NSE: SINCLAIR · BSE: 523023
SINCLAIRS HOTELS LIMITED
Operates a chain of 10 hotels and resorts across Indian leisure destinations including Darjeeling, Gangtok, Ooty, Port Blair, and West Bengal properties in Siliguri, Chalsa, Kalimpong and Burdwan. Earns revenue from room rentals, food and beverage, and banquet/wedding events, with FY26 revenue from operations of Rs. 59.24 crore, up about 11% year-on-year, helped by a new 95-room Sinclairs Palace Retreat Udaipur that began operations in August 2025. That Udaipur property was later shut by cancelling the lease effective June 30, 2026 after running continuous losses, with management refocusing on West Bengal where the brand has strong recognition. The company is investing about Rs. 5 crore to build wedding event facilities at Kalimpong and Chalsa and adding 114 rooms across Chalsa (70), Kalimpong (20) and Burdwan (24), funded through internal accruals. The largest cost lines in FY26 were other operating expenses at 30.1% of revenue and employee costs at 23.7%, with materials (food, consumables) at 14.2% and depreciation at 12.3%. The company is debt-free, has paid dividends for 17 consecutive years, and promoter holding stands at 63.63% with zero pledged shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel room rentals and food & beverage, Wedding and event venues. Small, asset-heavy leisure hotel chain concentrated in East and Northeast India; debt-free and dividend-paying
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 30 | 54 | 56 | 53 | 59 |
| EBITDA (ex other income) | 11 | 41 | 22 | 18 | 19 |
| margin % | 36.1 | 75.7 | 39.5 | 34.3 | 32.0 |
| Owners' profit | 7 | 31 | 21 | 14 | 9 |
| EPS, as reported (₹) | 2.56 | 11.43 | 3.88 | 2.73 | 1.77 |
| ROE % · ROCE % | 6.3 · 8.1 | 24.3 · 27.3 | 19.1 · 21.6 | 12.1 · 13.7 | 7.5 · 9.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 8 | 18 | 15 | 11 | 21 |
| Capex | (1) | (6) | (1) | (2) | (2) |
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 | 8 | 14 | 14 | 16 | 9 | 18 | 17 | 20 |
| Profit before tax | 3 | 2 | 4 | 8 | (3) | 7 | (0) | 10 |
| Net profit | 2 | 1 | 4 | 6 | (2) | 6 | (1) | 8 |
| EPS (₹) | 0.44 | 0.22 | 0.74 | 1.21 | (0.40) | 1.12 | (0.16) | 1.54 |
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 | 1,01,296 | 47.2 | 6.78 | 26.9 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,182 | 37.1 | 2.75 | 20.9 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,603 | 32.4 | 3.04 | 26.1 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,198 | 25.6 | 3.36 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 18,067 | 34.2 | 4.89 | 16.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 13,125 | 27.4 | 1.94 | 11.5 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,710 | 37.0 | 4.19 | 16.0 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,635 | 68.7 | 13.71 | 46.0 | 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) | 35.7 | 27.3 | 39 of 57 | 32% |
| P/B | 3.2 | 1.7 | 44 of 57 | 23% |
| ROCE | 7.5 | 4.9 | 21 of 65 | 69% |
| ROE | 7.5 | 6.3 | 23 of 57 | 61% |
| Debt / Equity | 0.0 | 0.2 | 1 of 57 | 88% |
| EBITDA margin | 64.3 | 29.5 | 8 of 58 | 88% |
| Revenue growth | 28.4 | 7.6 | 10 of 58 | 84% |
| Profit growth | 27.9 | 11.6 | 24 of 55 | 57% |
| Market cap | 384 | 247 | 28 of 66 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Promoter Navin Chand Suchanti buys 17,500 shares of Sinclairs Hotels | ownership changes | medium | — | — |
| 23 Sept 2026 · Newspaper notice on re-lodgement window for physical share transfers | compliance | minimal | — | — |
| 22 Sept 2026 · Trading Window Closed from October 1 for Q2 Results | compliance | minimal | — | — |
| 18 Sept 2026 · Promoter buys 17,305 shares of Sinclairs Hotels in open market | ownership changes | medium | — | — |
| 16 Sept 2026 · Shareholders approve re-appointment of Independent Director and Manager | management changes | medium | — | — |
| 16 Sept 2026 · Sinclairs Hotels AGM 2026: All 5 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Sinclairs Hotels 54th AGM proceedings held on September 15, 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Promoter Navin Chand Suchanti buys 6,659 shares of Sinclairs Hotels | ownership changes | medium | — | — |
| 9 Sept 2026 · Promoter Navin Chand Suchanti acquires 19,278 Sinclairs Hotels shares | ownership changes | medium | — | — |
| 7 Sept 2026 · Promoter Navin Chand Suchanti buys 5,993 shares in Sinclairs Hotels via open market | ownership changes | high | — | — |
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.