U P HOTELS LTD.

Operates and runs hotels under the Clarks brand across four Indian cities: Agra, Lucknow, Jaipur and Khajuraho. For FY26, revenue from operations stood at Rs. 161.7639 crore with a net profit of Rs. 32.238 crore and an EBITDA margin of 30.56%. The cost stack is dominated by other operating expenses at 36.8% of revenue, followed by employee costs at 22.7% and materials (largely food, beverages and consumables) at 14.1%; depreciation accounts for 3.8% and capex 8.3% of revenue. Earnings were uneven through the year, with Q2 FY26 posting a net loss of Rs. 198.69 lakh on Rs. 2,534.65 lakh of operating revenue, while Q3 FY26 rebounded to Rs. 1,660.27 lakh of net profit on Rs. 5,677.22 lakh of operating revenue. The company also faces a long-standing regulatory overhang: promoters hold 88.39% (47,72,960 shares) versus the 25% minimum public shareholding norm, and a July 2026 postal ballot to seek SEBI extension for voluntary delisting from BSE fell short of the special resolution threshold. Customers are leisure and business travellers visiting these heritage and state-capital destinations, and the business is run through four physical hotel properties with no other operating segments disclosed.