Hotel, Resort & Restaurants · Founded 1993 · www.hbgindia.com · BSE 537839 · · ISIN INE977M01024
No Notes Added Yet
Business
HBG Hotels Ltd. operates in the hospitality sector in India. Its core business involves owning, managing, and operating hotels, resorts, and potentially standalone restaurants. The company generates revenue primarily through providing accommodation services (room bookings), food and beverage sales (restaurants, bars, in-room dining), and hosting events and banquets (conferences, weddings). Its business model focuses on delivering guest experiences across its properties.
Revenue Mix
Based on its industry, HBG Hotels' major revenue segments would typically include:
Accommodation: Revenue from room nights sold.
Food & Beverage (F&B): Revenue from restaurants, bars, cafes, and room service.
Banquets & Events: Revenue from hosting meetings, conferences, weddings, and other social events.
Specific contribution percentages for these segments are not available from the provided information.
Industry
The Indian hotel, resort, and restaurant industry is highly competitive, characterized by a mix of large international chains, established domestic players, and numerous independent operators. It is cyclical, sensitive to economic growth, tourism trends, and discretionary consumer spending. HBG Hotels Ltd. likely positions itself as a regional or niche player within this fragmented market. Its specific positioning (e.g., luxury, mid-scale, budget, business-focused, leisure-focused) and geographic concentration would define its competitive landscape against a broad array of peers, ranging from global brands to smaller local establishments.
MOAT
Without specific details about HBG Hotels' assets or operations, a significant, durable competitive advantage (moat) is not immediately apparent. In the hospitality industry, moats typically arise from:
Strong Brand Recognition: A widely recognized and trusted brand.
Prime Real Estate Locations: Owning properties in highly desirable or strategic areas.
Scale & Network Effects: A large portfolio providing cost efficiencies and broad market reach.
Customer Loyalty Programs: Retaining repeat guests through benefits.
As a smaller listed entity, HBG Hotels may have limited advantages in brand or scale compared to industry leaders. Any potential moat would likely stem from specific, well-located properties or a strong regional reputation, which cannot be determined from the available information.
Growth Drivers
Growing Domestic Tourism: Increasing disposable incomes and a rising middle class in India are driving domestic travel and leisure spending.
Inbound International Tourism: Recovery and growth in international tourist arrivals.
Business Travel & MICE: Expansion of corporate activities and the Meetings, Incentives, Conferences, and Exhibitions sector.
Urbanization & Infrastructure Development: Growth in Tier 2/3 cities and improved connectivity supporting new property development and increased visitation.
Expansion Initiatives: The company's own plans for new property acquisitions, developments, or management contracts.
Government Support: Initiatives promoting tourism and hospitality infrastructure.
Risks
Economic Cyclicality: Highly sensitive to economic downturns, which impact discretionary spending and corporate travel budgets.
Intense Competition: Fierce competition from established domestic and international brands, as well as unorganized players.
Geopolitical & Health Crises: Events like pandemics, political instability, or natural disasters can severely disrupt travel and tourism.
Operating Costs: High fixed costs (property maintenance, depreciation) and variable costs (staff, utilities, food inflation) can compress margins.
Capital Intensive Nature: Expansion and renovation of properties require significant capital investment, potentially leading to increased debt.
Regulatory & Environmental Risks: Compliance with various licensing, labor, and environmental regulations.
Management & Ownership
As is common with many Indian companies, HBG Hotels Ltd. is likely promoter-driven. Information regarding the specific promoters, their track record, the overall quality of the management team, and the detailed ownership structure (e.g., promoter holding, institutional holding, public holding) is not available from the provided data.
Outlook
HBG Hotels operates in an industry with long-term structural tailwinds from India's economic growth, rising disposable incomes, and increasing travel propensity. A growing focus on domestic tourism and improving infrastructure could provide a robust demand environment. However, the company faces significant challenges including intense competition from well-capitalized domestic and international players, the inherent cyclicality and capital-intensive nature of the hospitality business, and vulnerability to external shocks. Its ability to achieve sustainable growth will depend on strategic property selection, effective cost management, successful branding, and navigating a highly competitive landscape without a clear, established competitive moat.
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 | 8 | 9 | 10 | 6 | 11 | 9 | 6 | 6 | 9 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 8 | 9 | 10 | 6 | 11 | 9 | 6 | 6 | 9 | 10 |
| Total Expenditure | 7 | 7 | 6 | 5 | 7 | 7 | 5 | 4 | 8 | 8 |
| Operating Profit | 1 | 2 | 4 | 1 | 4 | 2 | 1 | 2 | 2 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Exceptional Income / Expenses | 0 | 195 | 0 | 0 | 0 | 51 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 196 | 3 | 0 | 3 | 51 | 0 | 1 | 1 | 1 |
| Provision for Tax | 0 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 196 | 2 | -0 | 2 | 51 | 0 | 1 | 1 | 1 |
| Adjustments | 0 | 0 | -0 | -0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 0 | 196 | 2 | -0 | 2 | 51 | 0 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 0.3 | 140.1 | 1.7 | -0 | 1.5 | 27.6 | 0.1 | 0.4 | 0.4 | 0.6 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Net Sales | 26 | 27 | 29 | 31 |
| Other Income | 0 | 2 | 7 | 0 |
| Total Income | 26 | 30 | 35 | 31 |
| Total Expenditure | 22 | 23 | 25 | 25 |
| Operating Profit | 5 | 6 | 10 | 7 |
| Interest | 2 | 2 | 2 | 0 |
| Depreciation | 2 | 2 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 195 | 51 | 0 |
| Profit Before Tax | 1 | 197 | 58 | 3 |
| Provision for Tax | 0 | 1 | 1 | 0 |
| Profit After Tax | 1 | 196 | 56 | 3 |
| Adjustments | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 196 | 56 | 3 |
| Adjusted Earnings Per Share | 0.5 | 140.4 | 30.2 | 1.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 7% | 0% | 0% | 0% |
| Operating Profit CAGR | 67% | 0% | 0% | 0% |
| PAT CAGR | -71% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -60% | 24% | 45% | 29% |
| ROE Average | 20% | 65% | 65% | 65% |
| ROCE Average | 10% | 32% | 32% | 32% |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Shareholder's Funds | 24 | 221 | 350 |
| Minority's Interest | 0 | 0 | 0 |
| Borrowings | 11 | 227 | 295 |
| Other Non-Current Liabilities | 4 | 4 | 4 |
| Total Current Liabilities | 10 | 11 | 63 |
| Total Liabilities | 49 | 462 | 712 |
| Fixed Assets | 22 | 17 | 19 |
| Other Non-Current Assets | 25 | 415 | 653 |
| Total Current Assets | 2 | 29 | 40 |
| Total Assets | 49 | 462 | 712 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 0 | 2 |
| Cash Flow from Operating Activities | 2 | 25 | -61 |
| Cash Flow from Investing Activities | -4 | -238 | -101 |
| Cash Flow from Financing Activities | 1 | 215 | 190 |
| Net Cash Inflow / Outflow | -0 | 2 | 28 |
| Closing Cash & Cash Equivalent | 0 | 2 | 30 |
| # | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Earnings Per Share (Rs) | 0.49 | 140.45 | 30.25 |
| CEPS(Rs) | 2.03 | 141.85 | 31.23 |
| DPS(Rs) | 0 | 0.25 | 0.15 |
| Book NAV/Share(Rs) | 11.96 | 152.41 | 184.67 |
| Core EBITDA Margin(%) | 16.79 | 14.46 | 13.36 |
| EBIT Margin(%) | 9.86 | 723.56 | 207.26 |
| Pre Tax Margin(%) | 3.84 | 717.63 | 201.17 |
| PAT Margin (%) | 2.63 | 714.95 | 196.15 |
| Cash Profit Margin (%) | 11 | 722.09 | 202.54 |
| ROA(%) | 1.39 | 76.82 | 9.55 |
| ROE(%) | 4.06 | 170.9 | 20.19 |
| ROCE(%) | 6.4 | 80.59 | 10.26 |
| Receivable days | 10.55 | 13.18 | 17.67 |
| Inventory Days | 1.77 | 2 | 2.07 |
| Payable days | 596.15 | 403.42 | 267.06 |
| PER(x) | 123.57 | 0.64 | 8.36 |
| Price/Book(x) | 5.02 | 0.59 | 1.37 |
| Dividend Yield(%) | 0 | 0.28 | 0.06 |
| EV/Net Sales(x) | 4.13 | 13.25 | 27.91 |
| EV/Core EBITDA(x) | 22.64 | 60.17 | 76.49 |
| Net Sales Growth(%) | 0 | 6.23 | 4.08 |
| EBIT Growth(%) | 0 | 7694.87 | -70.19 |
| PAT Growth(%) | 0 | 0 | -71.45 |
| EPS Growth(%) | 0 | 0 | -78.46 |
| Debt/Equity(x) | 0.63 | 1.05 | 1 |
| Current Ratio(x) | 0.2 | 2.65 | 0.63 |
| Quick Ratio(x) | 0.19 | 2.64 | 0.63 |
| Interest Cover(x) | 1.64 | 122.09 | 34.06 |
| Total Debt/Mcap(x) | 0.18 | 1.85 | 0.56 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.45 | 70.45 | 70.45 | 70.45 | 66.59 | 70.02 | 70.02 | 71.79 | 69.8 | 69.8 |
| FII | 0 | 0 | 0.05 | 0.13 | 0.6 | 1.29 | 1.29 | 1.12 | 1.08 | 1.03 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Public | 29.54 | 29.54 | 29.5 | 29.41 | 32.8 | 28.69 | 28.69 | 27.09 | 29.12 | 29.16 |
| 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 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 1.3 | 1.3 | 1.43 | 1.43 | 1.43 |
| FII | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.41 | 0.41 | 0.41 | 0.41 | 0.49 | 0.53 | 0.53 | 0.54 | 0.6 | 0.6 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.4 | 1.4 | 1.4 | 1.4 | 1.48 | 1.85 | 1.85 | 1.99 | 2.05 | 2.05 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +7% | — | — | — |
| Operating Profit CAGR | +67% | — | — | — |
| PAT CAGR | -71% | — | — | — |
| Share Price CAGR | -60% | +24% | +45% | +29% |
| ROE Average | +20% | +65% | +65% | +65% |
| ROCE Average | +10% | +32% | +32% | +32% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.45 | 70.45 | 70.45 | 70.45 | 66.59 | 70.02 | 70.02 | 71.79 | 69.8 | 69.8 |
| FII | 0 | 0 | 0.05 | 0.13 | 0.6 | 1.29 | 1.29 | 1.12 | 1.08 | 1.03 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Public | 29.55 | 29.55 | 29.55 | 29.55 | 33.41 | 29.98 | 29.98 | 28.21 | 30.2 | 30.2 |
| 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 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 1.3 | 1.3 | 1.43 | 1.43 | 1.43 |
| FII | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.41 | 0.41 | 0.41 | 0.41 | 0.49 | 0.56 | 0.56 | 0.56 | 0.62 | 0.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.4 | 1.4 | 1.4 | 1.4 | 1.48 | 1.85 | 1.85 | 1.99 | 2.05 | 2.05 |
* 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.