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Ras Resorts & Apart Overview

1. Business Overview

Ras Resorts & Apart Hotels Ltd. operates in the hospitality sector, primarily engaged in the business of owning and managing resorts and apartment hotels. Its core business model revolves around providing accommodation services to leisure and potentially business travelers, along with associated hospitality offerings. The company generates revenue through room tariffs, food and beverage sales (restaurants, bars, room service), banqueting and event services (weddings, conferences), and other ancillary services like spa facilities or recreational activities available at its properties.

2. Key Segments / Revenue Mix

The primary revenue-generating segment for Ras Resorts & Apart Hotels Ltd. is hospitality services. This can generally be broken down into:

Accommodation: Revenue from room and apartment rentals, which typically forms the largest portion.

Food & Beverage (F&B): Sales from restaurants, cafes, bars, and catering for events.

Banqueting & Events: Income from hosting conferences, weddings, and other social gatherings.

Specific percentages for revenue mix are not publicly available in this overview but are generally dominated by accommodation and F&B in the hospitality sector.

3. Industry & Positioning

The Indian hotel, resort, and restaurants industry is diverse and highly competitive, comprising a mix of large international chains, established domestic players, regional brands, and independent properties. It is subject to cyclical demand and influenced by economic conditions, tourism trends, and infrastructure development. Ras Resorts & Apart Hotels Ltd., with its focus on "Resorts & Apart Hotels," likely targets leisure travelers, families, and possibly extended-stay guests. Its positioning would typically be within the mid-to-upscale segment, offering a more extensive range of amenities than budget hotels, often in popular tourist destinations or scenic locales. Given its size relative to major national chains, it likely operates as a regional or specialized player.

4. Competitive Advantage (Moat)

Ras Resorts & Apart Hotels Ltd.'s potential competitive advantages could include:

Location: Ownership or long-term leases of properties in prime tourist or leisure destinations can offer a significant advantage, creating barriers to entry for competitors.

Brand Reputation: A consistent focus on guest experience and service quality can build a loyal customer base and positive word-of-mouth.

Niche Focus: Specialization in resorts or apart-hotels might allow it to cater more effectively to specific guest preferences (e.g., family travel, extended stays) compared to general hotels.

Asset Ownership: If the company owns its properties outright, it provides stability and control over operations, though it can also be capital-intensive.

5. Growth Drivers

Key factors that can drive growth for Ras Resorts & Apart Hotels Ltd. over the next 3-5 years include:

Domestic Tourism Growth: Increasing disposable incomes and a rising trend of domestic travel within India.

Infrastructure Development: Improved connectivity (roads, airports) to tourist destinations where its properties are located.

Occupancy Rate Improvement: Enhanced marketing and operational efficiency leading to higher utilization of existing room inventory.

Average Room Rate (ARR) Enhancement: Ability to command higher rates due to improved service, property upgrades, or strong demand.

Expansion/Renovation: Strategic additions of new properties or renovation of existing ones to meet evolving guest expectations and expand market reach.

MICE Segment Growth: Increased demand for Meetings, Incentives, Conferences, and Exhibitions (MICE) at its resort properties.

6. Risks

Economic Slowdown: Discretionary spending on travel and leisure is highly sensitive to economic downturns, impacting occupancy and ARRs.

Intense Competition: The hospitality sector is highly fragmented and competitive, with pressure from both organized players and independent properties.

Seasonality: Revenue and profitability can be significantly affected by seasonal variations in tourist traffic to its locations.

Geopolitical/Health Crises: Events such as pandemics, social unrest, or natural disasters can severely disrupt travel and tourism.

Regulatory Changes: Changes in tourism policies, taxation, or environmental regulations can impact operations and profitability.

Capital Intensity: Expansion and maintenance of properties require significant capital expenditure, which can strain finances if not managed effectively.

7. Management & Ownership

Ras Resorts & Apart Hotels Ltd. is likely promoted by a specific family or group, which is common among Indian companies. The quality of management is crucial in the hospitality industry, requiring experience in hotel operations, customer service, marketing, and financial management. Ownership structure would typically involve a significant promoter holding, alongside shares held by institutional investors and the public. Specific details on management tenure, expertise, or ownership percentages would require access to the company's latest annual reports or public filings.

8. Outlook

The outlook for Ras Resorts & Apart Hotels Ltd. is balanced between the opportunities presented by India's growing tourism sector and the inherent challenges of the hospitality industry. The bull case hinges on the company's ability to capitalize on rising domestic travel, improve operational efficiencies, and enhance its brand reputation to drive higher occupancy and average room rates. Strategic location choices and a focus on providing a quality guest experience could allow it to maintain profitability amidst competition. The bear case involves risks such as economic volatility impacting discretionary spending, intense competition from larger or more innovative players, and potential disruptions from unforeseen events (e.g., health crises). The company's success will largely depend on its adaptive strategies, effective capital allocation for maintenance and potential expansion, and strong operational execution in a dynamic market.

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Ras Resorts & Apart Key Financials

Market Cap ₹22 Cr.

Stock P/E 67.5

P/B 2.6

Current Price ₹55.7

Book Value ₹ 21.2

Face Value 10

52W High ₹64.9

Dividend Yield 0%

52W Low ₹ 33.3

Ras Resorts & Apart Share Price

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Volume
Price

Ras Resorts & Apart Quarterly Price

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Ras Resorts & Apart Peer Comparison

Ras Resorts & Apart 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 3 4 3 3 4 3 3 2 4 4
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 3 4 3 3 4 3 3 2 4 4
Total Expenditure 3 3 3 2 3 3 3 2 3 4
Operating Profit 0 1 1 0 0 0 0 0 1 0
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 0 0 0 0 0 0 0 0 0
Provision for Tax 0 -0 -0 0 0 0 0 0 0 0
Profit After Tax -0 1 0 -0 0 0 0 0 0 0
Adjustments 0 -0 0 0 0 0 -0 0 -0 0
Profit After Adjustments -0 1 0 -0 0 0 0 0 0 0
Adjusted Earnings Per Share -0.9 1.3 0.9 -0.4 0.3 0 0.3 0.1 0.8 0.1

Ras Resorts & Apart 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 8 9 9 8 9 9 4 8 13 13 13 13
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Total Income 8 9 9 8 9 9 5 8 13 13 13 13
Total Expenditure 7 7 7 7 8 8 4 7 12 12 12 12
Operating Profit 1 2 1 1 2 1 1 1 1 1 2 1
Interest 1 0 0 0 1 1 1 0 1 1 1 0
Depreciation 0 0 0 0 0 1 1 0 0 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 1 1 0 1 0 -1 0 0 0 0 0
Provision for Tax -0 0 0 0 0 -0 -0 -0 0 0 0 0
Profit After Tax 0 1 1 0 0 0 -0 0 -0 0 0 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 1 1 0 0 0 -0 0 -0 0 0 0
Adjusted Earnings Per Share 0.5 1.3 1.5 0.8 1.1 0.2 -1 0.4 -0 0.5 0.8 1.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 0% 18% 8% 5%
Operating Profit CAGR 100% 26% 15% 7%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 27% 20% 21% 9%
ROE Average 4% 2% 1% 3%
ROCE Average 8% 7% 6% 7%

Ras Resorts & Apart 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 11 24 20 21 21 21 21 21 22 20 19
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 1 2 1 1 1 2 2 2 1 1
Other Non-Current Liabilities 1 1 5 5 5 5 5 5 6 5 4
Total Current Liabilities 6 5 6 7 7 7 6 6 5 6 6
Total Liabilities 18 32 33 34 34 33 33 34 35 31 30
Fixed Assets 14 27 26 26 32 31 31 31 32 28 26
Other Non-Current Assets 3 4 5 6 1 1 1 1 1 1 1
Total Current Assets 2 1 2 1 1 1 1 2 2 3 3
Total Assets 18 32 33 34 34 33 33 34 35 31 30

Ras Resorts & Apart 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 0 1 0 0 0 0 0 0 0 0 1
Cash Flow from Operating Activities 1 2 1 1 2 1 1 1 2 1 1
Cash Flow from Investing Activities -2 -1 -2 -2 -1 0 -0 -1 -1 -0 0
Cash Flow from Financing Activities 1 -1 0 1 -1 -1 -1 1 -2 -1 -1
Net Cash Inflow / Outflow 0 -0 -0 -0 -0 -0 -0 0 -0 1 1
Closing Cash & Cash Equivalent 1 0 0 0 0 0 0 0 0 1 2

Ras Resorts & Apart 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) 0.53 1.26 1.53 0.8 1.1 0.22 -0.99 0.42 -0.02 0.46 0.82
CEPS(Rs) 1.79 2.32 2.39 1.59 2.23 1.58 0.32 1.59 1.2 1.84 2.19
DPS(Rs) 0 1 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 14.7 14.76 16.32 16.94 18.03 18.25 17.43 18 18.01 18.69 19.72
Core EBITDA Margin(%) 12.45 18.01 15.6 10.26 16.8 8.12 11.08 11.53 7.78 9.57 9.81
EBIT Margin(%) 7.11 13.98 12.77 8.3 12.98 6.94 0.76 8.03 6.49 6.78 7.58
Pre Tax Margin(%) 0.57 9.23 8.91 4.77 7.06 0.41 -11.54 1.78 1.04 2.25 3.57
PAT Margin (%) 2.77 5.83 7.05 4.17 4.77 0.99 -8.81 2.13 -0.06 1.4 2.52
Cash Profit Margin (%) 9.3 10.74 10.98 8.28 9.64 7.06 2.81 8.07 3.69 5.57 6.71
ROA(%) 1.22 2.01 1.89 0.95 1.29 0.26 -1.19 0.5 -0.02 0.55 1.07
ROE(%) 3.67 8.56 9.86 4.81 6.3 1.23 -5.57 2.38 -0.11 2.51 4.3
ROCE(%) 5.36 11.07 9.78 5.06 9.17 4.9 0.28 5.03 6.61 7.38 8.24
Receivable days 19.45 17.21 16.89 18.92 15.7 14.9 18.28 17.7 25.86 32.56 29.37
Inventory Days 8.57 7.54 8.61 9.47 7.51 7.43 13.28 0 0 0 0
Payable days 152.29 228.75 257.83 379.44 311.47 401.05 1071.39 561.13 395.77 987.8 2268.57
PER(x) 72.23 17.85 27.3 52.48 0 184.08 0 73.04 0 85.71 56.56
Price/Book(x) 2.62 1.52 2.56 2.48 0 2.25 1.3 1.71 1.54 2.12 2.37
Dividend Yield(%) 0 4.44 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 2.59 1.55 2.51 2.98 1.02 2.38 3.11 2.26 1.23 1.49 1.62
EV/Core EBITDA(x) 19 8.23 15.02 24.02 5.73 18.3 25.13 16.18 11.98 13.55 13.75
Net Sales Growth(%) 9.27 12.24 0.6 -11.73 20.4 -2.97 -49.68 75.08 64.21 1.9 -1.1
EBIT Growth(%) 393.19 120.59 -8.16 -42.62 88.4 -48.11 -94.48 1746.1 32.65 6.5 10.47
PAT Growth(%) 190.34 136.82 21.59 -47.79 37.57 -79.77 -546.08 142.38 -104.74 2409.22 78.92
EPS Growth(%) 190.34 136.82 21.59 -47.79 37.57 -79.77 -546.08 142.37 -104.75 2405.5 78.9
Debt/Equity(x) 0.89 0.82 0.83 0.95 0.79 0.71 0.73 0.84 0.7 0.61 0.52
Current Ratio(x) 0.31 0.25 0.33 0.2 0.2 0.2 0.19 0.34 0.45 0.47 0.56
Quick Ratio(x) 0.29 0.21 0.3 0.17 0.17 0.17 0.17 0.34 0.45 0.47 0.56
Interest Cover(x) 1.09 2.94 3.31 2.35 2.19 1.06 0.06 1.28 1.19 1.5 1.89
Total Debt/Mcap(x) 0.34 0.54 0.33 0.38 0 0.31 0.56 0.49 0.46 0.29 0.22

Ras Resorts & Apart Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.34 74.34 74.34 74.34 74.34 74.34 74.34 74.34 74.34 74.34
FII 0 0 0 0 0 0 0 0 0 0
DII 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Public 25.66 25.66 25.66 25.66 25.66 25.66 25.66 25.66 25.66 25.66
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Ras Resorts & Apart News

Ras Resorts & Apart Pros & Cons

Pros

Cons

  • Company has a low return on equity of 2% over the last 3 years.
  • Debtor days have increased from 987.8 to 2268.57days.
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