NSE: TAJGVK · BSE: 532390
TAJ GVK HOTELS & RESORTS
Operates and manages luxury hotels under the Taj brand across Indian cities, with 6 hotels and 1,245 keys currently in service. It recently acquired a controlling 51% stake in Green Woods Palaces & Resorts, which runs Taj Santacruz Mumbai, bringing that property into consolidation and adding to the top line. A 256-key Taj Yelahanka hotel in North Bengaluru is set to open by September 2026 at an estimated cost of Rs 450 crore, and management has outlined a plan to scale keys from around 1,500 to about 4,000. Taj Santacruz Mumbai contributed Q1 FY27 revenue of Rs 56.69 crore and PAT of Rs 12.97 crore. Q1 FY27 occupancy held steady at 82%, though EBITDA margin compressed to 28% from 42% on higher energy, property tax and liquor licence costs at Chandigarh and Chennai. The Taj management contract has been extended by 20 years; the company is net debt-free, recommended a 100% dividend for FY26, and is rebranding to Krishna GVK Hotels and Resorts Limited after terminating its trademark licence and shareholders' agreement with Indian Hotels Company Ltd. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations and related services. Asset-heavy luxury hotel operator with Taj brand affiliation under a 20-year management contract; recently consolidated its Mumbai subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 227 | 384 | 408 | 450 | 508 |
| EBITDA (ex other income) | 52 | 119 | 129 | 139 | 438 |
| margin % | 22.8 | 31.0 | 31.6 | 30.9 | 86.1 |
| Owners' profit | 2 | 93 | 93 | 117 | 410 |
| EPS, as reported (₹) | 0.31 | 14.83 | 14.78 | 18.60 | 65.31 |
| ROE % · ROCE % | 0.6 · 6.3 | 20.2 · 20.9 | 16.9 · 17.2 | 17.9 · 18.0 | 28.9 · 27.1 |
| Debt / equity (x) | 0.46 | 0.21 | 0.12 | 0.00 | 0.05 |
| Cash from operations | 53 | 100 | 124 | 116 | 173 |
| Capex | (0) | (18) | 0 | 0 | 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 | 93 | 105 | 127 | 125 | 106 | 107 | 136 | 159 |
| Profit before tax | 23 | 26 | 46 | 34 | 49 | 32 | 40 | 326 |
| Net profit | 17 | 24 | 41 | 35 | 41 | 28 | 37 | 320 |
| EPS (₹) | 2.71 | 3.86 | 6.57 | 5.46 | 6.55 | 4.39 | 5.90 | 50.88 |
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) | 4.8 | 25.5 | 7 of 58 | 90% |
| P/B | 1.4 | 1.6 | 24 of 56 | 58% |
| ROCE | 26.8 | 2.2 | 2 of 63 | 98% |
| ROE | 28.9 | 2.6 | 2 of 56 | 98% |
| Debt / Equity | 0.1 | 0.2 | 18 of 56 | 69% |
| EBITDA margin | 29.8 | 22.8 | 19 of 63 | 71% |
| Revenue growth | 27.1 | 10.6 | 14 of 59 | 78% |
| Profit growth | 818.8 | 17.5 | 2 of 57 | 98% |
| Market cap | 2050 | 242 | 14 of 66 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 2 Nov 2026 · Company renamed Krishna GVK Luxury Hotels after promoter buyout | compliance | minimal | — | — |
| 31 Oct 2026 · Company renamed as Krishna GVK Luxury Hotels Limited | general | low | — | — |
| 31 Oct 2026 · Company renamed Krishna GVK Luxury Hotels Limited effective 30 October 2026 | corporate actions | low | — | — |
| 27 Oct 2026 · Board to review second-quarter and half-year results on 12 November 2026 | results | low | — | — |
| 6 Oct 2026 · RTA Certificate for quarter ended 30 September 2026 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 board meeting | compliance | minimal | — | — |
| 10 Sept 2026 · Shareholders approve name change to Krishna GVK Luxury Hotels | corporate actions | medium | — | — |
| 9 Sept 2026 · TAJ GVK 31st AGM: All 6 resolutions passed, name change to Krishna GVK approved | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · All 6 resolutions passed at 31st AGM; company name change approved | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Notice to shareholders on IEPF transfer of unclaimed dividend shares for FY 2018-19 | 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.