NSE: ORIENTHOT · BSE: 500314
ORIENT HOTELS LTD
Operates a portfolio of 7 hotels including 3 Taj-branded properties as an associate of Indian Hotels Company (IHCL), with FY26 revenue of Rs 493.84 crore, an EBITDA margin of 28.4% and net profit of Rs 67.95 crore. The cost base is dominated by other operating expenses at 41.7% of revenue and employee costs at 21.6%, while materials — mainly food and beverage supplies — account for just 9.9%. Q1 FY27 standalone revenue came in at Rs 110.81 crore with profit after tax of Rs 11.35 crore, versus Rs 8.71 crore a year earlier. The company also holds a joint venture, TAL Hotels and Resorts, which contributed a Rs 4.40 crore share of loss to Q1 FY27 consolidated results. Under IHCL's ESG+ Paathya framework, 71% of energy used across the properties came from renewable sources. Shareholders at the 56th AGM approved a 20-year related-party transactions framework with parent IHCL, along with a final dividend of Rs 0.65 per equity share for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations. Asset-heavy, branded hotel operator running leased/owned properties under the Taj brand and its own identity.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 219 | 395 | 393 | 440 | 494 |
| EBITDA (ex other income) | 23 | 112 | 98 | 110 | 132 |
| margin % | 10.7 | 28.5 | 24.9 | 25.0 | 26.6 |
| Owners' profit | 0 | 54 | 0 | 0 | 91 |
| EPS, as reported (₹) | (1.13) | 3.04 | 2.78 | 2.20 | 3.80 |
| ROE % · ROCE % | (4.6) · 0.6 | 10.1 · 13.7 | 8.0 · 11.2 | 5.8 · 10.2 | 8.9 · 12.6 |
| Debt / equity (x) | 0.61 | 0.34 | 0.27 | 0.22 | 0.13 |
| Cash from operations | 29 | 104 | 91 | 100 | 128 |
| Capex | (5) | (32) | (75) | (71) | (35) |
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 | 103 | 122 | 133 | 108 | 110 | 139 | 136 | 111 |
| Profit before tax | 13 | 22 | 26 | 14 | 19 | 31 | 29 | 13 |
| Net profit | 6 | 15 | 19 | 7 | 8 | 21 | 32 | 5 |
| EPS (₹) | 0.32 | 0.86 | 1.09 | 0.37 | 0.45 | 1.17 | 1.81 | 0.30 |
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) | 38.5 | 25.1 | 46 of 60 | 24% |
| P/B | 3.4 | 1.7 | 44 of 57 | 23% |
| ROCE | 10.9 | 4.9 | 15 of 65 | 78% |
| ROE | 8.9 | 6.4 | 22 of 59 | 64% |
| Debt / Equity | 0.1 | 0.2 | 27 of 59 | 55% |
| EBITDA margin | 22.2 | 29.5 | 38 of 58 | 35% |
| Revenue growth | 3.6 | 7.6 | 36 of 58 | 39% |
| Profit growth | (20.1) | 11.6 | 38 of 55 | 32% |
| Market cap | 2568 | 258 | 12 of 66 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Clarification on delayed credit rating revision disclosure | credit debt | medium | — | — |
| 7 Sept 2026 · ICRA places Oriental Hotels long-term rating on Watch with Positive Implications | credit debt | medium | — | — |
| 7 Sept 2026 · CARE places Oriental Hotels long-term rating on Positive Watch | credit debt | medium | — | — |
| 7 Sept 2026 · Orient Hotels: CARE places long-term rating on positive watch | credit debt | medium | — | — |
| 24 Aug 2026 · IHCL and OHL announce merger - share swap ratio 25:117 | compliance | low | — | — |
| 24 Aug 2026 · Orient Hotels board approves merger with IHCL through share swap | business updates | medium | — | — |
| 11 Aug 2026 · CRISIL assigns ESG rating of 64/100 to Orient Hotels | business updates | medium | — | — |
| 3 Aug 2026 · Newspaper ad on SEBI special window for physical shares demat | compliance | minimal | — | — |
| 3 Aug 2026 · Newspaper ad on demat window for physical shares | compliance | minimal | — | — |
| 31 Jul 2026 · Shareholders approve two new independent directors at AGM | management changes | 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.