Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Chalet Hotels Ltd

CHALET
Hotels

Chalet Hotels Ltd's earnings have outrun its stock. EPS grew +351.1% in a year against a −7.3% price move.

The sharpest disagreement: annual EPS moved +351.1% against a −7.3% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (28 weeks in) while the P/E sits at the 10th percentile of its own 8-year range. Underneath, the last four quarters read improving — profit +31.5% year on year, and 254% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
₹863
−7.3% 1Y
P/E
27.6×
10th pctile
of its own 8-year range
Revenue (Mar 26)
₹558 Cr
+6.9% YoY
Profit (Mar 26)
₹163 Cr
+31.5% YoY
Operating margin
48.0%
+2.0 pp YoY
ROCE
17%
FY26
ROIC
13.2%
vs WACC 12.0% → +1.2 pp
Cash conversion
254%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Chalet Hotels Ltd trades at ₹863, in a downtrend and 28 weeks into that stage. That is +4.4% against its own 200-day average. It sits at 45% of a 52-week range of ₹724 to ₹1,030. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks.

Today the stock is in a downtrend — week 28 of stage 4, confirmed. At ₹863 it trades +4.4% versus its 200-day average and sits at 45% of its 52-week range (₹724–₹1,030).

Jul 26: ₹863 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+4.4% versus the 200-day line, week 28 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹1,082₹893₹704₹515₹326₹863₹826Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4S2S4₹1,082₹893₹704₹515₹326₹863₹826Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2019 Each cell is one week from 2019 to now (392 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 19Jul 26

Against the market, two honest reads. Cumulative: over the last 7.4 years the stock moved +196% while the NIFTY 500 moved +163% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 8 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 10th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Chalet Hotels Ltd trades at 27.6× P/E, near the bottom of its own range — cheaper only 10% of the time. Its long-run median P/E is 73.4×, measured across 7.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 27.6× is near the bottom of its own range — cheaper only 10% of the time, against a long-run median of 73.4× measured over 7.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 27.6× vs a 73.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 7.5-year window; loss-period spikes above 220× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 10% of the time
P/EMedianEPS (TTM) (quarterly)
235.8×₹31.9179.2×₹23.9122.5×₹15.965.8×₹8.09.2×₹0.0×27.60×₹30Feb 19Sep 20Dec 23May 25Jul 26
235.8×₹31.9179.2×₹23.9122.5×₹15.965.8×₹8.09.2×₹0.0×27.60×₹30Feb 19Dec 23Jul 26
PEG 0.38 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 19 quarters; values above 6 pinned at the top.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
6.5×4.8×3.2×1.6×0.0××0.38×Q2 FY22Q2 FY23Q3 FY24Q3 FY25Q4 FY26
6.5×4.8×3.2×1.6×0.0××0.38×Q2 FY22Q3 FY24Q4 FY26
P/E
27.6×
10th percentile of 8y
PEG
0.88
as reported

Why the multiple sits where it does: over the past year annual EPS moved +351.1% against a −7.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +24.0%/yr price move, ~+56.7%/yr came from earnings growth and ~−32.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Chalet Hotels Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −56.7% at the trough to +351.0% off a 5-quarter-old trough, ROCE holding at 18.4%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
75%330%60%222%46%114%31%6.4%17%−101%%%61.2%300%300%Jun 23Sep 24Mar 26
75%330%60%222%46%114%31%6.4%17%−101%%%61.2%300%300%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
21%18%15%12%8.7%%18.4%Jun 23Sep 24Mar 26
21%18%15%12%8.7%%18.4%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +61.2% · span +20.6% to +70.6%
Profit growth
Rising
latest +351.0% · span −71.6% to +1,366.7%
EPS growth
Rising
latest +352.3% · span −69.9% to +1,346.1%
ROCE
Steady high
latest 18.4% · span 9.5%–20.0%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Growth, year by year: revenue +61.2% in FY26, profit +354.2% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
137%343%82%187%26%31%−30%−126%−86%−282%%%61.2%300%FY16FY21FY26
137%343%82%187%26%31%−30%−126%−86%−282%%%61.2%300%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+61.2%) with the last 8 annualized (+39.8%). Spikes shown pinned (▲).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
75%330%60%222%46%114%31%6.4%17%−101%%%61.2%300%Jun 23Sep 24Mar 26
75%330%60%222%46%114%31%6.4%17%−101%%%61.2%300%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+61.2%+34.9%+57.5%+16.9%
Profit+354.2%+52.2%
EPS+351.1%+48.8%
Share price−7.3%+24.0%+36.4%
Revenue YoY (Mar 26)
+6.9%
latest quarter vs a year ago
Profit YoY (Mar 26)
+31.5%
latest quarter vs a year ago
Revenue 10y
16.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

74.3/100 — rank 1 of 24 in Hotels · 90% evidence confidence

Chalet Hotels Ltd scores 74.3 out of 100 against the 24 companies it is compared with in Hotels, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 28.4 + 15.6 + 17.7 + 12.6 = 74.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Chalet Hotels Ltd reported ₹558 Cr of revenue in the Mar 26 quarter, +6.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.9% a year. The last full year, FY26, came in at ₹2,770 Cr. The last four reported quarters add to ₹2,770 Cr.

Chalet Hotels Ltd reported ₹558 Cr of revenue in the Mar 26 quarter, +6.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 16.9% a year. The last full year, FY26, came in at ₹2,770 Cr. The last four reported quarters add to ₹2,770 Cr.

FY26 revenue came in at ₹2,770 Cr (+61.2% on the year), capping 10 years at 16.9% compound. The latest quarter (Mar 26) printed ₹558 Cr, +6.9% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹2,770 Cr (+61.2% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
16.9% a year over 10 years
RevenueYoY growth
3.0k137%2.2k82%1.5k26%748−30%0−86%₹ Cr%₹2,77061.2%FY16FY21FY26
3.0k137%2.2k82%1.5k26%748−30%0−86%₹ Cr%₹2,77061.2%FY16FY21FY26
Mar 26: ₹558 Cr (+6.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
967159%725118%48377%24237%0−4.4%₹ Cr%₹5586.9%Jun 23Sep 24Mar 26
967159%725118%48377%24237%0−4.4%₹ Cr%₹5586.9%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +69.2% growth against the decade's 16.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +61.2% over the last 4 quarters against +39.8%/yr over the last 8 — accelerating; TTM profit +351.0% vs +52.3%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 48.0% this quarter (+2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Chalet Hotels Ltd's operating margin is 48.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 2.0% to 43.0%. The current quarter is running above every full year in that window.

Chalet Hotels Ltd's operating margin is 48.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 2.0% to 43.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 48.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.0%–43.0%, and FY26's 43.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.4 pp year on year while gross margin went +0.9 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 43.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a 2.0–43.0% band over 13 years
operating marginYoY change (pp)
46%25%34%9.9%23%−5.5%11%−21%−1.3%−36%%%43%0%FY14FY20FY26
46%25%34%9.9%23%−5.5%11%−21%−1.3%−36%%%43%0%FY14FY20FY26
Mar 26: 48.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
49%5.5%45%3.7%42%2.0%38%0.3%34%−1.5%%%48%2%Jun 23Sep 24Mar 26
49%5.5%45%3.7%42%2.0%38%0.3%34%−1.5%%%48%2%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +31.5% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Chalet Hotels Ltd earned ₹163 Cr of net profit in the Mar 26 quarter, +31.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹645 Cr. That is 29.2% of the quarter's revenue. The same quarter a year earlier earned ₹124 Cr. 1 of the last 12 reported quarters were loss-making.

Chalet Hotels Ltd earned ₹163 Cr of net profit in the Mar 26 quarter, +31.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹645 Cr. That is 29.2% of the quarter's revenue. The same quarter a year earlier earned ₹124 Cr. 1 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹163 Cr, +31.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹645 Cr (+354.2%).

FY26 profit ₹645 Cr (+354.2% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
708402%480230%25358%26−114%−202−286%₹ Cr%₹645354.2%FY16FY21FY26
708402%480230%25358%26−114%−202−286%₹ Cr%₹645354.2%FY16FY21FY26
Mar 26: ₹163 Cr (+31.5% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Net profit (quarterly)YoY growth
230290%13182%32−127%−67−335%−166−544%₹ Cr%₹16331.5%Jun 23Sep 24Mar 26
230290%13182%32−127%−67−335%−166−544%₹ Cr%₹16331.5%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +6.9% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +97.4% vs revenue +69.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 254% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 254% of Chalet Hotels Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,067 Cr of operating cash against ₹645 Cr of profit. After ₹662 Cr of capital spending, ₹405 Cr was left as free cash.

FY26: operating cash of ₹1,067 Cr against reported profit of ₹645 Cr, leaving free cash of ₹405 Cr after ₹662 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 254% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹1,067 Cr vs profit ₹645 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY22 reflects an acquisition year — point shown clipped.
254% of 3-year profit arrived as cash
Operating cashNet profitFree cash
1.2k766352−63−478₹ Cr₹1,067₹645₹405FY16FY21FY26
1.2k766352−63−478₹ Cr₹1,067₹645₹405FY16FY21FY26
FY26: CFO = 165% of profit (three-year rate 254%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
316%258%200%142%84%%165%FY16FY21FY26
316%258%200%142%84%%165%FY16FY21FY26

Why conversion sits at 254%: the cash cycle tightened 5,355 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 4.4× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹2,420 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Chalet Hotels Ltd's cash conversion cycle runs 76 days in FY26, down from 5,431 days in FY21. Capital spending ran ₹2,420 Cr over the last 3 years. At FY26 sales of ₹2,770 Cr each day of that cycle holds about ₹7.6 Cr, so roughly ₹577 Cr sits inside the business at any moment.

FY26: debtors at 9 days, inventory at 174 days — roughly 5.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 76 days, tighter than FY21's 5,431.

The full loop: cash goes out to suppliers and production on day 0; stock waits 174 days to sell; customers pay about 9 days after that; and suppliers themselves are paid at 106 days — netting out to the 76-day cycle.

In money terms: at FY26 sales of ₹2,770 Cr, each day of the cycle holds about ₹7.6 Cr — so the 76-day loop keeps roughly ₹577 Cr sitting inside the business at any moment.

FY26: a 76-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−5,355 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
7,1915,2623,3341,405−524days76d174d9d106dFY14FY17FY20FY23FY26
7,1915,2623,3341,405−524days76d174d9d106dFY14FY20FY26

On the investment side: capital spending of ₹2,420 Cr over the last 3 fiscal years against ₹547 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹132 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹662 Cr, work-in-progress ₹132 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1.2k9146103050₹ Cr₹662₹132FY16FY18FY21FY23FY26
1.2k9146103050₹ Cr₹662₹132FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 17% and the ROIC − WACC spread is +1.2 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Chalet Hotels Ltd earns a ROCE of 17% in FY26. That is up from a trough of −3% in FY21. Return on invested capital clears the cost of that capital by +1.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 23.3% net margin on 0.38× asset turns.

FY26 ROCE is 17%, recovered from a FY21 trough of −3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 23.3% net margin × 0.38× asset turns × 1.98× balance-sheet leverage ≈ 17.5% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.2% − 12.0% = a +1.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 17% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's −3%
ROCEROIC (annual)WACC
19%13%7.0%1.2%−4.6%%17%13.5%FY15FY20FY26
19%13%7.0%1.2%−4.6%%17%13.5%FY15FY20FY26
Q4 FY26: ROCE 15.9% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
17%13%9.6%5.8%2.0%%15.9%13.3%Q1 FY24Q2 FY25Q4 FY26
17%13%9.6%5.8%2.0%%15.9%13.3%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.64.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Chalet Hotels Ltd carries total debt of ₹2,368 Cr against shareholder equity of ₹3,697 Cr as of Mar 26, a debt-to-equity of 0.64. On the annual view that ratio went from 1.94 in FY22 to 0.64 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹2,368 Cr against shareholder equity of ₹3,697 Cr — a debt-to-equity of 0.64. On the annual view, debt-to-equity went from 1.94 (FY22) to 0.64 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹2,368 Cr at 0.64× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3.2k2.0×2.4k1.7×1.6k1.3×8110.9×00.5×₹ Cr×₹2,3680.64×FY22FY24FY26
3.2k2.0×2.4k1.7×1.6k1.3×8110.9×00.5×₹ Cr×₹2,3680.64×FY22FY24FY26
Mar 26: debt ₹2,368 Cr, debt-to-equity 0.64 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
3.2k1.9×2.4k1.6×1.6k1.2×8110.9×00.5×₹ Cr×₹2,3680.64×Jun 23Sep 24Mar 26
3.2k1.9×2.4k1.6×1.6k1.2×8110.9×00.5×₹ Cr×₹2,3680.64×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 3.5 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 3.5 points of Chalet Hotels Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 25.0% of the company. Foreign institutions moved −2.5 points over the same window, to 4.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +3.5 points over 8 quarters to 25.0%; Foreign institutions: −2.5 points over 8 quarters to 4.3%; Promoters: −0.2 points over 8 quarters to 67.3%.

Why the register moved: rotation — foreign institutions −2.5 points against domestic institutions +3.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −4.4 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
77%57%38%18%−2.0%%67.3%4.7%24.6%3.4%Mar 24Mar 25Mar 26
77%57%38%18%−2.0%%67.3%4.7%24.6%3.4%Mar 24Mar 25Mar 26
Domestic institutions added 3.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
77%57%37%17%−3.0%%67.3%4.3%25.0%3.5%Jun 23Dec 24Jun 26
77%57%37%17%−3.0%%67.3%4.3%25.0%3.5%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Chalet Hotels Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Hotels Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Chalet Hotels Ltd this page27.6×₹17,835 CrMixed
Indian Hotels Co Ltd53.3×₹1L CrConsistent
ITC Hotels Ltd36.2×₹33,311 CrNo read
EIH Ltd28.6×₹20,412 CrMixed
Travel Food Services Ltd38.4×₹16,938 CrNo read
Leela Palaces Hotels & Resorts Ltd38.8×₹15,853 CrNo read
Ventive Hospitality Ltd33.5×₹14,427 CrNo read
Lemon Tree Hotels Ltd34.9×₹8,664 CrMixed
Juniper Hotels Ltd24.8×₹4,296 CrNo read
Samhi Hotels Ltd9.6×₹3,946 CrNo read
Apeejay Surrendra Park Hotels Ltd39.1×₹2,611 CrMixed
Apeejay Surrendra Park Hotels Ltd29.8×₹2,528 CrMixed
Oriental Hotels Ltd35.9×₹2,408 CrImproving
TajGVK Hotels & Resorts Ltd14.6×₹2,257 CrNo read
EIH Associated Hotels Ltd21.0×₹1,895 CrTopping out
Asian Hotels (North) Ltd484.0×₹1,307 CrNo read
Benares Hotels Ltd28.1×₹1,236 CrMixed
Viceroy Hotels Ltd48.7×₹892 CrNo read
Royal Orchid Hotels Ltd27.6×₹853 CrMixed
U P Hotels Ltd25.8×₹777 CrTurning around
Advent Hotels International Ltd15.8×₹768 CrNo read
Asian Hotels (West) Ltd8.2×₹670 CrNo read
Sayaji Hotels Ltd₹525 CrNo read
Kamat Hotels (India) Ltd11.7×₹499 CrMixed
HLV Ltd2.8×₹473 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Chalet Hotels Ltd's share price today?

Chalet Hotels Ltd trades at ₹863, −7.3% over the past year. The company is valued at ₹17,835 Cr. The stock sits at 45% of its 52-week range of ₹724–₹1,030, +4.4% versus its 200-day average. On the tape, the price is in a downtrend, 28 weeks in. — as of 24 July 2026.

What were Chalet Hotels Ltd's latest quarterly results?

Chalet Hotels Ltd reported revenue of ₹558 Cr and net profit of ₹163 Cr for the Mar 26 quarter. Revenue rose 6.9% and profit rose 31.5% year on year. Earnings per share were ₹7.44. The operating margin was 48.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.

What is Chalet Hotels Ltd's revenue?

Chalet Hotels Ltd reported revenue of ₹558 Cr in the Mar 26 quarter, +6.9% year on year. For the full FY26 fiscal year, revenue was ₹2,770 Cr (+61.2%). Over the last 10 years revenue compounded at 16.9% a year. — as of 24 July 2026.

What is Chalet Hotels Ltd's profit?

Chalet Hotels Ltd earned ₹163 Cr of net profit in the Mar 26 quarter, +31.5% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹645 Cr. The operating margin ran 48.0% in the latest quarter. — as of 24 July 2026.

What is Chalet Hotels Ltd's market cap?

Chalet Hotels Ltd's market capitalisation is ₹17,835 Cr at a share price of ₹863. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Chalet Hotels Ltd's P/E ratio?

Chalet Hotels Ltd trades at a P/E of 27.6×, at the 10th percentile of its own 8-year range, against a long-run median of 73.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Chalet Hotels Ltd pay a dividend?

Yes — Chalet Hotels Ltd's dividend payout was 7% of profit in FY26, and it recorded a payout in 1 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Chalet Hotels Ltd overvalued?

On its own history, Chalet Hotels Ltd looks cheap against its own history: its P/E of 27.6× has been cheaper only 10% of the time in 8 years (long-run median 73.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Chalet Hotels Ltd growing?

Yes — Chalet Hotels Ltd is growing: latest-quarter revenue +6.9% year on year, profit +31.5%, and the margin +2.0 pp at 48.0%. The earnings engine currently reads: improving — as of 24 July 2026.

How is Chalet Hotels Ltd performing?

Chalet Hotels Ltd is in a downtrend, 28 weeks in. Its latest quarter's revenue rose 6.9% and profit rose 31.5% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Chalet Hotels Ltd in?

Turning around — profit growth swung from −56.7% at the trough to +351.0% off a 5-quarter-old trough, ROCE holding at 18.4%. The read comes from the last 12 quarters of growth (revenue growth +61.2% latest, profit growth +351.0% latest, eps growth +352.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Chalet Hotels Ltd in an uptrend?

No — the price is in a downtrend (week 28 of stage 4), trading +4.4% versus its 200-day average and at 45% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Chalet Hotels Ltd beating the market?

On recent form, yes — Chalet Hotels Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 7.4 years the stock moved +196% against the NIFTY 500's +163% — ahead of the index over the full window. — as of 24 July 2026.

Will Chalet Hotels Ltd's share price go up?

This page publishes no price forecast for Chalet Hotels Ltd. What it measures instead: the share price is ₹863, the price is in a downtrend 28 weeks in. Its P/E of 27.6× sits at the 10th percentile of its own 8-year range. — as of 24 July 2026.

Who owns Chalet Hotels Ltd?

Promoters hold 67.3% of Chalet Hotels Ltd, foreign institutions 4.3%, domestic institutions 25.0% and the public 3.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.5 points over 8 quarters. — as of 24 July 2026.

Does Chalet Hotels Ltd have too much debt?

It is moderate — Chalet Hotels Ltd's debt-to-equity is 0.64, and operating profit covers the interest bill 7×. FY26 borrowings were ₹2,368 Cr against equity of ₹3,698 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Chalet Hotels Ltd's capex?

Chalet Hotels Ltd spent ₹2,420 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹662 Cr, with ₹132 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Chalet Hotels Ltd's cash flow?

Chalet Hotels Ltd generated ₹1,067 Cr of operating cash flow in FY26 and ₹405 Cr of free cash flow after ₹662 Cr of capital spending. Reported profit that year was ₹645 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Chalet Hotels Ltd's profit real cash?

Yes — over the last 3 fiscal years, 254% of Chalet Hotels Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,067 Cr against reported profit of ₹645 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Chalet Hotels Ltd in its business cycle?

Chalet Hotels Ltd's FY26 operating margin was 43.0%, against a 13-year band of 2.0%–43.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 48.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Chalet Hotels Ltd story?

The sharpest disagreement: annual EPS moved +351.1% against a −7.3% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Chalet Hotels Ltd a stock worth studying right now?

This is not investment advice. The machine read: Chalet Hotels Ltd's earnings have outrun its stock. EPS grew +351.1% in a year against a −7.3% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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