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Asian Hotels (North) Overview

1. Business Overview

Asian Hotels (North) Ltd. operates in the hospitality sector, primarily engaged in the ownership and operation of hotels. Its core business model involves providing accommodation services, food and beverage offerings through restaurants and bars, and facilities for banquets, conferences, and events. The company generates revenue predominantly from room tariffs, F&B sales, and charges for event spaces and other ancillary services like laundry, spa, or business facilities. It likely operates properties under its own management or through strategic alliances with international hotel brands, particularly in North India.

2. Key Segments / Revenue Mix

The primary revenue drivers for Asian Hotels (North) Ltd. are:

Accommodation: Revenue generated from room rentals. This is typically the largest contributor to hotel revenues.

Food & Beverage (F&B): Sales from restaurants, cafes, bars, in-room dining, and catering for events.

Banquets & Conferences: Income from hosting weddings, corporate meetings, and other events.

Other Services: Minor contributions from services like laundry, health clubs, business centers, etc.

Specific percentage breakdowns are not publicly available without direct access to financial reports.

3. Industry & Positioning

The Indian hotel industry is competitive and segmented, ranging from luxury to budget categories. Key players include large domestic chains (e.g., Taj, ITC, Oberoi) and international brands (e.g., Marriott, Hyatt, Hilton) operating through management contracts, franchises, or owned properties. Asian Hotels (North) Ltd. likely positions itself in the upscale or luxury segment, often through association with reputed global brands, leveraging prime locations in key Northern Indian cities. It operates as a regional player, competing directly with other established hotels in its specific geographic markets and target segments.

4. Competitive Advantage (Moat)

Prime Location: If the company owns properties in strategically important, high-demand areas (e.g., central business districts, key tourist hubs in North India), this creates a significant barrier to entry for competitors.

Brand Association: Partnerships with globally recognized hotel brands can provide access to strong brand equity, international distribution networks, loyalty programs, and operational expertise, enhancing guest trust and bookings.

Established Asset Base: Ownership of long-standing, well-maintained properties can offer a stable revenue base and a known presence in the market.

Service Quality: Consistent delivery of high-quality guest experience, though harder to sustain, can foster customer loyalty.

5. Growth Drivers

Domestic Tourism Growth: Increasing disposable incomes and evolving travel preferences among Indian consumers are boosting domestic leisure and business travel.

Business Travel Recovery: Resumption of corporate travel and MICE (Meetings, Incentives, Conferences, Exhibitions) events post-pandemic.

International Tourist Arrivals: Potential recovery and growth in foreign tourist arrivals to India.

Infrastructure Development: Improved connectivity (airports, highways, rail) in Northern India can enhance accessibility to the company's properties.

Urbanization and Economic Development: Growth in key cities where its properties are located will drive demand for accommodation and F&B services.

6. Risks

Economic Downturns: The hospitality sector is highly cyclical and sensitive to economic slowdowns, which can reduce leisure and business travel.

Health Crises/Pandemics: Events like COVID-19 can severely impact travel and hotel occupancy rates.

Intense Competition: High competition from both established players and new entrants can lead to pricing pressures and lower profit margins.

High Fixed Costs: Hotels are capital-intensive, with significant fixed costs (property maintenance, staff salaries) regardless of occupancy, impacting profitability during lean periods.

Regulatory and Policy Changes: Changes in tourism policies, licensing, taxation, or environmental regulations can impact operations and costs.

Geopolitical Instability: Regional tensions or security concerns can deter travel.

7. Management & Ownership

Asian Hotels (North) Ltd. is typically part of a larger promoter group that has a significant ownership stake, a common structure for many Indian companies. The board and management generally consist of a mix of promoter family representatives and independent professionals, guiding the strategic direction and day-to-day operations of the hotel properties. Ownership tends to be concentrated with the promoter group, along with institutional and public shareholdings.

8. Outlook

The outlook for Asian Hotels (North) Ltd. is influenced by the broader trends in the Indian hospitality sector. The bull case rests on the continued recovery and robust growth of domestic tourism, coupled with a rebound in business travel and international arrivals, allowing the company to leverage its prime assets and potentially strong brand associations for improved occupancy and average room rates. Favorable government policies supporting tourism and infrastructure development would further aid this. However, the bear case highlights the inherent cyclicality and capital-intensive nature of the hotel business, making it vulnerable to economic slowdowns, geopolitical events, or future health crises. Intense competition, potential oversupply in certain markets, and the challenge of managing high operating costs could also pressure profitability. The company's performance will largely depend on its ability to maintain high service standards, optimize asset utilization, and adapt to evolving market demands in a competitive environment.

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Asian Hotels (North) Key Financials

Market Cap ₹1258 Cr.

Stock P/E 6.7

P/B 2.5

Current Price ₹295.1

Book Value ₹ 119.3

Face Value 10

52W High ₹389.5

Dividend Yield 0%

52W Low ₹ 249.9

Asian Hotels (North) Share Price

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Volume
Price

Asian Hotels (North) Quarterly Price

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Asian Hotels (North) Peer Comparison

Asian Hotels (North) 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 74 77 84 62 78 86 92 70 77 91
Other Income -0 0 2 0 0 0 2 0 7 -0
Total Income 74 77 85 63 78 86 93 71 84 91
Total Expenditure 60 56 61 49 58 65 62 55 80 81
Operating Profit 14 21 24 14 20 22 31 15 5 10
Interest 32 45 34 34 38 29 33 19 19 21
Depreciation 6 6 5 5 5 5 7 5 4 5
Exceptional Income / Expenses 0 0 0 0 0 117 185 0 -57 -40
Profit Before Tax -23 -29 -15 -25 -23 104 176 -8 -75 -56
Provision for Tax 0 0 0 0 29 14 2 5 -12 0
Profit After Tax -23 -29 -15 -25 -52 90 174 -14 -64 -56
Adjustments 0 0 0 0 0 -0 0 -0 0 -0
Profit After Adjustments -23 -29 -15 -25 -52 90 174 -14 -64 -56
Adjusted Earnings Per Share -11.9 -15 -7.8 -13 -26.7 46.4 89.5 -7 -32.7 -29

Asian Hotels (North) 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 232 241 251 274 274 252 73 131 256 298 318 330
Other Income 31 14 10 31 8 15 2 4 2 2 2 9
Total Income 263 255 261 305 282 267 74 135 257 300 321 339
Total Expenditure 189 170 168 190 191 198 93 125 201 226 234 278
Operating Profit 75 85 93 116 90 69 -18 10 56 74 86 61
Interest 94 117 99 98 113 125 91 110 118 140 134 92
Depreciation 27 23 21 20 19 18 17 25 23 22 22 21
Exceptional Income / Expenses 0 32 0 0 0 0 -569 0 0 0 301 88
Profit Before Tax -45 -23 -27 -3 -42 -74 -695 -125 -85 -87 232 37
Provision for Tax 3 -26 -12 -0 -9 -11 0 0 0 0 45 -5
Profit After Tax -48 3 -16 -2 -33 -63 -695 -125 -85 -87 187 40
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -48 3 -16 -2 -33 -63 -695 -125 -85 -87 187 40
Adjusted Earnings Per Share -24.8 1.6 -8 -1.2 -16.8 -32.5 -357.3 -64.2 -43.6 -45 96.3 20.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 34% 5% 3%
Operating Profit CAGR 16% 105% 5% 1%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -17% 23% 35% 11%
ROE Average 0% 0% -47% -24%
ROCE Average 63% 25% 5% 5%

Asian Hotels (North) 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 753 757 741 739 706 643 372 247 162 75 262
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 741 823 882 831 831 815 847 873 796 709 161
Other Non-Current Liabilities 47 21 3 4 -5 -19 -20 -35 -35 -35 10
Total Current Liabilities 357 250 186 218 259 316 344 432 611 916 1111
Total Liabilities 1899 1851 1812 1792 1791 1755 1542 1517 1534 1664 1544
Fixed Assets 1271 1213 1186 1148 1129 1096 1503 1479 1457 1434 1418
Other Non-Current Assets 595 586 575 580 589 595 12 10 14 22 26
Total Current Assets 33 52 52 63 74 64 27 28 63 208 101
Total Assets 1899 1851 1812 1792 1791 1755 1542 1517 1534 1664 1544

Asian Hotels (North) 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 33 3 10 11 6 5 2 1 1 19 53
Cash Flow from Operating Activities 27 42 82 104 101 109 47 15 43 72 437
Cash Flow from Investing Activities 34 47 18 44 7 22 -1 -3 4 0 -5
Cash Flow from Financing Activities -91 -82 -98 -153 -109 -134 -47 -11 -29 -38 -431
Net Cash Inflow / Outflow -30 7 2 -5 -1 -3 -1 0 18 35 0
Closing Cash & Cash Equivalent 3 10 11 6 5 2 1 1 19 53 54

Asian Hotels (North) 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) -24.77 1.64 -8.03 -1.24 -16.85 -32.45 -357.34 -64.16 -43.6 -44.98 96.26
CEPS(Rs) -11.12 13.31 2.88 9.02 -6.95 -23.23 -348.69 -51.25 -31.75 -33.72 107.57
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 288.05 290.62 282.77 379.75 362.99 330.6 -26.4 -85.51 -124.24 -164.37 -63.18
Core EBITDA Margin(%) 18.85 29.53 33.07 30.76 30.04 21.75 -27.52 4.6 21.27 24.31 26.39
EBIT Margin(%) 20.75 39.16 28.51 34.82 25.98 20.41 -832.25 -11.51 12.9 17.61 114.92
Pre Tax Margin(%) -19.47 -9.38 -10.91 -1 -15.38 -29.3 -957.7 -95.62 -33.16 -29.29 72.92
PAT Margin (%) -20.69 1.32 -6.22 -0.88 -11.98 -25.01 -957.71 -95.62 -33.16 -29.35 58.85
Cash Profit Margin (%) -9.29 10.74 2.23 6.39 -4.94 -17.91 -934.54 -76.39 -24.15 -22.01 65.76
ROA(%) -2.5 0.17 -0.85 -0.13 -1.83 -3.56 -42.16 -8.16 -5.56 -5.47 11.67
ROE(%) -8.24 0.57 -2.8 -0.38 -4.54 -9.36 -234.94 0 0 0 0
ROCE(%) 3.25 6.34 4.76 6.1 4.37 3.24 -48.9 -1.66 3.79 6.68 63.06
Receivable days 15.54 15.54 15.67 15.23 19.13 21.28 68.04 28.71 15.97 20.48 19.31
Inventory Days 8.39 9.51 12.69 14.03 15.27 15.62 40.59 16.15 10.65 12.61 14.15
Payable days 248.21 355.27 444.6 445.37 517.96 718.75 2823.33 1590.11 954.17 966.01 695.85
PER(x) 0 67.07 0 0 0 0 0 0 0 0 3.87
Price/Book(x) 0.35 0.38 0.4 0.8 0.39 0.2 -2.29 -0.95 -0.91 -0.82 -5.9
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 4.72 4.74 4.6 5.37 4.33 4.15 14.81 9.34 5.02 4.23 3.84
EV/Core EBITDA(x) 14.66 13.43 12.44 12.76 13.1 15.1 -59.36 120.85 22.88 16.94 14.13
Net Sales Growth(%) 2.08 3.57 4.17 9.38 -0.3 -7.72 -71.24 79.83 95.96 16.54 6.74
EBIT Growth(%) -25.78 95.48 -24.17 33.47 -25.66 -27.5 -1272.65 97.51 319.75 59.03 596.66
PAT Growth(%) -103.6 106.6 -590.72 84.49 -1253.8 -92.62 -1001.09 82.05 32.04 -3.16 314.02
EPS Growth(%) -103.6 106.6 -590.72 84.49 -1253.8 -92.62 -1001.09 82.05 32.04 -3.15 314.02
Debt/Equity(x) 1.62 1.67 1.72 1.21 1.29 1.43 -18.67 -6.42 -4.48 -3.29 -4.48
Current Ratio(x) 0.09 0.21 0.28 0.29 0.28 0.2 0.08 0.07 0.1 0.23 0.09
Quick Ratio(x) 0.08 0.18 0.23 0.24 0.24 0.17 0.06 0.05 0.09 0.21 0.08
Interest Cover(x) 0.52 0.81 0.72 0.97 0.63 0.41 -6.63 -0.14 0.28 0.38 2.74
Total Debt/Mcap(x) 4.64 4.43 4.27 1.52 3.29 7.06 8.15 6.75 4.9 4.02 0.76

Asian Hotels (North) Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 50.69 0.16 3.17 3.17 3.17 0 0 0 0 0
FII 0 5.26 5.26 5.26 5.26 5.26 5.26 5.64 5.65 2.58
DII 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.06
Public 49.17 94.45 91.44 91.44 91.44 94.61 94.61 94.23 94.22 97.36
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Asian Hotels (North) News

Asian Hotels (North) Pros & Cons

Pros

  • Debtor days have improved from 966.01 to 695.85days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 0%.
  • Company has a low return on equity of 0% over the last 3 years.
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