Bharat Hotels Limited – FY26 Results

Bharat Hotels Limited, incorporated in 1981, operates luxury hotels across India under The Lalit brand, spanning city hotels (Delhi, Mumbai, Bengaluru, Kolkata, Jaipur, Chandigarh), palaces (Udaipur, Srinagar) and resorts (Goa, Bekal, Khajuraho, Mangar). It also owns two commercial towers in Delhi (World Trade Centre and World Trade Tower). The company is unlisted, run by Chairperson Dr. Jyotsna Suri, and is majority owned by Deeksha Holding Limited (40.42%).

Revenue, EBITDA, Net Profit & EPS Summary (₹ in Cr, Standalone)

Revenue declined 3.1%, driven mainly by disruption at the Srinagar palace amid regional unrest. Yet PAT rose a strong 24.7% - not from operations, which actually deteriorated (EBITDA down 17.3%), but from a ₹52.6 crore cut in finance costs after refinancing debentures at better rates in January 2026. Operating performance weakened; profit improved purely on cheaper debt.

Revenue Mix (₹ in Cr, Standalone)

Rooms held roughly flat, but every discretionary spending line F&B, liquor, banqueting, membership fell sharply. These carry high operating leverage on a fixed cost base, which explains most of the EBITDA decline.

Key Balance Sheet Items (₹ in Cr, Consolidated)

Debt fell ₹146.6 crore in one year, cutting gearing from 44.49% to 36.35%. But ₹278.72 crore of CWIP (largely the stalled Ahmedabad hotel) has sat idle over three years, with its land-allotment deadline already lapsed and an extension still pending.

Key Ratio Analysis (Consolidated)

At an indicative price of ₹367 (market cap ₹2,794.96 cr), Bharat Hotels trades at the lowest P/E and EV/EBITDA among luxury/upscale peers (Chalet, Ventive, Juniper, EIH) - but also has the lowest net margin in the group. The discount reflects a pending ₹1,063.75 crore NDMC claim on its flagship Delhi property (roughly equal to total equity), a leasehold-heavy asset base, and no daily liquidity as an unlisted stock.

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