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 | 1,26,398 | 57.2 | 8.02 | 39.5 | 4.9 | 5.6 | 43.8 | 28.4 |
| ITC HOTELS LIMITED | 36,286 | 38.8 | 3.08 | 25.5 | 3.3 | 4.2 | — | 32.0 |
| LEELA PALACES HOTEL LTD | 22,983 | 37.0 | 3.48 | 32.9 | 2.2 | 2.3 | — | 45.6 |
| EIH LIMITED | 19,448 | 27.3 | 3.60 | 18.8 | 12.2 | 14.9 | 42.7 | 25.3 |
| CHALET HOTELS LIMITED | 17,914 | 30.4 | 4.50 | 16.9 | 7.6 | 4.0 | 56.6 | 43.3 |
| VENTIVE HOSPITALITY LTD | 12,638 | 28.1 | 1.82 | 13.2 | 2.3 | 1.4 | — | 38.2 |
| LEMON TREE HOTELS LTD | 9,241 | 35.9 | 4.15 | 16.2 | 6.2 | 4.9 | 41.8 | 44.2 |
| INDIA TOUR. DEV. CO. LTD. | 5,412 | 66.0 | 13.17 | 58.6 | 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/E (TTM) | 11.7 | 25.5 | 13 of 58 | 79% |
| ROCE | (8.0) | 2.2 | 59 of 63 | 7% |
| EBITDA margin | 75.7 | 22.8 | 2 of 63 | 98% |
| Market cap | 873 | 242 | 19 of 66 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Unaudited September 2026 results published in English and Kannada newspapers | compliance | minimal | — | — |
| 2 Nov 2026 · Q2 Sep 2026 consolidated: revenue Rs330.12m vs Rs237.46m; net loss Rs194.40m vs Rs165.12m year ago | results | medium | — | — |
| 2 Nov 2026 · September quarter turns profitable; revenue rises 39% but profit falls from June | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board to approve September quarter and half-year results on November 2 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Special window opens for converting older physical shares | compliance | minimal | — | — |
| 13 Oct 2026 · Submission of Reg 74(5) certificate for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1, 2026 till Q2 results | compliance | minimal | — | — |
| 13 Aug 2026 · Mac Charles India 46th AGM held on Aug 13 - 3 resolutions passed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · AGM resolutions passed with near-unanimous shareholder approval | compliance | minimal | — | — |
| 13 Aug 2026 · Mac Charles India 46th AGM: all 3 resolutions passed with over 99.99 percent approval | board shareholder meetings | medium | — | — |
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.