0.26 |
| Cash from operations | 327 | 309 | 394 |
| Capex | (78) | (130) | (198) |
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 | 215 | 252 | 278 | 221 | 230 | 295 | 301 | 250 |
| Profit before tax | 20 | 44 | 73 | 18 | 24 | 83 | 67 | 45 |
| Net profit | (28) | 32 | 55 | 9 | 17 | 65 | 50 | 33 |
| EPS (₹) | (1.25) | 1.46 | 2.47 | 0.40 | 0.76 | 2.94 | 2.26 | 1.49 |
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 | 1,15,701 | 53.9 | 7.74 | 30.7 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 34,472 | 39.8 | 2.95 | 22.4 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,829 | 32.8 | 3.07 | 26.4 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,135 | 25.5 | 3.35 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 17,782 | 33.6 | 4.81 | 16.2 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,520 | 26.1 | 1.85 | 11.1 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,434 | 35.9 | 4.06 | 15.6 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,146 | 62.8 | 12.52 | 42.0 | 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) | 26.5 | 26.1 | 31 of 57 | 46% |
| P/B | 1.5 | 1.6 | 28 of 57 | 52% |
| ROCE | 4.8 | 4.9 | 34 of 65 | 48% |
| ROE | 4.9 | 6.3 | 30 of 57 | 48% |
| Debt / Equity | 0.3 | 0.2 | 33 of 57 | 43% |
| EBITDA margin | 35.6 | 29.5 | 22 of 58 | 63% |
| Revenue growth | 13.0 | 7.6 | 23 of 58 | 61% |
| Profit growth | 269.5 | 11.6 | 6 of 55 | 91% |
| Market cap | 4391 | 237 | 9 of 66 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Investor meeting covered public information only | investor communications | low | — | — |
| 20 Oct 2026 · Juniper Hotels schedules analyst meeting on October 23, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Routine SEBI Reg 74(5) certificate filed with exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Juniper Hotels to acquire Novotel Imagicaa for Rs 248 Cr | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closed from October 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 17 Sept 2026 · Juniper Hotels to attend Anand Rathi G-200 Summit on September 22, 2026 | general | low | — | — |
| 16 Sept 2026 · Juniper Hotels to acquire Novotel Imagicaa for Rs 248 crore | strategic transactions | high | — | — |
| 16 Sept 2026 · Juniper Hotels to buy Novotel Imagicaa hotel for Rs 248 crore | strategic transactions | high | — | — |
| 28 Aug 2026 · Juniper Hotels AGM 2026: All 5 resolutions passed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Juniper Hotels to attend Ashwamedh Elara India Dialogue 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.