WEBSITE BSE:507966 NSE: RAS RESORTS Inc. Year: 1985 Industry: Hotel, Resort & Restaurants My Bucket: Add Stock
Last updated: 11:14
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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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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
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 | 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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
* The pros and cons are machine generated.
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