Bharat Hotels Limited – FY26 Results

11 September 2026

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)

Particulars	FY26	FY25	YoY change
Revenue	815.69	841.90	−3.1%
EBITDA	303.84	367.62	−17.3%
EBITDA Margin	37.2%	43.7%
Finance Costs	128.61	181.25	−29.0%
Profit Before Tax	162.70	162.92	−0.1%
Net Profit (PAT)	115.96	92.97	+24.7%
NP Margin (NPM)	14.2%	11.0%

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)

Particulars	FY26	YoY change
Room rentals	452.76	−0.9%
Food and beverage	235.21	−6.3%
Liquor and wine	36.22	−7.9%
Rent & maintenance (towers)	29.54	+4.6%
Banquet & equipment rentals	27.33	−8.6%
Other services	25.94	+7.8%
Management & consultancy fees	4.78	–
Membership programme	3.29	−53.7%

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)

Particulars	FY26	FY25
Property, plant & equipment	1,523.57	1,560.03
Capital work-in-progress	291.38	287.99
Goodwill	84.25	84.25
Cash and bank	78.40	55.91
Total assets	2,244.42	2,249.14
Total borrowings	775.30	921.89
Total equity	1,059.10	944.59

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)

Particulars	FY26	FY25
Net Profit Margin	13.1%	9.4%
Return on Equity	~11.5%	–
P/E	23.5x	31.7x
P/B	2.53x	2.83x
EV/EBITDA	9.5x	–
Debt-to-Equity (approx.)	0.73x	0.98x

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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