Restaurants · Founded 2007 · www.kamatsindia.com · BSE 539659 · · ISIN INE564S01019
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Business
Vikram Kamats Hospitality Ltd. (KAMATS) is an Indian company operating in the restaurant sector. Its core business involves establishing, owning, and operating a chain of restaurants, primarily offering dining experiences to customers. The company likely focuses on specific cuisine types or dining formats, leveraging the "Kamats" brand which often implies a heritage or regional specialty within India, potentially South Indian vegetarian cuisine. The company makes money through direct sales of food and beverages to customers across its various restaurant outlets.
Revenue Mix
Specific detailed revenue mix is not publicly available without financial filings. However, typical revenue streams for a restaurant company like KAMATS would primarily include:
Dine-in Sales: Revenue generated from customers dining within its physical restaurant premises.
Takeaway/Delivery Sales: Revenue from orders placed for consumption outside the restaurant, including third-party aggregators and direct channels.
Catering/Banqueting: Potentially, for larger establishments or specific brands, revenue from catering services for events.
Given the sector, dine-in and takeaway/delivery likely constitute the overwhelming majority of revenue.
Industry
The Indian restaurant industry is highly fragmented, competitive, and dynamic. It comprises a mix of unorganized local eateries, organized standalone restaurants, and large national and international chains (QSRs, casual dining, fine dining). The industry is influenced by consumer preferences for diverse cuisines, value for money, convenience, and hygiene.
Vikram Kamats Hospitality Ltd., likely positioned within the casual dining or quick-service vegetarian segment, would compete with established regional chains, national players, and numerous independent restaurants. Its positioning could be differentiated by its heritage, specific cuisine focus (e.g., South Indian), perceived quality, or value proposition. Without specific market share data, its exact standing against major national players is difficult to ascertain, but it likely holds a strong regional presence if "Kamats" is a well-recognized brand.
MOAT
Potential competitive advantages for Vikram Kamats Hospitality Ltd. could include:
Brand Reputation & Heritage: If "Kamats" is a long-standing or well-regarded name known for consistent quality and taste, it can foster customer loyalty.
Operational Efficiency: Streamlined supply chains, kitchen operations, and service delivery can lead to better margins and pricing power.
Location Strategy: Securing prime, high-footfall locations that are difficult for competitors to replicate.
Customer Loyalty: A dedicated customer base built on consistent positive experiences and specific cuisine appeal.
Specific Niche: A strong hold on a particular cuisine or dining experience that resonates deeply with a segment of the population.
Growth Drivers
Rising Disposable Incomes: Increasing affluence among the Indian middle class leads to higher discretionary spending on dining out.
Urbanization & Changing Lifestyles: Growing urban populations and busier lifestyles drive demand for convenient food options and dining experiences.
Expansion of Outlets: Opening new restaurants in untapped geographies or increasing density in existing markets.
Growth in Food Delivery: Leveraging online food aggregators and direct delivery channels to expand reach and convenience.
Diversification of Offerings: Introducing new menu items, formats (e.g., QSR, cloud kitchens), or catering services.
Tourism Growth: If positioned in tourist-heavy regions or cities, an increase in domestic and international tourism can boost sales.
Risks
Intense Competition: The Indian restaurant market is highly competitive, leading to price wars and pressure on margins.
Food Inflation & Supply Chain Disruptions: Volatile raw material costs (vegetables, grains, dairy) can impact profitability.
Changing Consumer Tastes & Preferences: Rapid shifts in dietary trends or cuisine preferences can impact demand.
Real Estate & Labor Costs: Rising rents for prime locations and increasing minimum wages can put pressure on operational expenses.
Regulatory Risks: Strict food safety standards, licensing requirements, and potential changes in excise or GST policies.
Pandemic-related Disruptions: Future health crises could lead to lockdowns, reduced footfall, and operational restrictions.
Management & Ownership
Vikram Kamats Hospitality Ltd., often with a prominent family name in its title, is highly likely to be a promoter-driven company. This implies that a significant portion of ownership and strategic decision-making rests with the founding family or a key individual, Vikram Kamat in this case. In India, promoter-led companies are common, offering the potential for long-term vision and stability but also concentration of power. Management quality would be assessed by their track record in expanding the brand, maintaining quality, adapting to market changes, and ensuring operational efficiency.
Outlook
Vikram Kamats Hospitality Ltd. operates in a robust yet challenging Indian restaurant sector. The industry benefits from strong tailwinds like rising disposable incomes, urbanization, and a growing culture of eating out and ordering in. The company's potential strengths lie in its brand heritage, established customer base, and specific cuisine focus, which can drive organic growth and facilitate expansion. However, the sector is characterized by intense competition, susceptibility to food inflation, and evolving consumer preferences, which pose significant risks. The company's ability to innovate, manage costs effectively, expand strategically, and maintain its brand reputation will be crucial for sustained success. A balanced view suggests that while the overall market offers growth opportunities, profitability will depend on astute management and resilience against competitive and economic pressures.
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| #(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 | 6 | 8 | 9 | 9 | 8 | 10 | 12 | 13 | 12 | 14 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 6 | 8 | 9 | 9 | 9 | 11 | 12 | 13 | 12 | 14 |
| Total Expenditure | 5 | 6 | 8 | 7 | 7 | 8 | 10 | 10 | 9 | 12 |
| Operating Profit | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 |
| Profit Before Tax | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 |
| 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 | -2 |
| Adjustments | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Adjusted Earnings Per Share | 0.3 | 0.5 | 0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0 | -0.9 |
| #(Fig in Cr.) | Mar 2016 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 4 | 8 | 25 | 29 | 39 | 51 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 4 | 9 | 26 | 30 | 40 | 51 |
| Total Expenditure | 4 | 8 | 23 | 25 | 32 | 41 |
| Operating Profit | 1 | 1 | 3 | 5 | 8 | 11 |
| Interest | 0 | 0 | 0 | 1 | 2 | 4 |
| Depreciation | 0 | 0 | 0 | 2 | 5 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -2 |
| Profit Before Tax | 1 | 0 | 2 | 2 | 1 | -2 |
| Provision for Tax | 0 | 0 | 1 | 1 | 0 | 0 |
| Profit After Tax | 0 | 0 | 2 | 2 | 1 | -2 |
| Adjustments | 0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 0 | -0 | 1 | 2 | 1 | -1 |
| Adjusted Earnings Per Share | 0.6 | -0 | 1.4 | 1.3 | 0.4 | -0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 34% | 70% | 0% | 0% |
| Operating Profit CAGR | 60% | 100% | 0% | 0% |
| PAT CAGR | -50% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -36% | 2% | 42% | 11% |
| ROE Average | 2% | 9% | 8% | 8% |
| ROCE Average | 6% | 12% | 12% | 12% |
| #(Fig in Cr.) | Mar 2016 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 4 | 8 | 13 | 21 | 45 |
| Minority's Interest | 0 | 1 | 1 | 1 | 1 |
| Borrowings | 0 | 3 | 1 | 18 | 24 |
| Other Non-Current Liabilities | 4 | 1 | 0 | 10 | 19 |
| Total Current Liabilities | 1 | 5 | 7 | 10 | 13 |
| Total Liabilities | 10 | 18 | 22 | 60 | 102 |
| Fixed Assets | 0 | 4 | 6 | 22 | 40 |
| Other Non-Current Assets | 4 | 10 | 9 | 25 | 45 |
| Total Current Assets | 5 | 4 | 8 | 13 | 18 |
| Total Assets | 10 | 18 | 22 | 60 | 102 |
| #(Fig in Cr.) | Mar 2016 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 1 | 1 | 2 | 5 |
| Cash Flow from Operating Activities | 1 | -0 | 4 | -13 | -2 |
| Cash Flow from Investing Activities | -1 | -3 | -3 | -6 | -20 |
| Cash Flow from Financing Activities | 1 | 3 | 1 | 23 | 23 |
| Net Cash Inflow / Outflow | 1 | -0 | 1 | 3 | 1 |
| Closing Cash & Cash Equivalent | 2 | 1 | 2 | 5 | 6 |
| # | Mar 2016 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.55 | -0.03 | 1.36 | 1.32 | 0.4 |
| CEPS(Rs) | 0.59 | 0.46 | 1.71 | 3.1 | 3.87 |
| DPS(Rs) | 0.54 | 0 | 0.5 | 0.3 | 0.3 |
| Book NAV/Share(Rs) | 5.23 | 10.76 | 12.23 | 16.39 | 26.94 |
| Core EBITDA Margin(%) | 3.08 | 2.07 | 7.27 | 14.94 | 18.07 |
| EBIT Margin(%) | 16.67 | 6.99 | 10.06 | 11.68 | 8.33 |
| Pre Tax Margin(%) | 16.66 | 2.32 | 8.62 | 8.51 | 2.61 |
| PAT Margin (%) | 11.44 | 1.51 | 6.38 | 5.88 | 1.72 |
| Cash Profit Margin (%) | 12.17 | 4.29 | 7.37 | 12.54 | 15.07 |
| ROA(%) | 4.61 | 0.89 | 7.99 | 4.18 | 0.82 |
| ROE(%) | 10.57 | 1.99 | 14.98 | 10.55 | 2.21 |
| ROCE(%) | 15.28 | 7.08 | 19.05 | 12.3 | 5.84 |
| Receivable days | 45.14 | 43.46 | 28.85 | 34.42 | 28.7 |
| Inventory Days | 2.95 | 11.14 | 8.47 | 11.51 | 14.09 |
| Payable days | 119.71 | 190.2 | 150.23 | 210.33 | 171.44 |
| PER(x) | 24.47 | 0 | 28.03 | 50.92 | 163.48 |
| Price/Book(x) | 2.59 | 2.78 | 3.11 | 4.09 | 2.41 |
| Dividend Yield(%) | 4.01 | 0 | 1.32 | 0.45 | 0.46 |
| EV/Net Sales(x) | 2.41 | 3.1 | 1.58 | 3.21 | 2.92 |
| EV/Core EBITDA(x) | 13.86 | 31.73 | 14.32 | 17.5 | 13.45 |
| Net Sales Growth(%) | 0 | 110.66 | 208.94 | 16.64 | 32.77 |
| EBIT Growth(%) | 0 | -11.7 | 344.88 | 35.42 | -5.35 |
| PAT Growth(%) | 0 | -72.28 | 1209.31 | 7.54 | -61.28 |
| EPS Growth(%) | 0 | -104.63 | 5396.09 | -2.96 | -69.78 |
| Debt/Equity(x) | 0.01 | 0.45 | 0.11 | 1.02 | 0.62 |
| Current Ratio(x) | 3.92 | 0.8 | 1.13 | 1.34 | 1.34 |
| Quick Ratio(x) | 3.89 | 0.71 | 1.02 | 1.22 | 1.21 |
| Interest Cover(x) | 1316.48 | 1.5 | 6.96 | 3.68 | 1.46 |
| Total Debt/Mcap(x) | 0 | 0.11 | 0.04 | 0.25 | 0.26 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 67.28 | 65.9 | 65.9 | 62.63 | 55.32 | 55.88 | 56.13 | 54.26 | 49.95 | 50.4 |
| FII | 0 | 0 | 0 | 0 | 0.18 | 0.18 | 0.18 | 0.86 | 1.07 | 1.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.36 | 1 | 1.13 |
| Public | 32.72 | 34.1 | 34.1 | 37.37 | 44.5 | 43.94 | 43.69 | 44.52 | 47.97 | 47.41 |
| 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 | 0.73 | 0.78 | 0.78 | 0.83 | 0.83 | 0.85 | 0.86 | 0.86 | 0.86 | 0.87 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.02 |
| Public | 0.35 | 0.4 | 0.4 | 0.49 | 0.67 | 0.67 | 0.67 | 0.7 | 0.82 | 0.82 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.08 | 1.19 | 1.19 | 1.32 | 1.5 | 1.52 | 1.52 | 1.58 | 1.71 | 1.73 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +34% | +70% | — | — |
| Operating Profit CAGR | +60% | +100% | — | — |
| PAT CAGR | -50% | — | — | — |
| Share Price CAGR | -36% | +2% | +42% | +11% |
| ROE Average | +2% | +9% | +8% | +8% |
| ROCE Average | +6% | +12% | +12% | +12% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 67.28 | 65.9 | 65.9 | 62.63 | 55.32 | 55.88 | 56.13 | 54.26 | 49.95 | 50.4 |
| FII | 0 | 0 | 0 | 0 | 0.18 | 0.18 | 0.18 | 0.86 | 1.07 | 1.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.36 | 1 | 1.13 |
| Public | 32.72 | 34.1 | 34.1 | 37.37 | 44.68 | 44.12 | 43.87 | 45.74 | 50.05 | 49.6 |
| 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 | 0.73 | 0.78 | 0.78 | 0.83 | 0.83 | 0.85 | 0.86 | 0.86 | 0.86 | 0.87 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.02 | 0.02 |
| Public | 0.35 | 0.4 | 0.4 | 0.49 | 0.67 | 0.67 | 0.67 | 0.72 | 0.86 | 0.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.08 | 1.19 | 1.19 | 1.32 | 1.5 | 1.52 | 1.52 | 1.58 | 1.71 | 1.73 |
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