# 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 2026-08-05. Not investment advice.

## Bottom line

Hotels has underperformed NIFTY 500 by 13.5% over 52 weeks and 3.9% over 13 weeks. 5 of 23 covered companies beat NIFTY on Mansfield relative strength, while 11 of 23 beat the sector itself. Indian Hotels Co Ltd leads with revenue of ₹9,987 crore, based on 24 of 24 comparable companies through Jun 2026.

## Sector relative strength

Hotels has underperformed NIFTY 500 by 13.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.9%. 5 of 23 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Oriental Hotels Ltd is the strongest against the sector itself at +18.8%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 3.9%
52-week sector return versus NIFTY 500: -14%
Stocks leading NIFTY: 5/23
Stocks leading sector: 11/23

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): 68/100 — Favorable setup; evidence 94%
   - Growth & earnings 25.0/35 | Capital efficiency 15.3/25 | Valuation 16.6/20 | Relative strength 10.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 25 + 15.3 + 16.6 + 10.8 = 67.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Travel Food Services Ltd (TRAVELFOOD): 64/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 19.8/35 | Capital efficiency 21.0/25 | Valuation 9.0/20 | Relative strength 14.5/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 19.8 + 21 + 9 + 14.5 = 64.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Indian Hotels Co Ltd (INDHOTEL): 62/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.2/35 | Capital efficiency 16.4/25 | Valuation 9.7/20 | Relative strength 17.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 19.2 + 16.4 + 9.7 + 17 = 62.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Oriental Hotels Ltd (ORIENTHOT): 62/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 17.5/35 | Capital efficiency 10.8/25 | Valuation 13.8/20 | Relative strength 19.9/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - Exact sum: 17.5 + 10.8 + 13.8 + 19.9 = 62
   - Decision use: Price leads the evidence: RS versus the benchmark is 12.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Asian Hotels (West) Ltd (AHLWEST): 61/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 21.9/35 | Capital efficiency 19.6/25 | Valuation 11.4/20 | Relative strength 8.3/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 4 weeks with a reading, within the last 12
   - Exact sum: 21.9 + 19.6 + 11.4 + 8.3 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Benares Hotels Ltd (BENARAS): 58/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 16.3/35 | Capital efficiency 19.0/25 | Valuation 8.7/20 | Relative strength 14.3/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 16.3 + 19 + 8.7 + 14.3 = 58.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. TajGVK Hotels & Resorts Ltd (TAJGVK): 58/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 21.4/35 | Capital efficiency 12.3/25 | Valuation 16.0/20 | Relative strength 8.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of 11 weeks with a reading, within the last 12
   - Exact sum: 21.4 + 12.3 + 16 + 8 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Leela Palaces Hotels & Resorts Ltd (THELEELA): 57/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 24.4/35 | Capital efficiency 8.2/25 | Valuation 8.0/20 | Relative strength 16.4/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 24.4 + 8.2 + 8 + 16.4 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. EIH Ltd (EIHOTEL): 51/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 11.0/35 | Capital efficiency 18.9/25 | Valuation 12.7/20 | Relative strength 8.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 11 + 18.9 + 12.7 + 8.6 = 51.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Lemon Tree Hotels Ltd (LEMONTREE): 50/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 18.8/35 | Capital efficiency 16.5/25 | Valuation 9.6/20 | Relative strength 5.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 18.8 + 16.5 + 9.6 + 5.3 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Ventive Hospitality Ltd (VENTIVE): 49/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 22.5/35 | Capital efficiency 12.9/25 | Valuation 9.7/20 | Relative strength 4.2/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 22.5 + 12.9 + 9.7 + 4.2 = 49.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. ITC Hotels Ltd (ITCHOTELS): 49/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 23.1/35 | Capital efficiency 10.2/25 | Valuation 11.0/20 | Relative strength 4.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 23.1 + 10.2 + 11 + 4.8 = 49.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.5% and the one-year return is -32.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
13. Samhi Hotels Ltd (SAMHI): 49/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 16.4/35 | Capital efficiency 5.9/25 | Valuation 11.2/20 | Relative strength 15.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 16.4 + 5.9 + 11.2 + 15.4 = 48.9
   - Decision use: Price leads the evidence: RS versus the benchmark is -0.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
14. Juniper Hotels Ltd (JUNIPER): 48/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 23.4/35 | Capital efficiency 10.4/25 | Valuation 11.1/20 | Relative strength 3.5/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 23.4 + 10.4 + 11.1 + 3.5 = 48.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.1% and the one-year return is -37.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
15. U P Hotels Ltd (UPHOT): 48/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 11.4/35 | Capital efficiency 17.1/25 | Valuation 10.2/20 | Relative strength 9.3/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 11.4 + 17.1 + 10.2 + 9.3 = 48
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. EIH Associated Hotels Ltd (EIHAHOTELS): 46/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 8.5/35 | Capital efficiency 16.9/25 | Valuation 12.7/20 | Relative strength 7.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 8.5 + 16.9 + 12.7 + 7.5 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Sayaji Hotels Ltd (SAYAJIHOTL): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.9/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 14.4/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 11 weeks with a reading, within the last 12
   - Exact sum: 15.9 + 4.2 + 10 + 14.4 = 44.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Viceroy Hotels Ltd (VHLTD): 44/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 21.0/35 | Capital efficiency 7.5/25 | Valuation 5.9/20 | Relative strength 9.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 21 + 7.5 + 5.9 + 9.8 = 44.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19. Kamat Hotels (India) Ltd (KAMATHOTEL): 44/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 12.9/35 | Capital efficiency 16.1/25 | Valuation 11.5/20 | Relative strength 3.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 11 weeks with a reading, within the last 12
   - Exact sum: 12.9 + 16.1 + 11.5 + 3.5 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Asian Hotels (North) Ltd (ASIANHOTNR): 42/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 16.8/35 | Capital efficiency 4.3/25 | Valuation 8.5/20 | Relative strength 12.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 16.8 + 4.3 + 8.5 + 12.5 = 42.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21. Royal Orchid Hotels Ltd (ROHLTD): 38/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 13.5/35 | Capital efficiency 11.2/25 | Valuation 8.2/20 | Relative strength 4.6/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 13.5 + 11.2 + 8.2 + 4.6 = 37.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22. Apeejay Surrendra Park Hotels Ltd (PARKHOTELS): 32/100 — Adverse evidence; evidence 83%
   - Growth & earnings 11.1/35 | Capital efficiency 11.3/25 | Valuation 3.9/20 | Relative strength 5.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 11.1 + 11.3 + 3.9 + 5.9 = 32.2
   - 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 7.9/25 | Valuation 10.8/20 | Relative strength 10.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 16.2 + 7.9 + 10.8 + 10 = 44.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
24. HLV Ltd (HLVLTD): 41/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 17.9/35 | Capital efficiency 8.6/25 | Valuation 11.5/20 | Relative strength 3.2/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 8 weeks with a reading, within the last 12
   - Exact sum: 17.9 + 8.6 + 11.5 + 3.2 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Viceroy Hotels Ltd has the strongest one-year price move in Hotels at +27.5%. Asian Hotels (West) Ltd leads on Mansfield relative strength against NIFTY at +47.5%. 5 of 23 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Viceroy Hotels Ltd (VHLTD): 28%
2. Travel Food Services Ltd (TRAVELFOOD): 13%
3. Leela Palaces Hotels & Resorts Ltd (THELEELA): 11%
4. Indian Hotels Co Ltd (INDHOTEL): -1.0%
5. Benares Hotels Ltd (BENARAS): -1.9%

### Strongest relative strength versus NIFTY 500
1. Asian Hotels (West) Ltd (AHLWEST): 48%
2. Oriental Hotels Ltd (ORIENTHOT): 13%
3. Leela Palaces Hotels & Resorts Ltd (THELEELA): 12%
4. Indian Hotels Co Ltd (INDHOTEL): 3.8%
5. Travel Food Services Ltd (TRAVELFOOD): 2.9%

## 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 · 313 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. Ventive Hospitality Ltd (VENTIVE): ₹2.5K Cr
5. Chalet Hotels Ltd (CHALET): ₹2.4K Cr

### Revenue growth — fastest growers
1. Asian Hotels (North) Ltd (ASIANHOTNR): 81%
2. Ventive Hospitality Ltd (VENTIVE): 53%
3. Viceroy Hotels Ltd (VHLTD): 24%
4. TajGVK Hotels & Resorts Ltd (TAJGVK): 23%
5. Royal Orchid Hotels Ltd (ROHLTD): 20%

### 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 ₹512 Cr
- 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 ₹352 Cr
- 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 ₹165 Cr
- 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 ₹25 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹45 Cr
- 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 —
- 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 —
- 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 —
- 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 -43%
- 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 28%
- 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 56%
- 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 -20% | Sep 2025 -4.7% | Dec 2025 2.4% | Mar 2026 37% | Jun 2026 77%
- 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 —
- 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 —
- 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 —
- 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: Lemon Tree Hotels Ltd leads opm at 52%; Sayaji Hotels Ltd leads margin change at +12 percentage points.

Investor read: Lemon Tree Hotels 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: Lemon Tree Hotels Ltd · 52% | 6.1% versus #2 · Ventive Hospitality Ltd | 4/8 recent comparable periods | 24/24 companies · 362 observations

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

### OPM — highest
1. Lemon Tree Hotels Ltd (LEMONTREE): 52%
2. Ventive Hospitality Ltd (VENTIVE): 49%
3. Benares Hotels Ltd (BENARAS): 47% — older report
4. Chalet Hotels Ltd (CHALET): 46%
5. Asian Hotels (West) Ltd (AHLWEST): 45%

### Margin change — fastest expanders
1. Sayaji Hotels Ltd (SAYAJIHOTL): +12.0 pp
2. Viceroy Hotels Ltd (VHLTD): +10.8 pp
3. Chalet Hotels Ltd (CHALET): +6.0 pp
4. Asian Hotels (West) Ltd (AHLWEST): +5.0 pp
5. Travel Food Services Ltd (TRAVELFOOD): +3.0 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 46%
- 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 36%
- 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 30%
- 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 0.8% | Dec 2023 41% | Mar 2024 38% | Jun 2024 7.0% | Sep 2024 10% | Dec 2024 40% | Mar 2025 43% | Jun 2025 13% | Sep 2025 4.6% | Dec 2025 44% | Mar 2026 39% | Jun 2026 —
- ASIANHOTNR: Sep 2021 11% | Dec 2021 23% | Mar 2022 2.4% | 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 15% | Sep 2025 25% | Dec 2025 31% | Mar 2026 30% | Jun 2026 26%
- 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 —
- 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 —
- 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 —
- 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 +6.0 pp
- 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 −1.0 pp
- 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 0.0 pp
- 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 −10.5 pp | Dec 2023 0.0 pp | Mar 2024 +8.0 pp | Jun 2024 −9.0 pp | Sep 2024 +9.2 pp | Dec 2024 −1.0 pp | Mar 2025 +5.0 pp | Jun 2025 +6.0 pp | Sep 2025 −5.4 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 +9.4 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 +0.4 pp | Sep 2025 +0.6 pp | Dec 2025 +1.4 pp | Mar 2026 +2.7 pp | Jun 2026 +10.8 pp
- 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 —
- 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 —
- 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 —
- 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 · 315 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. Samhi Hotels Ltd (SAMHI): ₹566 Cr
5. Chalet Hotels Ltd (CHALET): ₹528 Cr

### Profit growth — fastest growers
1. Asian Hotels (North) Ltd (ASIANHOTNR): 100%
2. Samhi Hotels Ltd (SAMHI): 100%
3. TajGVK Hotels & Resorts Ltd (TAJGVK): 100%
4. Leela Palaces Hotels & Resorts Ltd (THELEELA): 100%
5. Ventive Hospitality Ltd (VENTIVE): 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 ₹86 Cr
- 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 ₹49 Cr
- 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 ₹32 Cr
- 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 ₹-3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹1 Cr
- 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 —
- 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 —
- 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 —
- 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 -58%
- 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 444%
- 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 23%
- 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 -377% | 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 —
- 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 —
- 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 —
- 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 —

## 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 · 172 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 8.7% | Sep 2025 7.3% | Dec 2025 9.9% | 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 +9.0 pp | Sep 2025 +5.7 pp | Dec 2025 −0.7 pp | 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: TajGVK Hotels & Resorts Ltd has the lowest comparable PEG at 0.43×, 34.8% below Oriental Hotels Ltd. Only 7 of 24 companies have earnings and growth steady enough for the ratio to mean anything, 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: TajGVK Hotels & Resorts Ltd · 0.43× | 34.8% versus #2 · Oriental Hotels Ltd | 0/8 recent comparable periods | 7/24 companies · 24 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. TajGVK Hotels & Resorts Ltd (TAJGVK): 0.4
2. Oriental Hotels Ltd (ORIENTHOT): 0.7
3. Chalet Hotels Ltd (CHALET): 0.8
4. ITC Hotels Ltd (ITCHOTELS): 1.2
5. Juniper Hotels Ltd (JUNIPER): 1.3

### P/E — lowest P/E
1. HLV Ltd (HLVLTD): 2.8 — older report
2. Asian Hotels (West) Ltd (AHLWEST): 7.7
3. Samhi Hotels Ltd (SAMHI): 9.7
4. Kamat Hotels (India) Ltd (KAMATHOTEL): 11.5
5. TajGVK Hotels & Resorts Ltd (TAJGVK): 15.9

### 20-quarter 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 0.4

### 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 27.8
- 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 38.9
- 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 13.6
- 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 15.6 | Dec 2025 53.2 | Mar 2026 42.4 | Jun 2026 47.4
- 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 —
- 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 —
- 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 —
- 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 —


## 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 ₹1.1 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- ITC Hotels Ltd (ITCHOTELS) — market value ₹33.8K 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 Jun 2026
- Travel Food Services Ltd (TRAVELFOOD) — market value ₹17.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Leela Palaces Hotels & Resorts Ltd (THELEELA) — market value ₹16.5K Cr; latest fundamentals Jun 2026
- Ventive Hospitality Ltd (VENTIVE) — market value ₹14.6K 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 ₹4.0K 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 Jun 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 ₹906 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Royal Orchid Hotels Ltd (ROHLTD) — market value ₹858 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Advent Hotels International Ltd (ADVENTHTL) — market value ₹797 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- U P Hotels Ltd (UPHOT) — market value ₹777 Cr; latest fundamentals Dec 2025
- Asian Hotels (West) Ltd (AHLWEST) — market value ₹631 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sayaji Hotels Ltd (SAYAJIHOTL) — market value ₹508 Cr; latest fundamentals Mar 2026
- Kamat Hotels (India) Ltd (KAMATHOTEL) — market value ₹492 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 2026-07-31.
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

### Is the Hotels sector outperforming NIFTY 500?

Hotels has underperformed NIFTY 500 by 13.5% over 52 weeks and 3.9% over 13 weeks. 5 of 23 covered companies beat NIFTY on Mansfield relative strength, while 11 of 23 beat the sector itself.

### 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 67.7/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

TajGVK Hotels & Resorts Ltd has the lowest comparable PEG at 0.43, among 7 of 24 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 has the best profit margins?

Lemon Tree Hotels Ltd has the highest operating margin at 52%, 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 PEG — where a LOWER number is cheaper — TajGVK Hotels & Resorts Ltd screens cheapest at 0.43×. Only 7 of 24 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Hotels sector beating the market?

Hotels has underperformed NIFTY 500 by 13.5% over the last 52 weeks and 3.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 23 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 67.7 out of 100 with 94% evidence confidence, from 25 points on growth and earnings, 15.3 on capital efficiency, 16.6 on valuation and 10.8 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, 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 ₹2,59,515 crore of combined market value. Indian Hotels Co Ltd is the largest at ₹1,05,128 crore, about 41% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 24 Hotels companies on this page is 28.6×, 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 2026-08-05.

### How is the Hotels sector performing?

5 of the 23 covered Hotels companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.