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Asian Hotels (East) Overview

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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Asian Hotels (East) Key Financials

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

Asian Hotels (East) Share Price

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Volume
Price

Asian Hotels (East) Quarterly Price

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Asian Hotels (East) Peer Comparison

Asian Hotels (East) Quarterly Results

#(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

Asian Hotels (East) Profit & Loss

#(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

Growth Rates

# 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%

Asian Hotels (East) Balance Sheet

#(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

Asian Hotels (East) Cash Flow

#(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

Asian Hotels (East) Ratios

# 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

Asian Hotels (East) Shareholding Pattern

# 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

Asian Hotels (East) News

Asian Hotels (East) Pros & Cons

Pros

  • Company has reduced debt.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Debtor days have increased from 139.66 to 208.64days.
  • Earnings include an other income of Rs. 41 Cr.
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