BSE: 539659
VIKRAM KAMATS HOSPITALITY LIMI
Operates a chain of restaurants and hotels across India, with restaurant outlets run directly and hotel operations housed in a subsidiary called Vitizen Hotels Limited. The standalone business reported revenue of Rs 2,922.26 lakhs for FY26, while on a consolidated basis revenue reached Rs 5,599.85 lakhs, with the Vitizen Hotels subsidiary contributing about Rs 27.7 crore. In July 2026 a new premium restaurant outlet called Urban Dhaba was opened at Nahur, Mumbai, seating around 70 guests in roughly 1,000 sq ft, and a management agreement was signed to operate a new 33-key chalet-style resort at Igatpuri, Maharashtra — taking the portfolio to 20 hotels across India across owned, leased and managed formats. Operations at VITS Kamats Resort in Silvassa were temporarily suspended in July 2026 after flash floods washed out the main access bridge, and the company stated adequate insurance was in place. Capital work-in-progress rose from Rs 950.42 lakhs to Rs 1,478.61 lakhs by year-end, indicating heavy ongoing investment in new outlets and properties. Employee cost is the largest single operating expense at 26.9% of revenue, followed by other operating expenses at 32.5% and materials at 17.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Restaurant operations, Hotel operations (via Vitizen Hotels subsidiary). Asset-heavy, multi-format hospitality — restaurants plus owned, leased and managed hotels — in an active expansion phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 25 | 29 | 39 | 56 |
| EBITDA (ex other income) | — | 2 | 4 | 7 | 11 |
| margin % | — | 7.5 | 15.2 | 18.0 | 19.9 |
| Owners' profit | — | 2 | 2 | 1 | 0 |
| EPS, as reported (₹) | (0.02) | 1.46 | 1.58 | 0.53 | 0.09 |
| ROE % · ROCE % | — · 4.6 | 11.9 · 16.5 | 7.8 · 6.7 | 1.5 · 3.7 | 0.2 · 4.1 |
| Debt / equity (x) | — | 0.10 | 0.90 | 0.55 | 0.49 |
| Cash from operations | (0) | 3 | (13) | (2) | 12 |
| Capex | — | (4) | (7) | 0 | 0 |
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 | 10 | 12 | 13 | 12 | 14 | 17 | 15 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | (2) | 3 | 1 |
| Net profit | 0 | 0 | 0 | 0 | 0 | (2) | 2 | 0 |
| EPS (₹) | 0.11 | 0.18 | 0.07 | 0.08 | 0.01 | (1.07) | 1.06 | 0.14 |
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. % |
|---|---|---|---|---|---|---|---|---|
| JUBILANT FOODWORKS LTD | 28,215 | 65.1 | 11.82 | 15.5 | 18.6 | 8.8 | 23.5 | 20.3 |
| TRAVEL FOOD SERVICES LTD | 15,540 | 32.6 | 10.62 | 20.8 | 30.9 | 33.5 | — | 46.0 |
| DEVYANI INTERNATIONAL LTD | 15,344 | — | 8.14 | 18.6 | (2.3) | (1.1) | — | 17.3 |
| WESTLIFE FOODWORLD LTD | 8,951 | 281.4 | 14.46 | — | 5.2 | — | 21.6 | 13.5 |
| RESTAURANT BRAND ASIA LTD | 6,573 | — | 9.55 | 18.2 | (29.6) | (7.8) | — | 14.6 |
| SAPPHIRE FOODS INDIA LTD | 6,572 | — | 4.73 | 13.6 | (2.3) | (1.4) | — | 16.3 |
| UNITED FOODBRANDS LIMITED | 2,595 | — | 8.08 | 13.0 | (19.3) | (6.3) | 21.4 | 16.7 |
| SPICE LOUNGE FOOD WORKS LIMITE | 1,752 | 69.8 | 14.24 | 112.4 | 7.9 | 3.9 | — | 13.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 218.4 | 65.1 | 7 of 9 | 25% |
| P/B | 0.9 | 8.1 | 1 of 11 | 100% |
| ROCE | 0.9 | 2.4 | 7 of 12 | 46% |
| ROE | 0.2 | 0.3 | 7 of 11 | 40% |
| Debt / Equity | 0.5 | 0.4 | 7 of 10 | 33% |
| EBITDA margin | 23.4 | 17.3 | 2 of 11 | 90% |
| Revenue growth | 15.6 | 16.6 | 9 of 12 | 27% |
| Profit growth | 165.6 | 113.8 | 4 of 11 | 70% |
| Market cap | 56 | 2595 | 12 of 13 | 8% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Non-applicability certificate for SEBI Reg 74(5) filed | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 4 Sept 2026 · Investor Presentation Q1 FY27 results and growth updates | investor communications | medium | — | — |
| 31 Aug 2026 · 19th AGM concluded: all 4 resolutions passed, MD Vikram Kamat re-appointed | board shareholder meetings | low | — | — |
| 31 Aug 2026 · 19th AGM held via VC; all 4 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 31 Aug 2026 · 19th AGM: All 4 Resolutions Passed Including MD Re-appointment | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Revenue Up, Flagship Hotel Hit by Flash Floods | results | high | — | — |
| 13 Aug 2026 · Q1 FY27 results: consolidated PAT jumps 166% on lease gain | results | high | — | — |
| 10 Aug 2026 · Web link to 19th AGM Annual Report FY25-26 shared with members | 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.