Asian Hotels (North) Ltd

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

Asian Hotels (North) Ltd trades at ₹379, building a base and 8 weeks into that stage. That is +20.6% against its own 200-day average. It sits at 95% of a 52-week range of ₹255 to ₹385. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is building a base — week 8 of stage 1. At ₹379 it trades +20.6% versus its 200-day average and sits at 95% of its 52-week range (₹255–₹385).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +228% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

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

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

Asian Hotels (North) Ltd trades at 120.0× P/E, against too little history to rank. Its long-run median P/E is 392.6×, measured across 0.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 120.0× is against too little history to rank, against a long-run median of 392.6× measured over 0.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −124.7% against a +18.2% price move — the price outran earnings, pushing the multiple UP its own range.

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

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Asian Hotels (North) Ltd was paying for profit growth of about 2.5% a year.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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

Asian Hotels (North) Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 11 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

42.9/100 — rank 17 of 24 in Hotels · 56% evidence confidence

Asian Hotels (North) Ltd scores 42.9 out of 100 against the 24 companies it is compared with in Hotels, ranking 17. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 14 + 4.5 + 8.5 + 15.9 = 42.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

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

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

Asian Hotels (North) Ltd reported ₹77.6 Cr of revenue in the Jun 26 quarter, +10.4% year on year. That is the 2nd straight quarter of year-on-year growth. Over 12 years it has compounded at 3.4% a year. The last full year, FY26, came in at ₹341 Cr. The last four reported quarters add to ₹342 Cr.

FY26 revenue came in at ₹341 Cr (+7.2% on the year), capping 12 years at 3.4% compound. The latest quarter (Jun 26) printed ₹77.6 Cr, +10.4% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.4% growth against the decade's 3.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +24.7% over the last 4 quarters against +61.8%/yr over the last 8 — rolling over.

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

Asian Hotels (North) Ltd's operating margin is 17.5% in the Jun 26 quarter, −3.6 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −14.4 percentage points. Across 14 fiscal years the operating margin has ranged −27.0% to 36.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 17.5%, −3.6 pp against the same quarter a year ago. Across 14 fiscal years the operating margin has ranged −27.0%–36.0%.

🚨 Why the margin moved: operating margin went −14.4 pp year on year while gross margin went −1.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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

Asian Hotels (North) Ltd posted a net loss of ₹3.5 Cr in the Jun 26 quarter. The full FY26 year was a loss of ₹102 Cr. That loss is 4.6% of the quarter's revenue. The same quarter a year earlier earned ₹174 Cr. 10 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−3.5 Cr, null year on year. On the full year, FY26 printed ₹−102 Cr (−154.5%).

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

Over the last 3 fiscal years 292% of Asian Hotels (North) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹−156 Cr of operating cash against ₹−102 Cr of profit. After ₹−17.0 Cr of capital spending, ₹−139 Cr was left as free cash.

FY26: operating cash of ₹−156 Cr against reported profit of ₹−102 Cr, leaving free cash of ₹−139 Cr after ₹−17.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 292% of profit.

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

Why conversion sits at 292%: the cash cycle stretched 96 days between FY19 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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

Asian Hotels (North) Ltd's cash conversion cycle runs −374 days in FY26, up from −470 days in FY19. Capital spending ran ₹−501 Cr over the last 3 years. At FY26 sales of ₹341 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹−349 Cr sits inside the business at any moment.

FY26: debtors at 23 days, inventory at 93 days — roughly 3.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −374 days, looser than FY19's −470.

The full loop: cash goes out to suppliers and production on day 0; stock waits 93 days to sell; customers pay about 23 days after that; and suppliers themselves are paid at 489 days — netting out to the −374-day cycle.

In money terms: at FY26 sales of ₹341 Cr, each day of the cycle holds about ₹0.9 Cr — so the −374-day loop keeps roughly ₹−349 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−501 Cr over the last 3 fiscal years against ₹60.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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

Asian Hotels (North) Ltd earns a ROCE of 4% in FY26. That is up from a trough of −2% in FY21. Return on invested capital clears the cost of that capital by −8.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −29.9% net margin on 0.20× asset turns.

FY26 ROCE is 4%, recovered from a FY21 trough of −2% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): −29.9% net margin × 0.20× asset turns × 1.84× balance-sheet leverage ≈ −11.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 3.8% − 12.0% = a −8.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

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

Asian Hotels (North) Ltd carries total debt of ₹334 Cr against shareholder equity of ₹921 Cr as of Mar 26, a debt-to-equity of 0.36. On the annual view that ratio went from 4.57 in FY22 to 0.36 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹334 Cr against shareholder equity of ₹921 Cr — a debt-to-equity of 0.36. On the annual view, debt-to-equity went from 4.57 (FY22) to 0.36 (FY26). Read the returns on this page with that leverage in mind.

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

Promoters cut 3.2 points of Asian Hotels (North) Ltd over 8 quarters, the biggest move on the register. That takes promoters to 0.0% of the company. Foreign institutions moved −2.7 points over the same window, to 2.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −3.2 points over 8 quarters to 0.0%; Foreign institutions: −2.7 points over 8 quarters to 2.6%; Domestic institutions: −1.8 points over 8 quarters to 2.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: promoters drove it (−3.2 points), alongside foreign institutions (−2.7 points) — distribution into the market’s bid.

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

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

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

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