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Benares Hotels Overview

Benares Hotels Ltd is engaged within the commercial enterprise of hospitality and food manufacturing. The Company's business includes hotel operations. The Company's hotels consist of The Gateway Hotel Ganges and Nadesar Palace in Varanasi and The Gateway Hotel, Gondia in Maharashtra. The Gateway Hotel Ganges and Nadesar Palace in Varanasi has about 140 rooms and suites. Its offerings are hoteliering and catering. The Company's ultimate holding organisation is The Indian Hotels Company Ltd.

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Benares Hotels Key Financials

Market Cap ₹1300 Cr.

Stock P/E 30.1

P/B 6.1

Current Price ₹10000

Book Value ₹ 1635.6

Face Value 10

52W High ₹10860

Dividend Yield 0.25%

52W Low ₹ 9000

Benares Hotels Share Price

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Volume
Price

Benares Hotels Quarterly Price

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Benares Hotels Peer Comparison

Benares Hotels Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 34 36 23 24 39 49 25 24 42 49
Other Income 1 1 1 1 1 1 2 2 1 1
Total Income 34 37 24 26 40 51 27 26 43 50
Total Expenditure 18 20 14 14 20 27 15 16 22 27
Operating Profit 17 17 10 11 20 23 12 10 21 23
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 2 1 2 2 2 1 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -0 0
Profit Before Tax 15 15 9 10 18 21 10 8 19 21
Provision for Tax 4 4 2 2 5 5 3 2 5 5
Profit After Tax 11 12 6 7 14 16 8 6 14 15
Adjustments -0 -0 -0 0 0 0 0 0 -0 0
Profit After Adjustments 11 12 6 7 14 16 8 6 14 15
Adjusted Earnings Per Share 87 89.2 49.5 55.4 104.3 123.5 58.3 46.8 109.5 118

Benares Hotels 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 47 50 50 47 60 64 24 50 93 121 135 140
Other Income 1 1 2 1 1 0 1 0 2 3 5 6
Total Income 48 51 51 48 60 64 25 50 95 124 141 146
Total Expenditure 31 35 36 36 42 43 24 35 57 69 76 80
Operating Profit 17 16 15 12 18 21 1 15 38 54 65 66
Interest 0 0 0 0 1 1 1 1 0 0 0 0
Depreciation 3 3 5 4 5 6 7 6 6 6 6 7
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 14 13 11 8 12 13 -7 8 31 48 58 58
Provision for Tax 5 5 4 1 3 3 -2 2 8 12 15 15
Profit After Tax 9 8 7 6 9 11 -5 6 23 36 43 43
Adjustments 0 -0 -0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 9 8 7 6 9 11 -5 6 23 36 43 43
Adjusted Earnings Per Share 71 65.2 52.4 49.9 67.1 81.6 -40.2 43.5 179.8 277.3 332.7 332.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 12% 39% 16% 11%
Operating Profit CAGR 20% 63% 25% 14%
PAT CAGR 19% 93% 31% 17%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -4% 40% 52% 25%
ROE Average 28% 29% 17% 16%
ROCE Average 38% 39% 24% 22%

Benares Hotels 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 49 58 61 65 72 78 72 78 100 133 173
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 3 6 8 6 7 10 8 10 10 9 9
Total Current Liabilities 11 8 10 18 18 17 11 8 11 14 14
Total Liabilities 63 71 79 89 97 105 91 95 120 156 195
Fixed Assets 44 43 41 54 81 91 84 78 73 71 70
Other Non-Current Assets 2 5 8 21 5 3 2 7 8 23 22
Total Current Assets 18 23 30 14 10 11 5 10 39 62 103
Total Assets 63 71 79 89 97 105 91 95 120 156 195

Benares Hotels 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 2 6 6 2 5 1 2 1 1 10 22
Cash Flow from Operating Activities 13 10 11 9 16 17 2 16 28 41 42
Cash Flow from Investing Activities -7 -6 -12 -8 -16 -13 -1 -11 -17 -25 -43
Cash Flow from Financing Activities -3 -3 -3 3 -3 -3 -2 -6 -2 -3 -4
Net Cash Inflow / Outflow 4 0 -4 3 -4 1 -1 -0 9 12 -5
Closing Cash & Cash Equivalent 6 6 2 5 1 2 1 1 10 22 17

Benares Hotels 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) 70.97 65.22 52.44 49.87 67.1 81.63 -40.22 43.48 179.85 277.25 332.69
CEPS(Rs) 91.53 85.72 88.2 81.97 107.32 130.72 13.12 92.43 226.07 322.65 379.07
DPS(Rs) 20 20 15 15 15 7.5 0 10 20 25 25
Book NAV/Share(Rs) 378.51 443.39 470.48 502.38 551.56 602.41 555.65 598.75 767.5 1023.05 1328.58
Core EBITDA Margin(%) 33.6 29.47 27.87 23.82 29.25 32.61 1.62 29.11 38.74 42.41 43.79
EBIT Margin(%) 30.23 26.21 21.65 16.81 21.68 22.9 -24.64 16.77 33.91 40.2 43.18
Pre Tax Margin(%) 30.23 26.21 21.65 16.55 20.41 21.21 -28.75 15.47 33.52 39.88 42.9
PAT Margin (%) 19.56 16.89 13.75 13.67 14.62 16.68 -21.57 11.34 25.05 29.9 31.93
Cash Profit Margin (%) 25.23 22.2 23.13 22.47 23.38 26.7 7.04 24.11 31.49 34.79 36.38
ROA(%) 15.59 12.61 9.1 7.73 9.4 10.54 -5.34 6.08 21.71 26.08 24.61
ROE(%) 19.99 15.87 11.48 10.25 12.73 14.15 -6.95 7.53 26.33 30.97 28.29
ROCE(%) 30.89 24.63 18.07 12.13 17.6 18.16 -7.39 10.74 35.64 41.64 38.27
Receivable days 18.81 22.03 28.98 31.9 25.78 24.89 38.48 7.94 11.11 14.18 12.27
Inventory Days 8.52 8.45 8.55 9.23 7.74 6.7 14.13 5.95 3.98 3.9 3.23
Payable days 263.47 289.89 329.27 405.46 402.76 369.84 492.16 195.13 182.23 216.48 208.49
PER(x) 17.88 15.27 23.88 23.06 23.34 15.84 0 46.91 18.06 31.33 33.63
Price/Book(x) 3.35 2.25 2.66 2.29 2.84 2.15 2.3 3.41 4.23 8.49 8.42
Dividend Yield(%) 1.58 2.01 1.2 1.3 0.96 0.58 0 0.49 0.62 0.29 0.22
EV/Net Sales(x) 3.37 2.35 3.03 3.12 3.45 2.69 7.02 5.19 4.2 8.95 10.07
EV/Core EBITDA(x) 9.39 7.47 9.78 12.19 11.32 8.17 176.68 17.57 10.41 19.84 21.15
Net Sales Growth(%) 9.2 6.43 -1.26 -4.32 25.83 6.63 -61.91 105.62 87.25 29.19 12.36
EBIT Growth(%) 3.64 -7.7 -18.44 -25.73 62.26 12.66 -140.98 239.94 278.74 53.12 20.7
PAT Growth(%) 2.74 -8.1 -19.6 -4.9 34.55 21.66 -149.27 208.11 313.61 54.16 19.99
EPS Growth(%) 2.74 -8.1 -19.6 -4.9 34.55 21.66 -149.27 208.11 313.61 54.16 19.99
Debt/Equity(x) 0 0 0 0.08 0.07 0.07 0.08 0 0 0 0
Current Ratio(x) 1.65 3.03 2.99 0.8 0.57 0.64 0.47 1.36 3.56 4.48 7.59
Quick Ratio(x) 1.54 2.88 2.87 0.73 0.5 0.58 0.4 1.25 3.44 4.39 7.51
Interest Cover(x) 0 0 0 64.71 17.06 13.54 -5.99 12.89 86.07 128.99 153.28
Total Debt/Mcap(x) 0 0 0 0.03 0.02 0.03 0.03 0 0 0 0

Benares Hotels Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 62.57 62.57 62.57 61.19 62.58 62.58 62.58 62.58 62.58 62.58
FII 0 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01
DII 0 0 0 0 0 0 0.02 0.02 0.01 0.01
Public 37.43 37.42 37.42 38.81 37.42 37.41 37.4 37.4 37.4 37.4
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Benares Hotels News

Benares Hotels Pros & Cons

Pros

  • Company has delivered good profit growth of 31% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29%
  • Debtor days have improved from 216.48 to 208.49days.
  • Company is almost debt free.

Cons

  • Stock is trading at 6.1 times its book value.
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