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 5.20 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: -4.36%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoChalet Hotels Ltd, with a market cap of ~₹18,923 Cr, operates in the leisure services space and has delivered strong profit growth (46.5% CAGR over 5 years) alongside improving ROE that reached 19% in the last year. However, the stock trades at 5.2x book value, promoters have pledged 31.9% of their holdings, and the 1-year stock return of -14% signals recent market skepticism despite solid operational momentum.
- Compounded profit growth of 46% CAGR over 5 years and 60% over 3 years demonstrates a sharp earnings trajectory
- TTM profit growth of 88% indicates continued acceleration in bottom-line performance in the most recent period
- ROE has improved from 7% on a 10-year basis to 11% over 5 years and 19% in the last year, showing a clear upward trend in capital efficiency
- Compounded sales growth of 35% over 3 years reflects strong top-line expansion post-pandemic
- 5-year stock CAGR of 36% has rewarded longer-term shareholders despite recent weakness
- 10-year compounded sales growth of 17% shows the business has scaled consistently over a longer horizon
- Dividend yield of 0.23% signals the company has initiated shareholder returns, indicating improving free cash flow generation
- Promoters have pledged 31.9% of their holdings, creating risk of forced selling or margin calls in a downturn
- Stock trades at 5.2x price-to-book, which is elevated for a hospitality company with a 3-year average ROE of only ~14%
- Promoter holding has decreased by 4.36% over the last 3 years, signaling potential dilution or reduced skin in the game
- PE ratio of 36.4x leaves limited margin of safety if profit growth decelerates from the current 88% TTM pace
- 1-year stock return of -14% indicates the market is repricing the stock downward despite strong reported earnings
- Company might be capitalizing interest costs, which could flatter reported profitability and understate true operating expenses
- 3-year average ROE of ~14% (flagged as low at 13.9%) suggests capital efficiency has historically been modest relative to the premium valuation
- TTM sales growth has decelerated sharply to 6% compared to the 3-year CAGR of 35%, raising questions about top-line momentum sustainability
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Targets 5,500 keys by FY30 Sep 6
Chalet Hotels plans to grow from 3,389 keys to ~5,500 keys via third-party operated, franchise, and own Athiva brand models. 380-room Taj Delhi Airport hotel partly opening this FY, with Ritz-Carlton Hyderabad and Hyatt Regency Airoli expected in FY29.
- Lakeview acquisition completed Sep 7
Acquired 100% equity in Lakeview Mercantile Company, securing a Goa land parcel for a ~170-room luxury resort development.
- Athiva brand scaling rapidly Sep 6
Athiva brand launched in 2025 grew from an initial 900-key pipeline to 1,200-1,300 keys with new Pune and Hyderabad projects. Navi Mumbai's 152-room Four Points was rebranded to Athiva Pulse on Aug 25.
- Commercial portfolio expanding to 3.3M sqft Sep 6
Currently operates ~2.4M sq ft of commercial space with 900,000 sq ft under construction, targeting 3.2-3.3M sq ft total.
- Well-funded, low debt risk Sep 6
MD Shwetank Singh stated the company can execute its full expansion pipeline without substantially increasing debt from current balance sheet strength.
- AGM set for Sep 21 Aug 24
Annual General Meeting scheduled for Sep 21, 2026 with record date for FY26 final dividend fixed at Sep 11, 2026.
- FY26 annual report shared Aug 31
Chalet Hotels published the weblink for its FY26 Integrated Annual Report under SEBI Listing Regulations.
- FY26 BRSR report filed Aug 29
Business Responsibility and Sustainability Report for FY26 disclosed, highlighting renewable energy targets and EV fleet transition progress.
- Investor conference participation Aug 26
Company will participate in the Ashwamedh – Elara India Dialogue 2026 on Sep 2, 2026 for an in-person investor group meeting.
TL;DR: Chalet Hotels is in aggressive expansion mode, targeting 5,500 keys by FY30 from 3,389 today through a hybrid ownership-franchise-brand model, while also growing its commercial real estate portfolio to 3.3M sq ft. The Goa acquisition and rapid Athiva brand scaling demonstrate execution momentum. No material headwinds surfaced in the period, and management claims expansion can be funded without significant debt increase. The trend is clearly improving, though investors should watch for execution risk as the pipeline ramps across multiple geographies and FY29-31 delivery timelines.
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
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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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