NSE: THELEELA · BSE: 544408
LEELA PALACES HOTEL LTD
Operates a portfolio of luxury hotels and resorts in India under The Leela brand, generating revenue from room stays, food and beverage, and management fees on third-party managed properties. As of Q1 FY27 the chain has 15 operational hotels plus a 10-property pipeline, taking total footprint to 25 sites with 5,257 keys. Q1 FY27 operating revenue grew 28% year-on-year to around ₹3,520 million, with food and beverage contributing about 38% of operating revenue (roughly ₹133 crore) and non-room streams exceeding 50% of operating revenue. Hotel management agreement (HMA) fees from managed hotels jumped 86% year-on-year to ₹262 million as the managed portfolio scales, and a new ARQ ultra-luxury membership club has been launched with a ₹45 lakh initiation fee targeting 2,000 stabilised members. Recent operating additions include the rebranded 76-acre, 71-villa Coorg Forest Sanctuary and a newly signed 30-key Tadoba concession (60+30-year term). The largest inputs on the cost line are employees at 20.0% of revenue and other operating overheads at 24.4%, with materials at 6.9% reflecting the food-and-beverage cost base. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Room revenue (owned/operated hotels), Food and beverage (38%), Hotel management agreement (HMA) fees, Other non-room revenue and memberships. Asset-heavy luxury hospitality with a mix of owned, leased and third-party-managed properties
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,527 |
| EBITDA (ex other income) | 736 |
| margin % | 48.2 |
| Owners' profit | 33 |
| EPS, as reported (₹) | 12.43 |
| ROE % · ROCE % | 6.2 · 8.3 |
| Debt / equity (x) | 0.24 |
| Cash from operations | 777 |
| Capex | (394) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 275 | 311 | 457 | 484 | 352 |
| Profit before tax | 16 | 96 | 176 | 204 | 80 |
| Net profit | 9 | 75 | 148 | 172 | 49 |
| EPS (₹) | 0.30 | 2.35 | 4.54 | 9.78 | 1.46 |
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) | 32.8 | 26.1 | 36 of 57 | 38% |
| P/B | 3.1 | 1.6 | 43 of 57 | 23% |
| ROCE | 5.9 | 4.9 | 29 of 65 | 56% |
| ROE | 6.3 | 6.3 | 29 of 57 | 50% |
| Debt / Equity | 0.2 | 0.2 | 32 of 57 | 45% |
| EBITDA margin | 43.2 | 29.5 | 16 of 58 | 74% |
| Revenue growth | 28.1 | 7.6 | 11 of 58 | 83% |
| Profit growth | 460.3 | 11.6 | 3 of 55 | 96% |
| Market cap | 19829 | 237 | 3 of 66 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Q2 FY27 transcript: Revenue up 33%, EBITDA up 36%, margin expands | investor communications | medium | — | — |
| 21 Oct 2026 · No share conversion requests processed in September 2026 quarter | compliance | minimal | — | — |
| 16 Oct 2026 · Postal ballot notice published; e-voting from Oct 17 to Nov 15 | compliance | minimal | — | — |
| 15 Oct 2026 · Postal ballot for INR 4,500 mn related party deal with Leela BKC JV | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Newspaper publication of Q2 and H1 FY26-27 unaudited financial results | compliance | minimal | — | — |
| 14 Oct 2026 · Investor meetings scheduled in Singapore on Oct 19-20, 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Audio recording of Q2 FY27 earnings call uploaded to company website | investor communications | low | — | — |
| 14 Oct 2026 · ICRA reports no deviation in Leela IPO proceeds use for Q2 FY27 | fund raising | low | — | — |
| 14 Oct 2026 · Leela Palaces Q2FY27: 30% RevPAR growth, EBITDA margin up 118 bps | investor communications | medium | — | — |
| 14 Oct 2026 · Q2 FY27: Revenue up 33%, EBITDA up 36%, PAT up 27% | results | high | — | — |
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.