WEBSITE BSE:526761 NSE: HOWARD HOTEL Inc. Year: 1989 Industry: Hotel, Resort & Restaurants My Bucket: Add Stock
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1. Business Overview
Howard Hotels Ltd. operates in the Hotel, Resort & Restaurants sector in India. Its core business involves providing accommodation services through hotels and resorts, complemented by food and beverage (F&B) offerings and facilities for events, conferences, and banquets. The company primarily generates revenue from room tariffs, sales of food and beverages, and bookings for events and ancillary services like spas or laundry.
2. Key Segments / Revenue Mix
While specific revenue contribution figures are not available, typical revenue segments for a company in this industry include:
Room Revenue: Income generated from guest accommodation.
Food & Beverage Revenue: Sales from restaurants, bars, room service, and catering.
Banquets & Events: Revenue from hosting weddings, conferences, meetings, and other social or corporate gatherings.
Other Services: Income from ancillary services such as spa treatments, laundry, business centers, or retail concessions.
3. Industry & Positioning
The Indian hotel, resort, and restaurant industry is highly competitive and diverse, comprising international chains, well-established domestic players, and numerous independent properties. It is subject to economic cycles and external shocks. Without specific information on Howard Hotels Ltd.'s portfolio size, target market (luxury, mid-scale, budget), or geographical spread, its precise positioning relative to peers cannot be determined. However, as an Indian entity, it operates within this dynamic landscape, competing for both domestic and international travelers and MICE (Meetings, Incentives, Conferences, Exhibitions) demand.
4. Competitive Advantage (Moat)
Without specific details, it is challenging to identify a definitive durable competitive advantage for Howard Hotels Ltd. Potential moats in the hospitality sector often include:
Brand Recognition & Loyalty: A strong, trusted brand can command premium pricing and repeat business.
Prime Locations: Ownership or long-term leases of strategically located properties in high-demand areas.
Scale & Operational Efficiency: A large portfolio can lead to economies of scale in procurement, marketing, and distribution.
Strong Management & Service Quality: Exceptional guest experience can drive customer satisfaction and word-of-mouth referrals.
It is unknown if Howard Hotels Ltd. possesses these advantages to a significant degree.
5. Growth Drivers
Key factors that could drive growth for Howard Hotels Ltd. over the next 3-5 years include:
Increasing Domestic Tourism: Rising disposable incomes and changing lifestyles in India are boosting domestic travel.
Business Travel Recovery: Resurgence in corporate travel, conferences, and MICE events post-pandemic.
Government Initiatives: Policies promoting tourism infrastructure, specific tourist circuits, or ease of travel can stimulate demand.
Urbanization & Infrastructure Development: Growth of cities and improved connectivity can lead to higher occupancy rates.
Digitalization: Leveraging online travel agencies (OTAs) and direct booking platforms for wider reach.
6. Risks
Economic Downturns: Recessions or periods of low economic growth can significantly reduce both leisure and business travel.
Intense Competition: The fragmented nature of the Indian hospitality market means constant pressure on pricing and occupancy rates.
Geopolitical Events & Health Crises: Pandemics, civil unrest, or other unforeseen events can severely impact travel and tourism.
Regulatory & Environmental Changes: Changes in tourism policies, taxation, or environmental regulations can affect operations and costs.
High Capital Expenditure: Expansion and maintenance of properties require substantial capital, making the business sensitive to interest rate fluctuations.
Seasonality: Revenue and occupancy can be highly seasonal, leading to fluctuations in profitability.
7. Management & Ownership
In India, many companies, especially those not widely covered, are often promoter-driven. While specific names or ownership percentages for Howard Hotels Ltd. are not provided, the quality and experience of the management team are crucial in the hospitality sector for operational efficiency, brand building, and navigating market cycles. Effective management is key to maintaining service standards, managing costs, and strategizing growth.
8. Outlook
Howard Hotels Ltd. operates within the dynamic Indian hospitality sector, which presents significant growth potential driven by a growing middle class, increasing disposable incomes, and government support for tourism. However, the company faces inherent industry risks, including intense competition, sensitivity to economic cycles, and potential disruptions from unforeseen events. Its future performance will likely depend on its ability to differentiate its offerings, effectively manage its asset base, capitalize on market demand, and navigate the competitive landscape while maintaining operational efficiency.
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Market Cap ₹22 Cr.
Stock P/E 52.3
P/B 2
Current Price ₹24.5
Book Value ₹ 12.5
Face Value 10
52W High ₹33.9
Dividend Yield 0%
52W Low ₹ 18
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 | 2 | 4 | 5 | 3 | 3 | 5 | 5 | 3 | 3 | 5 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 2 | 4 | 5 | 3 | 3 | 5 | 5 | 3 | 3 | 5 |
| Total Expenditure | 2 | 3 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 4 |
| Operating Profit | -0 | 1 | 1 | -0 | -1 | 2 | 1 | -0 | -0 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 1 | 0 | -1 | -1 | 1 | 1 | -0 | -1 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | 1 | 0 | -1 | -1 | 1 | 1 | -0 | -1 | 1 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 1 | 0 | -1 | -1 | 1 | 1 | -0 | -1 | 1 |
| Adjusted Earnings Per Share | -0.3 | 1.1 | 0 | -0.8 | -0.9 | 1.6 | 0.6 | -0.5 | -0.9 | 1.3 |
| #(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 | 9 | 8 | 9 | 9 | 11 | 10 | 2 | 4 | 10 | 13 | 16 | 16 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 9 | 8 | 9 | 10 | 11 | 10 | 2 | 4 | 10 | 13 | 16 | 16 |
| Total Expenditure | 8 | 8 | 8 | 9 | 10 | 10 | 3 | 4 | 8 | 11 | 14 | 14 |
| Operating Profit | 1 | 1 | 1 | 1 | 1 | 0 | -1 | -0 | 2 | 2 | 2 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | -0 | -0 | -0 | -0 | -1 | -2 | -1 | 1 | 1 | 1 | 1 |
| Provision for Tax | 0 | -0 | -0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | -0 | -0 | -0 | -1 | -2 | -1 | 1 | 1 | 0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | -0 | -0 | -0 | -1 | -2 | -1 | 1 | 1 | 0 | 1 |
| Adjusted Earnings Per Share | 0.2 | 0 | -0 | -0.1 | -0 | -0.8 | -1.7 | -0.8 | 0.8 | 1 | 0.5 | 0.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 23% | 59% | 10% | 6% |
| Operating Profit CAGR | 0% | 0% | 0% | 7% |
| PAT CAGR | -100% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -4% | 45% | 38% | 15% |
| ROE Average | 4% | 7% | -0% | -1% |
| ROCE Average | 6% | 9% | 2% | 1% |
| #(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 | 13 | 13 | 13 | 12 | 12 | 11 | 10 | 9 | 10 | 11 | 11 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | 4 | 4 |
| Other Non-Current Liabilities | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Total Current Liabilities | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 2 | 2 | 3 | 3 |
| Total Liabilities | 17 | 17 | 16 | 16 | 16 | 15 | 14 | 14 | 15 | 20 | 19 |
| Fixed Assets | 13 | 12 | 13 | 14 | 14 | 13 | 13 | 12 | 13 | 16 | 16 |
| Other Non-Current Assets | 1 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Total Current Assets | 3 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 2 | 3 | 3 |
| Total Assets | 17 | 17 | 16 | 16 | 16 | 15 | 14 | 14 | 15 | 20 | 19 |
| #(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 | 1 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 1 | 2 |
| Cash Flow from Operating Activities | 1 | 1 | 1 | 1 | 1 | 0 | -1 | 0 | 1 | 2 | 2 |
| Cash Flow from Investing Activities | -1 | -0 | -1 | -1 | -0 | -0 | -0 | -0 | -1 | -3 | -2 |
| Cash Flow from Financing Activities | -0 | -0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | 2 | -1 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | -0 | 0 | -0 | -0 | 0 | 1 | 1 | -1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 1 | 2 | 1 |
| # | 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) | 0.19 | 0.02 | -0.04 | -0.07 | -0 | -0.84 | -1.66 | -0.85 | 0.81 | 1.04 | 0.47 |
| CEPS(Rs) | 0.93 | 0.73 | 0.73 | 0.71 | 0.84 | -0.11 | -1 | -0.28 | 1.41 | 1.73 | 1.53 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 13.83 | 13.85 | 13.82 | 13.54 | 13.4 | 12.59 | 10.98 | 10.19 | 11.05 | 12.11 | 12.61 |
| Core EBITDA Margin(%) | 9.53 | 6.2 | 6.1 | 3.63 | 7.74 | 1.58 | -53.66 | -2.52 | 17.35 | 14.15 | 11.12 |
| EBIT Margin(%) | 5.15 | 0.36 | 0.37 | -1.48 | 1.75 | -3.91 | -87.75 | -13.48 | 12.86 | 11.19 | 6.25 |
| Pre Tax Margin(%) | 2.37 | -0.86 | -0.53 | -3.35 | -0.11 | -5.87 | -95.62 | -16.59 | 11.42 | 9.7 | 3.55 |
| PAT Margin (%) | 1.84 | 0.21 | -0.4 | -0.65 | -0.03 | -7.87 | -88.02 | -17.94 | 7.23 | 7.23 | 2.64 |
| Cash Profit Margin (%) | 9.25 | 8.32 | 7.64 | 6.92 | 7.18 | -1 | -53.23 | -5.82 | 12.49 | 11.98 | 8.61 |
| ROA(%) | 0.99 | 0.1 | -0.21 | -0.38 | -0.02 | -4.85 | -10.3 | -5.6 | 5.15 | 5.48 | 2.19 |
| ROE(%) | 1.35 | 0.13 | -0.28 | -0.48 | -0.03 | -6.46 | -14.06 | -8.02 | 7.66 | 9.01 | 3.79 |
| ROCE(%) | 3.25 | 0.2 | 0.22 | -0.95 | 1.29 | -2.73 | -11.62 | -4.82 | 10.81 | 10.22 | 6.28 |
| Receivable days | 40.28 | 31.54 | 24.72 | 24.92 | 29.81 | 32.72 | 117.5 | 29.41 | 11.48 | 8.33 | 6.28 |
| Inventory Days | 8.34 | 11.67 | 9.16 | 6.25 | 6.4 | 6.86 | 23.44 | 8.08 | 6.57 | 12.78 | 14.35 |
| Payable days | 75.72 | 95.79 | 116.59 | 130.34 | 129.83 | 135.07 | 691.17 | 464.25 | 241.81 | 187.35 | 132.13 |
| PER(x) | 41.84 | 407.41 | 0 | 0 | 0 | 0 | 0 | 0 | 9.93 | 20.71 | 50.4 |
| Price/Book(x) | 0.56 | 0.55 | 0.71 | 0.59 | 0.49 | 0.44 | 0.39 | 0.59 | 0.73 | 1.79 | 1.87 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.94 | 1.04 | 1.17 | 0.97 | 0.7 | 0.68 | 3.65 | 1.81 | 0.91 | 1.76 | 1.49 |
| EV/Core EBITDA(x) | 7.46 | 12.25 | 13.95 | 15.9 | 7.8 | 22.84 | -6.9 | -133.27 | 5 | 11.01 | 12.2 |
| Net Sales Growth(%) | -5.05 | -13.09 | 8.99 | 6.62 | 14.63 | -8.84 | -82.34 | 151.32 | 137.95 | 28.22 | 22.86 |
| EBIT Growth(%) | -30.17 | -93.93 | 11.11 | -528.75 | 236.22 | -303.05 | -296.57 | 61.39 | 326.91 | 11.6 | -31.33 |
| PAT Growth(%) | -31.18 | -89.98 | -306.47 | -71.79 | 94.03 | 0 | -97.44 | 48.76 | 195.85 | 28.26 | -55.12 |
| EPS Growth(%) | -31.19 | -89.98 | -306.47 | -71.79 | 94.03 | 0 | -97.44 | 48.76 | 195.84 | 28.26 | -55.12 |
| Debt/Equity(x) | 0.15 | 0.14 | 0.15 | 0.18 | 0.17 | 0.18 | 0.24 | 0.26 | 0.26 | 0.46 | 0.4 |
| Current Ratio(x) | 1.12 | 1 | 0.58 | 0.51 | 0.58 | 0.49 | 0.24 | 0.49 | 0.92 | 0.89 | 1.09 |
| Quick Ratio(x) | 1.04 | 0.91 | 0.52 | 0.47 | 0.53 | 0.45 | 0.22 | 0.43 | 0.78 | 0.69 | 0.88 |
| Interest Cover(x) | 1.85 | 0.3 | 0.41 | -0.79 | 0.94 | -1.99 | -11.15 | -4.34 | 8.93 | 7.52 | 2.31 |
| Total Debt/Mcap(x) | 0.27 | 0.25 | 0.21 | 0.31 | 0.36 | 0.4 | 0.61 | 0.44 | 0.36 | 0.26 | 0.21 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.83 | 60.83 | 60.83 | 60.83 | 60.83 | 60.83 | 60.83 | 60.83 | 60.83 | 60.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 39.17 | 39.17 | 39.17 | 39.17 | 39.17 | 39.17 | 39.17 | 39.17 | 39.17 | 39.17 |
| 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 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 | 0.55 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 | 0.91 |
* The pros and cons are machine generated.
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