NSE: KAMATHOTEL · BSE: 526668
KAMAT HOTELS (I) LTD
Operates hotels in India under brands including The Orchid, IRA by Orchid, Lotus Resorts and heritage properties, running 23 properties with 1,900-plus keys across 9 states. Revenue of INR 385.63 crore in FY26 came entirely from hospitality operations — room revenue, food and beverage, and banqueting — serving business travellers, leisure guests, wedding clients, MICE (meetings, incentives, conferences, exhibitions) segments and pilgrimage visitors. The portfolio delivered an average room rate (ARR) of INR 6,051 and 57% occupancy in FY26, with an EBITDA margin of 25.1%. Around 250-260 new keys were added in FY26, creating an EBITDA drag of about INR 10 crore that management expects to recover as these properties mature. A pipeline of approximately 600 keys spans 7 new projects, including the 50-room IRA by Orchid in Bhavnagar (opened June 2026) and a 63-room luxury Orchid in Dwarka signed for December 2026 opening. The IRA Mumbai lease is exiting, removing about INR 50 crore of FY27 revenue but adding INR 1-2 crore to EBITDA. Employee costs at 23.2% of revenue are the largest named operating cost, with a structural step-up of about INR 4 crore per year from the new wage code. The company sits in a net cash position with INR 86 crore of debt at 9.75% and INR 35-40 crore of cash reserves. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospitality operations. Mid-sized domestic hotel operator running owned, leased and managed properties across leisure, business and pilgrimage segments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 144 | 295 | 304 | 362 | 386 |
| EBITDA (ex other income) | 37 | 347 | 120 | 107 | 97 |
| margin % | 25.4 | 117.7 | 39.5 | 29.5 | 25.1 |
| Owners' profit | (23) | 313 | 45 | 47 | 39 |
| EPS, as reported (₹) | (9.61) | 132.31 | 17.52 | 15.96 | 12.71 |
| ROE % · ROCE % | 12.5 · (19.2) | 203.1 · 88.4 | 21.8 · 23.7 | 16.7 · 18.5 | 11.6 · 13.9 |
| Debt / equity (x) | (2.43) | 2.25 | 0.97 | 0.46 | 0.33 |
| Cash from operations | 30 | 116 | 73 | 66 | 98 |
| Capex | (6) | (6) | (7) | (17) | (27) |
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 | 85 | 111 | 92 | 83 | 75 | 118 | 110 | 91 |
| Profit before tax | 12 | 35 | 16 | 8 | (1) | 23 | 24 | 14 |
| Net profit | 8 | 26 | 11 | 4 | (2) | 19 | 17 | 10 |
| EPS (₹) | 2.88 | 8.63 | 3.62 | 1.42 | 0.72 | 6.28 | 5.75 | 3.19 |
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) | 14.3 | 25.7 | 18 of 57 | 70% |
| P/B | 2.1 | 1.6 | 37 of 57 | 36% |
| ROCE | 9.1 | 4.9 | 18 of 65 | 73% |
| ROE | 11.6 | 6.3 | 17 of 57 | 71% |
| Debt / Equity | 0.3 | 0.2 | 36 of 57 | 38% |
| EBITDA margin | 29.9 | 29.5 | 29 of 58 | 51% |
| Revenue growth | 9.6 | 7.6 | 26 of 58 | 56% |
| Profit growth | 129.2 | 11.6 | 11 of 55 | 82% |
| Market cap | 693 | 246 | 22 of 66 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly compliance certificate from registrar under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · AGM 2026 results: all 6 resolutions passed including ESOP 2026 scheme | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 26 Sept 2026 · Kamat Hotels 39th AGM held; ESOP 2026 and key resolutions tabled | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Letter sent to shareholders without registered emails for 39th AGM notice | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper ad published for 39th AGM notice to shareholders | compliance | minimal | — | — |
| 2 Sept 2026 · Kamat Hotels files FY26 Annual Report, AGM set for September 26 via video call | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Kamat Hotels 39th AGM on Sep 26, 2026; ESOP 2026 and director items on agenda | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Newspaper publication of 39th AGM notice on Sept 26, 2026 | compliance | minimal | — | — |
| 22 Aug 2026 · Kamat Hotels schedules analyst and investor meet on Aug 27 | 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.