Hotel, Resort & Restaurants · Founded 1959 · www.gravissgroup.com · BSE 509546 · NSE GRAVISS HOSP · ISIN INE214F01026
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Business
Graviss Hospitality Ltd. operates in the hotel, resort, and restaurant sector in India. The company's core business involves the ownership, development, and management of hospitality properties, including hotels and resorts. Its primary business model revolves around generating revenue from room bookings, food and beverage sales (restaurants, cafes, banqueting), and ancillary services provided at its properties. The company targets both leisure and business travelers through its offerings.
Revenue Mix
Graviss Hospitality primarily derives its revenue from two main segments within its properties:
Accommodation: Revenue generated from room rentals across its hotels and resorts.
Food & Beverage (F&B): Revenue from its in-house restaurants, bars, cafes, banqueting facilities, and catering services.
Specific detailed breakdowns of revenue contribution between these segments are not readily available in public domain for this analysis.
Industry
The Indian hospitality industry is dynamic and highly competitive, characterized by a mix of large international hotel chains (e.g., Marriott, Hilton, Accor), established domestic players (e.g., Taj, Oberoi, ITC Hotels, EIH), and numerous regional or independent hotels. Graviss Hospitality Ltd. likely positions itself within the mid-to-upscale segment, potentially focusing on specific geographies or property types. Given the scale of its operations (implied by typical regional players), it holds a niche or regional presence rather than a dominant pan-Indian market share, competing with both organized and unorganized players in its operational areas.
MOAT
Graviss Hospitality's competitive advantages, if any, are likely to stem from:
Location: Ownership of prime real estate in key tourist or business destinations can provide a significant advantage due to scarcity and high demand.
Brand Equity: While not a dominant national player, established local brand recognition and a reputation for quality service in its operational areas could attract repeat clientele.
Operational Efficiency: Effective management and cost control in its properties can lead to better profitability compared to less efficient peers.
However, the broader hospitality industry generally has limited inherent moats, as services can be replicated, and competition is intense.
Growth Drivers
Key factors that can drive Graviss Hospitality's growth over the next 3-5 years include:
Rising Domestic Tourism: Increasing disposable incomes and a growing trend of domestic travel within India will boost demand for hotels and resorts.
Business Travel Recovery: Post-pandemic recovery and growth in corporate travel, conferences, and events.
Infrastructure Development: Improved connectivity (airports, roads, rail) to tourist destinations can increase footfall to their properties.
Expansion & Renovation: Strategic expansion into new attractive markets or renovation of existing properties to enhance guest experience and command better rates.
Strategic Partnerships: Collaborations with online travel agencies (OTAs) and corporate clients to expand reach and bookings.
Risks
Economic Downturns: The hospitality sector is highly cyclical and sensitive to economic slowdowns, which can reduce discretionary spending on travel.
Intense Competition: High competition from new entrants, existing players, and alternative accommodation options (e.g., homestays) can pressure occupancy and room rates.
Geopolitical and Health Risks: Events like pandemics, political instability, or natural disasters can severely impact travel and tourism.
Real Estate & Development Costs: High costs associated with acquiring land, constructing, or renovating properties, coupled with regulatory hurdles.
Seasonality: Revenue and occupancy can be highly seasonal depending on property locations, leading to fluctuations in profitability.
Regulatory Changes: Changes in tourism policies, licensing, taxation, or environmental regulations can impact operations and costs.
Management & Ownership
Graviss Hospitality Ltd. is part of the Graviss Group, a well-established business conglomerate in India with a history spanning several decades. The company is likely promoter-led, with the Graviss family playing a significant role in its management and strategic direction. While specific details on the current management team's individual experience and specific ownership percentages for public analysis are not available, the broader Graviss Group has a track record across various industries.
Outlook
Graviss Hospitality operates in a sector with significant long-term growth potential driven by India's expanding economy, rising middle class, and increasing domestic and international tourism. The company benefits from being part of a reputable group and potentially holds well-located assets. However, the Indian hospitality market remains highly fragmented and competitive, with strong players and constant pressure on pricing and occupancy. The company's future performance will depend on its ability to effectively manage its existing properties, strategically expand into high-potential areas, maintain service quality, and navigate macroeconomic fluctuations and competitive pressures. Success will also hinge on its operational efficiency and adaptability to evolving customer preferences.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 11 | 13 | 18 | 19 | 12 | 12 | 19 | 20 | 14 |
| Other Income | 0 | 1 | 1 | 0 | -0 | 1 | 0 | 0 | 0 | 0 |
| Total Income | 17 | 12 | 14 | 18 | 19 | 12 | 12 | 19 | 20 | 14 |
| Total Expenditure | 15 | 11 | 12 | 14 | 17 | 13 | 13 | 14 | 15 | 14 |
| Operating Profit | 2 | 1 | 2 | 4 | 2 | -1 | -0 | 5 | 5 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 1 | -1 | 0 | 2 | 0 | -3 | -2 | 3 | 3 | -2 |
| Provision for Tax | 0 | -0 | -8 | 1 | 1 | -0 | -1 | 0 | 3 | -0 |
| Profit After Tax | 1 | -1 | 9 | 1 | -0 | -2 | -1 | 3 | -0 | -2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | -1 | 9 | 1 | -0 | -2 | -1 | 3 | -0 | -2 |
| Adjusted Earnings Per Share | 0.1 | -0.1 | 1.3 | 0.2 | -0 | -0.3 | -0.2 | 0.4 | -0 | -0.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 50 | 43 | 49 | 48 | 40 | 23 | 48 | 65 | 54 | 61 | 63 | 65 |
| Other Income | 0 | 1 | 0 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 1 | 0 |
| Total Income | 50 | 44 | 49 | 49 | 41 | 24 | 50 | 67 | 55 | 63 | 64 | 65 |
| Total Expenditure | 47 | 43 | 42 | 47 | 44 | 35 | 49 | 53 | 47 | 53 | 54 | 56 |
| Operating Profit | 3 | 1 | 7 | 2 | -3 | -11 | 1 | 14 | 9 | 10 | 10 | 10 |
| Interest | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 1 | 2 | 2 | 0 |
| Depreciation | 5 | 5 | 6 | 5 | 6 | 6 | 5 | 4 | 4 | 6 | 7 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | -3 | -6 | -1 | -5 | -11 | -19 | -7 | 8 | 4 | 2 | 1 | 2 |
| Provision for Tax | -1 | -2 | -0 | -3 | -3 | -4 | -0 | 2 | 1 | -7 | 2 | 2 |
| Profit After Tax | -2 | -4 | -1 | -2 | -9 | -15 | -6 | 6 | 3 | 9 | -1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -2 | -4 | -1 | -2 | -9 | -15 | -6 | 6 | 3 | 9 | -1 | 0 |
| Adjusted Earnings Per Share | -0.3 | -0.6 | -0.1 | -0.3 | -1.3 | -2.2 | -0.9 | 0.8 | 0.4 | 1.3 | -0.1 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3% | -1% | 22% | 2% |
| Operating Profit CAGR | 0% | -11% | 0% | 13% |
| PAT CAGR | -111% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -18% | -21% | 16% | 4% |
| ROE Average | -0% | 2% | 1% | -1% |
| ROCE Average | 2% | 2% | 2% | -1% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 234 | 206 | 205 | 203 | 194 | 179 | 174 | 180 | 183 | 193 | 192 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 4 | 5 | 5 | 3 | 1 | 1 | 1 | 1 | 4 | 5 |
| Other Non-Current Liabilities | -0 | 22 | 22 | 21 | 20 | 16 | 14 | 16 | 17 | 16 | 16 |
| Total Current Liabilities | 18 | 20 | 21 | 28 | 34 | 27 | 29 | 13 | 14 | 17 | 17 |
| Total Liabilities | 255 | 252 | 253 | 257 | 250 | 223 | 218 | 211 | 215 | 229 | 229 |
| Fixed Assets | 160 | 168 | 171 | 170 | 168 | 164 | 187 | 184 | 182 | 202 | 204 |
| Other Non-Current Assets | 82 | 33 | 29 | 30 | 26 | 12 | 11 | 10 | 17 | 9 | 8 |
| Total Current Assets | 14 | 51 | 53 | 57 | 56 | 48 | 21 | 17 | 16 | 18 | 16 |
| Total Assets | 255 | 252 | 253 | 257 | 250 | 223 | 218 | 211 | 215 | 229 | 229 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 2 | 1 | 2 | 1 | 3 | 5 | 2 | 2 | 1 | 2 |
| Cash Flow from Operating Activities | 4 | 4 | 11 | 5 | 6 | 4 | 22 | 22 | 9 | 3 | 8 |
| Cash Flow from Investing Activities | -5 | -5 | -8 | -5 | -0 | -1 | -28 | -9 | -8 | -5 | -9 |
| Cash Flow from Financing Activities | 1 | 0 | -2 | 0 | -4 | -1 | 2 | -14 | -1 | 2 | 0 |
| Net Cash Inflow / Outflow | 0 | -1 | 1 | -0 | 2 | 2 | -3 | -0 | -0 | 1 | -0 |
| Closing Cash & Cash Equivalent | 2 | 1 | 2 | 1 | 3 | 5 | 2 | 2 | 1 | 2 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.34 | -0.62 | -0.13 | -0.27 | -1.25 | -2.16 | -0.92 | 0.84 | 0.43 | 1.33 | -0.09 |
| CEPS(Rs) | 0.32 | 0.06 | 0.69 | 0.46 | -0.38 | -1.37 | -0.28 | 1.43 | 0.97 | 2.2 | 0.89 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 33.19 | 28.08 | 27.9 | 27.65 | 26.36 | 24.24 | 23.48 | 24.32 | 24.76 | 26.09 | 26 |
| Core EBITDA Margin(%) | 4.86 | -0.13 | 14 | 2.11 | -10.7 | -54.51 | -2.37 | 18.63 | 13.8 | 12.77 | 14.26 |
| EBIT Margin(%) | -4.07 | -9.39 | 2.58 | -6.58 | -23.39 | -72.47 | -7.56 | 14.9 | 8.68 | 6.08 | 4.86 |
| Pre Tax Margin(%) | -6.85 | -14.63 | -1.99 | -10.94 | -28.7 | -83.49 | -13.58 | 12.18 | 6.98 | 3.5 | 1.91 |
| PAT Margin (%) | -4.85 | -10.11 | -1.94 | -3.97 | -22.31 | -66.68 | -13.45 | 9.09 | 5.57 | 15.35 | -1.04 |
| Cash Profit Margin (%) | 4.58 | 1.01 | 10.02 | 6.78 | -6.74 | -42.32 | -4.05 | 15.37 | 12.67 | 25.36 | 9.91 |
| ROA(%) | -0.95 | -1.72 | -0.37 | -0.74 | -3.48 | -6.44 | -2.94 | 2.77 | 1.42 | 4.23 | -0.29 |
| ROE(%) | -1.03 | -2.02 | -0.48 | -0.96 | -4.63 | -8.55 | -3.86 | 3.53 | 1.74 | 5.24 | -0.36 |
| ROCE(%) | -0.82 | -1.73 | 0.57 | -1.42 | -4.32 | -8.23 | -1.89 | 5.19 | 2.54 | 1.94 | 1.55 |
| Receivable days | 50.26 | 47.82 | 37.61 | 57.03 | 61.89 | 69.8 | 21.48 | 9.05 | 11.88 | 9.16 | 7.77 |
| Inventory Days | 11.47 | 191.26 | 329.3 | 337.63 | 407.28 | 625.49 | 178.01 | 38.05 | 5.29 | 5.87 | 6.44 |
| Payable days | 195.07 | 258.27 | 249.11 | 297.97 | 543.17 | 151.09 | 54.91 | 63.1 | 206.98 | 220.99 | 229.43 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.55 | 116.28 | 31.02 | 0 |
| Price/Book(x) | 0.56 | 0.91 | 0.54 | 0.75 | 0.63 | 0.61 | 0.86 | 0.92 | 2.01 | 1.58 | 1.06 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.84 | 4.47 | 2.46 | 3.39 | 3.13 | 4.84 | 3.23 | 2.44 | 6.49 | 4.8 | 3.13 |
| EV/Core EBITDA(x) | 53 | 257.2 | 16.9 | 81.28 | -40.09 | -10.06 | 175.34 | 11.53 | 41.11 | 29.82 | 19.3 |
| Net Sales Growth(%) | -3.23 | -13.28 | 12.19 | -2.03 | -16.79 | -42.17 | 111.36 | 35.43 | -17.29 | 12.94 | 3.2 |
| EBIT Growth(%) | -78.35 | -100.11 | 130.82 | -349.87 | -195.96 | -79.19 | 77.95 | 367.02 | -51.85 | -20.89 | -17.45 |
| PAT Growth(%) | -8.86 | -80.84 | 78.49 | -100.67 | -367.67 | -72.82 | 57.38 | 191.54 | -49.34 | 211.53 | -106.99 |
| EPS Growth(%) | -8.86 | -80.84 | 78.5 | -100.68 | -367.74 | -72.82 | 57.37 | 191.54 | -49.34 | 211.51 | -106.99 |
| Debt/Equity(x) | 0.05 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.11 | 0.02 | 0.02 | 0.03 | 0.03 |
| Current Ratio(x) | 0.77 | 2.55 | 2.49 | 2.05 | 1.66 | 1.77 | 0.73 | 1.27 | 1.16 | 1.1 | 0.99 |
| Quick Ratio(x) | 0.68 | 0.35 | 0.45 | 0.45 | 0.36 | 0.51 | 0.28 | 1.21 | 1.1 | 1.03 | 0.93 |
| Interest Cover(x) | -1.46 | -1.79 | 0.56 | -1.51 | -4.4 | -6.58 | -1.26 | 5.47 | 5.1 | 2.36 | 1.65 |
| Total Debt/Mcap(x) | 0.1 | 0.08 | 0.14 | 0.11 | 0.12 | 0.14 | 0.13 | 0.03 | 0.01 | 0.02 | 0.03 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +3% | -1% | +22% | +2% |
| Operating Profit CAGR | 0% | -11% | — | +13% |
| PAT CAGR | -111% | 0% | — | — |
| Share Price CAGR | -18% | -21% | +16% | +4% |
| ROE Average | 0% | +2% | +1% | -1% |
| ROCE Average | +2% | +2% | +2% | -1% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 | 74.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 | 25.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 | 5.28 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 | 7.05 |
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