Hotel, Resort & Restaurants · Founded 1986 · www.chalethotels.com · BSE 542399 · NSE CHALET · ISIN INE427F01016
No Notes Added Yet
Business
Chalet Hotels Ltd. is an owner, developer, and asset manager of high-end hotels and mixed-use developments in India. The company primarily operates through long-term branding and management contracts with international hotel brands like Marriott International and Hyatt International, and also has a presence with Indian brands like Taj. Its portfolio includes luxury, upper upscale, and upscale hotels, often located in prime urban and business districts. Chalet's core business model involves developing and owning these hotel assets and generating revenue from room rentals, food & beverage sales, banqueting/MICE (Meetings, Incentives, Conferences, Exhibitions) services, and retail/office space within its mixed-use properties.
Revenue Mix
Chalet's revenue streams are primarily derived from its hospitality operations and, to a lesser extent, from its mixed-use developments.
Rooms Revenue: Typically the largest contributor, generated from room nights booked across its hotel properties.
Food & Beverage (F&B): Includes revenue from restaurants, bars, in-room dining, and catering services.
Banqueting & MICE: Revenue from hosting events, conferences, weddings, and other large gatherings.
Other Income: May include rental income from retail and office spaces within its mixed-use properties, spa services, etc.
The exact percentage breakdown can vary by year but generally, rooms and F&B are the dominant segments.
Industry
The Indian hotel industry is characterized by significant growth potential driven by increasing domestic and international tourism, rising disposable incomes, and improved infrastructure. It is a competitive industry with a mix of large international chains, domestic players, and independent hotels. Chalet Hotels is positioned as a leading player in the asset-heavy model within the upscale and luxury segments. By owning prime land parcels and properties, and partnering with strong global brands (Marriott, Hyatt), Chalet differentiates itself from asset-light operators or those focused solely on budget/mid-market segments. Its strategy often involves integrated mixed-use developments, providing a unique value proposition and diversified revenue streams compared to standalone hotel properties.
MOAT
Prime Locations & Asset Ownership: Chalet owns high-quality, strategically located land parcels and properties in key metro cities (Mumbai, Bengaluru, Pune, Hyderabad). Acquiring such prime real estate is a significant barrier to entry.
Brand Partnerships: Long-standing relationships with leading global hospitality brands like Marriott and Hyatt provide strong brand recognition, global distribution networks, and operational expertise, enhancing guest trust and occupancy rates.
Scale & Capital Intensity: Developing and owning luxury hotels requires substantial capital investment, acting as a natural barrier for new entrants. Chalet's existing portfolio and development pipeline leverage its established financial capacity.
Integrated Mixed-Use Developments: Its expertise in developing properties that combine hotels with retail, offices, or residences creates integrated ecosystems, enhancing the value proposition and potentially diversifying revenue streams beyond pure hospitality.
Growth Drivers
Urbanization & Economic Growth: Continued economic growth in India, urbanization, and rising disposable incomes drive demand for business travel, leisure travel, and MICE events.
Tourism Sector Expansion: Government initiatives to promote tourism (domestic and international), improved air connectivity, and infrastructure development will increase guest footfall.
New Property Development: Chalet's pipeline of new hotel projects and expansion into new micro-markets or asset classes will add to its operational capacity and revenue.
Operational Efficiencies & F&B Growth: Focus on optimizing operations, increasing direct bookings, and enhancing F&B offerings, including standalone restaurants, can drive RevPAR (Revenue Per Available Room) growth and profitability.
Mixed-Use Synergy: Leveraging the synergy between its hotel, retail, and office components within mixed-use developments to maximize overall asset value and attract diverse clientele.
Risks
Economic Downturns: The hospitality sector is highly sensitive to economic cycles. A slowdown in business activity or discretionary spending can significantly impact occupancy rates and average room rates.
Geopolitical and Health Crises: Events like pandemics, terrorist attacks, or political instability can severely disrupt travel and tourism, as demonstrated by the COVID-19 pandemic.
Intense Competition: The Indian hospitality market is competitive, with numerous domestic and international players vying for market share, potentially leading to pricing pressures.
Regulatory & Environmental Risks: Changes in land use regulations, environmental clearances, taxation policies, or licensing requirements can impact development timelines and costs.
Interest Rate Fluctuations: As an asset-heavy company, Chalet may carry significant debt. Rising interest rates can increase financing costs and impact profitability.
Real Estate Market Risks: Delays in project execution, cost overruns, or adverse movements in real estate prices can affect asset valuations and development returns.
Management & Ownership
Chalet Hotels Ltd. is promoted by the K Raheja Corp group, a prominent real estate developer in India with a long track record in commercial, residential, and hospitality projects. This promoter background provides Chalet with significant expertise in land acquisition, project development, and strong financial backing. The management team typically comprises experienced professionals from the hospitality and real estate sectors. The ownership structure includes the promoter group holding a significant stake, with the remainder held by institutional investors (domestic and foreign) and the public, indicating a blend of promoter control and public accountability.
Outlook
Chalet Hotels is well-positioned to capitalize on India's long-term hospitality growth story, driven by its portfolio of prime assets, strong brand partnerships, and the K Raheja Corp's execution capabilities. The company's focus on upscale and luxury segments, coupled with mixed-use developments, provides a degree of resilience and diversified revenue streams. However, the outlook is not without challenges. The cyclical nature of the hospitality industry, susceptibility to external shocks, and intense competition require prudent capital allocation and efficient operations. Future performance will largely depend on sustained economic recovery, controlled interest rates, successful execution of its development pipeline, and effective management of operational costs. While the underlying demand drivers for Indian hospitality remain robust, the company must navigate potential macro-economic headwinds and competitive pressures to maintain its growth trajectory and profitability.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(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 | 374 | 418 | 361 | 377 | 458 | 522 | 895 | 735 | 582 | 558 |
| Other Income | 6 | 6 | 8 | 6 | 7 | 15 | 14 | 9 | 8 | 13 |
| Total Income | 380 | 424 | 369 | 383 | 464 | 537 | 908 | 744 | 589 | 571 |
| Total Expenditure | 208 | 235 | 221 | 228 | 253 | 281 | 537 | 436 | 317 | 292 |
| Operating Profit | 172 | 189 | 148 | 156 | 211 | 257 | 371 | 308 | 273 | 279 |
| Interest | 48 | 53 | 32 | 34 | 45 | 48 | 49 | 45 | 46 | 41 |
| Depreciation | 35 | 37 | 39 | 42 | 48 | 50 | 54 | 57 | 58 | 60 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Profit Before Tax | 89 | 99 | 78 | 79 | 118 | 159 | 269 | 205 | 167 | 178 |
| Provision for Tax | 18 | 17 | 17 | 218 | 22 | 35 | 65 | 50 | 43 | 15 |
| Profit After Tax | 71 | 82 | 61 | -139 | 97 | 124 | 203 | 155 | 124 | 163 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 71 | 82 | 61 | -138 | 97 | 124 | 203 | 155 | 124 | 163 |
| Adjusted Earnings Per Share | 3.4 | 4 | 2.8 | -6.3 | 4.4 | 5.7 | 9.3 | 7.1 | 5.7 | 7.4 |
| #(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 | 441 | 582 | 737 | 796 | 987 | 981 | 286 | 508 | 1128 | 1417 | 1718 | 2770 |
| Other Income | 26 | 15 | 187 | 56 | 48 | 28 | 22 | 22 | 85 | 20 | 36 | 44 |
| Total Income | 468 | 598 | 925 | 851 | 1035 | 1009 | 308 | 530 | 1213 | 1437 | 1754 | 2812 |
| Total Expenditure | 378 | 442 | 494 | 551 | 668 | 638 | 279 | 409 | 711 | 833 | 982 | 1582 |
| Operating Profit | 90 | 156 | 431 | 300 | 367 | 371 | 29 | 120 | 502 | 604 | 772 | 1231 |
| Interest | 161 | 216 | 218 | 212 | 266 | 146 | 152 | 144 | 154 | 197 | 159 | 181 |
| Depreciation | 62 | 99 | 127 | 112 | 115 | 113 | 117 | 118 | 117 | 138 | 179 | 229 |
| Exceptional Income / Expenses | -8 | -7 | -7 | -122 | -4 | -4 | -4 | -4 | 42 | 0 | 0 | -1 |
| Profit Before Tax | -141 | -166 | 79 | -145 | -18 | 107 | -245 | -147 | 273 | 269 | 434 | 819 |
| Provision for Tax | -14 | -54 | -48 | -52 | -11 | 1 | -109 | -72 | 90 | -9 | 292 | 173 |
| Profit After Tax | -126 | -112 | 127 | -93 | -8 | 106 | -135 | -75 | 183 | 278 | 142 | 645 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -3 | -4 | -6 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | -126 | -112 | 127 | -93 | -8 | 103 | -139 | -81 | 183 | 278 | 143 | 645 |
| Adjusted Earnings Per Share | -8.3 | -7.4 | 8.4 | -5.4 | -0.4 | 5 | -6.8 | -4 | 8.9 | 13.5 | 6.5 | 29.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 21% | 50% | 12% | 15% |
| Operating Profit CAGR | 28% | 86% | 16% | 24% |
| PAT CAGR | -49% | 0% | 6% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -15% | 21% | 33% | NA% |
| ROE Average | 6% | 12% | 4% | -1% |
| ROCE Average | 11% | 11% | 6% | 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 | 632 | 517 | 467 | 496 | 1423 | 1555 | 1416 | 1341 | 1542 | 1851 | 3046 |
| Minority's Interest | 0 | 0 | 0 | 0 | 3 | -0 | -0 | -0 | -0 | -0 | -1 |
| Borrowings | 1539 | 1902 | 2051 | 2215 | 1339 | 1664 | 1757 | 2143 | 2208 | 1855 | 1553 |
| Other Non-Current Liabilities | 84 | 36 | -8 | -9 | -3 | -22 | -128 | -137 | -41 | -31 | 247 |
| Total Current Liabilities | 1026 | 899 | 1015 | 920 | 725 | 731 | 765 | 841 | 1078 | 1913 | 2204 |
| Total Liabilities | 3280 | 3355 | 3525 | 3621 | 3487 | 3927 | 3809 | 4188 | 4786 | 5587 | 7049 |
| Fixed Assets | 1945 | 1938 | 2196 | 2146 | 2072 | 2305 | 2085 | 2057 | 2206 | 2561 | 3212 |
| Other Non-Current Assets | 463 | 574 | 718 | 770 | 815 | 965 | 1169 | 1488 | 1876 | 2144 | 2672 |
| Total Current Assets | 496 | 556 | 611 | 706 | 599 | 658 | 555 | 642 | 704 | 882 | 1165 |
| Total Assets | 3280 | 3355 | 3525 | 3621 | 3487 | 3927 | 3809 | 4188 | 4786 | 5587 | 7049 |
| #(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 | 38 | -15 | -55 | 12 | -14 | -24 | -30 | -54 | 23 | 35 | -3 |
| Cash Flow from Operating Activities | -12 | 79 | 201 | 249 | 366 | 252 | 60 | 62 | 477 | 689 | 950 |
| Cash Flow from Investing Activities | -190 | -172 | 325 | -129 | 147 | -394 | -50 | -396 | -592 | -635 | -1385 |
| Cash Flow from Financing Activities | 149 | 53 | -463 | -157 | -523 | 133 | -34 | 411 | 126 | -108 | 496 |
| Net Cash Inflow / Outflow | -53 | -40 | 63 | -37 | -10 | -8 | -24 | 77 | 11 | -53 | 61 |
| Closing Cash & Cash Equivalent | -15 | -55 | 12 | -14 | -24 | -30 | -54 | 23 | 35 | -3 | 88 |
| # | 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) | -8.31 | -7.39 | 8.38 | -5.43 | -0.37 | 5.01 | -6.78 | -3.97 | 8.92 | 13.54 | 6.53 |
| CEPS(Rs) | -4.25 | -0.9 | 16.72 | 1.1 | 5.26 | 10.69 | -0.88 | 2.12 | 14.66 | 20.27 | 14.71 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 41.54 | 33.99 | 30.7 | 28.96 | 69.32 | 75.69 | 68.91 | 65.3 | 74.71 | 89.45 | 138.78 |
| Core EBITDA Margin(%) | 14.4 | 24.17 | 33.04 | 30.76 | 32.34 | 34.96 | 2.47 | 19.39 | 37.02 | 41.25 | 42.84 |
| EBIT Margin(%) | 4.48 | 8.56 | 40.29 | 8.43 | 25.05 | 25.83 | -32.44 | -0.49 | 37.87 | 32.88 | 34.54 |
| Pre Tax Margin(%) | -31.9 | -28.5 | 10.73 | -18.2 | -1.86 | 10.92 | -85.65 | -28.93 | 24.18 | 19.01 | 25.28 |
| PAT Margin (%) | -28.63 | -19.31 | 17.28 | -11.67 | -0.77 | 10.8 | -47.43 | -14.76 | 16.24 | 19.63 | 8.3 |
| Cash Profit Margin (%) | -14.64 | -2.35 | 34.5 | 2.36 | 10.92 | 22.35 | -6.3 | 8.56 | 26.64 | 29.39 | 18.7 |
| ROA(%) | -4.03 | -3.39 | 3.7 | -2.6 | -0.21 | 2.86 | -3.5 | -1.87 | 4.08 | 5.36 | 2.26 |
| ROE(%) | -19.56 | -19.58 | 25.9 | -19.3 | -0.8 | 7.12 | -9.14 | -5.45 | 12.77 | 16.51 | 5.85 |
| ROCE(%) | 0.77 | 1.79 | 9.95 | 2.12 | 7.99 | 7.89 | -2.67 | -0.07 | 10.41 | 10.2 | 11.41 |
| Receivable days | 10.65 | 8.84 | 11.82 | 19.45 | 19.01 | 16.63 | 46.2 | 26.67 | 16.59 | 14.69 | 14.17 |
| Inventory Days | 254.88 | 202.88 | 159.6 | 144.68 | 130.71 | 146.59 | 500.78 | 282.02 | 130.42 | 122.97 | 124.78 |
| Payable days | 2119.71 | 428.74 | 405.99 | 624.82 | 342.41 | 488.33 | 1445.31 | 588.41 | 320.18 | 617.59 | 591.28 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 40.72 | 0 | -75.78 | 40.66 | 65.25 | 125.78 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 4.87 | 2.69 | 2.13 | 4.61 | 4.86 | 9.88 | 5.91 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 4.97 | 4.24 | 3.74 | 3.6 | 8.5 | 6.07 | 17.59 | 16.94 | 8.96 | 14.8 | 11.82 |
| EV/Core EBITDA(x) | 24.41 | 15.83 | 6.39 | 9.53 | 22.87 | 16.06 | 173.23 | 71.43 | 20.12 | 34.7 | 26.29 |
| Net Sales Growth(%) | -11.91 | 31.94 | 26.59 | 7.89 | 24.09 | -0.64 | -70.88 | 77.82 | 122.22 | 25.59 | 21.21 |
| EBIT Growth(%) | 597.68 | 152.32 | 495.74 | -77.42 | 268.63 | 2.42 | -136.57 | 97.33 | 0 | 9.06 | 27.34 |
| PAT Growth(%) | -16.16 | 11 | 213.29 | -172.88 | 91.79 | 1488.59 | -227.9 | 44.68 | 344.61 | 51.77 | -48.78 |
| EPS Growth(%) | -16.16 | 11 | 213.29 | -164.81 | 93.15 | 1446.24 | -235.42 | 41.47 | 324.71 | 51.78 | -51.79 |
| Debt/Equity(x) | 3.28 | 4.55 | 5.64 | 5.5 | 1.09 | 1.23 | 1.46 | 1.89 | 1.82 | 1.61 | 0.84 |
| Current Ratio(x) | 0.48 | 0.62 | 0.6 | 0.77 | 0.83 | 0.9 | 0.73 | 0.76 | 0.65 | 0.46 | 0.53 |
| Quick Ratio(x) | 0.17 | 0.26 | 0.29 | 0.43 | 0.28 | 0.36 | 0.21 | 0.3 | 0.27 | 0.18 | 0.24 |
| Interest Cover(x) | 0.12 | 0.23 | 1.36 | 0.32 | 0.93 | 1.73 | -0.61 | -0.02 | 2.77 | 2.37 | 3.73 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.22 | 0.45 | 0.68 | 0.41 | 0.38 | 0.16 | 0.14 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.7 | 71.67 | 67.52 | 67.48 | 67.42 | 67.41 | 67.4 | 67.34 | 67.33 | 67.29 |
| FII | 3.09 | 4.24 | 6.81 | 7.04 | 7.52 | 5.24 | 5.29 | 5.73 | 5.08 | 4.7 |
| DII | 20.71 | 19.6 | 21.47 | 21.46 | 21.2 | 23.94 | 23.92 | 23.4 | 23.99 | 24.57 |
| Public | 4.5 | 4.48 | 4.2 | 4.02 | 3.85 | 3.42 | 3.39 | 3.53 | 3.6 | 3.44 |
| 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 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.74 |
| FII | 0.63 | 0.87 | 1.49 | 1.54 | 1.64 | 1.14 | 1.16 | 1.25 | 1.11 | 1.03 |
| DII | 4.25 | 4.03 | 4.68 | 4.68 | 4.63 | 5.23 | 5.23 | 5.12 | 5.25 | 5.38 |
| Public | 0.92 | 0.92 | 0.92 | 0.88 | 0.84 | 0.75 | 0.74 | 0.77 | 0.79 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 20.54 | 20.55 | 21.81 | 21.82 | 21.84 | 21.85 | 21.85 | 21.87 | 21.88 | 21.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +21% | +50% | +12% | +15% |
| Operating Profit CAGR | +28% | +86% | +16% | +24% |
| PAT CAGR | -49% | — | +6% | — |
| Share Price CAGR | -15% | +21% | +33% | — |
| ROE Average | +6% | +12% | +4% | -1% |
| ROCE Average | +11% | +11% | +6% | +5% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.7 | 71.67 | 67.52 | 67.48 | 67.42 | 67.41 | 67.4 | 67.34 | 67.33 | 67.29 |
| FII | 3.09 | 4.24 | 6.81 | 7.04 | 7.52 | 5.24 | 5.29 | 5.73 | 5.08 | 4.7 |
| DII | 20.71 | 19.6 | 21.47 | 21.46 | 21.2 | 23.94 | 23.92 | 23.4 | 23.99 | 24.57 |
| Public | 28.3 | 28.33 | 32.48 | 32.52 | 32.58 | 32.59 | 32.6 | 32.66 | 32.67 | 32.71 |
| 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 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.73 | 14.74 |
| FII | 0.63 | 0.87 | 1.49 | 1.54 | 1.64 | 1.14 | 1.16 | 1.25 | 1.11 | 1.03 |
| DII | 4.25 | 4.03 | 4.68 | 4.68 | 4.63 | 5.23 | 5.23 | 5.12 | 5.25 | 5.38 |
| Public | 5.81 | 5.82 | 7.08 | 7.1 | 7.12 | 7.12 | 7.12 | 7.14 | 7.15 | 7.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 20.54 | 20.55 | 21.81 | 21.82 | 21.84 | 21.85 | 21.85 | 21.87 | 21.88 | 21.9 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.