Leela Palaces Hotels & Resorts Ltd
Leela Palaces Hotels & Resorts Ltd
Consumer DiscretionaryKey Fundamentals
SmallcapHotels & ResortsLeisure ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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34 extracted metrics + investor summaries across FY23–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
- Promoters have pledged 73.6% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 17h agoLeela Palaces Hotels & Resorts trades at a market cap of ~₹16,923 Cr with a P/E of 38.4x, having delivered FY26 operating revenue of ₹1,527 Cr (up 15% YoY) and PAT of ₹403 Cr (up ~8.5x YoY). The company has reduced net debt by 50% post-IPO but promoters continue to hold 73.6% of their shares as pledged, and no dividends have been paid despite consistent profitability.
- FY26 PAT surged ~8.5x YoY to ₹403 Cr, reflecting a step-change in profitability from an already improving base
- Operating revenue grew 15% YoY to ₹1,527 Cr in FY26, with TTM sales CAGR at 19% and 3-year compounded sales growth of 21%
- Operating EBITDA margin expanded to ~49% in FY26 (up 19% YoY to ₹743 Cr), among the highest in Indian luxury hospitality
- Net debt reduced by 50% post-IPO with net debt to EBITDA improving to 1.6x, demonstrating active deleveraging
- Q4 FY26 EBITDA margin reached 55%, with RevPAR up 6% YoY to ₹23,028, showing sustained pricing power in the luxury segment
- Five consecutive quarters of double-digit RevPAR and EBITDA growth through Q3 FY26, with RevPAR outpacing India's luxury industry by 2.7x on YTD basis
- Long-term EBITDA guidance of ₹2,000 Cr by FY30 implies continued double-digit growth runway; expansion pipeline includes Jaisalmer and first international investment in Dubai
- Brand ranked No. 2 Best Hotel Brand globally by Travel + Leisure 2026, with industry-leading NPS of 86, supporting premium positioning and repeat guest loyalty
- Promoters have pledged 73.6% of their holding, creating significant risk of forced selling or governance concerns in a downturn
- P/E of 38.4x is elevated for a company with limited listed track record (IPO in 2025), pricing in substantial future growth
- Zero dividend yield despite reporting ₹403 Cr PAT in FY26, indicating capital is being retained without shareholder distributions
- Company might be capitalizing interest costs, which could overstate reported profitability and asset values
- ROE stands at only 8% (last year), modest relative to the premium valuation of 2.66x P/B
- Q1 FY27 revenue of ₹352 Cr showed a 27% QoQ decline from Q4's ₹484 Cr, highlighting seasonality risk in the hospitality business
- 3-year and 5-year compounded profit and sales growth data is incomplete, making it difficult to assess long-term consistency pre-IPO
- Luxury hotel segment is capital-intensive and cyclical; expansion into Dubai and new domestic properties carries execution and geopolitical risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago- Promoters pledge 55.91% stake Jul 30
Promoters pledged 18.67 crore shares (55.91% of capital) to secure a $500 million term loan facility for distributions and debt repayment. High promoter pledge levels increase risk in case of share price decline.
- Q1FY27 profit surges 460% Aug 6
Net profit jumped 460% to ₹487.55M on 28% revenue growth with record 41% EBITDA margin. RevPAR grew 17% to ₹13,982 driven by domestic demand resilience and pricing power.
- ₹185 crore Ayodhya hotel investment Aug 10
Investing ₹185 crore in subsidiary Buildminds via CCPS to fund a 5-star hotel in Ayodhya, deployed in tranches by FY29. Targets the growing religious tourism market.
- FY30 EBITDA target reaffirmed Aug 6
Company reaffirmed its FY30 EBITDA target of INR 20 billion and signed a concession for a Tadoba resort, signaling continued expansion momentum.
- AGM scheduled for Sept 4 Aug 14
Seventh AGM set for September 4, 2026 via video conferencing with remote e-voting available August 31 to September 3.
- Investor meets in Aug-Sep Aug 6
Participating in conferences by Nirmal Bang, Ashwamedh, Jefferies, and the Equirus India Growth Summit on August 13 in Mumbai.
- Q1FY27 earnings call held Jul 31 Jul 28
Management discussed Q1FY27 results on July 31, 2026 at 5:00 PM IST via conference call.
TL;DR: Leela Palaces delivered a standout Q1FY27 with 460% profit growth, record margins, and strong RevPAR gains, while actively expanding into Ayodhya and Tadoba. The key risk is the elevated 55.91% promoter pledge securing a $500M loan, which introduces leverage-related vulnerability. Overall trend is firmly positive with demand resilience and clear growth visibility toward the FY30 EBITDA target of INR 20 billion.
Quarterly Results
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 228 | 277 | 370 | 425 | 275 | 311 | 457 | 484 | 352 |
| Expenses | 162 | 163 | 184 | 198 | 173 | 175 | 222 | 219 | 224 |
| Operating Profit | 66 | 114 | 187 | 227 | 101 | 136 | 235 | 266 | 128 |
| OPM % | 29% | 41% | 50% | 53% | 37% | 44% | 51% | 55% | 36% |
| Other Income | 12 | 23 | 33 | 38 | 27 | 23 | 7 | 10 | 9 |
| Interest | 119 | 122 | 117 | 99 | 86 | 38 | 39 | 40 | 39 |
| Depreciation | 38 | 39 | 31 | 31 | 26 | 27 | 29 | 30 | 33 |
| PBT | -79 | -25 | 71 | 135 | 16 | 93 | 174 | 206 | 64 |
| Tax % | -5% | 107% | 21% | 13% | 45% | 20% | 15% | 17% | 24% |
| Net Profit | -75 | -51 | 56 | 117 | 9 | 75 | 148 | 172 | 49 |
| EPS in Rs | — | — | — | 4.25 | 0.26 | 2.24 | 4.43 | 5.14 | 1.46 |
Profit & Loss
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales | 860 | 1,171 | 1,301 | 1,527 | 1,604 |
| Expenses | 479 | 623 | 706 | 787 | 840 |
| Operating Profit | 381 | 548 | 595 | 740 | 764 |
| OPM % | 44% | 47% | 46% | 48% | 48% |
| Other Income | 43 | 55 | 106 | 64 | 48 |
| Interest | 360 | 436 | 459 | 203 | 157 |
| Depreciation | 125 | 148 | 140 | 113 | 119 |
| PBT | -61 | 19 | 102 | 488 | 537 |
| Tax % | 2% | 111% | 53% | 17% | — |
| Net Profit | -62 | -2 | 48 | 403 | 443 |
| EPS in Rs | — | — | 1.73 | 12.07 | 13.27 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 20 | 20 | 276 | 334 |
| Reserves | -2,532 | -2,846 | 3,280 | 6,070 |
| Borrowings | 3,883 | 4,453 | 4,142 | 1,811 |
| Other Liabilities | 4,504 | 5,434 | 568 | 709 |
| Total Liabilities | 5,876 | 7,062 | 8,266 | 8,924 |
| Fixed Assets | 5,259 | 6,212 | 6,305 | 7,853 |
| CWIP | 27 | 39 | 131 | 229 |
| Investments | 0 | 0 | 14 | 0 |
| Other Assets | 589 | 811 | 1,816 | 841 |
| Total Assets | 5,876 | 7,062 | 8,266 | 8,924 |
Cash Flow
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Operating | 318 | 539 | 553 | 777 |
| Investing | -85 | -786 | -5,730 | -637 |
| Financing | -318 | 147 | 5,236 | -170 |
| Net Cash Flow | -84 | -100 | 59 | -31 |
| Free Cash Flow | 233 | 419 | 345 | -337 |
| CFO/OP | 86 | 104 | 95 | 111 |
Ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 30 | 23 | 25 | 19 |
| Inventory Days | — | — | — | 112 |
| Days Payable | — | — | — | 258 |
| Cash Conversion Cycle | 30 | 23 | 25 | -128 |
| Working Capital Days | -65 | -1,666 | -76 | -66 |
| ROCE % | — | 30% | 12% | 9% |
Documents
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Company Information
Established in 2019, Schloss Bangalore Limited is a luxury hospitality company operating under "The Leela" brand in India.[1]