Chalet Hotels
Chalet Hotels
Leisure ServicesKey Fundamentals
SmallcapHotels & ResortsLeisure ServicesTapetide Score
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Key Insights
Strengths
1- Company has delivered good profit growth of 46.5% CAGR over last 5 years
Weaknesses
5- Stock is trading at 4.92 times its book value
- Company has a low return on equity of 13.9% over last 3 years.
- Company might be capitalizing the interest cost
- Promoters have pledged 31.9% of their holding.
- Promoter holding has decreased over last 3 years: -4.40%
Growth Rate
AI Analysis — Bull vs Bear
Chalet Hotels has a market capitalisation of about ₹19,535 crore and trades at a P/E of 37.1 and a P/B of 5.3. Profit has compounded at 46% over 5 years and 60% over 3 years, and ROE rose to 19% last year. At the same time, TTM sales growth has slowed to 6%, 3-year average ROE is 13.9%, and promoters have pledged 31.9% of their holding.
- Profit has compounded at 46% (46.5%) CAGR over 5 years and 60% over 3 years, showing strong earnings growth after the pandemic.
- Sales grew at a 58% CAGR over 5 years and 35% over 3 years, reflecting a sharp recovery and expansion in hospitality revenue.
- TTM profit grew 88% while TTM sales grew only 6%. This suggests operating leverage and margin expansion, though one-off items may have contributed.
- ROE has improved steadily, from 7% over 10 years to 11% over 5 years, 14% over 3 years and 19% last year, pointing to better capital efficiency as assets mature.
- The stock has returned a 30% CAGR over 5 years and 17% over 3 years, reflecting sustained market recognition of the earnings recovery.
- A P/E of 37.1 is modest compared with 88% TTM profit growth and a 60% 3-year profit CAGR, implying a relatively low price-to-growth ratio on recent numbers.
- Over 10 years, profit compounded at 23% against sales at 17%, meaning earnings have grown faster than revenue over the long term.
- Promoters have pledged 31.9% of their holding. A sharp price fall could trigger forced selling and raises governance concerns.
- TTM sales growth has slowed to 6%, against a 35% 3-year CAGR and 58% 5-year CAGR. This suggests the post-pandemic recovery tailwind is fading.
- The stock trades at 5.22x book value, a rich multiple for a capital-intensive hotel business, which leaves little room for execution misses.
- ROE has averaged only 13.9% over 3 years, 11% over 5 years and 7% over 10 years, below what the 5.3x P/B multiple would normally imply.
- The company may be capitalising interest cost. That can flatter reported profit and understate the true cost of its ongoing capex and debt.
- Promoter holding has fallen by 4.36% over 3 years, which reduces promoter alignment on top of the existing pledge.
- The stock is down 8% over 1 year despite 88% TTM profit growth, which suggests the market doubts how sustainable or high-quality those earnings are.
- The dividend yield is just 0.22%, so shareholders get very little cash return while waiting for growth to play out.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Long gestation on key pipeline Sep 6
Only about 70 of the 380 rooms at the Delhi Airport Taj are due to open by the end of this financial year. Ritz-Carlton Hyderabad, Hyatt Regency Airoli and Udaipur are slated for FY29 and Pune Yerawada for FY31, so most of the ~2,300-key pipeline adds revenue only in the medium term and carries execution risk.
- Incremental short-term borrowing Sep 29
Chalet raised ₹100 crore via unsecured commercial papers at a 6.60% coupon, maturing December 24, 2026, and the Sep 21 AGM authorised further private placement of debt. This sits alongside management's claim that expansion can be funded without substantially increasing debt.
- 5,500 keys target by FY30 Sep 6
Chalet aims to grow from ~3,389 operational keys to ~5,500 by FY30, backed by a ~2,300-key pipeline. It is moving to a hybrid model of third-party operated hotels (Ritz-Carlton), franchises (Taj) and its own Athiva brand.
- Athiva brand pipeline expands Sep 6
The Athiva brand, launched in 2025, has grown from an initial ~900-key pipeline to ~1,200-1,300 keys through new Pune and Hyderabad projects. Management says it is focused entirely on Athiva and is not planning other brands.
- Goa luxury resort land secured Sep 7
Chalet acquired 100% equity in Lakeview Mercantile Company Pvt Ltd, gaining a Goa land parcel for a ~170-room luxury resort.
- Commercial portfolio to 3.3mn sq ft Sep 6
Chalet operates ~2.4 million sq ft of commercial space with another 9,00,000 sq ft under construction, taking the portfolio to ~3.2-3.3 million sq ft. This adds annuity-style rental income alongside the hotel business.
- AGM approves ₹1 dividend Sep 21
Chalet's 41st AGM approved a ₹1 final dividend for FY26, authorised private placement of debt securities and ratified an independent director's appointment.
- CRISIL A1+ rated CP issue Sep 29
The ₹100 crore commercial paper issue carries the top short-term CRISIL A1+ rating, which points to strong credit standing and low-cost access to funding at 6.60%.
- ₹22 crore block trade flagged Sep 18
About 2,53,620 shares changed hands on NSE at ₹867.30 each, worth ₹22.00 crore. This is an unconfirmed trade-scanner signal, and buyer and seller identities have not been disclosed.
- G200 Summit investor meet Sep 17
Chalet joined in-person group interactions at the G200 Summit Annual Investor Conference on September 22, 2026.
TL;DR: Chalet Hotels is building a clear growth path, with a target of ~5,500 keys by FY30, a mixed owned/franchise/managed model, the expanding Athiva brand, a new Goa luxury resort site, and a commercial portfolio heading to ~3.3 million sq ft. The main risks are long project timelines, with most big openings in FY29-FY31, and new borrowing via CPs and authorised debt placements, though the CRISIL A1+ rating eases concerns about credit. Overall the trend is improving, and the near-term triggers to watch are the phased opening of the Delhi Airport Taj and whether debt levels stay in check as capex picks up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 311 | 315 | 374 | 418 | 361 | 377 | 458 | 522 | 895 | 735 | 582 | 558 | 512 |
| Expenses | 201 | 189 | 208 | 235 | 221 | 228 | 253 | 281 | 537 | 436 | 317 | 292 | 278 |
| Operating Profit | 110 | 126 | 166 | 183 | 140 | 150 | 205 | 241 | 357 | 299 | 265 | 266 | 234 |
| OPM % | 35% | 40% | 44% | 44% | 39% | 40% | 45% | 46% | 40% | 41% | 46% | 48% | 46% |
| Other Income | 4 | 4 | 6 | 6 | 8 | 6 | 7 | 15 | 14 | 9 | 7 | 13 | -1 |
| Interest | 45 | 50 | 48 | 53 | 32 | 34 | 45 | 48 | 49 | 45 | 46 | 41 | 39 |
| Depreciation | 31 | 35 | 35 | 37 | 39 | 42 | 48 | 50 | 54 | 57 | 58 | 60 | 61 |
| PBT | 37 | 44 | 89 | 99 | 78 | 79 | 118 | 159 | 269 | 205 | 167 | 178 | 133 |
| Tax % | -138% | 18% | 20% | 17% | 22% | 274% | 18% | 22% | 24% | 24% | 26% | 8% | 35% |
| Net Profit | 89 | 36 | 71 | 82 | 61 | -139 | 97 | 124 | 203 | 155 | 124 | 163 | 86 |
| EPS in Rs | 4.32 | 1.77 | 3.44 | 4.01 | 2.78 | -6.35 | 4.42 | 5.67 | 9.3 | 7.08 | 5.67 | 7.44 | 3.93 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 441 | 582 | 737 | 796 | 987 | 981 | 286 | 508 | 1,128 | 1,417 | 1,718 | 2,770 | 2,387 |
| Expenses | 377 | 446 | 624 | 551 | 668 | 644 | 279 | 409 | 676 | 833 | 982 | 1,582 | 1,323 |
| Operating Profit | 64 | 136 | 113 | 245 | 319 | 337 | 7 | 98 | 453 | 585 | 736 | 1,188 | 1,064 |
| OPM % | 14% | 23% | 15% | 31% | 32% | 34% | 2.5% | 19% | 40% | 41% | 43% | 43% | 45% |
| Other Income | 18 | 13 | 311 | -66 | 44 | 24 | 14 | 11 | 92 | 20 | 36 | 41 | 27 |
| Interest | 161 | 216 | 218 | 212 | 266 | 146 | 152 | 144 | 154 | 197 | 159 | 180 | 171 |
| Depreciation | 62 | 99 | 127 | 112 | 115 | 113 | 117 | 118 | 117 | 138 | 179 | 230 | 237 |
| PBT | -141 | -166 | 79 | -145 | -18 | 101 | -248 | -153 | 273 | 269 | 434 | 819 | 683 |
| Tax % | -10% | -32% | -61% | -36% | -58% | 1% | -44% | -47% | 33% | -3% | 67% | 21% | — |
| Net Profit | -126 | -112 | 127 | -93 | -8 | 100 | -139 | -81 | 183 | 278 | 142 | 645 | 528 |
| EPS in Rs | -8.31 | -7.39 | 8.38 | -5.43 | -0.37 | 5.01 | -6.78 | -3.98 | 8.94 | 13.54 | 6.53 | 29.46 | 24.12 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 7% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 152 | 152 | 152 | 171 | 205 | 205 | 205 | 205 | 205 | 205 | 218 | 219 |
| Reserves | 480 | 365 | 315 | 324 | 1,218 | 1,350 | 1,211 | 1,136 | 1,337 | 1,646 | 2,828 | 3,479 |
| Borrowings | 2,072 | 2,351 | 2,636 | 2,725 | 1,546 | 1,902 | 2,058 | 2,597 | 2,853 | 3,005 | 2,604 | 2,368 |
| Other Liabilities | 538 | 487 | 449 | 432 | 562 | 579 | 545 | 527 | 562 | 922 | 1,427 | 1,221 |
| Total Liabilities | 3,242 | 3,355 | 3,552 | 3,652 | 3,531 | 4,035 | 4,019 | 4,465 | 4,957 | 5,778 | 7,077 | 7,287 |
| Fixed Assets | 2,295 | 2,390 | 2,839 | 2,819 | 2,753 | 3,019 | 3,080 | 3,413 | 3,854 | 4,406 | 5,210 | 5,693 |
| CWIP | 49 | 32 | 21 | 22 | 34 | 88 | 36 | 32 | 98 | 37 | 183 | 132 |
| Investments | 13 | 47 | 0 | 4 | 5 | 5 | 4 | 6 | 7 | 10 | 108 | 29 |
| Other Assets | 885 | 886 | 692 | 807 | 738 | 924 | 899 | 1,013 | 999 | 1,325 | 1,575 | 1,432 |
| Total Assets | 3,242 | 3,355 | 3,552 | 3,652 | 3,531 | 4,035 | 4,019 | 4,465 | 4,957 | 5,778 | 7,077 | 7,287 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 79 | 201 | 249 | 366 | 252 | 60 | 62 | 477 | 689 | 950 | 1,067 |
| Investing | — | -172 | 329 | -118 | 147 | -391 | -50 | -396 | -591 | -620 | -1,355 | -575 |
| Financing | — | 53 | -463 | -157 | -523 | 133 | -34 | 411 | 126 | -108 | 496 | -466 |
| Net Cash Flow | — | -40 | 67 | -26 | -10 | -6 | -24 | 77 | 12 | -38 | 91 | 25 |
| Free Cash Flow | — | -98 | 87 | 188 | 330 | 163 | 13 | 23 | 305 | 262 | -14 | 729 |
| CFO/OP | — | 62 | 184 | 107 | 117 | 83 | 191 | 59 | 105 | 127 | 141 | 102 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 8 | 11 | 15 | 25 | 18 | 16 | 39 | 31 | 19 | 14 | 17 | 9 |
| Inventory Days | — | — | — | 2,283 | 1,305 | 1,871 | 6,659 | 3,030 | 1,605 | 1,973 | 2,064 | 199 |
| Days Payable | — | — | — | 629 | 401 | 455 | 1,267 | 602 | 549 | 716 | 535 | 122 |
| Cash Conversion Cycle | 8 | 11 | 15 | 1,679 | 921 | 1,432 | 5,431 | 2,460 | 1,075 | 1,271 | 1,545 | 86 |
| Working Capital Days | -55 | 44 | -138 | -113 | -77 | -58 | -270 | -184 | -152 | -292 | -275 | -93 |
| ROCE % | 1% | 2% | 6% | 6% | 8% | 8% | -3% | 0% | 9% | 10% | 11% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY05–FY27.
Documents
Frequently Asked Questions about Chalet Hotels
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Company Information
Chalet Hotels is engaged in the business of hospitality (hotels), commercial and retail operations and real estate development.(Source : 202003-01 Annual Report Page No:113)
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