WEBSITE BSE:500023 NSE: ASIANHOTNR Inc. Year: 1980 Industry: Hotel, Resort & Restaurants My Bucket: Add Stock
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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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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
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 | 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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.99 | 0 | 0.06 | 0.06 | 0.06 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.11 | 0.11 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.96 | 1.84 | 1.78 | 1.78 | 1.78 | 1.84 | 1.84 | 1.83 | 1.83 | 4.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.95 | 1.95 | 1.95 | 1.95 | 1.95 | 1.95 | 1.95 | 1.95 | 1.95 | 4.26 |
* The pros and cons are machine generated.
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