BSE: 507966
RAS RESORTS & APART HOTELS LTD
Operates hotels and serviced apartments in India, with reported FY26 revenue of Rs 12.9977 crore and net profit of Rs 0.5241 crore. The reported segment is named "Hoteliering," which contributed the entirety of operating revenue across FY26 quarters (Rs 2.95 crore in Q1, Rs 2.47 crore in Q2, Rs 3.79 crore in Q3, and Rs 3.94 crore in Q4). A "Real Estate" segment is also disclosed in filings but recorded zero revenue in each reported quarter through FY26. Operations include a hotel located in Silvassa, which suffered flood damage from the Daman Ganga river in July 2026, disrupting operations; the company has stated the event is covered under its insurance policy. The business is run on an asset-light capex base in FY26, with capital expenditure of only Rs 0.029 crore (0.2% of revenue), and carries low borrowings — outstanding qualified borrowings fell from Rs 3.92 crore to Rs 1.97 crore during FY26. Operating costs are dominated by "other operating expenses" at Rs 10.4642 crore or 80.5% of FY26 revenue, typical of property-level hotel costs such as food & beverage, utilities, repairs and outsourced services. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Hoteliering (100%), Real Estate (0%). Small, asset-light Indian hotel and serviced apartment operator with single-segment revenue concentration
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 13 | 13 | 13 | 13 |
| EBITDA (ex other income) | 1 | 1 | 1 | 1 | 1 |
| margin % | 11.1 | 7.6 | 9.5 | 9.7 | 10.8 |
| Owners' profit | 0 | (0) | 0 | 0 | 1 |
| EPS, as reported (₹) | 0.42 | 0.00 | 0.92 | 0.82 | 1.32 |
| ROE % · ROCE % | 0.8 · 2.2 | (0.0) · 2.7 | 0.9 · 3.4 | 1.7 · 4.0 | 2.7 · 4.2 |
| Debt / equity (x) | 0.25 | 0.18 | 0.20 | 0.20 | 0.08 |
| Cash from operations | 0 | 2 | 1 | 1 | 1 |
| Capex | (1) | (1) | 0 | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 3 | 3 | 2 | 4 | 4 | 4 | 3 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0) |
| EPS (₹) | 0.32 | 0.03 | 0.31 | 0.12 | 0.75 | 0.15 | 0.40 | (0.08) |
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) | 43.3 | 25.5 | 44 of 58 | 25% |
| P/B | 1.1 | 1.6 | 18 of 56 | 69% |
| ROCE | 0.6 | 2.2 | 43 of 63 | 32% |
| ROE | 0.6 | 2.6 | 41 of 56 | 27% |
| Debt / Equity | 0.1 | 0.2 | 23 of 56 | 60% |
| EBITDA margin | 3.3 | 22.8 | 53 of 63 | 16% |
| Revenue growth | 7.6 | 10.6 | 34 of 59 | 43% |
| Profit growth | (170.7) | 17.5 | 51 of 57 | 11% |
| Market cap | 21 | 242 | 56 of 66 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 2 Nov 2026 · Sep 2026 results: revenue rises 22% and profit after tax 77% | compliance | minimal | — | — |
| 31 Oct 2026 · September 2026 quarter turns to loss as revenue rises | results | high | — | — |
| 31 Oct 2026 · September quarter loss, 27% revenue fall and pending BSE delisting | results | high | — | — |
| 23 Oct 2026 · Board to review September quarter results on October 31 | results | low | — | — |
| 12 Oct 2026 · Newspaper notice on special window for physical share transfer and demat | compliance | minimal | — | — |
| 8 Oct 2026 · Reg 74(5) demat confirmation certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 26 Sept 2026 · 42nd AGM: Both resolutions passed with 99.72 percent majority | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 42nd AGM held via video conference, all resolutions passed with 99.72% approval | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results declaration | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 42nd AGM to be held on September 26, 2026 | compliance | minimal | — | — |
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.