Viceroy Hotels Ltd
VHLTDViceroy Hotels Ltd's price has outrun its earnings. +21.3% in a year against EPS −76.5% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +21.3% in a year while annual EPS moved −76.5% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (47 weeks in) while the P/E sits at the 91st percentile of its own 2-year range. Underneath, the last four quarters read deteriorating — profit −39.8% year on year, and 102% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
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.
Viceroy Hotels Ltd trades at ₹130, in a confirmed uptrend and 47 weeks into that stage. That is −1.2% against its own 200-day average. It sits at 43% of a 52-week range of ₹116 to ₹149. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (13 weeks and counting).
Today the stock is in a confirmed uptrend — week 47 of stage 2, confirmed. At ₹130 it trades −1.2% versus its 200-day average and sits at 43% of its 52-week range (₹116–₹149).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +927% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (13 weeks and counting; last ahead the week of 2026-05-22) — 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 91st percentile of its own range.
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.
Viceroy Hotels Ltd trades at 48.7× P/E, at the pricey end of its own range (91st percentile). Its long-run median P/E is 12.8×, measured across 1.7 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 48.7× is at the pricey end of its own range (91st percentile), against a long-run median of 12.8× measured over 1.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −76.5% against a +21.3% price move — the price outran earnings, pushing the multiple UP its own range.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ 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.
Stage: No read 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).
Viceroy Hotels Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +4.4% | +6.3% | +32.5% | +1.4% |
| Profit | −76.9% | — | — | +5.0% |
| EPS | −76.5% | — | — | +6.0% |
| Share price | +21.3% | +290.5% | +104.9% | +21.3% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
34.5/100 — rank 21 of 24 in Hotels · 79% evidence confidence
Viceroy Hotels Ltd scores 34.5 out of 100 against the 24 companies it is compared with in Hotels, ranking 21. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 13.3 + 7.3 + 5.9 + 8 = 34.5. 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.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Viceroy Hotels Ltd reported ₹48.4 Cr of revenue in the Mar 26 quarter, +36.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 1.4% a year. The last full year, FY26, came in at ₹143 Cr. The last four reported quarters add to ₹153 Cr.
Viceroy Hotels Ltd reported ₹48.4 Cr of revenue in the Mar 26 quarter, +36.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 1.4% a year. The last full year, FY26, came in at ₹143 Cr. The last four reported quarters add to ₹153 Cr.
FY26 revenue came in at ₹143 Cr (+4.4% on the year), capping 10 years at 1.4% compound. The latest quarter (Mar 26) printed ₹48.4 Cr, +36.9% year on year — the 2nd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +5.1% growth against the decade's 1.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +7.0% over the last 4 quarters against +10.9%/yr over the last 8 — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 29.7% this quarter (+2.7 pp YoY).
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.
Viceroy Hotels Ltd's operating margin is 29.7% in the Mar 26 quarter, +2.7 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −0.4 percentage points. Across 13 fiscal years the operating margin has ranged −66.0% to 31.0%. The current quarter sits inside that band.
Viceroy Hotels Ltd's operating margin is 29.7% in the Mar 26 quarter, +2.7 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −0.4 percentage points. Across 13 fiscal years the operating margin has ranged −66.0% to 31.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 29.7%, +2.7 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −66.0%–31.0%.
🚨 Why the margin moved: operating margin went −0.4 pp year on year while gross margin went +1.9 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit −39.8% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Viceroy Hotels Ltd earned ₹6.0 Cr of net profit in the Mar 26 quarter, −39.8% year on year. Full-year FY26 profit was ₹18.0 Cr. The 10-year compound rate is 5.0%. That is 12.4% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr. 1 of the last 12 reported quarters were loss-making.
Viceroy Hotels Ltd earned ₹6.0 Cr of net profit in the Mar 26 quarter, −39.8% year on year. Full-year FY26 profit was ₹18.0 Cr. The 10-year compound rate is 5.0%. That is 12.4% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr. 1 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹6.0 Cr, −39.8% year on year. On the full year, FY26 printed ₹18.0 Cr (−76.9%), and the 10-year compound rate is 5.0%.
🚨 Why profit moved: revenue contributed +36.9% and the margin +2.7 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +57.4% vs revenue +5.1%. 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: 102% of the last 3 years' profit arrived as cash.
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 102% of Viceroy Hotels Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹58.0 Cr of operating cash against ₹18.0 Cr of profit. After ₹284 Cr of capital spending, ₹−226 Cr was left as free cash.
FY26: operating cash of ₹58.0 Cr against reported profit of ₹18.0 Cr, leaving free cash of ₹−226 Cr after ₹284 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 102% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 102%: the cash cycle tightened 252 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 5.5× 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: ₹224 Cr of building over 3 years.
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).
Viceroy Hotels Ltd's cash conversion cycle runs −157 days in FY26, down from 95 days in FY21. Capital spending ran ₹224 Cr over the last 3 years. At FY26 sales of ₹143 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹−62.0 Cr sits inside the business at any moment.
FY26: debtors at 16 days, inventory at 17 days — roughly 0.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −157 days, tighter than FY21's 95.
The full loop: cash goes out to suppliers and production on day 0; stock waits 17 days to sell; customers pay about 16 days after that; and suppliers themselves are paid at 190 days — netting out to the −157-day cycle.
In money terms: at FY26 sales of ₹143 Cr, each day of the cycle holds about ₹0.4 Cr — so the −157-day loop keeps roughly ₹−62.0 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹224 Cr over the last 3 fiscal years against ₹41.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹57.0 Cr (FY26) — capacity paid for but not yet earning.
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 7% and the ROIC − WACC spread is −6.7 pp.
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.⚠ unverified
Viceroy Hotels Ltd earns a ROCE of 7% in FY26. That is up from a trough of −21% in FY22. Return on invested capital clears the cost of that capital by −6.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.6% net margin on 0.26× asset turns.
FY26 ROCE is 7%, recovered from a FY22 trough of −21% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 12.6% net margin × 0.26× asset turns × 2.09× balance-sheet leverage ≈ 6.8% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 5.3% − 12.0% = a −6.7 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. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.99.
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.⚠ unverified
Viceroy Hotels Ltd carries total debt of ₹264 Cr against shareholder equity of ₹267 Cr as of Mar 26, a debt-to-equity of 0.99. On the annual view that ratio went from −1.42 in FY22 to 0.99 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹264 Cr against shareholder equity of ₹267 Cr — a debt-to-equity of 0.99. On the annual view, debt-to-equity went from −1.42 (FY22) to 0.99 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Promoters cut 10.9 points over 8 quarters.
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.
Promoters cut 10.9 points of Viceroy Hotels Ltd over 8 quarters, the biggest move on the register. That takes promoters to 84.1% of the company. Domestic institutions moved −1.5 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −10.9 points over 8 quarters to 84.1%; Domestic institutions: −1.5 points over 8 quarters to 0.0%.
🚨 Why the register moved: promoters drove it (−10.9 points), alongside domestic institutions (−1.5 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet 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.
Viceroy 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.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Viceroy Hotels Ltd this page | 48.7× | ₹892 Cr | No read | |||
| Indian Hotels Co Ltd | 53.3× | ₹1L Cr | Consistent | |||
| ITC Hotels Ltd | 36.2× | ₹33,311 Cr | No read | |||
| EIH Ltd | 28.6× | ₹20,412 Cr | Mixed | |||
| Chalet Hotels Ltd | 27.6× | ₹17,835 Cr | Mixed | |||
| Travel Food Services Ltd | 38.4× | ₹16,938 Cr | No read | |||
| Leela Palaces Hotels & Resorts Ltd | 38.8× | ₹15,853 Cr | No read | |||
| Ventive Hospitality Ltd | 33.5× | ₹14,427 Cr | No read | |||
| Lemon Tree Hotels Ltd | 34.9× | ₹8,664 Cr | Mixed | |||
| Juniper Hotels Ltd | 24.8× | ₹4,296 Cr | No read | |||
| Samhi Hotels Ltd | 9.6× | ₹3,946 Cr | No read | |||
| Apeejay Surrendra Park Hotels Ltd | 39.1× | ₹2,611 Cr | Mixed | |||
| Apeejay Surrendra Park Hotels Ltd | 29.8× | ₹2,528 Cr | Mixed | |||
| Oriental Hotels Ltd | 35.9× | ₹2,408 Cr | Improving | |||
| TajGVK Hotels & Resorts Ltd | 14.6× | ₹2,257 Cr | No read | |||
| EIH Associated Hotels Ltd | 21.0× | ₹1,895 Cr | Topping out | |||
| Asian Hotels (North) Ltd | 484.0× | ₹1,307 Cr | No read | |||
| Benares Hotels Ltd | 28.1× | ₹1,236 Cr | Mixed | |||
| Royal Orchid Hotels Ltd | 27.6× | ₹853 Cr | Mixed | |||
| U P Hotels Ltd | 25.8× | ₹777 Cr | Turning around | |||
| Advent Hotels International Ltd | 15.8× | ₹768 Cr | No read | |||
| Asian Hotels (West) Ltd | 8.2× | ₹670 Cr | No read | |||
| Sayaji Hotels Ltd | — | ₹525 Cr | No read | |||
| Kamat Hotels (India) Ltd | 11.7× | ₹499 Cr | Mixed | |||
| HLV Ltd | 2.8× | ₹473 Cr | No read |
Frequently asked questions
What is Viceroy Hotels Ltd's share price today?
Viceroy Hotels Ltd trades at ₹130, +21.3% over the past year. The company is valued at ₹892 Cr. The stock sits at 43% of its 52-week range of ₹116–₹149, −1.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 47 weeks in. — as of 24 July 2026.
What were Viceroy Hotels Ltd's latest quarterly results?
Viceroy Hotels Ltd reported revenue of ₹48.4 Cr and net profit of ₹6.0 Cr for the Mar 26 quarter. Revenue rose 36.9% and profit fell 39.8% year on year. Earnings per share were ₹0.89. The operating margin was 29.7%, 2.7 pp higher than a year earlier. — as of 24 July 2026.
What is Viceroy Hotels Ltd's revenue?
Viceroy Hotels Ltd reported revenue of ₹48.4 Cr in the Mar 26 quarter, +36.9% year on year. For the full FY26 fiscal year, revenue was ₹143 Cr (+4.4%). Over the last 10 years revenue compounded at 1.4% a year. — as of 24 July 2026.
What is Viceroy Hotels Ltd's profit?
Viceroy Hotels Ltd earned ₹6.0 Cr of net profit in the Mar 26 quarter, −39.8% year on year. Full-year FY26 profit was ₹18.0 Cr. The operating margin ran 29.7% in the latest quarter. — as of 24 July 2026.
What is Viceroy Hotels Ltd's market cap?
Viceroy Hotels Ltd's market capitalisation is ₹892 Cr at a share price of ₹130. 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 Viceroy Hotels Ltd's P/E ratio?
Viceroy Hotels Ltd trades at a P/E of 48.7×, at the 91st percentile of its own 2-year range, against a long-run median of 12.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Viceroy Hotels Ltd pay a dividend?
No — Viceroy Hotels Ltd has recorded a dividend payout of 0% of profit in each of its last 13 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.
Is Viceroy Hotels Ltd overvalued?
On its own history, Viceroy Hotels Ltd looks expensive against its own history: its P/E of 48.7× sits at the 91st percentile of its 2-year range (long-run median 12.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Viceroy Hotels Ltd growing?
Not right now — Viceroy Hotels Ltd's latest numbers are shrinking: latest-quarter revenue +36.9% year on year, profit −39.8%, and the margin +2.7 pp at 29.7%. The 10-year compound rates are 1.4% (revenue) and 5.0% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Viceroy Hotels Ltd performing?
Viceroy Hotels Ltd is in a confirmed uptrend, 47 weeks in. Its latest quarter's revenue rose 36.9% and profit fell 39.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 13 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is Viceroy Hotels Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 47 of stage 2), trading −1.2% versus its 200-day average and at 43% 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 Viceroy Hotels Ltd beating the market?
Not lately — on a trailing-13-week view Viceroy Hotels Ltd is currently behind the NIFTY 500 (13 weeks and counting; last ahead the week of 2026-05-22), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +927% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will Viceroy Hotels Ltd's share price go up?
This page publishes no price forecast for Viceroy Hotels Ltd. What it measures instead: the share price is ₹130, the price is in a confirmed uptrend 47 weeks in. Its P/E of 48.7× sits at the 91st percentile of its own 2-year range. — as of 24 July 2026.
Who owns Viceroy Hotels Ltd?
Promoters hold 84.1% of Viceroy Hotels Ltd, foreign institutions null%, domestic institutions 0.0% and the public 15.8% (latest quarter). The biggest move on the register over the last two years: Promoters cut 10.9 points over 8 quarters. — as of 24 July 2026.
Does Viceroy Hotels Ltd have too much debt?
It is moderate — Viceroy Hotels Ltd's debt-to-equity is 0.99, and operating profit covers the interest bill 4×. FY26 borrowings were ₹264 Cr against equity of ₹267 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Viceroy Hotels Ltd's capex?
Viceroy Hotels Ltd spent ₹224 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 ₹284 Cr, with ₹57.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Viceroy Hotels Ltd's cash flow?
Viceroy Hotels Ltd generated ₹58.0 Cr of operating cash flow in FY26 and ₹−226 Cr of free cash flow after ₹284 Cr of capital spending. Reported profit that year was ₹18.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Viceroy Hotels Ltd's profit real cash?
Yes — over the last 3 fiscal years, 102% of Viceroy Hotels Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹58.0 Cr against reported profit of ₹18.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Viceroy Hotels Ltd in its business cycle?
Viceroy Hotels Ltd's FY26 operating margin was 27.0%, against a 13-year band of −66.0%–31.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 29.7%. 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 Viceroy Hotels Ltd story?
The sharpest disagreement: the price moved +21.3% in a year while annual EPS moved −76.5% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 Viceroy Hotels Ltd a stock worth studying right now?
This is not investment advice. The machine read: Viceroy Hotels Ltd's price has outrun its earnings. +21.3% in a year against EPS −76.5% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has 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.