BSE: 526640
ROYALE MANOR HOTELS & INDUSTRI
Operates a single-segment hotel business, with all revenue from hospitality services and the registered office in Ahmedabad. In FY26, revenue from operations was ₹2,240.57 lakhs, down 3.4% from ₹2,318.97 lakhs in FY25, and profit after tax fell to ₹239.19 lakhs from ₹310.23 lakhs. Quarterly revenue is volatile: Q2 FY26 came in at ₹441.41 lakhs (down about 12% YoY), Q3 FY26 at ₹657.50 lakhs (up about 8% YoY), and Q4 FY26 at ₹708.22 lakhs, reflecting the seasonal nature of the hotel business that management flags in its results disclosures. The largest cost lines are other operating expenses at 46.8% of revenue and employee costs at 25.5%, with materials at 12.1% and depreciation at 6.5%; capex was 26.6% of revenue. Operating cash flow turned positive at ₹805.54 lakhs in FY26 versus negative ₹211.14 lakhs in FY25, while total borrowings rose to ₹683.97 lakhs from ₹583.15 lakhs. EBITDA margin for FY26 was 24.39%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel business. Seasonal, single-segment hotel business with H1 typically weaker
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14 | 22 | 23 | 23 | 22 |
| EBITDA (ex other income) | 2 | 6 | 6 | 4 | 3 |
| margin % | 17.6 | 26.0 | 24.5 | 17.7 | 15.6 |
| Owners' profit | 1 | 4 | 4 | 3 | 2 |
| EPS, as reported (₹) | 0.54 | 2.11 | 2.21 | 1.56 | 1.21 |
| ROE % · ROCE % | 2.0 · 4.4 | 7.3 · 10.4 | 7.2 · 10.2 | 5.1 · 7.5 | 3.8 · 6.0 |
| Debt / equity (x) | 0.19 | 0.18 | 0.15 | 0.10 | 0.11 |
| Cash from operations | (2) | 11 | 2 | 0 | 8 |
| Capex | (0) | (1) | (2) | (5) | (6) |
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 | 6 | 7 | 4 | 4 | 7 | 7 | 5 | 5 |
| Profit before tax | 1 | 2 | 0 | 0 | 1 | 2 | 0 | 0 |
| Net profit | 1 | 2 | 0 | 0 | 1 | 2 | 0 | 0 |
| EPS (₹) | 0.66 | 0.91 | 0.01 | 0.02 | 0.39 | 0.79 | 0.02 | 0.04 |
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) | 20.2 | 25.5 | 25 of 58 | 58% |
| P/B | 0.8 | 1.6 | 13 of 56 | 78% |
| ROCE | 0.2 | 2.2 | 50 of 63 | 21% |
| ROE | 0.2 | 2.6 | 43 of 56 | 24% |
| Debt / Equity | 0.1 | 0.2 | 22 of 56 | 62% |
| EBITDA margin | 5.7 | 22.8 | 50 of 63 | 21% |
| Revenue growth | 13.2 | 10.6 | 23 of 59 | 62% |
| Profit growth | 72.3 | 17.5 | 16 of 57 | 73% |
| Market cap | 50 | 242 | 45 of 66 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 4 Nov 2026 · Q2 and H1 results published in Western Times | compliance | minimal | — | — |
| 3 Nov 2026 · Standalone Q2 revenue up 13%, profit after tax up 72%, EBITDA margin expands | results | high | — | — |
| 3 Nov 2026 · Standalone quarterly profit after tax rose 72% as revenue rose 13% | results | medium | — | — |
| 28 Oct 2026 · Board to review Q2 and half-year results on November 3, 2026 | results | low | — | — |
| 7 Oct 2026 · RTA certifies compliance with SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 29 Sept 2026 · 35th AGM: Both resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Proceedings of AGM | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · AGM notice published: 35th AGM on September 28, 2026 via video conferencing | compliance | minimal | — | — |
| 5 Sept 2026 · 35th Annual Report for FY 2025-26 submitted to BSE | general | 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.