Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1150 Cr.
Stock P/E
62.8
P/B
3.1
Current Price
₹149.8
Book Value
₹ 48.6
Face Value
10
52W High
₹161.4
52W Low
₹ 114.6
Dividend Yield
0%

Viceroy Hotels Overview

Business

Viceroy Hotels Ltd. (VHLTD) operates within the hospitality sector, primarily engaged in owning, managing, and operating hotels, resorts, and related services. Its core business model revolves around providing accommodation, food & beverage (F&B) services, banquet and conference facilities, and other ancillary amenities to both leisure and business travelers. The company generates revenue through room tariffs, sales from restaurants and bars, event hosting, and potentially through managing properties for third-party owners or franchising its brand.

Revenue Mix

While specific revenue contribution figures are not available, the primary revenue streams for Viceroy Hotels Ltd. would typically include:

Accommodation: Revenue from room bookings and stays. This is generally the largest segment for hotel companies.

Food & Beverage (F&B): Sales from in-house restaurants, cafes, bars, room service, and catering for events.

Banquet & Conference Services: Income from hosting weddings, corporate meetings, conferences, and other events.

Other Services: Potentially includes revenue from spas, fitness centers, laundry services, and other ancillary offerings.

Industry

The Indian hotel, resort, and restaurants industry is diverse and highly competitive, comprising global chains, large domestic players, and numerous unorganized entities. It spans various segments from luxury to budget. Viceroy Hotels Ltd., with its name, likely positions itself in the mid-to-upscale segment, targeting both business and leisure travelers seeking quality service and amenities. The industry structure is fragmented, with significant players like Indian Hotels Company Ltd. (Taj), EIH Ltd. (Oberoi), Lemon Tree Hotels, and ITC Hotels dominating the organized luxury and upscale segments. VHLTD's specific positioning relative to these peers would depend on its geographical footprint, property quality, and brand perception, which would typically cater to a specific niche or price point.

MOAT

Without specific details on VHLTD's operations, potential competitive advantages (moats) in the hospitality sector often include:

Brand Reputation: A strong and trusted brand can drive repeat business and command premium pricing.

Prime Real Estate Locations: Owning or securing properties in strategic, high-demand areas (e.g., city centers, tourist hubs) offers a significant advantage.

Operational Excellence: Efficient management, superior customer service, and cost control can lead to better profitability.

Loyalty Programs: Effective loyalty programs can build a sticky customer base.

However, the hotel industry is generally capital-intensive and subject to high competition, making durable moats challenging to build and maintain without significant scale, unique offerings, or a long-standing heritage.

Growth Drivers

Key factors that can drive growth for Viceroy Hotels Ltd. over the next 3-5 years include:

Economic Growth & Disposable Incomes: Rising prosperity in India fuels both domestic tourism and business travel.

Infrastructure Development: Improved connectivity (airports, roads) and development of new tourism destinations.

Increased Domestic Tourism: A growing preference for domestic travel, boosted by government initiatives and rising middle-class spending.

Business Travel Recovery: Revival of corporate travel and MICE (Meetings, Incentives, Conferences, Exhibitions) segments post-pandemic.

Strategic Expansion: Opening new properties in high-demand locations or expanding into new segments (e.g., resorts, serviced apartments).

Technology Adoption: Leveraging technology for booking, customer experience, and operational efficiency.

Risks

Economic Downturns: Discretionary spending on travel and hospitality is highly sensitive to economic slowdowns or recessions.

Geopolitical and Health Crises: Pandemics, political instability, or natural disasters can severely disrupt travel and tourism.

Intense Competition: High competition can lead to pricing pressure and lower occupancy rates.

High Capital Expenditure: The hotel business requires significant ongoing capital investment for property maintenance, upgrades, and expansion.

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

Seasonality: Hospitality business often experiences seasonal fluctuations in demand and pricing.

Staffing Challenges: Attracting and retaining skilled hospitality staff can be a persistent challenge.

Management & Ownership

As a listed entity (VHLTD), the company would have a professional management team overseen by a Board of Directors. In many Indian companies, a significant portion of ownership often resides with the promoter group (founding family or group of investors) who also play a key role in the strategic direction. The quality of management in the hospitality sector is paramount, requiring expertise in operations, brand building, customer relations, and financial management to navigate market dynamics effectively.

Outlook

The Indian hospitality sector is poised for long-term growth driven by robust economic expansion, increasing disposable incomes, and strong government support for tourism. For Viceroy Hotels Ltd., this presents significant opportunities for demand recovery and potential expansion. The bull case for VHLTD would involve successfully capitalizing on these macro trends, achieving high occupancy rates and average room rates (ARRs), and strategically expanding its portfolio while maintaining operational efficiency. However, the bear case highlights risks such as intense competition from established domestic and international players, vulnerability to economic shocks or unforeseen events (like future pandemics), and the high capital expenditure requirements of the industry. The company's success will ultimately depend on its ability to differentiate its brand, secure prime locations, deliver consistent guest experiences, and manage its capital structure effectively amidst a dynamic and competitive market.

Viceroy Hotels Share Price

Live · BSE / NSE · Inception: 1965
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Viceroy Hotels Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 40 41 32 32 38 35 25 39 48 45
Other Income 4 -3 0 1 0 1 1 3 1 0
Total Income 44 38 32 34 38 37 26 42 50 45
Total Expenditure 45 29 27 24 26 26 22 27 34 33
Operating Profit -1 9 5 9 12 11 5 15 16 12
Interest 0 1 1 1 2 1 1 1 5 5
Depreciation 2 8 3 3 3 3 3 3 5 5
Exceptional Income / Expenses -3 0 1 0 0 0 0 0 0 0
Profit Before Tax -7 0 1 5 7 7 0 11 6 1
Provision for Tax 0 -2 0 -55 -0 -3 3 -0 -0 -0
Profit After Tax -7 2 1 60 7 10 -3 11 6 1
Adjustments 0 -0 0 0 0 0 0 -0 0 0
Profit After Adjustments -7 2 1 60 7 10 -3 11 6 1
Adjusted Earnings Per Share -1 0.4 0.2 8.6 1.1 1.5 -0.4 1.6 0.9 0.2

Viceroy Hotels Profit & Loss

#(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 124 124 118 122 122 35 52 120 138 137 143 157
Other Income 1 4 19 3 5 6 18 0 1 4 7 5
Total Income 125 128 137 126 127 41 71 120 139 141 150 163
Total Expenditure 92 100 111 126 131 55 87 111 120 104 105 116
Operating Profit 33 29 26 -1 -4 -14 -16 9 19 37 45 48
Interest 27 28 23 2 1 1 1 0 1 5 9 12
Depreciation 13 9 10 11 10 10 9 9 14 12 15 16
Exceptional Income / Expenses 19 -8 -427 0 0 0 0 0 -3 1 0 0
Profit Before Tax 11 -16 -433 -14 -15 -24 -26 0 0 21 21 18
Provision for Tax -0 1 10 2 2 -4 0 1 -2 -57 3 3
Profit After Tax 11 -17 -443 -16 -17 -21 -26 -0 2 78 18 15
Adjustments -1 2 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 10 -15 -443 -16 -17 -21 -26 -0 2 78 18 15
Adjusted Earnings Per Share 2.2 -3.1 -95.6 -3.4 -3.6 -4.4 -5.7 -0 0.3 11.5 2.7 2.3

Viceroy Hotels Balance Sheet

#(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 165 163 -365 -381 -398 -418 -445 -445 67 244 267
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 486 460 529 538 545 542 547 509 167 47 245
Other Non-Current Liabilities 20 21 31 35 35 31 33 32 30 -27 -19
Total Current Liabilities 248 283 247 249 247 251 247 256 64 20 43
Total Liabilities 920 927 442 441 429 405 381 352 328 284 536
Fixed Assets 195 187 282 273 263 249 230 222 214 178 405
Other Non-Current Assets 678 692 113 121 114 128 123 81 50 49 79
Total Current Assets 46 43 36 33 38 28 28 50 64 56 52
Total Assets 920 927 442 441 429 405 381 352 328 284 536

Viceroy Hotels Cash Flow

#(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 4 1 4 -1 6 0 1 3 13 27 6
Cash Flow from Operating Activities 25 58 -6 1 -17 13 -7 -23 10 32 58
Cash Flow from Investing Activities -30 -15 -44 -2 5 -8 5 44 -11 -74 -210
Cash Flow from Financing Activities 2 -40 46 7 6 -4 4 -11 14 -83 204
Net Cash Inflow / Outflow -3 3 -5 7 -5 1 2 10 14 -124 53
Closing Cash & Cash Equivalent 1 4 -1 6 0 1 3 13 27 6 19

Viceroy Hotels Ratios

# 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) 2.2 -3.14 -95.55 -3.4 -3.63 -4.43 -5.67 -0.01 0.35 11.54 2.71
CEPS(Rs) 5.25 -1.77 -93.32 -1.06 -1.37 -2.29 -3.71 1.84 2.36 13.34 4.94
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 35.37 33.78 -81.2 -85.37 -89.04 -91.25 -96.01 -96.02 9.55 36.04 39.36
Core EBITDA Margin(%) 25.9 20.01 6.18 -2.95 -6.93 -56.95 -65.48 7.21 12.89 24.34 26.56
EBIT Margin(%) 30.6 9.56 -347.71 -9.28 -11.73 -68.52 -47.97 0.41 1.25 18.56 20.58
Pre Tax Margin(%) 8.79 -12.89 -366.96 -11.26 -12.37 -70.27 -49.4 0.38 0.21 14.95 14.61
PAT Margin (%) 8.81 -13.7 -375.4 -12.87 -13.77 -59.16 -50.17 -0.05 1.73 56.81 12.79
Cash Profit Margin (%) 19.61 -6.6 -366.6 -4.02 -5.2 -30.56 -32.8 7.14 11.82 65.64 23.33
ROA(%) 1.23 -1.85 -64.77 -3.57 -3.87 -4.93 -6.69 -0.02 0.7 25.49 4.47
ROE(%) 7.09 -10.63 0 0 0 0 0 0 0 50.39 7.19
ROCE(%) 5.95 1.87 -105.67 -7.57 -10.35 -14.03 -12.77 0.29 0.87 9.42 7.14
Receivable days 70.21 52.56 36.77 37.83 38.42 110.32 51.12 22.71 22.5 19.69 17
Inventory Days 4.88 5.29 5.1 5.46 6.24 18.38 7.99 3.31 2.71 1.82 1.61
Payable days 283.27 286.07 310.18 336.15 351.01 677.24 249.23 224.32 147.36 163.53 161.95
PER(x) 6.64 0 0 0 0 0 0 0 0 9.87 51.32
Price/Book(x) 0.41 0.56 -0.14 -0.04 -0.01 -0.02 -0.03 -0.02 0 3.16 3.53
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 4.47 4.4 4.97 4.48 4.5 18.33 12.29 4.97 1.53 5.94 8.27
EV/Core EBITDA(x) 16.89 19.06 22.27 -1044.03 -142.45 -45.92 -40.15 65.35 11.25 22.07 26.58
Net Sales Growth(%) 13.07 0.29 -5.12 3.66 -0.03 -71.59 50.84 127.92 15.61 -0.64 4.3
EBIT Growth(%) 94.33 -68.65 -3548.96 97.23 -26.36 -65.94 -5.6 101.97 248.8 1375.01 15.65
PAT Growth(%) 279.91 -255.87 -2500.59 96.45 -6.97 -22.02 -27.91 99.79 4449.18 3166.44 -76.52
EPS Growth(%) 250.21 -243.06 -2941.73 96.45 -6.97 -22.03 -27.9 99.79 3031.39 3239.41 -76.52
Debt/Equity(x) 2.97 2.96 -1.42 -1.36 -1.32 -1.49 -1.42 -1.34 2.72 0.21 0.99
Current Ratio(x) 0.18 0.15 0.15 0.13 0.15 0.11 0.11 0.19 1 2.87 1.22
Quick Ratio(x) 0.18 0.15 0.14 0.12 0.14 0.11 0.11 0.19 0.99 2.84 1.2
Interest Cover(x) 1.4 0.43 -18.05 -4.69 -18.21 -39.17 -33.67 10.91 1.2 5.14 3.45
Total Debt/Mcap(x) 7.21 5.3 10.18 35.95 149.97 70.33 47.14 63.75 0 0.07 0.28

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +4% +6% +33% +1%
Operating Profit CAGR +22% +71% — +3%
PAT CAGR -77% — — +5%
Share Price CAGR +15% +255% +107% +20%
ROE Average +7% +19% +12% +5%
ROCE Average +7% +6% +1% -11%

Viceroy Hotels Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 84.11 %
FII 0 %
DII (MF + Insurance) 0.04 %
Public (retail) 15.85 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 95959084.1184.1184.1184.1184.1184.1184.11
FII 0000000000
DII 1.581.581.581.481.480.880.350.140.040.04
Public 3.423.428.4214.4114.4115.0115.5415.7415.8515.85
Others 0000000000
Total 100100100100100100100100100100

Viceroy Hotels Peer Comparison

Hotel, Resort & Restaurants Edit Columns

Viceroy Hotels Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Viceroy Hotels Pros & Cons

Pros

  • Debtor days have improved from 163.53 to 161.95days.

Cons

  • Stock is trading at 3.1 times its book value.
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