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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹17026 Cr.
Stock P/E
119.5
P/B
4.6
Current Price
₹777.5
Book Value
₹ 168.9
Face Value
10
52W High
₹1080
52W Low
₹ 690
Dividend Yield
0.26%

Chalet Hotels Overview

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.

Chalet Hotels Share Price

Live · BSE / NSE · Inception: 1986
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Chalet 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 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

Chalet 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 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

Chalet 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 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

Chalet 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 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

Chalet 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) -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

Growth Rates

Compounded annual
# 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%

Chalet Hotels Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 67.29 %
FII 4.7 %
DII (MF + Insurance) 24.57 %
Public (retail) 32.71 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 71.771.6767.5267.4867.4267.4167.467.3467.3367.29
FII 3.094.246.817.047.525.245.295.735.084.7
DII 20.7119.621.4721.4621.223.9423.9223.423.9924.57
Public 28.328.3332.4832.5232.5832.5932.632.6632.6732.71
Others 0000000000
Total 100100100100100100100100100100

Chalet Hotels Peer Comparison

Hotel, Resort & Restaurants Edit Columns

Chalet Hotels Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Chalet Hotels Pros & Cons

Pros

  • Debtor days have improved from 617.59 to 591.28days.
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 12% over the last 3 years.
  • Stock is trading at 4.6 times its book value.
  • The company has delivered a poor profit growth of 6% over past five years.
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