NSE: UPHOT · BSE: 509960
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations (Clarks brand). Asset-heavy, single-segment hospitality business with a small four-property footprint concentrated in north and central Indian heritage and state-capital destinations.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 72 | 131 | 147 | 153 | 162 |
| EBITDA (ex other income) | 13 | 36 | 45 | 42 | 43 |
| margin % | 17.5 | 27.2 | 30.7 | 27.6 | 26.3 |
| Owners' profit | 7 | 23 | 32 | 30 | 32 |
| EPS, as reported (₹) | 12.46 | 43.27 | 58.92 | 55.06 | 59.70 |
| ROE % · ROCE % | 7.0 · 8.9 | 19.5 · 25.9 | 21.0 · 27.4 | 16.4 · 21.6 | 15.1 · 19.9 |
| Debt / equity (x) | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 5 | 53 | (4) | 36 | 76 |
| Capex | (5) | (8) | (9) | (16) | (13) |
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 | 21 | 27 | 55 | 49 | 29 | 25 | 57 | 51 |
| Profit before tax | (1) | 2 | 23 | 16 | 4 | (3) | 22 | 19 |
| Net profit | (1) | 1 | 17 | 12 | 3 | (2) | 17 | 14 |
| EPS (₹) | (1.33) | 2.19 | 31.56 | 22.64 | 6.03 | (3.68) | 30.75 | 26.60 |
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 | 1,02,243 | 47.7 | 6.84 | 27.1 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,249 | 37.2 | 2.76 | 21.0 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,618 | 32.4 | 3.04 | 26.1 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,173 | 25.5 | 3.36 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 18,066 | 34.2 | 4.89 | 16.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,894 | 26.9 | 1.91 | 11.4 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,769 | 37.3 | 4.22 | 16.1 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,674 | 69.2 | 13.81 | 46.3 | 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) | 26.8 | 26.9 | 28 of 57 | 52% |
| P/B | 4.0 | 1.6 | 47 of 57 | 18% |
| ROCE | 19.9 | 4.9 | 7 of 65 | 91% |
| ROE | 15.1 | 6.3 | 9 of 57 | 86% |
| Debt / Equity | 0.0 | 0.2 | 10 of 57 | 84% |
| EBITDA margin | 38.8 | 29.5 | 18 of 58 | 70% |
| Revenue growth | 3.3 | 7.6 | 37 of 58 | 37% |
| Profit growth | 17.5 | 11.6 | 27 of 55 | 52% |
| Market cap | 864 | 246 | 20 of 66 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) compliance certificate for Q2 ended Sep 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · U.P. Hotels 65th AGM: Both resolutions passed with over 99.6% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · U P Hotels 65th AGM held on 29 Sept 2026 via VC; 2 ordinary resolutions passed | board shareholder meetings | low | — | — |
| 21 Sept 2026 · U P Hotels closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Postal Ballot Notice Published for Voluntary Delisting from BSE | compliance | minimal | — | — |
| 14 Sept 2026 · Postal Ballot for SEBI extension on voluntary delisting from BSE | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Board seeks shareholder support for voluntary delisting extension | capital market events | high | — | — |
| 3 Sept 2026 · U P Hotels 65th AGM notice published in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · U P Hotels sends AGM notice via QR code to members without registered email | compliance | minimal | — | — |
| 2 Sept 2026 · 65th AGM notice and Annual Report FY26; no dividend; delisting bid failed | board shareholder meetings | low | — | — |
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.