WEBSITE BSE:533227 NSE: ASIAN HTL E Inc. Year: 2007 Industry: Hotel, Resort & Restaurants My Bucket: Add Stock
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1. Business Overview
Asian Hotels (East) Ltd. (AHLEAST) is primarily engaged in the hospitality business in India. The company owns and operates the Hyatt Regency Kolkata, a luxury five-star hotel. Its core business model revolves around providing premium accommodation services, food and beverage offerings, banquet and conference facilities, and other ancillary services typical of a luxury hotel. The company generates revenue primarily through room rentals, sales from its restaurants and bars, and income from hosting events, weddings, and corporate meetings.
2. Key Segments / Revenue Mix
The company's revenue streams are typically categorized into:
Room Revenue: Income from guest accommodation, which usually forms the largest portion of total revenue for a luxury hotel.
Food & Beverage (F&B) Revenue: Sales from restaurants, bars, in-room dining, and catering services.
Banquet & Conference Revenue: Income from hosting events, meetings, and conventions.
Other Services: Minor revenue streams from amenities like spas, laundry, and business centers.
Specific percentage contributions are not publicly detailed, but room revenue and F&B sales are the dominant segments.
3. Industry & Positioning
The Indian hotel industry is diverse, comprising international luxury chains, domestic brands, and independent hotels across various price points. It is competitive, influenced by economic cycles, tourism trends, and real estate dynamics. Asian Hotels (East) Ltd. operates in the premium/luxury segment through its association with the globally renowned Hyatt brand. The Hyatt Regency Kolkata is positioned as a leading five-star hotel in the Eastern Indian market, competing with other luxury hospitality players in the city based on brand reputation, service quality, and facilities.
4. Competitive Advantage (Moat)
The company's primary competitive advantages include:
Brand Leverage: Association with Hyatt International provides strong brand recognition, access to global distribution networks, loyalty programs, and standardized operating procedures, which are crucial in the luxury segment.
Prime Location: Owning a well-established luxury property in a major metropolitan city like Kolkata provides a strategic advantage due to high barriers to entry for similar properties in prime areas.
Established Asset: The Hyatt Regency Kolkata is an operational asset with a long-standing presence, established customer base, and operational efficiencies.
5. Growth Drivers
Key factors that can drive growth for Asian Hotels (East) Ltd. over the next 3-5 years include:
Recovery in Travel & Tourism: Post-pandemic resurgence in both domestic and international leisure and business travel.
Growing MICE Segment: Increased demand for Meetings, Incentives, Conferences, and Exhibitions (MICE) in Kolkata, boosting banquet and conference revenue.
Urbanization & Infrastructure Development: Continued economic growth and infrastructure improvements in Kolkata and Eastern India can drive corporate and leisure demand.
Improved Average Daily Rates (ADR) & Occupancy: Ability to increase room rates and utilization as demand strengthens and supply rationalizes.
Leveraging Hyatt Brand: Continued benefits from Hyatt's global marketing, loyalty programs, and operational expertise.
6. Risks
Economic Downturns: The hospitality sector is highly sensitive to economic cycles, impacting leisure and business travel spending.
Geopolitical and Health Crises: Events like pandemics or political instability can severely disrupt travel and hotel operations.
High Fixed Costs: Hotels have significant fixed costs (property maintenance, staff salaries, utilities), which can strain profitability during periods of low occupancy.
Competition & Oversupply: Intense competition from existing and new luxury hotels in Kolkata could put pressure on pricing and occupancy.
Regulatory Changes: Changes in tourism policies, taxation, or licensing regulations can impact operations and profitability.
Brand Agreement Dependence: Reliance on the management agreement with Hyatt International.
7. Management & Ownership
Asian Hotels (East) Ltd. is promoted by the Saraf family, who have a long history and significant experience in the Indian hospitality industry. The company's management team is responsible for overseeing the operations of the Hyatt Regency Kolkata and ensuring adherence to brand standards and business objectives. The ownership structure typically involves significant promoter holdings alongside public and institutional shareholding.
8. Outlook
Asian Hotels (East) Ltd. operates a premium asset in a key metropolitan market, leveraging a strong international brand (Hyatt). The outlook is largely tied to the broader recovery and growth of India's hospitality sector, particularly in the luxury segment. The company stands to benefit from increasing domestic travel, business activity, and MICE events. However, it faces inherent risks associated with the cyclical nature of the industry, high operating leverage, and intense competition. Its ability to maintain high occupancy and improve average daily rates while managing operational costs will be crucial for sustained profitability. The strategic advantage of its established brand and location provides a foundation, but external macroeconomic factors and competitive dynamics will significantly influence its future performance.
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Market Cap ₹277 Cr.
Stock P/E 15.8
P/B 1.6
Current Price ₹160.1
Book Value ₹ 101.6
Face Value 10
52W High ₹189
Dividend Yield 0.62%
52W Low ₹ 124.2
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 32 | 34 | 22 | 23 | 33 | 35 | 25 | 26 | 37 |
| Other Income | 1 | 0 | 26 | 10 | 10 | 10 | 11 | 0 | 0 | 0 |
| Total Income | 22 | 32 | 60 | 32 | 33 | 43 | 46 | 25 | 26 | 37 |
| Total Expenditure | 18 | 22 | 20 | 22 | 19 | 22 | 21 | 19 | 20 | 23 |
| Operating Profit | 3 | 11 | 40 | 11 | 14 | 21 | 25 | 6 | 6 | 14 |
| Interest | 0 | 8 | 13 | 9 | 9 | 12 | 9 | 10 | 10 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -62 |
| Profit Before Tax | 11 | 2 | 26 | 1 | 4 | 8 | 15 | -5 | -5 | -49 |
| Provision for Tax | 3 | 1 | 7 | 1 | 1 | 3 | 5 | 2 | 2 | 3 |
| Profit After Tax | 8 | 2 | 19 | -0 | 3 | 5 | 10 | -7 | -7 | -53 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 8 | 2 | 19 | -0 | 3 | 5 | 10 | -7 | -7 | -53 |
| Adjusted Earnings Per Share | 4.5 | 1 | 11.1 | -0.2 | 1.7 | 2.8 | 5.8 | -3.8 | -4 | -30.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 188 | 193 | 195 | 190 | 202 | 185 | 54 | 51 | 94 | 108 | 113 | 123 |
| Other Income | 6 | 15 | 11 | 6 | 11 | 11 | 11 | 0 | 2 | 28 | 41 | 11 |
| Total Income | 195 | 208 | 206 | 195 | 213 | 195 | 65 | 51 | 96 | 137 | 154 | 134 |
| Total Expenditure | 145 | 145 | 152 | 151 | 160 | 155 | 65 | 53 | 73 | 78 | 83 | 83 |
| Operating Profit | 50 | 63 | 54 | 44 | 53 | 41 | 0 | -2 | 23 | 59 | 71 | 51 |
| Interest | 52 | 38 | 19 | 16 | 14 | 14 | 14 | 0 | 0 | 21 | 40 | 29 |
| Depreciation | 32 | 31 | 31 | 30 | 28 | 26 | 19 | 3 | 4 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | 0 | -3 | 0 | 0 | 0 | 0 | 0 | 10 | 8 | 0 | -62 |
| Profit Before Tax | -33 | -6 | 0 | -2 | 10 | 1 | -33 | -5 | 29 | 43 | 27 | -44 |
| Provision for Tax | 6 | 1 | 4 | 4 | 7 | 8 | -0 | -1 | 5 | 11 | 10 | 12 |
| Profit After Tax | -39 | -7 | -4 | -6 | 4 | -8 | -33 | -4 | 24 | 32 | 18 | -57 |
| Adjustments | 17 | 14 | 0 | 0 | 0 | 0 | 0 | -30 | 1 | 0 | 0 | 0 |
| Profit After Adjustments | -22 | 6 | -3 | -6 | 4 | -8 | -33 | -34 | 25 | 32 | 18 | -57 |
| Adjusted Earnings Per Share | -12.8 | 3.7 | -2 | -3.3 | 2 | -4.3 | -19.1 | -20 | 14.2 | 18.3 | 10.1 | -32.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | 30% | -9% | -5% |
| Operating Profit CAGR | 20% | 0% | 12% | 4% |
| PAT CAGR | -44% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 13% | 12% | 9% | 5% |
| ROE Average | 7% | 9% | 4% | 1% |
| ROCE Average | 12% | 11% | 6% | 4% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 757 | 799 | 775 | 769 | 773 | 759 | 724 | 687 | 203 | 230 | 244 |
| Minority's Interest | 24 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 310 | 140 | 133 | 123 | 111 | 97 | 102 | 114 | 0 | 149 | 142 |
| Other Non-Current Liabilities | 48 | 48 | 46 | 50 | 34 | 23 | 11 | 10 | 11 | 21 | 24 |
| Total Current Liabilities | 61 | 200 | 60 | 72 | 69 | 100 | 93 | 105 | 27 | 212 | 268 |
| Total Liabilities | 1199 | 1197 | 1014 | 1014 | 988 | 979 | 931 | 916 | 241 | 612 | 678 |
| Fixed Assets | 875 | 848 | 837 | 809 | 783 | 731 | 716 | 710 | 179 | 178 | 179 |
| Other Non-Current Assets | 56 | 59 | 78 | 105 | 96 | 40 | 26 | 30 | 11 | 19 | 411 |
| Total Current Assets | 268 | 291 | 98 | 100 | 109 | 208 | 135 | 121 | 52 | 416 | 88 |
| Total Assets | 1199 | 1197 | 1014 | 1014 | 988 | 979 | 931 | 916 | 241 | 612 | 678 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 9 | 6 | 6 | 4 | 19 | 3 | 2 | 3 | 1 | 1 | 1 |
| Cash Flow from Operating Activities | 40 | 40 | 37 | 18 | 34 | 71 | -7 | 3 | 9 | -385 | 0 |
| Cash Flow from Investing Activities | 49 | 31 | 144 | 22 | -20 | -44 | 8 | -10 | -3 | 58 | 10 |
| Cash Flow from Financing Activities | -92 | -71 | -180 | -25 | -30 | -28 | -0 | 7 | -10 | 327 | -9 |
| Net Cash Inflow / Outflow | -3 | 1 | 0 | 15 | -16 | -0 | 0 | -1 | -4 | -0 | 1 |
| Closing Cash & Cash Equivalent | 6 | 7 | 6 | 19 | 3 | 2 | 3 | 2 | 1 | 1 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -12.75 | 3.75 | -2.02 | -3.31 | 2.05 | -4.34 | -19.07 | -19.95 | 14.18 | 18.34 | 10.13 |
| CEPS(Rs) | -4.46 | 14.14 | 15.88 | 13.93 | 18.21 | 10.69 | -7.86 | -0.4 | 15.89 | 20.43 | 12.34 |
| DPS(Rs) | 2 | 2 | 2 | 2.5 | 2.5 | 0 | 0 | 0 | 2.5 | 2.5 | 1 |
| Book NAV/Share(Rs) | 440.98 | 465.41 | 448.2 | 444.5 | 447.27 | 439.2 | 418.91 | 397.13 | 117.35 | 133.18 | 140.86 |
| Core EBITDA Margin(%) | 23.2 | 24.69 | 22.11 | 20.4 | 20.78 | 16.27 | -18.72 | -4.45 | 22.29 | 27.95 | 26.34 |
| EBIT Margin(%) | 9.71 | 16.41 | 9.97 | 7.69 | 12.2 | 7.97 | -34.9 | -10.4 | 31.08 | 58.16 | 59.27 |
| Pre Tax Margin(%) | -17.66 | -3.17 | 0.22 | -0.88 | 5.04 | 0.41 | -61.02 | -10.44 | 31.03 | 39.22 | 24.05 |
| PAT Margin (%) | -20.78 | -3.7 | -1.79 | -3.03 | 1.75 | -4.07 | -60.64 | -7.87 | 25.45 | 29.23 | 15.5 |
| Cash Profit Margin (%) | -4.06 | 12.59 | 14.07 | 12.7 | 15.56 | 10.01 | -25.01 | -1.37 | 29.31 | 32.58 | 18.89 |
| ROA(%) | -3.15 | -0.59 | -0.32 | -0.57 | 0.35 | -0.76 | -3.45 | -0.44 | 4.12 | 7.43 | 2.72 |
| ROE(%) | -5.07 | -0.92 | -0.45 | -0.74 | 0.46 | -0.98 | -4.44 | -0.57 | 5.36 | 14.64 | 7.39 |
| ROCE(%) | 1.65 | 2.92 | 1.94 | 1.6 | 2.74 | 1.66 | -2.2 | -0.63 | 5.66 | 16.45 | 11.78 |
| Receivable days | 17.76 | 18.35 | 21.39 | 25.52 | 29.89 | 30.57 | 69.59 | 68.98 | 34.51 | 20.5 | 20.98 |
| Inventory Days | 5.72 | 5.36 | 5.57 | 7.5 | 5.89 | 5.25 | 17.64 | 17.91 | 7.58 | 4.27 | 4.72 |
| Payable days | 447.6 | 475.65 | 380.66 | 243.3 | 186.46 | 220.17 | 657.45 | 430.38 | 190.14 | 139.66 | 208.64 |
| PER(x) | 0 | 26.92 | 0 | 0 | 82.24 | 0 | 0 | 0 | 7.37 | 7.42 | 13.9 |
| Price/Book(x) | 0.3 | 0.22 | 0.32 | 0.4 | 0.38 | 0.2 | 0.26 | 0.4 | 0.89 | 1.02 | 1 |
| Dividend Yield(%) | 1.01 | 1.32 | 0.92 | 0.95 | 0.99 | 0 | 0 | 0 | 2.39 | 1.84 | 0.71 |
| EV/Net Sales(x) | 2.87 | 2.37 | 1.99 | 2.22 | 2.02 | 1.25 | 5.42 | 7.97 | 1.49 | 5.17 | 5.02 |
| EV/Core EBITDA(x) | 10.84 | 7.24 | 7.21 | 9.49 | 7.78 | 5.69 | 740.83 | -205.05 | 6.1 | 9.58 | 8.02 |
| Net Sales Growth(%) | 4.87 | 2.29 | 1.29 | -2.86 | 6.71 | -8.74 | -70.56 | -5.83 | 83.15 | 15.69 | 4.2 |
| EBIT Growth(%) | -41.16 | 72.72 | -38.45 | -25.05 | 69.18 | -40.35 | -228.86 | 71.95 | 647.56 | 116.49 | 6.19 |
| PAT Growth(%) | -65.05 | 81.82 | 50.82 | -63.8 | 161.57 | -312.56 | -339.02 | 87.77 | 691.91 | 32.89 | -44.74 |
| EPS Growth(%) | -192.73 | 129.4 | -153.92 | -63.91 | 161.78 | -312.07 | -339.02 | -4.65 | 171.1 | 29.27 | -44.74 |
| Debt/Equity(x) | 0.42 | 0.36 | 0.19 | 0.18 | 0.16 | 0.15 | 0.17 | 0.2 | 0 | 1.45 | 1.35 |
| Current Ratio(x) | 4.41 | 1.45 | 1.64 | 1.38 | 1.58 | 2.09 | 1.44 | 1.16 | 1.91 | 1.96 | 0.33 |
| Quick Ratio(x) | 4.36 | 1.44 | 1.58 | 1.32 | 1.55 | 2.06 | 1.42 | 1.13 | 1.87 | 1.95 | 0.32 |
| Interest Cover(x) | 0.35 | 0.84 | 1.02 | 0.9 | 1.7 | 1.05 | -1.34 | -212.86 | 594.67 | 3.07 | 1.68 |
| Total Debt/Mcap(x) | 1.42 | 1.67 | 0.58 | 0.45 | 0.43 | 0.76 | 0.66 | 0.51 | 0 | 1.42 | 1.35 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.63 | 65.63 | 65.63 | 65.63 | 65.63 | 65.63 | 65.63 | 65.63 | 65.63 | 65.63 |
| FII | 0.17 | 0.06 | 0.14 | 0 | 0.14 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 |
| Public | 33.96 | 34.07 | 34 | 34.14 | 33.99 | 34.14 | 34.14 | 34.14 | 34.14 | 34.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 | 0.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 | 1.73 |
* The pros and cons are machine generated.
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