# Hotels — company-by-company sector analysis

> Hotels: Indian Hotels Co Ltd owns the largest revenue base; Asian Hotels (North) Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 6 of 23 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Indian Hotels Co Ltd leads with revenue of ₹9,987 crore, based on 24 of 24 comparable companies through Jun 2026. Asian Hotels (North) Ltd has the fastest current revenue growth at 81.1%, across 23 of 24 comparable companies.

### Is the Hotels sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 6 of 23 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Hotels company is largest by revenue?

Indian Hotels Co Ltd leads with revenue of ₹9,987 crore, based on 24 of 24 comparable companies through Jun 2026.

### Which Hotels company is growing fastest?

Asian Hotels (North) Ltd has the fastest current revenue growth at 81.1%, across 23 of 24 comparable companies.

### Which Hotels company has the strongest 4-Factor Sector Score?

Chalet Hotels Ltd ranks first at 74.3/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Hotels company reports the most CAPEX?

ITC Hotels Ltd reports the largest latest CAPEX at ₹1,009 crore, with 8 of 24 companies comparable.

### Which Hotels company has the least gross debt?

U P Hotels Ltd has the lowest comparable gross debt at ₹0 crore. Indian Hotels Co Ltd has the highest at ₹2,837 crore.

### Which Hotels company has the lowest comparable PEG?

Oriental Hotels Ltd has the lowest comparable Guarded PEG at 0.66, among 7 of 24 companies that pass the metric’s comparability rules.

### How much history does this Hotels comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Hotels against NIFTY 500 is not available from the current market series. 6 of 23 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Leela Palaces Hotels & Resorts Ltd is the strongest against the sector itself at +15%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 6/23
Stocks leading sector: 10/23

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 24
Combined market value: ₹2.6 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Chalet Hotels Ltd (CHALET): 74/100 — Favorable setup; evidence 90%
   - Growth & earnings 28.4/35 | Capital efficiency 15.6/25 | Valuation 17.7/20 | Relative strength 12.6/20
   - Exact sum: 28.4 + 15.6 + 17.7 + 12.6 = 74.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Travel Food Services Ltd (TRAVELFOOD): 65/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 20.2/35 | Capital efficiency 20.3/25 | Valuation 9.2/20 | Relative strength 14.9/20
   - Exact sum: 20.2 + 20.3 + 9.2 + 14.9 = 64.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Oriental Hotels Ltd (ORIENTHOT): 64/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 17.4/35 | Capital efficiency 12.2/25 | Valuation 14.5/20 | Relative strength 19.4/20
   - Exact sum: 17.4 + 12.2 + 14.5 + 19.4 = 63.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Leela Palaces Hotels & Resorts Ltd (THELEELA): 63/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 25.6/35 | Capital efficiency 13.0/25 | Valuation 7.9/20 | Relative strength 16.8/20
   - Exact sum: 25.6 + 13 + 7.9 + 16.8 = 63.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Indian Hotels Co Ltd (INDHOTEL): 62/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 19.2/35 | Capital efficiency 16.6/25 | Valuation 9.7/20 | Relative strength 16.7/20
   - Exact sum: 19.2 + 16.6 + 9.7 + 16.7 = 62.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Benares Hotels Ltd (BENARAS): 59/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 16.4/35 | Capital efficiency 19.0/25 | Valuation 8.6/20 | Relative strength 14.6/20
   - Exact sum: 16.4 + 19 + 8.6 + 14.6 = 58.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Asian Hotels (West) Ltd (AHLWEST): 57/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 22.1/35 | Capital efficiency 15.1/25 | Valuation 11.4/20 | Relative strength 8.3/20
   - Exact sum: 22.1 + 15.1 + 11.4 + 8.3 = 56.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. ITC Hotels Ltd (ITCHOTELS): 56/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 23.1/35 | Capital efficiency 13.2/25 | Valuation 11.6/20 | Relative strength 7.7/20
   - Exact sum: 23.1 + 13.2 + 11.6 + 7.7 = 55.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. TajGVK Hotels & Resorts Ltd (TAJGVK): 55/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 21.6/35 | Capital efficiency 14.7/25 | Valuation 11.0/20 | Relative strength 8.0/20
   - Exact sum: 21.6 + 14.7 + 11 + 8 = 55.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. EIH Ltd (EIHOTEL): 53/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 11.2/35 | Capital efficiency 19.4/25 | Valuation 12.6/20 | Relative strength 9.5/20
   - Exact sum: 11.2 + 19.4 + 12.6 + 9.5 = 52.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. U P Hotels Ltd (UPHOT): 50/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 11.6/35 | Capital efficiency 18.0/25 | Valuation 10.8/20 | Relative strength 9.7/20
   - Exact sum: 11.6 + 18 + 10.8 + 9.7 = 50.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Ventive Hospitality Ltd (VENTIVE): 50/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 22.2/35 | Capital efficiency 12.9/25 | Valuation 9.7/20 | Relative strength 4.8/20
   - Exact sum: 22.2 + 12.9 + 9.7 + 4.8 = 49.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. EIH Associated Hotels Ltd (EIHAHOTELS): 48/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 8.7/35 | Capital efficiency 18.8/25 | Valuation 12.7/20 | Relative strength 8.2/20
   - Exact sum: 8.7 + 18.8 + 12.7 + 8.2 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Juniper Hotels Ltd (JUNIPER): 48/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 23.0/35 | Capital efficiency 11.2/25 | Valuation 11.8/20 | Relative strength 1.9/20
   - Exact sum: 23 + 11.2 + 11.8 + 1.9 = 47.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.9% and the one-year return is -39.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
15. Lemon Tree Hotels Ltd (LEMONTREE): 47/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 19.0/35 | Capital efficiency 13.4/25 | Valuation 9.6/20 | Relative strength 4.9/20
   - Exact sum: 19 + 13.4 + 9.6 + 4.9 = 46.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Sayaji Hotels Ltd (SAYAJIHOTL): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 15.9/35 | Capital efficiency 5.1/25 | Valuation 10.0/20 | Relative strength 15.6/20
   - Exact sum: 15.9 + 5.1 + 10 + 15.6 = 46.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
17. Asian Hotels (North) Ltd (ASIANHOTNR): 44/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 16.8/35 | Capital efficiency 6.4/25 | Valuation 8.5/20 | Relative strength 12.4/20
   - Exact sum: 16.8 + 6.4 + 8.5 + 12.4 = 44.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Kamat Hotels (India) Ltd (KAMATHOTEL): 42/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 13.0/35 | Capital efficiency 14.6/25 | Valuation 10.7/20 | Relative strength 3.7/20
   - Exact sum: 13 + 14.6 + 10.7 + 3.7 = 42
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Samhi Hotels Ltd (SAMHI): 41/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 16.2/35 | Capital efficiency 8.9/25 | Valuation 11.2/20 | Relative strength 5.1/20
   - Exact sum: 16.2 + 8.9 + 11.2 + 5.1 = 41.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Royal Orchid Hotels Ltd (ROHLTD): 35/100 — Adverse evidence; evidence 77%
   - Growth & earnings 13.8/35 | Capital efficiency 8.3/25 | Valuation 8.1/20 | Relative strength 4.5/20
   - Exact sum: 13.8 + 8.3 + 8.1 + 4.5 = 34.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Viceroy Hotels Ltd (VHLTD): 35/100 — Adverse evidence; evidence 79%
   - Growth & earnings 13.3/35 | Capital efficiency 7.3/25 | Valuation 5.9/20 | Relative strength 8.0/20
   - Exact sum: 13.3 + 7.3 + 5.9 + 8 = 34.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Apeejay Surrendra Park Hotels Ltd (PARKHOTELS): 33/100 — Adverse evidence; evidence 83%
   - Growth & earnings 11.3/35 | Capital efficiency 11.9/25 | Valuation 3.9/20 | Relative strength 6.0/20
   - Exact sum: 11.3 + 11.9 + 3.9 + 6 = 33.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Advent Hotels International Ltd (ADVENTHTL): 45/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 16.2/35 | Capital efficiency 7.5/25 | Valuation 10.8/20 | Relative strength 10.0/20
   - Exact sum: 16.2 + 7.5 + 10.8 + 10 = 44.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. HLV Ltd (HLVLTD): 43/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 17.9/35 | Capital efficiency 10.9/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 17.9 + 10.9 + 11.5 + 3 = 43.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Indian Hotels Co Ltd is the scale leader at ₹9,987 crore, 134.4% ahead of ITC Hotels Ltd. Asian Hotels (North) Ltd's growth is 81.1% from a ₹355 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Indian Hotels Co Ltd is the scale benchmark; Asian Hotels (North) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Indian Hotels Co Ltd's growth falls below Asian Hotels (North) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Indian Hotels Co Ltd · ₹9,987 crore | 134.4% versus #2 · ITC Hotels Ltd | 8/8 recent comparable periods | 24/24 companies · 308 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Indian Hotels Co Ltd (INDHOTEL): ₹10.0K Cr
2. ITC Hotels Ltd (ITCHOTELS): ₹4.3K Cr
3. EIH Ltd (EIHOTEL): ₹2.9K Cr
4. Chalet Hotels Ltd (CHALET): ₹2.8K Cr
5. Ventive Hospitality Ltd (VENTIVE): ₹2.5K Cr

### Revenue growth — fastest growers
1. Asian Hotels (North) Ltd (ASIANHOTNR): 81%
2. Chalet Hotels Ltd (CHALET): 61%
3. Ventive Hospitality Ltd (VENTIVE): 53%
4. Royal Orchid Hotels Ltd (ROHLTD): 20%
5. Leela Palaces Hotels & Resorts Ltd (THELEELA): 18%

### 20-quarter Revenue history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.3K Cr
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3.3K Cr | Jun 2024 ₹706 Cr | Sep 2024 ₹778 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹816 Cr | Sep 2025 ₹839 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹936 Cr
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹586 Cr | Mar 2023 ₹637 Cr | Jun 2023 ₹498 Cr | Sep 2023 ₹531 Cr | Dec 2023 ₹741 Cr | Mar 2024 ₹741 Cr | Jun 2024 ₹527 Cr | Sep 2024 ₹589 Cr | Dec 2024 ₹800 Cr | Mar 2025 ₹827 Cr | Jun 2025 ₹574 Cr | Sep 2025 ₹598 Cr | Dec 2025 ₹873 Cr | Mar 2026 ₹895 Cr | Jun 2026 —
- CHALET: Sep 2021 ₹133 Cr | Dec 2021 ₹164 Cr | Mar 2022 ₹154 Cr | Jun 2022 ₹253 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹338 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹315 Cr | Dec 2023 ₹374 Cr | Mar 2024 ₹418 Cr | Jun 2024 ₹361 Cr | Sep 2024 ₹377 Cr | Dec 2024 ₹458 Cr | Mar 2025 ₹522 Cr | Jun 2025 ₹895 Cr | Sep 2025 ₹735 Cr | Dec 2025 ₹582 Cr | Mar 2026 ₹558 Cr | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹410 Cr | Sep 2024 ₹500 Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹367 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹456 Cr | Mar 2026 ₹461 Cr | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹228 Cr | Sep 2024 ₹277 Cr | Dec 2024 ₹370 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹457 Cr | Mar 2026 ₹484 Cr | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹126 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹258 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹698 Cr | Jun 2025 ₹507 Cr | Sep 2025 ₹489 Cr | Dec 2025 ₹686 Cr | Mar 2026 ₹779 Cr | Jun 2026 —
- LEMONTREE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹234 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹224 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹290 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹284 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹379 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹406 Cr | Mar 2026 ₹416 Cr | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹147 Cr | Sep 2022 ₹147 Cr | Dec 2022 ₹179 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹295 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹169 Cr | Sep 2022 ₹174 Cr | Dec 2022 ₹191 Cr | Mar 2023 ₹205 Cr | Jun 2023 ₹190 Cr | Sep 2023 ₹220 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹250 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹292 Cr | Mar 2025 ₹319 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹293 Cr | Dec 2025 ₹338 Cr | Mar 2026 ₹345 Cr | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹113 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹144 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹142 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹167 Cr | Dec 2025 ₹200 Cr | Mar 2026 ₹184 Cr | Jun 2026 —
- ORIENTHOT: Sep 2021 ₹52 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹82 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹136 Cr | Jun 2026 ₹111 Cr
- TAJGVK: Sep 2021 ₹56 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹114 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹159 Cr | Jun 2026 —
- EIHAHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹111 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹140 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹129 Cr | Mar 2026 ₹127 Cr | Jun 2026 —
- ASIANHOTNR: Sep 2021 ₹35 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹69 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹92 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹91 Cr | Mar 2026 ₹103 Cr | Jun 2026 —
- BENARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹42 Cr | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹22 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 ₹31 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- ROHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹72 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹113 Cr | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹42 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹57 Cr | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹76 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹115 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹110 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹122 Cr | Jun 2026 —
- SAYAJIHOTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹31 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- KAMATHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹84 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹85 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹110 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 17% | Jun 2024 5.7% | Sep 2024 27% | Dec 2024 29% | Mar 2025 27% | Jun 2025 32% | Sep 2025 12% | Dec 2025 12% | Mar 2026 14% | Jun 2026 15%
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -68% | Jun 2025 16% | Sep 2025 7.8% | Dec 2025 21% | Mar 2026 18% | Jun 2026 15%
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26% | Mar 2024 16% | Jun 2024 5.8% | Sep 2024 11% | Dec 2024 8.0% | Mar 2025 12% | Jun 2025 8.9% | Sep 2025 1.5% | Dec 2025 9.1% | Mar 2026 8.2% | Jun 2026 —
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 261% | Sep 2022 65% | Dec 2022 77% | Mar 2023 119% | Jun 2023 23% | Sep 2023 44% | Dec 2023 29% | Mar 2024 24% | Jun 2024 16% | Sep 2024 20% | Dec 2024 22% | Mar 2025 25% | Jun 2025 148% | Sep 2025 95% | Dec 2025 27% | Mar 2026 6.9% | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -8.5% | Sep 2025 -29% | Dec 2025 11% | Mar 2026 26% | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 21% | Sep 2025 12% | Dec 2025 24% | Mar 2026 14% | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 324% | Mar 2025 463% | Jun 2025 341% | Sep 2025 90% | Dec 2025 28% | Mar 2026 12% | Jun 2026 —
- LEMONTREE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 24% | Mar 2024 29% | Jun 2024 20% | Sep 2024 25% | Dec 2024 22% | Mar 2025 16% | Jun 2025 18% | Sep 2025 7.8% | Dec 2025 14% | Mar 2026 9.8% | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14% | Sep 2023 14% | Dec 2023 32% | Mar 2024 26% | Jun 2024 19% | Sep 2024 28% | Dec 2024 6.8% | Mar 2025 13% | Jun 2025 11% | Sep 2025 7.0% | Dec 2025 17% | Mar 2026 8.3% | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 12% | Sep 2023 26% | Dec 2023 40% | Mar 2024 36% | Jun 2024 32% | Sep 2024 19% | Dec 2024 9.0% | Mar 2025 14% | Jun 2025 8.8% | Sep 2025 12% | Dec 2025 16% | Mar 2026 8.2% | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 16% | Sep 2023 19% | Dec 2023 14% | Mar 2024 5.6% | Jun 2024 3.1% | Sep 2024 5.2% | Dec 2024 11% | Mar 2025 16% | Jun 2025 14% | Sep 2025 18% | Dec 2025 13% | Mar 2026 4.0% | Jun 2026 —
- ORIENTHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 75% | Dec 2022 39% | Mar 2023 59% | Jun 2023 1.8% | Sep 2023 0.0% | Dec 2023 -3.7% | Mar 2024 -3.2% | Jun 2024 -11% | Sep 2024 13% | Dec 2024 19% | Mar 2025 23% | Jun 2025 31% | Sep 2025 7.0% | Dec 2025 14% | Mar 2026 3.0% | Jun 2026 3.6%
- TAJGVK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 244% | Sep 2022 104% | Dec 2022 28% | Mar 2023 60% | Jun 2023 7.0% | Sep 2023 -22% | Dec 2023 5.7% | Mar 2024 12% | Jun 2024 1.1% | Sep 2024 18% | Dec 2024 14% | Mar 2025 7.8% | Jun 2025 14% | Sep 2025 1.9% | Dec 2025 7.1% | Mar 2026 27% | Jun 2026 —
- EIHAHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 22% | Jun 2024 -4.5% | Sep 2024 20% | Dec 2024 4.7% | Mar 2025 6.1% | Jun 2025 7.8% | Sep 2025 -18% | Dec 2025 -3.0% | Mar 2026 -9.3% | Jun 2026 —
- ASIANHOTNR: Sep 2021 218% | Dec 2021 114% | Mar 2022 13% | Jun 2022 308% | Sep 2022 71% | Dec 2022 47% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- BENARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 29% | Jun 2024 -8.0% | Sep 2024 -7.7% | Dec 2024 15% | Mar 2025 36% | Jun 2025 8.7% | Sep 2025 0.0% | Dec 2025 7.7% | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 24% | Dec 2023 40% | Mar 2024 28% | Jun 2024 29% | Sep 2024 18% | Dec 2024 -6.1% | Mar 2025 -14% | Jun 2025 — | Sep 2025 -4.7% | Dec 2025 2.4% | Mar 2026 37% | Jun 2026 —
- ROHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 5.0% | Jun 2024 6.0% | Sep 2024 5.7% | Dec 2024 9.0% | Mar 2025 14% | Jun 2025 7.9% | Sep 2025 12% | Dec 2025 27% | Mar 2026 30% | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 14% | Jun 2024 -22% | Sep 2024 8.0% | Dec 2024 17% | Mar 2025 2.1% | Jun 2025 38% | Sep 2025 -7.4% | Dec 2025 3.6% | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.9% | Dec 2025 4.0% | Mar 2026 6.8% | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -13% | Dec 2024 12% | Mar 2025 5.5% | Jun 2025 -1.1% | Sep 2025 19% | Dec 2025 0.9% | Mar 2026 6.1% | Jun 2026 —
- SAYAJIHOTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0% | Mar 2024 -21% | Jun 2024 14% | Sep 2024 28% | Dec 2024 35% | Mar 2025 17% | Jun 2025 27% | Sep 2025 13% | Dec 2025 3.3% | Mar 2026 -5.0% | Jun 2026 —
- KAMATHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.4% | Mar 2024 6.3% | Jun 2024 5.7% | Sep 2024 33% | Dec 2024 22% | Mar 2025 8.2% | Jun 2025 12% | Sep 2025 -12% | Dec 2025 12% | Mar 2026 20% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Leela Palaces Hotels & Resorts Ltd leads opm at 55%; Sayaji Hotels Ltd leads margin change at +12 percentage points.

Investor read: Leela Palaces Hotels & Resorts Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Leela Palaces Hotels & Resorts Ltd · 55% | 5.8% versus #2 · Lemon Tree Hotels Ltd | 4/4 recent comparable periods | 24/24 companies · 357 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Leela Palaces Hotels & Resorts Ltd (THELEELA): 55%
2. Lemon Tree Hotels Ltd (LEMONTREE): 52%
3. Ventive Hospitality Ltd (VENTIVE): 49%
4. Chalet Hotels Ltd (CHALET): 48%
5. Benares Hotels Ltd (BENARAS): 47% — older report

### Margin change — fastest expanders
1. Sayaji Hotels Ltd (SAYAJIHOTL): +12.0 pp
2. Asian Hotels (West) Ltd (AHLWEST): +5.0 pp
3. TajGVK Hotels & Resorts Ltd (TAJGVK): +3.0 pp
4. Travel Food Services Ltd (TRAVELFOOD): +3.0 pp
5. Viceroy Hotels Ltd (VHLTD): +2.7 pp

### 20-quarter OPM history
- INDHOTEL: Sep 2021 10% | Dec 2021 29% | Mar 2022 18% | Jun 2022 30% | Sep 2022 24% | Dec 2022 35% | Mar 2023 33% | Jun 2023 28% | Sep 2023 25% | Dec 2023 37% | Mar 2024 35% | Jun 2024 29% | Sep 2024 27% | Dec 2024 38% | Mar 2025 35% | Jun 2025 28% | Sep 2025 28% | Dec 2025 38% | Mar 2026 35% | Jun 2026 29%
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 25% | Jun 2024 29% | Sep 2024 27% | Dec 2024 37% | Mar 2025 39% | Jun 2025 30% | Sep 2025 29% | Dec 2025 38% | Mar 2026 37% | Jun 2026 31%
- EIHOTEL: Sep 2021 -8.4% | Dec 2021 23% | Mar 2022 3.9% | Jun 2022 25% | Sep 2022 21% | Dec 2022 36% | Mar 2023 32% | Jun 2023 31% | Sep 2023 27% | Dec 2023 44% | Mar 2024 41% | Jun 2024 26% | Sep 2024 30% | Dec 2024 45% | Mar 2025 42% | Jun 2025 28% | Sep 2025 26% | Dec 2025 43% | Mar 2026 37% | Jun 2026 —
- CHALET: Sep 2021 28% | Dec 2021 25% | Mar 2022 21% | Jun 2022 40% | Sep 2022 34% | Dec 2022 39% | Mar 2023 45% | Jun 2023 35% | Sep 2023 40% | Dec 2023 44% | Mar 2024 44% | Jun 2024 39% | Sep 2024 40% | Dec 2024 45% | Mar 2025 46% | Jun 2025 40% | Sep 2025 41% | Dec 2025 46% | Mar 2026 48% | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 25% | Sep 2024 32% | Dec 2024 38% | Mar 2025 37% | Jun 2025 39% | Sep 2025 38% | Dec 2025 40% | Mar 2026 40% | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 29% | Sep 2024 41% | Dec 2024 50% | Mar 2025 53% | Jun 2025 37% | Sep 2025 44% | Dec 2025 51% | Mar 2026 55% | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 59% | Mar 2024 61% | Jun 2024 59% | Sep 2024 34% | Dec 2024 45% | Mar 2025 50% | Jun 2025 41% | Sep 2025 39% | Dec 2025 45% | Mar 2026 49% | Jun 2026 —
- LEMONTREE: Sep 2021 35% | Dec 2021 44% | Mar 2022 18% | Jun 2022 46% | Sep 2022 48% | Dec 2022 54% | Mar 2023 55% | Jun 2023 47% | Sep 2023 45% | Dec 2023 49% | Mar 2024 52% | Jun 2024 43% | Sep 2024 46% | Dec 2024 52% | Mar 2025 54% | Jun 2025 44% | Sep 2025 43% | Dec 2025 50% | Mar 2026 52% | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 39% | Dec 2022 40% | Mar 2023 45% | Jun 2023 38% | Sep 2023 36% | Dec 2023 41% | Mar 2024 37% | Jun 2024 31% | Sep 2024 30% | Dec 2024 37% | Mar 2025 42% | Jun 2025 36% | Sep 2025 36% | Dec 2025 43% | Mar 2026 44% | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 30% | Dec 2022 33% | Mar 2023 34% | Jun 2023 24% | Sep 2023 23% | Dec 2023 32% | Mar 2024 31% | Jun 2024 33% | Sep 2024 35% | Dec 2024 37% | Mar 2025 38% | Jun 2025 33% | Sep 2025 37% | Dec 2025 36% | Mar 2026 32% | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 30% | Dec 2022 36% | Mar 2023 31% | Jun 2023 30% | Sep 2023 33% | Dec 2023 35% | Mar 2024 33% | Jun 2024 29% | Sep 2024 30% | Dec 2024 36% | Mar 2025 35% | Jun 2025 29% | Sep 2025 29% | Dec 2025 35% | Mar 2026 29% | Jun 2026 —
- ORIENTHOT: Sep 2021 8.8% | Dec 2021 26% | Mar 2022 18% | Jun 2022 28% | Sep 2022 26% | Dec 2022 31% | Mar 2023 29% | Jun 2023 24% | Sep 2023 22% | Dec 2023 28% | Mar 2024 25% | Jun 2024 14% | Sep 2024 24% | Dec 2024 28% | Mar 2025 29% | Jun 2025 24% | Sep 2025 24% | Dec 2025 30% | Mar 2026 28% | Jun 2026 21%
- TAJGVK: Sep 2021 24% | Dec 2021 35% | Mar 2022 20% | Jun 2022 35% | Sep 2022 35% | Dec 2022 31% | Mar 2023 24% | Jun 2023 29% | Sep 2023 24% | Dec 2023 36% | Mar 2024 35% | Jun 2024 29% | Sep 2024 28% | Dec 2024 39% | Mar 2025 27% | Jun 2025 30% | Sep 2025 31% | Dec 2025 31% | Mar 2026 30% | Jun 2026 —
- EIHAHOTELS: Sep 2021 14% | Dec 2021 35% | Mar 2022 21% | Jun 2022 18% | Sep 2022 11% | Dec 2022 41% | Mar 2023 30% | Jun 2023 16% | Sep 2023 1.0% | Dec 2023 41% | Mar 2024 38% | Jun 2024 7.0% | Sep 2024 10% | Dec 2024 40% | Mar 2025 43% | Jun 2025 13% | Sep 2025 5.0% | Dec 2025 44% | Mar 2026 39% | Jun 2026 —
- ASIANHOTNR: Sep 2021 11% | Dec 2021 23% | Mar 2022 2.0% | Jun 2022 6.0% | Sep 2022 15% | Dec 2022 27% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 32% | Jun 2025 — | Sep 2025 — | Dec 2025 11% | Mar 2026 23% | Jun 2026 —
- BENARAS: Sep 2021 23% | Dec 2021 39% | Mar 2022 36% | Jun 2022 38% | Sep 2022 29% | Dec 2022 44% | Mar 2023 41% | Jun 2023 37% | Sep 2023 39% | Dec 2023 47% | Mar 2024 45% | Jun 2024 38% | Sep 2024 41% | Dec 2024 48% | Mar 2025 44% | Jun 2025 40% | Sep 2025 34% | Dec 2025 47% | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 -62% | Dec 2021 -5.0% | Mar 2022 -39% | Jun 2022 7.0% | Sep 2022 5.0% | Dec 2022 -6.6% | Mar 2023 5.5% | Jun 2023 2.2% | Sep 2023 14% | Dec 2023 -12% | Mar 2024 29% | Jun 2024 14% | Sep 2024 25% | Dec 2024 30% | Mar 2025 27% | Jun 2025 — | Sep 2025 25% | Dec 2025 31% | Mar 2026 30% | Jun 2026 —
- ROHLTD: Sep 2021 14% | Dec 2021 32% | Mar 2022 17% | Jun 2022 35% | Sep 2022 26% | Dec 2022 33% | Mar 2023 30% | Jun 2023 26% | Sep 2023 23% | Dec 2023 30% | Mar 2024 23% | Jun 2024 23% | Sep 2024 16% | Dec 2024 28% | Mar 2025 23% | Jun 2025 25% | Sep 2025 17% | Dec 2025 26% | Mar 2026 23% | Jun 2026 —
- UPHOT: Sep 2021 -0.5% | Dec 2021 36% | Mar 2022 20% | Jun 2022 23% | Sep 2022 5.6% | Dec 2022 36% | Mar 2023 32% | Jun 2023 25% | Sep 2023 7.0% | Dec 2023 40% | Mar 2024 37% | Jun 2024 0.0% | Sep 2024 9.0% | Dec 2024 43% | Mar 2025 32% | Jun 2025 18% | Sep 2025 -8.0% | Dec 2025 38% | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 28% | Dec 2024 32% | Mar 2025 48% | Jun 2025 27% | Sep 2025 14% | Dec 2025 48% | Mar 2026 38% | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 47% | Dec 2023 38% | Mar 2024 39% | Jun 2024 43% | Sep 2024 39% | Dec 2024 44% | Mar 2025 40% | Jun 2025 38% | Sep 2025 49% | Dec 2025 44% | Mar 2026 45% | Jun 2026 —
- SAYAJIHOTL: Sep 2021 25% | Dec 2021 40% | Mar 2022 14% | Jun 2022 22% | Sep 2022 21% | Dec 2022 32% | Mar 2023 28% | Jun 2023 27% | Sep 2023 7.4% | Dec 2023 37% | Mar 2024 36% | Jun 2024 24% | Sep 2024 11% | Dec 2024 31% | Mar 2025 7.3% | Jun 2025 10.0% | Sep 2025 -6.5% | Dec 2025 29% | Mar 2026 19% | Jun 2026 —
- KAMATHOTEL: Sep 2021 24% | Dec 2021 34% | Mar 2022 29% | Jun 2022 43% | Sep 2022 30% | Dec 2022 40% | Mar 2023 34% | Jun 2023 33% | Sep 2023 29% | Dec 2023 30% | Mar 2024 27% | Jun 2024 18% | Sep 2024 26% | Dec 2024 42% | Mar 2025 27% | Jun 2025 22% | Sep 2025 10% | Dec 2025 33% | Mar 2026 29% | Jun 2026 —

### 20-quarter Margin change history
- INDHOTEL: Sep 2021 +68.6 pp | Dec 2021 +31.9 pp | Mar 2022 +6.6 pp | Jun 2022 +73.0 pp | Sep 2022 +13.9 pp | Dec 2022 +6.1 pp | Mar 2023 +14.8 pp | Jun 2023 −1.9 pp | Sep 2023 +1.2 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +14.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −2.0 pp | Jun 2026 +1.0 pp
- EIHOTEL: Sep 2021 +154.5 pp | Dec 2021 +45.6 pp | Mar 2022 +19.9 pp | Jun 2022 +148.4 pp | Sep 2022 +29.4 pp | Dec 2022 +12.6 pp | Mar 2023 +28.1 pp | Jun 2023 +6.4 pp | Sep 2023 +6.0 pp | Dec 2023 +8.0 pp | Mar 2024 +9.0 pp | Jun 2024 −5.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −5.0 pp | Jun 2026 —
- CHALET: Sep 2021 +31.7 pp | Dec 2021 +12.0 pp | Mar 2022 +20.1 pp | Jun 2022 +53.2 pp | Sep 2022 +6.5 pp | Dec 2022 +14.4 pp | Mar 2023 +23.8 pp | Jun 2023 −5.3 pp | Sep 2023 +5.7 pp | Dec 2023 +5.0 pp | Mar 2024 −1.0 pp | Jun 2024 +4.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +14.0 pp | Sep 2025 +6.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +8.0 pp | Sep 2025 +3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −14.0 pp | Mar 2025 −11.0 pp | Jun 2025 −18.0 pp | Sep 2025 +5.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- LEMONTREE: Sep 2021 +18.9 pp | Dec 2021 +14.8 pp | Mar 2022 −9.8 pp | Jun 2022 +46.0 pp | Sep 2022 +12.7 pp | Dec 2022 +10.0 pp | Mar 2023 +37.0 pp | Jun 2023 +1.4 pp | Sep 2023 −2.6 pp | Dec 2023 −5.0 pp | Mar 2024 −3.0 pp | Jun 2024 −4.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +9.6 pp | Sep 2023 −2.6 pp | Dec 2023 +1.0 pp | Mar 2024 −8.0 pp | Jun 2024 −7.0 pp | Sep 2024 −6.0 pp | Dec 2024 −4.0 pp | Mar 2025 +5.0 pp | Jun 2025 +5.0 pp | Sep 2025 +6.0 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 −7.2 pp | Sep 2023 −7.4 pp | Dec 2023 −1.0 pp | Mar 2024 −3.0 pp | Jun 2024 +9.0 pp | Sep 2024 +12.0 pp | Dec 2024 +5.0 pp | Mar 2025 +7.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 −1.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +9.3 pp | Sep 2023 +3.0 pp | Dec 2023 −1.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- ORIENTHOT: Sep 2021 +101.2 pp | Dec 2021 +23.2 pp | Mar 2022 +6.5 pp | Jun 2022 +78.6 pp | Sep 2022 +17.5 pp | Dec 2022 +5.1 pp | Mar 2023 +11.5 pp | Jun 2023 −3.7 pp | Sep 2023 −4.2 pp | Dec 2023 −3.1 pp | Mar 2024 −4.1 pp | Jun 2024 −10.0 pp | Sep 2024 +2.0 pp | Dec 2024 +0.4 pp | Mar 2025 +4.5 pp | Jun 2025 +9.5 pp | Sep 2025 −0.2 pp | Dec 2025 +1.7 pp | Mar 2026 −1.2 pp | Jun 2026 −2.8 pp
- TAJGVK: Sep 2021 +57.2 pp | Dec 2021 +7.0 pp | Mar 2022 +8.8 pp | Jun 2022 +49.1 pp | Sep 2022 +10.4 pp | Dec 2022 −4.0 pp | Mar 2023 +3.9 pp | Jun 2023 −5.6 pp | Sep 2023 −10.7 pp | Dec 2023 +5.0 pp | Mar 2024 +11.0 pp | Jun 2024 0.0 pp | Sep 2024 +4.0 pp | Dec 2024 +3.0 pp | Mar 2025 −8.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 −8.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- EIHAHOTELS: Sep 2021 +99.3 pp | Dec 2021 +22.4 pp | Mar 2022 +8.1 pp | Jun 2022 +122.6 pp | Sep 2022 −2.3 pp | Dec 2022 +6.5 pp | Mar 2023 +8.7 pp | Jun 2023 −2.4 pp | Sep 2023 −10.3 pp | Dec 2023 0.0 pp | Mar 2024 +8.0 pp | Jun 2024 −9.0 pp | Sep 2024 +9.0 pp | Dec 2024 −1.0 pp | Mar 2025 +5.0 pp | Jun 2025 +6.0 pp | Sep 2025 −5.0 pp | Dec 2025 +4.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- ASIANHOTNR: Sep 2021 +83.0 pp | Dec 2021 +31.0 pp | Mar 2022 +9.0 pp | Jun 2022 +79.0 pp | Sep 2022 +4.0 pp | Dec 2022 +4.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −9.0 pp | Jun 2026 —
- BENARAS: Sep 2021 +95.6 pp | Dec 2021 +11.8 pp | Mar 2022 +4.7 pp | Jun 2022 +68.7 pp | Sep 2022 +5.7 pp | Dec 2022 +4.6 pp | Mar 2023 +5.3 pp | Jun 2023 −0.8 pp | Sep 2023 +10.3 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −7.0 pp | Dec 2025 −1.0 pp | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 +46.7 pp | Dec 2021 +16.3 pp | Mar 2022 +8.3 pp | Jun 2022 +51.1 pp | Sep 2022 +67.3 pp | Dec 2022 −1.6 pp | Mar 2023 +44.4 pp | Jun 2023 −4.8 pp | Sep 2023 +8.7 pp | Dec 2023 −5.9 pp | Mar 2024 +23.7 pp | Jun 2024 +12.1 pp | Sep 2024 +10.8 pp | Dec 2024 +42.6 pp | Mar 2025 −2.2 pp | Jun 2025 — | Sep 2025 +0.6 pp | Dec 2025 +1.4 pp | Mar 2026 +2.7 pp | Jun 2026 —
- ROHLTD: Sep 2021 +63.9 pp | Dec 2021 +23.2 pp | Mar 2022 +8.4 pp | Jun 2022 +69.9 pp | Sep 2022 +12.2 pp | Dec 2022 +1.2 pp | Mar 2023 +12.8 pp | Jun 2023 −8.6 pp | Sep 2023 −3.2 pp | Dec 2023 −2.5 pp | Mar 2024 −6.8 pp | Jun 2024 −3.5 pp | Sep 2024 −7.0 pp | Dec 2024 −2.1 pp | Mar 2025 −0.4 pp | Jun 2025 +2.1 pp | Sep 2025 +0.4 pp | Dec 2025 −1.6 pp | Mar 2026 −0.4 pp | Jun 2026 —
- UPHOT: Sep 2021 +256.8 pp | Dec 2021 +17.5 pp | Mar 2022 +11.4 pp | Jun 2022 +60.3 pp | Sep 2022 +6.1 pp | Dec 2022 +0.3 pp | Mar 2023 +11.8 pp | Jun 2023 +1.9 pp | Sep 2023 +1.4 pp | Dec 2023 +4.0 pp | Mar 2024 +5.0 pp | Jun 2024 −25.0 pp | Sep 2024 +2.0 pp | Dec 2024 +3.0 pp | Mar 2025 −5.0 pp | Jun 2025 +18.0 pp | Sep 2025 −17.0 pp | Dec 2025 −5.0 pp | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −13.4 pp | Dec 2025 +15.5 pp | Mar 2026 −10.6 pp | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −8.0 pp | Dec 2024 +6.0 pp | Mar 2025 +1.0 pp | Jun 2025 −5.0 pp | Sep 2025 +10.0 pp | Dec 2025 0.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- SAYAJIHOTL: Sep 2021 +17.3 pp | Dec 2021 +9.6 pp | Mar 2022 +73.3 pp | Jun 2022 +138.7 pp | Sep 2022 −3.8 pp | Dec 2022 −7.8 pp | Mar 2023 +14.7 pp | Jun 2023 +5.1 pp | Sep 2023 −13.8 pp | Dec 2023 +5.1 pp | Mar 2024 +7.8 pp | Jun 2024 −2.5 pp | Sep 2024 +3.9 pp | Dec 2024 −5.8 pp | Mar 2025 −28.7 pp | Jun 2025 −14.1 pp | Sep 2025 −17.7 pp | Dec 2025 −2.4 pp | Mar 2026 +12.0 pp | Jun 2026 —
- KAMATHOTEL: Sep 2021 +30.0 pp | Dec 2021 +19.8 pp | Mar 2022 +2.2 pp | Jun 2022 +59.0 pp | Sep 2022 +6.3 pp | Dec 2022 +6.4 pp | Mar 2023 +5.2 pp | Jun 2023 −9.6 pp | Sep 2023 −1.2 pp | Dec 2023 −10.0 pp | Mar 2024 −7.0 pp | Jun 2024 −15.0 pp | Sep 2024 −3.0 pp | Dec 2024 +12.0 pp | Mar 2025 0.0 pp | Jun 2025 +4.0 pp | Sep 2025 −16.0 pp | Dec 2025 −9.0 pp | Mar 2026 +2.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Indian Hotels Co Ltd leads with ₹2,308 crore of TTM profit, 165.6% above ITC Hotels Ltd. Asian Hotels (North) Ltd shows ≥100% on the scoring scale growth from a ₹132 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Indian Hotels Co Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Indian Hotels Co Ltd · ₹2,308 crore | 165.6% versus #2 · ITC Hotels Ltd | 7/8 recent comparable periods | 24/24 companies · 310 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Indian Hotels Co Ltd (INDHOTEL): ₹2.3K Cr
2. ITC Hotels Ltd (ITCHOTELS): ₹869 Cr
3. EIH Ltd (EIHOTEL): ₹658 Cr
4. Chalet Hotels Ltd (CHALET): ₹645 Cr
5. Samhi Hotels Ltd (SAMHI): ₹566 Cr

### Profit growth — fastest growers
1. Asian Hotels (North) Ltd (ASIANHOTNR): 100%
2. Chalet Hotels Ltd (CHALET): 100%
3. Samhi Hotels Ltd (SAMHI): 100%
4. TajGVK Hotels & Resorts Ltd (TAJGVK): 100%
5. Leela Palaces Hotels & Resorts Ltd (THELEELA): 100%

### 20-quarter Net profit history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹404 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹477 Cr | Mar 2024 ₹438 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹583 Cr | Dec 2024 ₹633 Cr | Mar 2025 ₹563 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹318 Cr | Dec 2025 ₹954 Cr | Mar 2026 ₹645 Cr | Jun 2026 ₹391 Cr
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹632 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹134 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹237 Cr | Mar 2026 ₹317 Cr | Jun 2026 ₹182 Cr
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹149 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹133 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹255 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- CHALET: Sep 2021 ₹-14 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹-139 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹163 Cr | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹60 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹-75 Cr | Sep 2024 ₹-51 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹172 Cr | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹43 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹-47 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹259 Cr | Jun 2026 —
- LEMONTREE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹49 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹82 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-9 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹-28 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹50 Cr | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-101 Cr | Sep 2022 ₹-84 Cr | Dec 2022 ₹-80 Cr | Mar 2023 ₹-74 Cr | Jun 2023 ₹-83 Cr | Sep 2023 ₹-88 Cr | Dec 2023 ₹-74 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹399 Cr | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- ORIENTHOT: Sep 2021 ₹-8 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹32 Cr | Jun 2026 ₹5 Cr
- TAJGVK: Sep 2021 ₹1 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹320 Cr | Jun 2026 —
- EIHAHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹30 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- ASIANHOTNR: Sep 2021 ₹-344 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹-33 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹-17 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹174 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-56 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- BENARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹14 Cr | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹-7 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- ROHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹24 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- SAYAJIHOTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- KAMATHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹271 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹17 Cr | Jun 2026 —

### 20-quarter Profit growth history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 29% | Jun 2024 10% | Sep 2024 226% | Dec 2024 33% | Mar 2025 29% | Jun 2025 27% | Sep 2025 -45% | Dec 2025 51% | Mar 2026 15% | Jun 2026 19%
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7,600% | Dec 2024 — | Mar 2025 -59% | Jun 2025 54% | Sep 2025 73% | Dec 2025 9.7% | Mar 2026 23% | Jun 2026 36%
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 54% | Mar 2024 170% | Jun 2024 -8.5% | Sep 2024 41% | Dec 2024 21% | Mar 2025 5.7% | Jun 2025 -62% | Sep 2025 -12% | Dec 2025 -8.6% | Mar 2026 -5.0% | Jun 2026 —
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 207% | Sep 2023 125% | Dec 2023 -30% | Mar 2024 122% | Jun 2024 -31% | Sep 2024 -486% | Dec 2024 37% | Mar 2025 51% | Jun 2025 233% | Sep 2025 — | Dec 2025 28% | Mar 2026 31% | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 58% | Sep 2025 -11% | Dec 2025 33% | Mar 2026 15% | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 164% | Mar 2026 47% | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -19% | Mar 2025 221% | Jun 2025 46% | Sep 2025 — | Dec 2025 300% | Mar 2026 72% | Jun 2026 —
- LEMONTREE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -10% | Mar 2024 42% | Jun 2024 -29% | Sep 2024 35% | Dec 2024 82% | Mar 2025 29% | Jun 2025 140% | Sep 2025 20% | Dec 2025 2.5% | Mar 2026 7.4% | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 300% | Mar 2024 213% | Jun 2024 — | Sep 2024 — | Dec 2024 700% | Mar 2025 17% | Jun 2025 -25% | Sep 2025 — | Dec 2025 103% | Mar 2026 -9.1% | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 318% | Jun 2025 375% | Sep 2025 669% | Dec 2025 109% | Mar 2026 767% | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -11% | Sep 2023 67% | Dec 2023 42% | Mar 2024 64% | Jun 2024 -125% | Sep 2024 80% | Dec 2024 19% | Mar 2025 50% | Jun 2025 — | Sep 2025 -41% | Dec 2025 -25% | Mar 2026 -56% | Jun 2026 —
- ORIENTHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 78% | Mar 2023 — | Jun 2023 -26% | Sep 2023 -45% | Dec 2023 16% | Mar 2024 -8.0% | Jun 2024 -118% | Sep 2024 31% | Dec 2024 -17% | Mar 2025 0.4% | Jun 2025 — | Sep 2025 39% | Dec 2025 36% | Mar 2026 67% | Jun 2026 -20%
- TAJGVK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3,300% | Dec 2022 83% | Mar 2023 850% | Jun 2023 -16% | Sep 2023 -59% | Dec 2023 41% | Mar 2024 63% | Jun 2024 6.3% | Sep 2024 71% | Dec 2024 32% | Mar 2025 13% | Jun 2025 53% | Sep 2025 17% | Dec 2025 -9.8% | Mar 2026 814% | Jun 2026 —
- EIHAHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 42% | Jun 2024 -43% | Sep 2024 — | Dec 2024 5.3% | Mar 2025 24% | Jun 2025 50% | Sep 2025 50% | Dec 2025 2.5% | Mar 2026 -17% | Jun 2026 —
- ASIANHOTNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -82% | Jun 2026 —
- BENARAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 50% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 27% | Mar 2025 33% | Jun 2025 33% | Sep 2025 -14% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 58% | Dec 2023 — | Mar 2024 — | Jun 2024 118% | Sep 2024 3,676% | Dec 2024 — | Mar 2025 312% | Jun 2025 — | Sep 2025 -93% | Dec 2025 50% | Mar 2026 -40% | Jun 2026 —
- ROHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.6% | Mar 2024 27% | Jun 2024 -19% | Sep 2024 -2.0% | Dec 2024 15% | Mar 2025 -21% | Jun 2025 28% | Sep 2025 -43% | Dec 2025 -47% | Mar 2026 -38% | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 44% | Jun 2024 -120% | Sep 2024 0.0% | Dec 2024 31% | Mar 2025 -7.7% | Jun 2025 — | Sep 2025 -300% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 168% | Mar 2026 -84% | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -25% | Dec 2024 150% | Mar 2025 — | Jun 2025 -56% | Sep 2025 33% | Dec 2025 340% | Mar 2026 — | Jun 2026 —
- SAYAJIHOTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -47% | Mar 2024 17% | Jun 2024 -20% | Sep 2024 — | Dec 2024 -23% | Mar 2025 -153% | Jun 2025 -504% | Sep 2025 — | Dec 2025 -59% | Mar 2026 — | Jun 2026 —
- KAMATHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 -99% | Jun 2024 0.0% | Sep 2024 — | Dec 2024 -38% | Mar 2025 450% | Jun 2025 300% | Sep 2025 -125% | Dec 2025 -27% | Mar 2026 55% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: ITC Hotels Ltd reports ₹1,009 crore of CAPEX; Chalet Hotels Ltd has the highest covered intensity at 79.2%. Coverage is only 8 of 24 companies and 18 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: ITC Hotels Ltd · ₹1,009 crore | 204.8% versus #2 · Chalet Hotels Ltd | 1/1 recent comparable periods | 8/24 companies · 18 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. ITC Hotels Ltd (ITCHOTELS): ₹1.0K Cr
2. Chalet Hotels Ltd (CHALET): ₹331 Cr
3. Samhi Hotels Ltd (SAMHI): ₹19 Cr
4. Asian Hotels (West) Ltd (AHLWEST): ₹13 Cr
5. Apeejay Surrendra Park Hotels Ltd (PARKHOTELS): ₹10 Cr

### CAPEX intensity — highest reinvestment intensity
1. Chalet Hotels Ltd (CHALET): 79%
2. ITC Hotels Ltd (ITCHOTELS): 30%
3. Samhi Hotels Ltd (SAMHI): 13%
4. Asian Hotels (West) Ltd (AHLWEST): 11%
5. Apeejay Surrendra Park Hotels Ltd (PARKHOTELS): 8.8%

### 20-quarter CAPEX history
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹34 Cr | Mar 2023 ₹105 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹24 Cr | Mar 2024 ₹331 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 — | Mar 2023 — | 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 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 — | Mar 2023 — | 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 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹18 Cr | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AHLWEST: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 12% | Mar 2023 31% | Jun 2023 — | Sep 2023 — | Dec 2023 6.4% | Mar 2024 79% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.1% | Sep 2022 4.1% | Dec 2022 — | Mar 2023 — | 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 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.8% | Sep 2022 8.8% | Dec 2022 — | Mar 2023 — | 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 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 6.5% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.9% | Dec 2024 — | Mar 2025 — | Jun 2025 22% | Sep 2025 7.8% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 15% | Sep 2025 11% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: ITC Hotels Ltd has the clearest covered balance-sheet capacity with ₹1,518 crore net cash and gross debt of ₹74 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: U P Hotels Ltd · ₹0 crore | 100% versus #2 · Benares Hotels Ltd | Not enough history | 24/24 companies · 264 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. U P Hotels Ltd (UPHOT): ₹0 Cr — older report
2. Benares Hotels Ltd (BENARAS): ₹4 Cr — older report
3. EIH Associated Hotels Ltd (EIHAHOTELS): ₹4 Cr
4. HLV Ltd (HLVLTD): ₹33 Cr — older report
5. ITC Hotels Ltd (ITCHOTELS): ₹74 Cr

### Net debt — lowest net debt
1. ITC Hotels Ltd (ITCHOTELS): ₹-1.5K Cr
2. EIH Associated Hotels Ltd (EIHAHOTELS): ₹-212 Cr
3. TajGVK Hotels & Resorts Ltd (TAJGVK): ₹-21 Cr
4. Oriental Hotels Ltd (ORIENTHOT): ₹121 Cr
5. Asian Hotels (North) Ltd (ASIANHOTNR): ₹150 Cr

### 20-quarter Gross debt history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.1K Cr | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 — | Mar 2026 ₹2.8K Cr | Jun 2026 —
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹74 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹73 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹74 Cr | Jun 2026 ₹74 Cr
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹475 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹238 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹199 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹265 Cr | Jun 2025 — | Sep 2025 ₹250 Cr | Dec 2025 — | Mar 2026 ₹252 Cr | Jun 2026 —
- CHALET: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 — | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹38 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹383 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹416 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹333 Cr | Jun 2025 — | Sep 2025 ₹286 Cr | Dec 2025 — | Mar 2026 ₹245 Cr | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹470 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.7K Cr | Jun 2025 — | Sep 2025 ₹2.6K Cr | Dec 2025 — | Mar 2026 ₹2.6K Cr | Jun 2026 —
- LEMONTREE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.2K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.1K Cr | Jun 2025 — | Sep 2025 ₹2.1K Cr | Dec 2025 — | Mar 2026 ₹2.0K Cr | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.4K Cr | Jun 2023 — | Sep 2023 ₹2.7K Cr | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 — | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹654 Cr | Jun 2022 ₹654 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹617 Cr | Jun 2023 — | Sep 2023 ₹645 Cr | Dec 2023 — | Mar 2024 ₹100 Cr | Jun 2024 ₹100 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹373 Cr | Jun 2026 —
- ORIENTHOT: Sep 2021 ₹294 Cr | Dec 2021 ₹294 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹268 Cr | Dec 2022 ₹268 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹202 Cr | Jun 2024 ₹202 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹131 Cr | Jun 2026 ₹131 Cr
- TAJGVK: Sep 2021 ₹215 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹214 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹177 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹141 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- EIHAHOTELS: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ASIANHOTNR: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹550 Cr | Jun 2025 ₹550 Cr | Sep 2025 ₹627 Cr | Dec 2025 ₹627 Cr | Mar 2026 ₹334 Cr | Jun 2026 —
- BENARAS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 ₹159 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹634 Cr | Jun 2022 ₹548 Cr | Sep 2022 ₹511 Cr | Dec 2022 ₹511 Cr | Mar 2023 ₹597 Cr | Jun 2023 ₹597 Cr | Sep 2023 ₹535 Cr | Dec 2023 ₹535 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹264 Cr | Jun 2026 —
- ROHLTD: Sep 2021 ₹163 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹145 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹211 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹221 Cr | Sep 2025 ₹677 Cr | Dec 2025 ₹677 Cr | Mar 2026 ₹641 Cr | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹594 Cr | Jun 2024 ₹595 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹620 Cr | Jun 2025 ₹613 Cr | Sep 2025 ₹787 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹799 Cr | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹991 Cr | Dec 2022 ₹991 Cr | Mar 2023 ₹959 Cr | Jun 2023 ₹959 Cr | Sep 2023 ₹940 Cr | Dec 2023 ₹940 Cr | Mar 2024 ₹999 Cr | Jun 2024 ₹999 Cr | Sep 2024 ₹951 Cr | Dec 2024 ₹951 Cr | Mar 2025 ₹915 Cr | Jun 2025 ₹915 Cr | Sep 2025 ₹850 Cr | Dec 2025 ₹850 Cr | Mar 2026 ₹839 Cr | Jun 2026 —
- SAYAJIHOTL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹123 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹80 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹55 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹150 Cr | Jun 2025 — | Sep 2025 ₹162 Cr | Dec 2025 — | Mar 2026 ₹126 Cr | Jun 2026 —
- KAMATHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹460 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹346 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹265 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹204 Cr | Jun 2025 — | Sep 2025 ₹258 Cr | Dec 2025 — | Mar 2026 ₹233 Cr | Jun 2026 —

### 20-quarter Net debt history
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-199 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-1.8K Cr | Jun 2025 ₹-1.8K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.5K Cr | Jun 2026 ₹-1.5K Cr
- CHALET: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 — | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹4.3K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹619 Cr | Dec 2025 ₹619 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2.5K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.4K Cr | Jun 2023 — | Sep 2023 ₹2.7K Cr | Dec 2023 — | Mar 2024 ₹898 Cr | Jun 2024 ₹831 Cr | Sep 2024 ₹903 Cr | Dec 2024 ₹903 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 — | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹645 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹601 Cr | Jun 2023 — | Sep 2023 ₹626 Cr | Dec 2023 — | Mar 2024 ₹37 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹225 Cr | Mar 2026 ₹272 Cr | Jun 2026 —
- ORIENTHOT: Sep 2021 ₹242 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹212 Cr | Sep 2022 ₹192 Cr | Dec 2022 ₹192 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹183 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹121 Cr | Jun 2026 ₹121 Cr
- TAJGVK: Sep 2021 ₹214 Cr | Dec 2021 ₹214 Cr | Mar 2022 ₹180 Cr | Jun 2022 ₹180 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-21 Cr | Jun 2026 —
- EIHAHOTELS: Sep 2021 ₹-46 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹-80 Cr | Jun 2022 ₹-80 Cr | Sep 2022 ₹-88 Cr | Dec 2022 ₹-88 Cr | Mar 2023 ₹-153 Cr | Jun 2023 ₹-153 Cr | Sep 2023 ₹-115 Cr | Dec 2023 ₹-115 Cr | Mar 2024 ₹-189 Cr | Jun 2024 ₹-189 Cr | Sep 2024 ₹-180 Cr | Dec 2024 ₹-180 Cr | Mar 2025 ₹-266 Cr | Jun 2025 ₹-266 Cr | Sep 2025 ₹-237 Cr | Dec 2025 ₹-237 Cr | Mar 2026 ₹-212 Cr | Jun 2026 —
- ASIANHOTNR: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹999 Cr | Jun 2024 ₹998 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹496 Cr | Jun 2025 ₹496 Cr | Sep 2025 ₹611 Cr | Dec 2025 ₹611 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- VHLTD: Sep 2021 ₹158 Cr | Dec 2021 ₹158 Cr | Mar 2022 ₹631 Cr | Jun 2022 ₹545 Cr | Sep 2022 ₹499 Cr | Dec 2022 ₹499 Cr | Mar 2023 ₹584 Cr | Jun 2023 ₹584 Cr | Sep 2023 ₹492 Cr | Dec 2023 ₹492 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹245 Cr | Jun 2026 —
- ROHLTD: Sep 2021 ₹119 Cr | Dec 2021 ₹119 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹102 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹149 Cr | Jun 2024 ₹149 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹164 Cr | Sep 2025 ₹646 Cr | Dec 2025 ₹646 Cr | Mar 2026 ₹563 Cr | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹560 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹615 Cr | Jun 2025 ₹602 Cr | Sep 2025 ₹766 Cr | Dec 2025 ₹766 Cr | Mar 2026 ₹772 Cr | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹992 Cr | Sep 2022 ₹963 Cr | Dec 2022 ₹963 Cr | Mar 2023 — | Jun 2023 ₹909 Cr | Sep 2023 ₹859 Cr | Dec 2023 ₹859 Cr | Mar 2024 ₹922 Cr | Jun 2024 ₹922 Cr | Sep 2024 ₹924 Cr | Dec 2024 ₹924 Cr | Mar 2025 ₹860 Cr | Jun 2025 ₹860 Cr | Sep 2025 ₹817 Cr | Dec 2025 ₹817 Cr | Mar 2026 ₹735 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Travel Food Services Ltd leads ROCE at 42.4%, 5.1 percentage points above Benares Hotels Ltd. HLV Ltd has the strongest latest improvement at +10 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Travel Food Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Travel Food Services Ltd · 42.4% | 13.7% versus #2 · Benares Hotels Ltd | Not enough history | 24/24 companies · 170 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Travel Food Services Ltd (TRAVELFOOD): 42%
2. Benares Hotels Ltd (BENARAS): 37% — older report
3. U P Hotels Ltd (UPHOT): 24% — older report
4. EIH Associated Hotels Ltd (EIHAHOTELS): 21%
5. EIH Ltd (EIHOTEL): 21%

### ROCE change — fastest improvers
1. HLV Ltd (HLVLTD): +10.0 pp — older report
2. Asian Hotels (West) Ltd (AHLWEST): +8.0 pp
3. Chalet Hotels Ltd (CHALET): +4.3 pp
4. Juniper Hotels Ltd (JUNIPER): +2.2 pp
5. Advent Hotels International Ltd (ADVENTHTL): +2.1 pp

### 20-quarter ROCE history
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.7% | Mar 2024 9.0% | Jun 2024 — | Sep 2024 1,229% | Dec 2024 — | Mar 2025 9.2% | Jun 2025 9.3% | Sep 2025 9.4% | Dec 2025 18% | Mar 2026 8.3% | Jun 2026 10%
- CHALET: Sep 2021 -1.4% | Dec 2021 — | Mar 2022 -0.2% | Jun 2022 — | Sep 2022 3.2% | Dec 2022 — | Mar 2023 8.9% | Jun 2023 — | Sep 2023 10% | Dec 2023 10% | Mar 2024 12% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 12% | Jun 2025 18% | Sep 2025 16% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 6.1% | Jun 2025 8.0% | Sep 2025 6.9% | Dec 2025 8.5% | Mar 2026 7.5% | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.6% | Jun 2023 — | Sep 2023 10% | Dec 2023 11% | Mar 2024 6.4% | Jun 2024 7.1% | Sep 2024 5.7% | Dec 2024 7.9% | Mar 2025 5.6% | Jun 2025 6.7% | Sep 2025 6.5% | Dec 2025 7.6% | Mar 2026 7.8% | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.5% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 4.4% | Dec 2023 3.9% | Mar 2024 6.0% | Jun 2024 6.8% | Sep 2024 8.2% | Dec 2024 9.1% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 13% | Mar 2026 7.5% | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 12% | Dec 2023 13% | Mar 2024 11% | Jun 2024 13% | Sep 2024 9.8% | Dec 2024 13% | Mar 2025 9.7% | Jun 2025 12% | Sep 2025 8.8% | Dec 2025 10% | Mar 2026 8.0% | Jun 2026 —
- ORIENTHOT: Sep 2021 -3.8% | Dec 2021 — | Mar 2022 0.1% | Jun 2022 — | Sep 2022 8.9% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 12% | Dec 2023 13% | Mar 2024 9.2% | Jun 2024 9.8% | Sep 2024 7.4% | Dec 2024 9.7% | Mar 2025 9.8% | Jun 2025 12% | Sep 2025 12% | Dec 2025 13% | Mar 2026 12% | Jun 2026 13%
- TAJGVK: Sep 2021 2.0% | Dec 2021 — | Mar 2022 6.4% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 11% | Dec 2023 17% | Mar 2024 17% | Jun 2024 18% | Sep 2024 18% | Dec 2024 21% | Mar 2025 18% | Jun 2025 20% | Sep 2025 17% | Dec 2025 18% | Mar 2026 8.8% | Jun 2026 —
- EIHAHOTELS: Sep 2021 -3.4% | Dec 2021 — | Mar 2022 4.7% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 17% | Dec 2023 23% | Mar 2024 19% | Jun 2024 22% | Sep 2024 20% | Dec 2024 24% | Mar 2025 19% | Jun 2025 24% | Sep 2025 20% | Dec 2025 24% | Mar 2026 16% | Jun 2026 —
- ASIANHOTNR: Sep 2021 -1.7% | Dec 2021 -77% | Mar 2022 -1.4% | Jun 2022 -30% | Sep 2022 -0.1% | Dec 2022 0.5% | Mar 2023 5.3% | Jun 2023 — | Sep 2023 7.7% | Dec 2023 — | Mar 2024 7.2% | Jun 2024 — | Sep 2024 9.7% | Dec 2024 — | Mar 2025 16% | Jun 2025 — | Sep 2025 30% | Dec 2025 — | Mar 2026 2.8% | Jun 2026 —
- VHLTD: Sep 2021 -9.5% | Dec 2021 — | Mar 2022 -32% | Jun 2022 — | Sep 2022 -27% | Dec 2022 — | Mar 2023 -4.3% | Jun 2023 0.2% | Sep 2023 -4.5% | Dec 2023 -2.9% | Mar 2024 -2.0% | Jun 2024 -0.3% | Sep 2024 1.6% | Dec 2024 11% | Mar 2025 7.3% | Jun 2025 — | Sep 2025 7.3% | Dec 2025 — | Mar 2026 4.9% | Jun 2026 —
- ROHLTD: Sep 2021 -1.5% | Dec 2021 — | Mar 2022 4.6% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 19% | Dec 2023 23% | Mar 2024 18% | Jun 2024 20% | Sep 2024 17% | Dec 2024 19% | Mar 2025 16% | Jun 2025 19% | Sep 2025 8.0% | Dec 2025 12% | Mar 2026 8.4% | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.8% | Jun 2025 2.5% | Sep 2025 2.4% | Dec 2025 4.5% | Mar 2026 4.9% | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.8% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 22% | Dec 2023 — | Mar 2024 25% | Jun 2024 26% | Sep 2024 23% | Dec 2024 22% | Mar 2025 29% | Jun 2025 21% | Sep 2025 36% | Dec 2025 30% | Mar 2026 37% | Jun 2026 —

### 20-quarter ROCE change history
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 −1,219.7 pp | Dec 2025 — | Mar 2026 −0.9 pp | Jun 2026 +0.8 pp
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.6 pp | Dec 2022 — | Mar 2023 +9.1 pp | Jun 2023 — | Sep 2023 +6.9 pp | Dec 2023 — | Mar 2024 +2.9 pp | Jun 2024 — | Sep 2024 +1.6 pp | Dec 2024 +2.5 pp | Mar 2025 −0.2 pp | Jun 2025 +5.6 pp | Sep 2025 +4.4 pp | Dec 2025 +7.1 pp | Mar 2026 +4.3 pp | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +1.4 pp | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −1.2 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −3.2 pp | Mar 2025 −0.8 pp | Jun 2025 −0.4 pp | Sep 2025 +0.8 pp | Dec 2025 −0.3 pp | Mar 2026 +2.2 pp | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.9 pp | Dec 2023 — | Mar 2024 −5.5 pp | Jun 2024 — | Sep 2024 +3.8 pp | Dec 2024 +5.2 pp | Mar 2025 +3.0 pp | Jun 2025 +3.2 pp | Sep 2025 +0.8 pp | Dec 2025 +3.7 pp | Mar 2026 −1.5 pp | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 — | Sep 2024 −1.7 pp | Dec 2024 +0.1 pp | Mar 2025 −1.4 pp | Jun 2025 −0.7 pp | Sep 2025 −1.0 pp | Dec 2025 −2.7 pp | Mar 2026 −1.7 pp | Jun 2026 —
- ORIENTHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.7 pp | Dec 2022 — | Mar 2023 +13.0 pp | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 — | Mar 2024 −3.9 pp | Jun 2024 — | Sep 2024 −4.7 pp | Dec 2024 −3.1 pp | Mar 2025 +0.6 pp | Jun 2025 +2.1 pp | Sep 2025 +4.6 pp | Dec 2025 +3.6 pp | Mar 2026 +2.4 pp | Jun 2026 +0.9 pp
- TAJGVK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +16.5 pp | Dec 2022 — | Mar 2023 +10.5 pp | Jun 2023 — | Sep 2023 −7.6 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +7.1 pp | Dec 2024 +4.3 pp | Mar 2025 +0.9 pp | Jun 2025 +1.6 pp | Sep 2025 −1.0 pp | Dec 2025 −2.5 pp | Mar 2026 −8.9 pp | Jun 2026 —
- EIHAHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +14.5 pp | Dec 2022 — | Mar 2023 +13.3 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 +3.1 pp | Dec 2024 +1.6 pp | Mar 2025 −0.1 pp | Jun 2025 +1.3 pp | Sep 2025 −0.3 pp | Dec 2025 +0.2 pp | Mar 2026 −3.4 pp | Jun 2026 —
- ASIANHOTNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +77.6 pp | Mar 2023 +6.7 pp | Jun 2023 — | Sep 2023 +7.8 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 — | Mar 2025 +9.0 pp | Jun 2025 — | Sep 2025 +20.6 pp | Dec 2025 — | Mar 2026 −13.4 pp | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.7 pp | Dec 2022 — | Mar 2023 +27.9 pp | Jun 2023 — | Sep 2023 +22.7 pp | Dec 2023 — | Mar 2024 +2.3 pp | Jun 2024 −0.5 pp | Sep 2024 +6.1 pp | Dec 2024 +13.5 pp | Mar 2025 +9.3 pp | Jun 2025 — | Sep 2025 +5.7 pp | Dec 2025 — | Mar 2026 −2.4 pp | Jun 2026 —
- ROHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +19.7 pp | Dec 2022 — | Mar 2023 +16.7 pp | Jun 2023 — | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 −2.1 pp | Dec 2024 −4.2 pp | Mar 2025 −2.3 pp | Jun 2025 −1.0 pp | Sep 2025 −8.5 pp | Dec 2025 −7.5 pp | Mar 2026 −7.6 pp | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 +2.1 pp | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +13.3 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 — | Mar 2025 +4.0 pp | Jun 2025 −4.5 pp | Sep 2025 +13.4 pp | Dec 2025 +8.7 pp | Mar 2026 +8.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Oriental Hotels Ltd has the lowest comparable Guarded PEG at 0.66×, 20.5% below Chalet Hotels Ltd. Only 7 of 24 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Oriental Hotels Ltd · 0.66× | 20.5% versus #2 · Chalet Hotels Ltd | 0/8 recent comparable periods | 7/24 companies · 23 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Oriental Hotels Ltd (ORIENTHOT): 0.7
2. Chalet Hotels Ltd (CHALET): 0.8
3. ITC Hotels Ltd (ITCHOTELS): 1.2
4. Juniper Hotels Ltd (JUNIPER): 1.3
5. TajGVK Hotels & Resorts Ltd (TAJGVK): 1.5

### P/E — lowest P/E
1. HLV Ltd (HLVLTD): 2.8 — older report
2. Asian Hotels (West) Ltd (AHLWEST): 8.2
3. Samhi Hotels Ltd (SAMHI): 9.6
4. Kamat Hotels (India) Ltd (KAMATHOTEL): 11.7
5. TajGVK Hotels & Resorts Ltd (TAJGVK): 14.6

### 20-quarter Guarded PEG history
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.2
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 5.1 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.7 | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 — | Mar 2025 1.5 | Jun 2025 1.0 | Sep 2025 0.7 | Dec 2025 2.0 | Mar 2026 3.5 | Jun 2026 —
- ORIENTHOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 2.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.2 | Dec 2025 1.0 | Mar 2026 0.7 | Jun 2026 —
- TAJGVK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.6 | Jun 2025 0.8 | Sep 2025 1.5 | Dec 2025 0.8 | Mar 2026 1.5 | Jun 2026 —

### 20-quarter P/E history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 232.0 | Dec 2022 103.8 | Mar 2023 63.1 | Jun 2023 58.2 | Sep 2023 55.8 | Dec 2023 56.6 | Mar 2024 71.8 | Jun 2024 71.6 | Sep 2024 78.7 | Dec 2024 85.5 | Mar 2025 71.8 | Jun 2025 72.5 | Sep 2025 58.9 | Dec 2025 62.4 | Mar 2026 46.6 | Jun 2026 59.5
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 51.6 | Jun 2025 72.9 | Sep 2025 74.8 | Dec 2025 36.3 | Mar 2026 36.1 | Jun 2026 41.4
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 267.6 | Dec 2022 88.2 | Mar 2023 44.5 | Jun 2023 36.8 | Sep 2023 34.1 | Dec 2023 34.1 | Mar 2024 51.3 | Jun 2024 41.6 | Sep 2024 37.4 | Dec 2024 38.1 | Mar 2025 31.4 | Jun 2025 29.5 | Sep 2025 29.9 | Dec 2025 30.1 | Mar 2026 23.4 | Jun 2026 —
- CHALET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -569.5 | Sep 2022 401.1 | Dec 2022 284.9 | Mar 2023 80.9 | Jun 2023 59.2 | Sep 2023 54.9 | Dec 2023 62.2 | Mar 2024 74.9 | Jun 2024 59.3 | Sep 2024 74.1 | Dec 2024 254.3 | Mar 2025 210.7 | Jun 2025 67.8 | Sep 2025 147.8 | Dec 2025 133.9 | Mar 2026 26.1 | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 48.1 | Dec 2025 42.6 | Mar 2026 39.3 | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 102.8 | Sep 2025 53.6 | Dec 2025 41.5 | Mar 2026 36.1 | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.5 | Jun 2025 129.8 | Sep 2025 142.9 | Dec 2025 77.0 | Mar 2026 42.0 | Jun 2026 —
- LEMONTREE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 133.2 | Jun 2023 64.6 | Sep 2023 72.5 | Dec 2023 73.1 | Mar 2024 82.6 | Jun 2024 77.1 | Sep 2024 66.6 | Dec 2024 77.9 | Mar 2025 56.8 | Jun 2025 55.9 | Sep 2025 61.0 | Dec 2025 58.1 | Mar 2026 34.6 | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 483.9 | Jun 2024 395.6 | Sep 2024 191.7 | Dec 2024 218.5 | Mar 2025 88.2 | Jun 2025 88.1 | Sep 2025 84.0 | Dec 2025 46.3 | Mar 2026 28.5 | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -19.7 | Jun 2024 -28.6 | Sep 2024 -95.4 | Dec 2024 151.3 | Mar 2025 62.9 | Jun 2025 44.9 | Sep 2025 36.5 | Dec 2025 29.4 | Mar 2026 19.1 | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 69.0 | Jun 2024 65.2 | Sep 2024 53.8 | Dec 2024 50.1 | Mar 2025 41.4 | Jun 2025 41.3 | Sep 2025 32.2 | Dec 2025 32.3 | Mar 2026 26.7 | Jun 2026 —
- ORIENTHOT: Sep 2021 — | Dec 2021 -26.6 | Mar 2022 -55.8 | Jun 2022 85.1 | Sep 2022 114.1 | Dec 2022 48.1 | Mar 2023 41.9 | Jun 2023 29.4 | Sep 2023 29.3 | Dec 2023 45.4 | Mar 2024 40.3 | Jun 2024 49.9 | Sep 2024 79.4 | Dec 2024 74.0 | Mar 2025 65.3 | Jun 2025 67.8 | Sep 2025 50.0 | Dec 2025 36.9 | Mar 2026 27.8 | Jun 2026 36.4
- TAJGVK: Sep 2021 -50.9 | Dec 2021 -170.2 | Mar 2022 454.9 | Jun 2022 400.0 | Sep 2022 34.2 | Dec 2022 19.3 | Mar 2023 15.4 | Jun 2023 15.8 | Sep 2023 16.3 | Dec 2023 20.1 | Mar 2024 29.8 | Jun 2024 22.9 | Sep 2024 21.0 | Dec 2024 23.4 | Mar 2025 26.4 | Jun 2025 21.8 | Sep 2025 20.5 | Dec 2025 20.8 | Mar 2026 15.2 | Jun 2026 —
- EIHAHOTELS: Sep 2021 — | Dec 2021 200.9 | Mar 2022 103.2 | Jun 2022 81.0 | Sep 2022 49.6 | Dec 2022 41.1 | Mar 2023 27.9 | Jun 2023 24.6 | Sep 2023 21.3 | Dec 2023 22.4 | Mar 2024 32.7 | Jun 2024 34.6 | Sep 2024 31.4 | Dec 2024 30.9 | Mar 2025 24.4 | Jun 2025 24.2 | Sep 2025 23.1 | Dec 2025 22.9 | Mar 2026 17.5 | Jun 2026 —
- ASIANHOTNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -290.3 | Mar 2025 3.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -12.6 | Jun 2026 —
- BENARAS: Sep 2021 — | Dec 2021 — | Mar 2022 70.6 | Jun 2022 40.2 | Sep 2022 27.8 | Dec 2022 23.4 | Mar 2023 22.4 | Jun 2023 24.6 | Sep 2023 30.2 | Dec 2023 40.1 | Mar 2024 35.2 | Jun 2024 31.1 | Sep 2024 29.2 | Dec 2024 29.4 | Mar 2025 37.5 | Jun 2025 29.8 | Sep 2025 27.5 | Dec 2025 28.7 | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.1 | Sep 2022 -12.5 | Dec 2022 — | Mar 2023 — | Jun 2023 -128.0 | Sep 2023 -119.4 | Dec 2023 — | Mar 2024 -89,469.8 | Jun 2024 -347.4 | Sep 2024 15.4 | Dec 2024 22.6 | Mar 2025 16.5 | Jun 2025 12.3 | Sep 2025 10.5 | Dec 2025 12.8 | Mar 2026 12.2 | Jun 2026 —
- ROHLTD: Sep 2021 -19.4 | Dec 2021 -46.1 | Mar 2022 11.4 | Jun 2022 78.1 | Sep 2022 31.1 | Dec 2022 23.0 | Mar 2023 18.6 | Jun 2023 18.8 | Sep 2023 17.9 | Dec 2023 19.9 | Mar 2024 22.2 | Jun 2024 20.3 | Sep 2024 20.7 | Dec 2024 20.4 | Mar 2025 21.1 | Jun 2025 22.5 | Sep 2025 28.9 | Dec 2025 24.3 | Mar 2026 21.3 | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 54.5 | Jun 2022 38.6 | Sep 2022 21.9 | Dec 2022 21.2 | Mar 2023 18.3 | Jun 2023 14.2 | Sep 2023 20.0 | Dec 2023 19.4 | Mar 2024 27.3 | Jun 2024 27.9 | Sep 2024 29.2 | Dec 2024 32.8 | Mar 2025 28.0 | Jun 2025 35.4 | Sep 2025 26.4 | Dec 2025 27.8 | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.0 | Jun 2026 —
- AHLWEST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -5.6 | Dec 2022 19.7 | Mar 2023 — | Jun 2023 4.5 | Sep 2023 2.7 | Dec 2023 3.0 | Mar 2024 — | Jun 2024 36.3 | Sep 2024 -105.8 | Dec 2024 87.9 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAYAJIHOTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.9 | Sep 2022 40.1 | Dec 2022 25.0 | Mar 2023 51.3 | Jun 2023 27.2 | Sep 2023 25.5 | Dec 2023 48.4 | Mar 2024 41.8 | Jun 2024 44.6 | Sep 2024 44.3 | Dec 2024 35.7 | Mar 2025 33.6 | Jun 2025 33.9 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KAMATHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 64.7 | Dec 2022 18.8 | Mar 2023 10.2 | Jun 2023 7.3 | Sep 2023 7.2 | Dec 2023 10.1 | Mar 2024 10.8 | Jun 2024 35.2 | Sep 2024 39.9 | Dec 2024 29.8 | Mar 2025 23.5 | Jun 2025 16.1 | Sep 2025 18.0 | Dec 2025 18.5 | Mar 2026 14.4 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Kamat Hotels (India) Ltd leads ev/ebitda at 6.9×; Advent Hotels International Ltd leads p/bv at 0.85×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Kamat Hotels (India) Ltd · 6.9× | 4.3% versus #2 · Asian Hotels (West) Ltd | 0/8 recent comparable periods | 24/24 companies · 312 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Kamat Hotels (India) Ltd (KAMATHOTEL): 6.9
2. Asian Hotels (West) Ltd (AHLWEST): 7.2
3. Samhi Hotels Ltd (SAMHI): 9.8
4. Apeejay Surrendra Park Hotels Ltd (PARKHOTELS): 10.4
5. Advent Hotels International Ltd (ADVENTHTL): 11.0

### P/BV — lowest P/BV
1. Advent Hotels International Ltd (ADVENTHTL): 0.9
2. HLV Ltd (HLVLTD): 1.0 — older report
3. Asian Hotels (North) Ltd (ASIANHOTNR): 1.4
4. Juniper Hotels Ltd (JUNIPER): 1.5
5. Kamat Hotels (India) Ltd (KAMATHOTEL): 1.6

### 20-quarter EV/EBITDA history
- INDHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 89.3 | Jun 2022 66.2 | Sep 2022 45.2 | Dec 2022 36.1 | Mar 2023 30.1 | Jun 2023 30.7 | Sep 2023 30.3 | Dec 2023 30.8 | Mar 2024 39.1 | Jun 2024 39.0 | Sep 2024 43.1 | Dec 2024 48.7 | Mar 2025 40.7 | Jun 2025 37.2 | Sep 2025 32.5 | Dec 2025 33.3 | Mar 2026 25.9 | Jun 2026 30.1
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 31.5 | Jun 2025 34.6 | Sep 2025 34.0 | Dec 2025 27.5 | Mar 2026 18.0 | Jun 2026 21.3
- EIHOTEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 49.7 | Dec 2022 33.0 | Mar 2023 21.9 | Jun 2023 19.4 | Sep 2023 18.0 | Dec 2023 18.5 | Mar 2024 29.1 | Jun 2024 24.8 | Sep 2024 21.9 | Dec 2024 22.7 | Mar 2025 18.8 | Jun 2025 18.1 | Sep 2025 18.4 | Dec 2025 18.2 | Mar 2026 13.7 | Jun 2026 —
- CHALET: Sep 2021 175.2 | Dec 2021 105.3 | Mar 2022 94.7 | Jun 2022 69.0 | Sep 2022 42.3 | Dec 2022 35.3 | Mar 2023 26.3 | Jun 2023 22.5 | Sep 2023 28.0 | Dec 2023 31.3 | Mar 2024 36.5 | Jun 2024 33.5 | Sep 2024 34.9 | Dec 2024 35.5 | Mar 2025 29.9 | Jun 2025 38.2 | Sep 2025 30.6 | Dec 2025 27.9 | Mar 2026 15.1 | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 26.2 | Dec 2025 23.2 | Mar 2026 22.5 | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 24.8 | Sep 2025 19.3 | Dec 2025 19.6 | Mar 2026 17.9 | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 56.7 | Jun 2025 22.4 | Sep 2025 19.6 | Dec 2025 17.9 | Mar 2026 13.3 | Jun 2026 —
- LEMONTREE: Sep 2021 79.5 | Dec 2021 65.1 | Mar 2022 52.2 | Jun 2022 52.2 | Sep 2022 40.8 | Dec 2022 31.9 | Mar 2023 24.1 | Jun 2023 21.0 | Sep 2023 23.7 | Dec 2023 24.6 | Mar 2024 25.5 | Jun 2024 25.6 | Sep 2024 22.2 | Dec 2024 24.9 | Mar 2025 20.4 | Jun 2025 20.9 | Sep 2025 23.0 | Dec 2025 22.3 | Mar 2026 15.1 | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 48.1 | Jun 2024 36.8 | Sep 2024 28.1 | Dec 2024 25.6 | Mar 2025 19.3 | Jun 2025 19.5 | Sep 2025 20.5 | Dec 2025 17.8 | Mar 2026 13.5 | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 22.6 | Dec 2023 21.3 | Mar 2024 24.4 | Jun 2024 23.7 | Sep 2024 19.6 | Dec 2024 17.0 | Mar 2025 13.0 | Jun 2025 16.0 | Sep 2025 15.1 | Dec 2025 12.5 | Mar 2026 9.8 | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 26.3 | Jun 2024 25.0 | Sep 2024 17.8 | Dec 2024 18.5 | Mar 2025 14.7 | Jun 2025 15.2 | Sep 2025 14.2 | Dec 2025 13.8 | Mar 2026 10.4 | Jun 2026 —
- ORIENTHOT: Sep 2021 — | Dec 2021 48.9 | Mar 2022 57.0 | Jun 2022 39.5 | Sep 2022 21.8 | Dec 2022 16.7 | Mar 2023 16.1 | Jun 2023 14.4 | Sep 2023 14.2 | Dec 2023 20.4 | Mar 2024 19.4 | Jun 2024 24.3 | Sep 2024 34.9 | Dec 2024 32.9 | Mar 2025 26.6 | Jun 2025 25.1 | Sep 2025 20.0 | Dec 2025 15.2 | Mar 2026 12.2 | Jun 2026 18.9
- TAJGVK: Sep 2021 42.1 | Dec 2021 34.6 | Mar 2022 23.0 | Jun 2022 19.7 | Sep 2022 15.1 | Dec 2022 11.1 | Mar 2023 10.2 | Jun 2023 11.2 | Sep 2023 11.0 | Dec 2023 13.8 | Mar 2024 21.0 | Jun 2024 16.9 | Sep 2024 14.9 | Dec 2024 16.9 | Mar 2025 19.6 | Jun 2025 17.2 | Sep 2025 16.5 | Dec 2025 16.9 | Mar 2026 12.5 | Jun 2026 —
- EIHAHOTELS: Sep 2021 277.8 | Dec 2021 37.4 | Mar 2022 45.2 | Jun 2022 30.6 | Sep 2022 23.7 | Dec 2022 21.0 | Mar 2023 15.7 | Jun 2023 15.5 | Sep 2023 13.5 | Dec 2023 14.1 | Mar 2024 21.3 | Jun 2024 22.1 | Sep 2024 19.6 | Dec 2024 19.7 | Mar 2025 15.5 | Jun 2025 15.6 | Sep 2025 14.8 | Dec 2025 14.6 | Mar 2026 11.1 | Jun 2026 —
- ASIANHOTNR: Sep 2021 — | Dec 2021 — | Mar 2022 155.8 | Jun 2022 141.7 | Sep 2022 55.2 | Dec 2022 48.4 | Mar 2023 38.1 | Jun 2023 41.9 | Sep 2023 39.8 | Dec 2023 44.7 | Mar 2024 39.2 | Jun 2024 39.5 | Sep 2024 42.3 | Dec 2024 48.1 | Mar 2025 52.3 | Jun 2025 34.6 | Sep 2025 32.3 | Dec 2025 32.2 | Mar 2026 49.4 | Jun 2026 —
- BENARAS: Sep 2021 74.3 | Dec 2021 32.1 | Mar 2022 21.2 | Jun 2022 15.2 | Sep 2022 14.1 | Dec 2022 12.5 | Mar 2023 13.2 | Jun 2023 15.2 | Sep 2023 18.4 | Dec 2023 25.0 | Mar 2024 22.2 | Jun 2024 19.8 | Sep 2024 18.6 | Dec 2024 18.4 | Mar 2025 23.9 | Jun 2025 18.6 | Sep 2025 17.2 | Dec 2025 18.0 | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 335.7 | Mar 2023 358.0 | Jun 2023 65.4 | Sep 2023 67.9 | Dec 2023 54.0 | Mar 2024 49,639.0 | Jun 2024 110.8 | Sep 2024 87.8 | Dec 2024 39.2 | Mar 2025 22.7 | Jun 2025 22.3 | Sep 2025 23.1 | Dec 2025 28.0 | Mar 2026 26.8 | Jun 2026 —
- ROHLTD: Sep 2021 32.7 | Dec 2021 21.2 | Mar 2022 14.4 | Jun 2022 11.3 | Sep 2022 12.6 | Dec 2022 10.3 | Mar 2023 9.8 | Jun 2023 10.1 | Sep 2023 9.3 | Dec 2023 10.3 | Mar 2024 11.4 | Jun 2024 11.2 | Sep 2024 12.1 | Dec 2024 12.2 | Mar 2025 13.0 | Jun 2025 12.5 | Sep 2025 16.0 | Dec 2025 17.5 | Mar 2026 13.8 | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 15.9 | Jun 2022 15.1 | Sep 2022 10.3 | Dec 2022 10.3 | Mar 2023 9.8 | Jun 2023 7.6 | Sep 2023 11.7 | Dec 2023 11.4 | Mar 2024 16.5 | Jun 2024 17.4 | Sep 2024 16.6 | Dec 2024 18.9 | Mar 2025 16.2 | Jun 2025 20.6 | Sep 2025 15.3 | Dec 2025 15.9 | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 15.0 | Mar 2026 11.0 | Jun 2026 —
- AHLWEST: Sep 2021 28.9 | Dec 2021 27.4 | Mar 2022 25.3 | Jun 2022 25.3 | Sep 2022 10.2 | Dec 2022 7.6 | Mar 2023 — | Jun 2023 6.6 | Sep 2023 6.1 | Dec 2023 5.9 | Mar 2024 6.4 | Jun 2024 7.1 | Sep 2024 7.8 | Dec 2024 7.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAYAJIHOTL: Sep 2021 11.3 | Dec 2021 8.8 | Mar 2022 7.4 | Jun 2022 5.7 | Sep 2022 9.4 | Dec 2022 10.0 | Mar 2023 13.1 | Jun 2023 12.6 | Sep 2023 12.3 | Dec 2023 14.9 | Mar 2024 15.1 | Jun 2024 18.2 | Sep 2024 17.7 | Dec 2024 16.2 | Mar 2025 13.3 | Jun 2025 18.0 | Sep 2025 24.1 | Dec 2025 30.5 | Mar 2026 33.4 | Jun 2026 —
- KAMATHOTEL: Sep 2021 63.5 | Dec 2021 32.5 | Mar 2022 19.3 | Jun 2022 15.6 | Sep 2022 8.7 | Dec 2022 7.8 | Mar 2023 7.8 | Jun 2023 8.7 | Sep 2023 7.4 | Dec 2023 8.9 | Mar 2024 9.2 | Jun 2024 9.0 | Sep 2024 9.0 | Dec 2024 9.3 | Mar 2025 9.2 | Jun 2025 8.5 | Sep 2025 9.0 | Dec 2025 8.9 | Mar 2026 6.9 | Jun 2026 —

### 20-quarter P/BV history
- INDHOTEL: Sep 2021 6.3 | Dec 2021 7.3 | Mar 2022 9.2 | Jun 2022 4.6 | Sep 2022 6.5 | Dec 2022 6.3 | Mar 2023 6.5 | Jun 2023 7.0 | Sep 2023 7.3 | Dec 2023 7.5 | Mar 2024 10.2 | Jun 2024 9.4 | Sep 2024 10.7 | Dec 2024 12.1 | Mar 2025 11.0 | Jun 2025 9.8 | Sep 2025 9.1 | Dec 2025 9.1 | Mar 2026 7.3 | Jun 2026 7.9
- ITCHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 3.8 | Jun 2025 4.3 | Sep 2025 4.5 | Dec 2025 3.7 | Mar 2026 2.7 | Jun 2026 3.4
- EIHOTEL: Sep 2021 2.5 | Dec 2021 2.6 | Mar 2022 3.1 | Jun 2022 2.5 | Sep 2022 3.7 | Dec 2022 3.5 | Mar 2023 3.4 | Jun 2023 4.4 | Sep 2023 4.1 | Dec 2023 4.5 | Mar 2024 8.0 | Jun 2024 8.0 | Sep 2024 6.0 | Dec 2024 6.3 | Mar 2025 5.4 | Jun 2025 5.7 | Sep 2025 5.1 | Dec 2025 4.9 | Mar 2026 3.8 | Jun 2026 —
- CHALET: Sep 2021 3.1 | Dec 2021 3.2 | Mar 2022 4.5 | Jun 2022 4.4 | Sep 2022 5.2 | Dec 2022 5.1 | Mar 2023 5.5 | Jun 2023 6.6 | Sep 2023 7.4 | Dec 2023 8.5 | Mar 2024 10.7 | Jun 2024 10.7 | Sep 2024 9.9 | Dec 2024 7.7 | Mar 2025 6.3 | Jun 2025 10.1 | Sep 2025 6.9 | Dec 2025 5.5 | Mar 2026 4.6 | Jun 2026 —
- TRAVELFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 13.0 | Mar 2026 14.0 | Jun 2026 —
- THELEELA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.8 | Sep 2025 2.2 | Dec 2025 2.4 | Mar 2026 2.2 | Jun 2026 —
- VENTIVE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.3 | Sep 2025 3.5 | Dec 2025 3.6 | Mar 2026 2.8 | Jun 2026 —
- LEMONTREE: Sep 2021 3.5 | Dec 2021 4.3 | Mar 2022 5.6 | Jun 2022 5.4 | Sep 2022 8.1 | Dec 2022 8.0 | Mar 2023 7.4 | Jun 2023 8.9 | Sep 2023 10.6 | Dec 2023 11.0 | Mar 2024 12.0 | Jun 2024 13.4 | Sep 2024 10.0 | Dec 2024 11.7 | Mar 2025 10.0 | Jun 2025 11.4 | Sep 2025 11.3 | Dec 2025 10.3 | Mar 2026 6.7 | Jun 2026 —
- JUNIPER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.3 | Jun 2024 3.5 | Sep 2024 3.1 | Dec 2024 2.9 | Mar 2025 2.1 | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.6 | Jun 2026 —
- SAMHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.0 | Dec 2023 3.4 | Mar 2024 4.3 | Jun 2024 4.0 | Sep 2024 4.3 | Dec 2024 4.1 | Mar 2025 2.9 | Jun 2025 4.6 | Sep 2025 3.9 | Dec 2025 2.3 | Mar 2026 1.7 | Jun 2026 —
- PARKHOTELS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.4 | Jun 2024 3.2 | Sep 2024 3.1 | Dec 2024 3.1 | Mar 2025 2.5 | Jun 2025 2.9 | Sep 2025 2.5 | Dec 2025 2.2 | Mar 2026 1.7 | Jun 2026 —
- ORIENTHOT: Sep 2021 1.4 | Dec 2021 2.9 | Mar 2022 4.5 | Jun 2022 2.2 | Sep 2022 2.8 | Dec 2022 2.7 | Mar 2023 3.2 | Jun 2023 2.9 | Sep 2023 2.8 | Dec 2023 4.0 | Mar 2024 3.8 | Jun 2024 4.0 | Sep 2024 5.2 | Dec 2024 4.9 | Mar 2025 4.0 | Jun 2025 4.3 | Sep 2025 3.5 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 3.6
- TAJGVK: Sep 2021 2.4 | Dec 2021 2.3 | Mar 2022 2.5 | Jun 2022 2.2 | Sep 2022 2.8 | Dec 2022 3.1 | Mar 2023 3.2 | Jun 2023 4.0 | Sep 2023 3.2 | Dec 2023 3.0 | Mar 2024 4.9 | Jun 2024 4.6 | Sep 2024 3.6 | Dec 2024 4.2 | Mar 2025 5.2 | Jun 2025 4.7 | Sep 2025 4.0 | Dec 2025 3.9 | Mar 2026 2.8 | Jun 2026 —
- EIHAHOTELS: Sep 2021 3.5 | Dec 2021 3.4 | Mar 2022 4.1 | Jun 2022 3.4 | Sep 2022 4.2 | Dec 2022 3.8 | Mar 2023 3.8 | Jun 2023 4.8 | Sep 2023 3.6 | Dec 2023 3.6 | Mar 2024 5.9 | Jun 2024 7.1 | Sep 2024 5.2 | Dec 2024 5.8 | Mar 2025 4.7 | Jun 2025 4.7 | Sep 2025 4.2 | Dec 2025 4.2 | Mar 2026 3.3 | Jun 2026 —
- ASIANHOTNR: Sep 2021 0.3 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 1.3 | Jun 2023 2.0 | Sep 2023 1.6 | Dec 2023 2.6 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 2.1 | Dec 2024 3.2 | Mar 2025 4.1 | Jun 2025 2.7 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 2.1 | Jun 2026 —
- BENARAS: Sep 2021 2.9 | Dec 2021 3.3 | Mar 2022 3.6 | Jun 2022 2.9 | Sep 2022 4.1 | Dec 2022 4.2 | Mar 2023 5.4 | Jun 2023 7.4 | Sep 2023 7.6 | Dec 2023 10.6 | Mar 2024 10.2 | Jun 2024 8.5 | Sep 2024 8.0 | Dec 2024 7.5 | Mar 2025 10.1 | Jun 2025 7.5 | Sep 2025 7.1 | Dec 2025 6.8 | Mar 2026 — | Jun 2026 —
- VHLTD: Sep 2021 -0.1 | Dec 2021 -0.1 | Mar 2022 -0.1 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 -0.1 | Mar 2024 3,469.4 | Jun 2024 -1.7 | Sep 2024 -1.8 | Dec 2024 6.9 | Mar 2025 4.3 | Jun 2025 2.7 | Sep 2025 3.3 | Dec 2025 4.0 | Mar 2026 3.9 | Jun 2026 —
- ROHLTD: Sep 2021 1.6 | Dec 2021 1.7 | Mar 2022 2.5 | Jun 2022 2.4 | Sep 2022 5.1 | Dec 2022 4.9 | Mar 2023 6.0 | Jun 2023 7.1 | Sep 2023 4.7 | Dec 2023 4.7 | Mar 2024 5.4 | Jun 2024 5.7 | Sep 2024 5.2 | Dec 2024 4.8 | Mar 2025 5.2 | Jun 2025 5.6 | Sep 2025 6.2 | Dec 2025 4.7 | Mar 2026 3.3 | Jun 2026 —
- UPHOT: Sep 2021 — | Dec 2021 — | Mar 2022 2.5 | Jun 2022 2.9 | Sep 2022 2.8 | Dec 2022 3.0 | Mar 2023 3.5 | Jun 2023 3.5 | Sep 2023 4.1 | Dec 2023 3.8 | Mar 2024 6.0 | Jun 2024 7.4 | Sep 2024 5.1 | Dec 2024 5.9 | Mar 2025 5.7 | Jun 2025 6.9 | Sep 2025 4.9 | Dec 2025 4.7 | Mar 2026 — | Jun 2026 —
- ADVENTHTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.2 | Mar 2026 0.8 | Jun 2026 —
- AHLWEST: Sep 2021 2.9 | Dec 2021 2.3 | Mar 2022 1.5 | Jun 2022 1.5 | Sep 2022 -1.1 | Dec 2022 -1.1 | Mar 2023 — | Jun 2023 -1.3 | Sep 2023 -2.0 | Dec 2023 -2.0 | Mar 2024 -1.4 | Jun 2024 -1.4 | Sep 2024 -2.0 | Dec 2024 -2.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SAYAJIHOTL: Sep 2021 6.0 | Dec 2021 2.2 | Mar 2022 2.0 | Jun 2022 3.6 | Sep 2022 2.3 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 2.7 | Sep 2023 2.4 | Dec 2023 3.1 | Mar 2024 3.3 | Jun 2024 4.0 | Sep 2024 3.9 | Dec 2024 3.7 | Mar 2025 3.1 | Jun 2025 3.2 | Sep 2025 3.2 | Dec 2025 3.6 | Mar 2026 3.6 | Jun 2026 —
- KAMATHOTEL: Sep 2021 -1.0 | Dec 2021 -0.6 | Mar 2022 -0.9 | Jun 2022 -0.8 | Sep 2022 -1.2 | Dec 2022 -1.4 | Mar 2023 -1.7 | Jun 2023 -3.0 | Sep 2023 3.2 | Dec 2023 4.3 | Mar 2024 4.0 | Jun 2024 3.6 | Sep 2024 2.5 | Dec 2024 2.9 | Mar 2025 3.5 | Jun 2025 3.0 | Sep 2025 3.2 | Dec 2025 2.5 | Mar 2026 1.6 | Jun 2026 —

## Market action

Viceroy Hotels Ltd has the strongest one-year price move in Hotels at +21.3%. Asian Hotels (West) Ltd leads on Mansfield relative strength against NIFTY at +59.6%. 6 of 23 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Viceroy Hotels Ltd (VHLTD): 21%
2. Travel Food Services Ltd (TRAVELFOOD): 13%
3. Leela Palaces Hotels & Resorts Ltd (THELEELA): 5.3%
4. Sayaji Hotels Ltd (SAYAJIHOTL): -1.4%
5. Benares Hotels Ltd (BENARAS): -4.1%

### Strongest relative strength versus NIFTY 500
1. Asian Hotels (West) Ltd (AHLWEST): 60%
2. Leela Palaces Hotels & Resorts Ltd (THELEELA): 11%
3. Oriental Hotels Ltd (ORIENTHOT): 8.7%
4. Travel Food Services Ltd (TRAVELFOOD): 3.3%
5. Sayaji Hotels Ltd (SAYAJIHOTL): 3.3%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- 6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 5 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- Indian Hotels Co Ltd (INDHOTEL) — market value ₹1.0 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- ITC Hotels Ltd (ITCHOTELS) — market value ₹33.3K Cr; latest fundamentals Jun 2026
- EIH Ltd (EIHOTEL) — market value ₹20.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Chalet Hotels Ltd (CHALET) — market value ₹17.8K Cr; latest fundamentals Mar 2026
- Travel Food Services Ltd (TRAVELFOOD) — market value ₹16.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Leela Palaces Hotels & Resorts Ltd (THELEELA) — market value ₹15.9K Cr; latest fundamentals Mar 2026
- Ventive Hospitality Ltd (VENTIVE) — market value ₹14.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Lemon Tree Hotels Ltd (LEMONTREE) — market value ₹8.7K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Juniper Hotels Ltd (JUNIPER) — market value ₹4.3K Cr; latest fundamentals Mar 2026
- Samhi Hotels Ltd (SAMHI) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Apeejay Surrendra Park Hotels Ltd (PARKHOTELS) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Oriental Hotels Ltd (ORIENTHOT) — market value ₹2.4K Cr; latest fundamentals Jun 2026
- TajGVK Hotels & Resorts Ltd (TAJGVK) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- EIH Associated Hotels Ltd (EIHAHOTELS) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Asian Hotels (North) Ltd (ASIANHOTNR) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Benares Hotels Ltd (BENARAS) — market value ₹1.2K Cr; latest fundamentals Dec 2025
- Viceroy Hotels Ltd (VHLTD) — market value ₹892 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Royal Orchid Hotels Ltd (ROHLTD) — market value ₹853 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- U P Hotels Ltd (UPHOT) — market value ₹777 Cr; latest fundamentals Dec 2025
- Advent Hotels International Ltd (ADVENTHTL) — market value ₹768 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Asian Hotels (West) Ltd (AHLWEST) — market value ₹670 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sayaji Hotels Ltd (SAYAJIHOTL) — market value ₹525 Cr; latest fundamentals Mar 2026
- Kamat Hotels (India) Ltd (KAMATHOTEL) — market value ₹499 Cr; latest fundamentals Mar 2026
- HLV Ltd (HLVLTD) — market value ₹473 Cr; latest fundamentals Mar 2020

## Source standing of each company

Cross-checked: 8. Unverified: 11. Withheld: 5. Graded companies: 24.

6 of 24 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

5 of 24 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Indian Hotels Co Ltd (INDHOTEL) — its two data sources disagree by up to 10% on reported income across 14 comparable periods, so its derived ratios are withheld; EIH Ltd (EIHOTEL) — its two data sources disagree by up to 6.2% on reported income across 14 comparable periods, so its derived ratios are withheld; Travel Food Services Ltd (TRAVELFOOD) — its two data sources disagree by up to 6.8% on reported income across 8 comparable periods, so its derived ratios are withheld; Ventive Hospitality Ltd (VENTIVE) — its two data sources disagree by up to 35% on reported income across 10 comparable periods, so its derived ratios are withheld; Lemon Tree Hotels Ltd (LEMONTREE) — its two data sources disagree by up to 25% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | INDHOTEL | Indian Hotels Co Ltd | diff_gt_2pct | disagreement up to 10.24% over 14 comparable periods
- WITHHELD | EIHOTEL | EIH Ltd | diff_gt_2pct | disagreement up to 6.15% over 14 comparable periods
- WITHHELD | TRAVELFOOD | Travel Food Services Ltd | diff_gt_2pct | disagreement up to 6.81% over 8 comparable periods
- WITHHELD | VENTIVE | Ventive Hospitality Ltd | diff_gt_2pct | disagreement up to 34.96% over 10 comparable periods
- WITHHELD | LEMONTREE | Lemon Tree Hotels Ltd | diff_gt_2pct | disagreement up to 24.63% over 14 comparable periods

- UNVERIFIED | EIHAHOTELS | EIH Associated Hotels Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ASIANHOTNR | Asian Hotels (North) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | VHLTD | Viceroy Hotels Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ROHLTD | Royal Orchid Hotels Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ADVENTHTL | Advent Hotels International Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AHLWEST | Asian Hotels (West) Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Hotels index?

The Nifty Hotels index tracks India's listed Hotels companies as a single basket. This page follows the same 24 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Hotels sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Hotels stocks in India?

Ranked by this page's four-factor score, Chalet Hotels Ltd places first among 24 listed Hotels companies, followed by Travel Food Services Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Hotels stocks are listed in India?

This comparison covers 24 listed Hotels companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Hotels company is the biggest?

Indian Hotels Co Ltd is the largest, with trailing-twelve-month revenue of ₹9,987 crore, ahead of ITC Hotels Ltd at ₹4,260 crore. That covers 24 of 24 companies with comparable reporting through Jun 2026.

### Which Hotels company is growing fastest?

Asian Hotels (North) Ltd has the fastest revenue growth at 81.1% year on year, across 23 of 24 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Hotels company has the best profit margins?

Leela Palaces Hotels & Resorts Ltd has the highest operating margin at 55%, from 24 of 24 comparable companies. Sayaji Hotels Ltd shows the biggest recent improvement, at +12 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Hotels company makes the most profit?

Indian Hotels Co Ltd earns the most, at ₹2,308 crore of trailing-twelve-month net profit, from 24 of 24 comparable companies. Asian Hotels (North) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Hotels company earns the highest return on capital?

Travel Food Services Ltd leads on return on capital employed at 42.4%, across 24 of 24 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Hotels stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Oriental Hotels Ltd screens cheapest at 0.66×. Only 7 of 24 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Hotels company has the strongest balance sheet?

U P Hotels Ltd carries the lowest comparable gross debt at ₹0 crore, from 24 of 24 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Hotels stock has the strongest price momentum?

Asian Hotels (West) Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Hotels company scores highest for research priority?

Chalet Hotels Ltd scores 74.3 out of 100 with 89.6% evidence confidence, from 28.4 points on growth and earnings, 15.6 on capital efficiency, 17.7 on valuation and 12.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Hotels companies does this comparison cover, and over what period?

It compares 24 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Hotels sector?

The 24 Hotels companies on this page carry ₹2,56,401 crore of combined market value. Indian Hotels Co Ltd is the largest at ₹1,03,548 crore, about 40% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Hotels sector's P/E ratio?

The median price-to-earnings ratio across the 24 Hotels companies on this page is 28.1×, measured on the 23 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Hotels sector performing?

6 of the 23 covered Hotels companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/hotels