NSE: MCCHRLS-B · BSE: 507836
MAC CHARLES (INDIA) LTD.
Operates as an office rental business with a small wind-power arm. The FY26 Business Responsibility and Sustainability Report states the business mix is 92.2% rental income and 7.8% windmill power, with FY26 turnover of Rs 1,103 million. Although the company is classified under Hotels & Resorts and earlier segment data (through December 2021) included a Hotel subsidiary line, the hotel business no longer appears in segment reporting from 2022 onwards. It has 4 wholly-owned subsidiaries, 22 employees and a 6-member board, with Embassy Property Developments holding 73.41% of the equity. The dominant cost line is finance cost of Rs 1,195.66 million, well above the Rs 1,103.04 million of revenue from operations, and a one-time Rs 607.20 million prepayment penalty on refinancing ICICI Bank and Hero FinCorp term loans via a new SBI facility drove a consolidated loss after tax of Rs 1,162.78 million. A Scheme of Arrangement to demerge the real estate business into Embassy Prism Ventures Limited was approved by shareholders in February 2026 and is pending NCLT clearance. The company has listed non-convertible debentures with a total obligation of Rs 902.52 million, against which secured assets of Rs 4,958.08 million are pledged, giving a 5.49x security cover. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Office rental income (92%), Sale of electricity (windmill power) (8%). Asset-heavy property rental with a small renewable-power adjunct, carrying high financial leverage
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 22 | 11 | 11 | 10 | 110 |
| EBITDA (ex other income) | 8 | (2) | (13) | (28) | 23 |
| margin % | 37.8 | (20.5) | (111.4) | (289.5) | 20.5 |
| Owners' profit | 111 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 84.81 | 32.49 | (50.52) | 80.74 | 88.75 |
| ROE % · ROCE % | 59.8 · 24.1 | 17.7 · 10.5 | (37.8) · 0.4 | (103.2) · (0.9) | 1107.5 · 1.0 |
| Debt / equity (x) | 0.66 | 2.21 | 4.72 | 10.28 | (143.59) |
| Cash from operations | (18) | (15) | (21) | (114) | (65) |
| Capex | 0 | (170) | (117) | (164) | 0 |
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 | 2 | 3 | 3 | 0 | 22 | 24 | 33 | 32 |
| Profit before tax | (23) | (24) | (23) | 0 | (21) | (17) | (63) | (15) |
| Net profit | (23) | (24) | (23) | 0 | (21) | (17) | (63) | (15) |
| EPS (₹) | (17.47) | (18.21) | (17.19) | 0.00 | 15.97 | 12.65 | 48.43 | 11.71 |
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 | 1,06,186 | 49.5 | 7.11 | 28.2 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,584 | 37.6 | 2.79 | 21.2 | 7.0 | 9.0 | — | 37.5 |
| EIH LIMITED | 19,195 | 27.0 | 3.55 | 18.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 18,833 | 35.6 | 5.09 | 17.1 | 17.4 | 13.6 | 56.6 | 45.5 |
| LEELA PALACES HOTEL LTD | 17,902 | 29.6 | 2.77 | 24.0 | 6.2 | 5.9 | — | 43.2 |
| VENTIVE HOSPITALITY LTD | 13,027 | 27.2 | 1.93 | 11.5 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,391 | 35.7 | 4.04 | 15.5 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,599 | 68.3 | 13.63 | 45.7 | 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) | 7.5 | 25.1 | 13 of 60 | 80% |
| ROCE | (8.0) | 4.9 | 59 of 65 | 9% |
| ROE | 1107.5 | 6.4 | 1 of 59 | 100% |
| Debt / Equity | (143.6) | 0.2 | 1 of 59 | 100% |
| EBITDA margin | 83.4 | 29.5 | 5 of 58 | 93% |
| Market cap | 870 | 258 | 19 of 66 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 13 Aug 2026 · Reg 54 asset cover details for listed NCDs as at 30 June 2026 | compliance | minimal | — | — |
| 13 Aug 2026 · Mac Charles Q1 FY27: Revenue up 48%, but consolidated loss widens to Rs 19.4 cr | results | high | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Revenue up 48%, Consolidated Loss Narrows to Rs 19.4 Cr | results | high | — | — |
| 13 Aug 2026 · Board approves Q1 FY27 results, related party deal, extends ICD tenure | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Promoter Embassy Property pledges 51% stake in Mac Charles for debentures | ownership changes | medium | — | — |
| 7 Aug 2026 · Board Meeting on 13 Aug 2026 to consider Q1 FY27 results | board shareholder meetings | low | — | — |
| 1 Aug 2026 · 51% shares of Mac Charles pledged by EPDPL as debenture security via Catalyst Trusteeship | ownership changes | medium | — | — |
| 1 Aug 2026 · Mac Charles promoter pledges 51 percent of shares to back related party NCDs | ownership changes | high | — | — |
| 1 Aug 2026 · Promoter pledges 51% of Mac Charles shares as debenture security | ownership changes | medium | — | — |
| 15 Jul 2026 · RTA submits Reg 74(5) certificate for quarter ended June 30, 2026 | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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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.