Sector Alpha Week of 2026-08-14
Sector Alpha — machine-written from the numbers · Data as of 2026-08-14

Leela Palaces Hotels & Resorts Ltd

THELEELA
Hotels

Leela Palaces Hotels & Resorts Ltd's earnings have outrun its stock. EPS grew +597.7% in a year against a +16.1% price move.

The sharpest disagreement: annual EPS moved +597.7% against a +16.1% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (7 weeks in) while the P/E sits at the 56th percentile of its own 1-year range. Underneath, the last four quarters read improving — profit +444.4% year on year, and 295% of the last 2 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Price
₹510
+16.1% 1Y
P/E
38.0×
56th pctile
of its own 1-year range
Revenue (Jun 26)
₹352 Cr
+28.0% YoY
Profit (Jun 26)
₹49.0 Cr
+444.4% YoY
Operating margin
36.0%
−1.0 pp YoY
ROCE
9%
FY26
ROIC
6.9%
vs WACC 12.0% → −5.1 pp
Cash conversion
295%
of profit, last 2 FY
01 · Price story

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

Leela Palaces Hotels & Resorts Ltd trades at ₹510, in a confirmed uptrend and 7 weeks into that stage. That is +14.1% against its own 200-day average. It sits at 93% of a 52-week range of ₹398 to ₹518. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks.

Today the stock is in a confirmed uptrend — week 7 of stage 2, confirmed. At ₹510 it trades +14.1% versus its 200-day average and sits at 93% of its 52-week range (₹398–₹518).

Aug 26: ₹510 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 1-year window.
+14.1% versus the 200-day line, week 7 of stage 2
Price50-day avg200-day avg
S4S1S3S4S1S2₹528₹492₹456₹420₹384₹510₹447Jun 25Oct 25Feb 26May 26Aug 26
S4S1S3S4S1S2₹528₹492₹456₹420₹384₹510₹447Jun 25Feb 26Aug 26
Beating or trailing, week by week since 2025 Each cell is one week from 2025 to now (69 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Jun 25Aug 26

Against the market, two honest reads. Cumulative: over the last 1.2 years the stock moved +18% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 13 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.

02 · Story check

Story check

Leela Palaces Hotels & Resorts Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.

NOT YET CHECKED

Our read, 27 June 2026. Leela is a post-IPO luxury hotel operator transitioning from debt-laden loss to structurally profitable — the PAT explosion is mostly an interest normalization story, now entering a genuine capacity-addition phase with demonstrated ADR pricing of ₹32,000/night (+13% YoY) but management consistency gaps on Dubai.

From the numbers. The PE percentile of 0 from the historical series is misleading — Leela has fewer than five quarters of positive PAT in its public history, making the PE series too sparse for percentile analysis to be meaningful. The…

From the price. Price stage 2, week 7 — above its 200-day line, relative strength falling.

From the research. Leela is a post-IPO luxury hotel operator transitioning from debt-laden loss to structurally profitable — the PAT explosion is mostly an interest normalization story, now entering a genuine capacity-addition phase with…

🚨 Where they disagree. The PE percentile of 0 from the historical series is misleading — Leela has fewer than five quarters of positive PAT in its public history, making the PE series too sparse for percentile analysis to be meaningful. The cycle_normalized module correctly flagged insufficient margin history (approximately two years of OPM data). With current OPM at the seasonal peak of 55% in March 2026 versus an annual average of approximately 49%, the trailing PE of approximately 40x slightly overstates profitability. The normalized PE of approximately 35.7x on a mid-cycle OPM of 50% is a better anchor, though even this is computed from a limited two-year margin history. ROCE of 9% stands at the low end of…

What is proven. Leela is a post-IPO luxury hotel operator transitioning from debt-laden loss to structurally profitable — the PAT explosion is mostly an interest normalization story, now entering a genuine capacity-addition phase with demonstrated ADR pricing of ₹32,000/night (+13% YoY) but management consistency gaps on Dubai.

What is not proven yet. If FY27 annual OPM falls below 45% (signalling pricing power is eroding beyond seasonal compression) or management announces a second round of greenfield slippage pushing any property beyond CY29, the capacity-addition thesis collapses and the current valuation has no forward earnings to grow into.

🚨 What would change our mind. If FY27 annual OPM falls below 45% (signalling pricing power is eroding beyond seasonal compression) or management announces a second round of greenfield slippage pushing any property beyond CY29, the capacity-addition thesis collapses and the current valuation has no forward earnings to grow into.

Layer 1 read, 19 July 2026 — KEEP. Real luxury-hotel turn, but the PAT jump is mostly interest savings and Dubai just blew up — P2, no cushion. FY26 PAT ₹403cr vs FY25 ₹48cr is a genuine inflection, yet ~₹295cr of that ₹355cr gain is IPO-funded interest normalization (borrowings ₹4,453cr→₹1,811cr), with only ~₹60cr from operating growth. Same-store pricing IS compounding (ADR +13% to ₹32,000, RevPAR +14%) and OPM ran 29%→55% over 12 quarters, so the operating leg is real but young. The Dubai stake — bought Oct-2025 on a stated ~$40M EBITDA — is now near breakeven with no explanation, a HIGH active risk that, with a near-par MoS, keeps this at P2.

What would change Layer 1’s mind. If FY27 OPM falls below 45% (pricing power eroding beyond seasonality) OR a second greenfield slippage pushes any property beyond CY29 OR the Oct-2026 concall shows no Dubai EBITDA recovery — any of these breaks the capacity-addition thesis the current valuation must grow into.

Layer 2 read, 19 July 2026 — BENCH. High-quality hotel at a decade-peak margin with money fleeing and a Dubai overhang — BENCH, not cheap enough to advance. The sector's low headline PE is a peak-margin illusion: aggregate OPM 36.6% sits at the 92nd percentile vs 20.7% mid-cycle, and normalizing lifts the PE to the 58th percentile — fairly-to-fully priced. Leela's PAT jump is roughly 83% interest-normalization (why_traces: interest leg dominant, other_income a -73.7% drag), the Dubai stake's EBITDA collapsed from a stated $40M to breakeven with no explanation, and institutions are FLEEING the sector (FII+DII -1.39pp 4q, combined_read CAPITULATION) — so with near-par MoS there is no cushion to advance on, though nothing decisive forces a DROP.

What would change Layer 2’s mind. A concall/print showing FY27 OPM holding 45%+ through a full seasonal cycle as REVENUE (ADR/occupancy), not margin, carries the next PAT leg — reclassifying the decade-high margin as a durable asset-light structural step — AND a clean explanation of the Dubai EBITDA reversal; that would flip BENCH->ADVANCE. Conversely OPM below 45% or a second greenfield slip beyond CY29 would push toward DROP.

The test written in advance. If FY27 annual OPM falls below 45% (signalling pricing power is eroding beyond seasonal compression) or management announces a second round of greenfield slippage pushing any property beyond CY29, the capacity-addition thesis collapses and the current valuation has no forward earnings to grow into. — the thesis as written as stated by the next result.

What the company does. Leela listed in 2024 and used IPO proceeds to slash borrowings from approximately ₹4,453 crore to ₹1,811 crore; quarterly interest fell from ₹119 crore to ₹39 crore, flipping the P&L from loss to a ₹403 crore FY26 profit. Same-store operations are genuinely strengthening — ADR grew 13% to ₹32,000, same-store RevPAR up 14%, and OPM expanded 167 basis points to 49% for the full year. The next leg depends on six greenfield properties opening by calendar 2028, but management has already slipped two timelines on Dubai and is conceding FY28 to CY28 on greenfields.

the numbers
EMERGING_OPPORTUNITY
the price
stage 2, above the 200-day line
the why
EMERGING_OPPORTUNITY
FY26-Q2FY27-Q1

🚨 What the surface reading misses. The surface reading is: Debt reduction of ₹2,642 crore — good progress on deleveraging The research reads it further: The reduction was funded entirely by IPO equity capital, not free cash flow. OCF over FY24-FY26 was approximately ₹1,869 crore (three-year aggregate). The IPO unlocked the debt trap; organic cash generation alone would not have achieved this pace. Future interest savings from further deleveraging are now very limited.

🚨 What the surface reading misses. The surface reading is: Management is being transparent about near-term Dubai challenges The research reads it further: The October 2025 announcement cited $40M EBITDA as the basis for a 12.8x entry multiple — that was the investment thesis pillar. Breakeven six months later means the acquisition delivered zero near-term EBITDA against a $49-70 million equity commitment. The $40M was either inaccurate at announcement or the property experienced an undisclosed structural event.

Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

03 · Revenue

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

Leela Palaces Hotels & Resorts Ltd reported ₹352 Cr of revenue in the Jun 26 quarter, +28.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 3 years it has compounded at 21.1% a year. The last full year, FY26, came in at ₹1,527 Cr. The last four reported quarters add to ₹1,604 Cr.

FY26 revenue came in at ₹1,527 Cr (+17.4% on the year), capping 3 years at 21.1% compound. The latest quarter (Jun 26) printed ₹352 Cr, +28.0% year on year — the 5th consecutive quarter of year-over-year growth.

FY26 revenue ₹1,527 Cr (+17.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 4-year window. A bar is red when it is lower than the year before.
21.1% a year over 3 years
RevenueYoY growth
1.6k38%1.2k31%82524%41216%09.1%₹ Cr%₹1,52717.4%FY23FY24FY26
1.6k38%1.2k31%82524%41216%09.1%₹ Cr%₹1,52717.4%FY23FY24FY26
Jun 26: ₹352 Cr (+28.0% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
5th straight quarter of growth
Revenue (quarterly)YoY growth
52329%39225%26120%13116%011%₹ Cr%₹35228%Jun 24Jun 25Jun 26
52329%39225%26120%13116%011%₹ Cr%₹35228%Jun 24Jun 25Jun 26

Pace check: the last four quarters averaged +19.4% growth against the decade's 21.1% — the current year is running slower than its own long-run rate.

FY26-Q4. revenue ₹484 Cr and profit ₹172 Cr as reported.

FY27-Q1. revenue ₹352 Cr and profit ₹49 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

04 · Operating margin

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

Leela Palaces Hotels & Resorts Ltd's operating margin is 36.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 44.0% to 48.0%. The current quarter is running below every full year in that window.

Why this happened. Six greenfield properties are under construction: Bandhavgarh, Srinagar, Sikkim, Agra, Ayodhya, and Ranthambore. All approvals and funding are secured per management's April 2026 statement. The FY30 EBITDA target of ₹2,000 crore implies approximately 28% annual compounding from the FY26 base of ₹740 crore — achievable only if properties ramp within planned timelines. The timeline has already slipped from FY28 to CY28 for Agra, Ayodhya, and others. Near-term, Jaisalmer and Mumbai Luxury Residences open in FY27.

The latest quarter's operating margin is 36.0%, −1.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 44.0%–48.0%.

🚨 Why the margin moved: operating margin went −0.6 pp year on year while gross margin went −0.6 pp — the loss came mostly from the gross line: input costs and pricing.

FY26: 48.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 4-year window.
within a 44.0–48.0% band over 4 years
operating marginYoY change (pp)
48%3.3%47%2.2%46%1.0%45%−0.2%44%−1.3%%%48%2%FY23FY24FY26
48%3.3%47%2.2%46%1.0%45%−0.2%44%−1.3%%%48%2%FY23FY24FY26
Jun 26: 36.0% operating margin (−1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
57%8.7%50%6.1%42%3.5%34%0.9%27%−1.7%%%36%−1%Jun 24Jun 25Jun 26
57%8.7%50%6.1%42%3.5%34%0.9%27%−1.7%%%36%−1%Jun 24Jun 25Jun 26

FY26-Q4. revenue ₹484 Cr and profit ₹172 Cr as reported.

FY27-Q1. revenue ₹352 Cr and profit ₹49 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

05 · Net profit

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

Leela Palaces Hotels & Resorts Ltd earned ₹49.0 Cr of net profit in the Jun 26 quarter, +444.4% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹403 Cr. That is 13.9% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr. 2 of the last 9 reported quarters were loss-making.

Jun 26 profit was ₹49.0 Cr, +444.4% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹403 Cr (+739.6%).

FY26 profit ₹403 Cr (+739.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 4-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
440740.8%305740.2%171739.6%36739.0%−99738.4%₹ Cr%₹403739.6%FY23FY24FY26
440740.8%305740.2%171739.6%36739.0%−99738.4%₹ Cr%₹403739.6%FY23FY24FY26
Jun 26: ₹49.0 Cr (+444.4% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
192476%120361%49246%−23130%−9515%₹ Cr%₹49444.4%Jun 24Jun 25Jun 26
192476%120361%49246%−23130%−9515%₹ Cr%₹49444.4%Jun 24Jun 25Jun 26

Why profit moved: revenue contributed +28.0% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +218.6% vs revenue +19.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹484 Cr and profit ₹172 Cr as reported.

FY27-Q1. revenue ₹352 Cr and profit ₹49 Cr as reported.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

06 · Cash flow — the router

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

Over the last 2 fiscal years 295% of Leela Palaces Hotels & Resorts Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹777 Cr of operating cash against ₹403 Cr of profit. After ₹1,759 Cr of capital spending, ₹−982 Cr was left as free cash.

FY26: operating cash of ₹777 Cr against reported profit of ₹403 Cr, leaving free cash of ₹−982 Cr after ₹1,759 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 295% of profit.

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

FY26: CFO ₹777 Cr vs profit ₹403 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 4-year window, annual resolution.
295% of 2-year profit arrived as cash
Operating cashNet profitFree cash
918408−103−613−1.1k₹ Cr₹777₹403₹−982FY23FY24FY26
918408−103−613−1.1k₹ Cr₹777₹403₹−982FY23FY24FY26
FY26: CFO = 193% of profit (three-year rate 295%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
316%258%200%142%84%%193%FY23FY24FY26
316%258%200%142%84%%193%FY23FY24FY26

Why conversion sits at 295%: the cash cycle tightened 158 days between FY23 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 8.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

07 · Where the cash goes

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

Leela Palaces Hotels & Resorts Ltd's cash conversion cycle runs −128 days in FY26, down from 30 days in FY23. Capital spending ran ₹3,197 Cr over the last 3 years. At FY26 sales of ₹1,527 Cr each day of that cycle holds about ₹4.2 Cr, so roughly ₹−535 Cr sits inside the business at any moment.

Why this happened. Same-store ADR grew from approximately ₹27,000 to ₹32,000 in FY26, a 13% increase. RevPAR grew 14% on a same-store basis. The company's RevPAR index is 150 — it commands ₹6,000 premium over the Indian luxury hotel segment average. Non-room revenue (F&B, wellness, membership) now constitutes 40% of total revenue and grew 15% in FY26, reducing pure occupancy sensitivity. Management guided for double-digit ADR growth in FY27 with occupancy targeting the early 70s at city hotels.

FY26: debtors at 19 days, inventory at 112 days — roughly 3.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −128 days, tighter than FY23's 30.

The full loop: cash goes out to suppliers and production on day 0; stock waits 112 days to sell; customers pay about 19 days after that; and suppliers themselves are paid at 258 days — netting out to the −128-day cycle.

In money terms: at FY26 sales of ₹1,527 Cr, each day of the cycle holds about ₹4.2 Cr — so the −128-day loop keeps roughly ₹−535 Cr sitting inside the business at any moment.

FY26: a −128-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 4-year window.
−158 days vs FY23
Cash cycleInventory daysDebtor daysPayable days
28917765−47−159days−128d112d19d258dFY23FY24FY26
28917765−47−159days−128d112d19d258dFY23FY24FY26

On the investment side: capital spending of ₹3,197 Cr over the last 3 fiscal years against ₹401 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹229 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹1,759 Cr, work-in-progress ₹229 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1.9k1.4k9504750₹ Cr₹1,759₹229FY24FY25FY26
1.9k1.4k9504750₹ Cr₹1,759₹229FY24FY25FY26

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

08 · Return on capital

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

Leela Palaces Hotels & Resorts Ltd earns a ROCE of 9% in FY26. Return on invested capital clears the cost of that capital by −5.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 26.4% net margin on 0.17× asset turns.

FY26 ROCE is 9%.

🚨 Why the return is what it is — the wiring (FY26): 26.4% net margin × 0.17× asset turns × 1.39× balance-sheet leverage ≈ 6.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 6.9% − 12.0% = a −5.1 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.

FY26: ROCE 9% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 3-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the full ladder
ROCEROIC (annual)WACC
33%23%14%5.3%−3.8%%9%6.7%FY24FY25FY26
33%23%14%5.3%−3.8%%9%6.7%FY24FY25FY26
Q4 FY26: ROCE 7.5% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 5 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
12%11%9.0%7.3%5.6%%7.5%6.9%Q4 FY25Q2 FY26Q4 FY26
12%11%9.0%7.3%5.6%%7.5%6.9%Q4 FY25Q2 FY26Q4 FY26
09 · Debt

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

Leela Palaces Hotels & Resorts Ltd carries total debt of ₹1,811 Cr against shareholder equity of ₹6,453 Cr as of Mar 26, a debt-to-equity of 0.28 — effectively unlevered. On the annual view that ratio went from 1.15 in FY25 to 0.28 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Why this happened. Leela borrowed heavily under private equity ownership, peaking at ₹4,453 crore at March 2024. The FY25 IPO generated financing inflows of ₹5,236 crore, of which ₹2,331 crore was applied to debt in FY26 alone. Quarterly interest fell from ₹117-122 crore in H1 FY25 to ₹38-40 crore by FY26 — a run-rate annual saving of approximately ₹300 crore. At the current ₹1,811 crore borrowing level, further interest savings are limited. This driver is completing — it was the primary P&L transformer in FY25-FY26 and is not a growth driver going forward.

Mar 26: total debt of ₹1,811 Cr against shareholder equity of ₹6,453 Cr — a debt-to-equity of 0.28. On the annual view, debt-to-equity went from 1.15 (FY25) to 0.28 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹1,811 Cr at 0.28× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 2-year window.
Total debtDebt-to-equity
4.5k1.2×3.4k1.0×2.2k0.7×1.1k0.5×00.2×₹ Cr×₹1,8110.28×FY25FY26
4.5k1.2×3.4k1.0×2.2k0.7×1.1k0.5×00.2×₹ Cr×₹1,8110.28×FY25FY26
Mar 26: debt ₹1,811 Cr, debt-to-equity 0.28 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 6 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
4.8k1.4×3.6k0.6×2.4k−0.2×1.2k−1.0×0−1.8×₹ Cr×₹1,8110.28×Jun 24Jun 25Mar 26
4.8k1.4×3.6k0.6×2.4k−0.2×1.2k−1.0×0−1.8×₹ Cr×₹1,8110.28×Jun 24Jun 25Mar 26
10 · Ownership

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

Domestic institutions added 1.6 points of Leela Palaces Hotels & Resorts Ltd over 4 quarters, the biggest move on the register. That takes domestic institutions to 11.5% of the company. Foreign institutions moved −0.8 points over the same window, to 7.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.6 points over 4 quarters to 11.5%; Foreign institutions: −0.8 points over 4 quarters to 7.9%; Promoters: +0.0 points over 4 quarters to 75.9%.

Why the register moved: domestic institutions drove it (+1.6 points), absorbed on the other side by foreign institutions (−0.8 points) — steady accumulation by institutions reading the same numbers this page reads.

Domestic institutions added 1.6 points over 4 quarters Shareholding by holder class, % of the company, quarterly, last 5 quarters.
PromotersForeign inst.Domestic inst.Public
82%61%40%19%−1.2%%75.9%7.9%11.5%4.7%Jun 25Sep 25Dec 25Mar 26Jun 26
82%61%40%19%−1.2%%75.9%7.9%11.5%4.7%Jun 25Dec 25Jun 26
11 · Safety line

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

Leela Palaces Hotels & Resorts 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.

12 · Valuation

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

Leela Palaces Hotels & Resorts Ltd trades at 38.0× P/E, mid-range by its own standards (56th percentile). Its long-run median P/E is 37.8×, measured across 0.6 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 38.0× is mid-range by its own standards (56th percentile), against a long-run median of 37.8× measured over 0.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 38.0× vs a 37.8× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 0.6-year window; loss-period spikes above 41× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (56th percentile)
P/EMedianEPS (TTM) (quarterly)
41.6×₹14.539.4×₹10.937.1×₹7.234.8×₹3.632.6×₹0.0×38.00×₹13Jan 26Mar 26May 26Jun 26Aug 26
41.6×₹14.539.4×₹10.937.1×₹7.234.8×₹3.632.6×₹0.0×38.00×₹13Jan 26May 26Aug 26
P/E
38.0×
56th percentile of 1y
PEG
0.41
as reported

Why the multiple sits where it does: over the past year annual EPS moved +597.7% against a +16.1% price move — earnings outran the price, pushing the multiple DOWN 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.

13 · Stage: No read

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).

Leela Palaces Hotels & Resorts 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 5 quarters across 1 curve, on partial evidence.

Growth, year by year: revenue +17.4% in FY26, profit +739.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
38%301.2%31%300.6%24%300.0%16%299.4%9.1%298.8%%%17.4%300%FY23FY24FY26
38%301.2%31%300.6%24%300.0%16%299.4%9.1%298.8%%%17.4%300%FY23FY24FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfit
29%320%25%247%20%174%16%100%11%27%%%28%300%Jun 24Jun 25Jun 26
29%320%25%247%20%174%16%100%11%27%%%28%300%Jun 24Jun 25Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
8.7%8.3%7.9%7.5%7.1%%8.6%Jun 24Dec 24Jun 25Dec 25Jun 26
8.7%8.3%7.9%7.5%7.1%%8.6%Jun 24Jun 25Jun 26
ROCE
Stuck low
latest 8.6% · span 7.2%–8.6%

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

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+17.4%+21.1%
Profit+739.6%
EPS+597.7%
Share price+16.1%
Revenue YoY (Jun 26)
+28.0%
latest quarter vs a year ago
Profit YoY (Jun 26)
+444.4%
latest quarter vs a year ago
Revenue 10y
21.1%
long-run compound pace
14 · 4-Factor Sector Score

4-Factor Sector Score

58.2/100 — rank 8 of 24 in Hotels · 87% evidence confidence

Leela Palaces Hotels & Resorts Ltd scores 58.2 out of 100 against the 24 companies it is compared with in Hotels, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 24.5 + 9.2 + 7.7 + 16.8 = 58.2. 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.

15 · Said versus delivered

Said versus delivered

What Leela Palaces Hotels & Resorts Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Dubai Hotel Performance Deterioration · 28 April 2026. When announcing the Dubai acquisition in the Oct 2025 call, management described the hotel as currently generating approximately $40 million in EBITDA, consistent with the deal's stated 12.8x CY25 EBITDA entry multiple and a core pillar of the investment thesis. However, the Apr 2026 call reveals the hotel is now focused merely on breaking even operationally—a dramatic and unexplained decline from $40M+ EBITDA to near-zero profitability within six months of closing the acquisition. Earlier call (Oct 2025): “The hotel is currently generating approximately $40 odd millions of EBITDA.” Later call (Apr 2026): “Our hotel remains in operation and we are focused on breaking even operationally.”

🚨 Dubai Rebranding Timeline Pushed Back by One Year · 28 April 2026. In the Oct 2025 call at the time of the Dubai acquisition announcement, management explicitly stated the property would be rebranded to The Leela brand in 2027, the milestone at which management fee income was expected to commence. The Apr 2026 call confirms the launch is now planned for 2028, a full one-year delay in a key revenue trigger, with no explanation provided for the slip. Earlier call (Oct 2025): “It would be rebranded post renovations to The Leela brand in 2027.” Later call (Apr 2026): “Our plan to start repositioning work by the end of this calendar year remains, with a plan to launch the property in 2028 under the Leela brand.”

🚨 Greenfield Portfolio Opening Timeline Slipping from FY28 to CY28 · 28 April 2026. In the Jan 2026 call, management committed to opening all pipeline properties within FY28 (year ending March 2028). In the Apr 2026 call, an analyst directly flagged a shift to CY28 for Ayodhya, Agra, and others—potentially as late as December 2028, representing up to a nine-month delay. Management conceded that 'one or two quarters of construction always moves' without denying the FY28-to-CY28 shift, while simultaneously asserting properties are 'on pace,' a contradictory stance with direct implications for the Rs. 2,000 crore FY30 EBITDA target timeline. Earlier call (Jan 2026): “I can see that even in FY28, all our assets are spread in such a way so that we can open hot.” Later call (Apr 2026): “Regarding these three hotels, one or two quarters of construction always moves because of approvals. All approvals for these three hotels are already in place, funding is in place, and construction has started. It is all on pace.”

🚨 Missed International Demand Forecast · 16 January 2026. Management explicitly guided for a robust H2 for Foreign Tourist Arrivals (FTA) in the July call, citing strong early indicators. In the January call, however, they admitted that the typical seasonal uptake from international markets has not materialized in leisure hotels. Earlier call (Jul 2025): “We are expecting the H2 of this year, which is typically the FTA season from October to the end of March, to be a very high robust season in terms of FTA arrivals.” Later call (Jan 2026): “In leisure hotels, we have not seen the typical seasonal uptake from international markets yet, but domestic growth has been phenomenal.”

Every quote above is taken word for word from the company’s own earnings calls.

16 · Related companies · Hotels
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Chalet Hotels LtdCHALET 69.3/100Favorable setup94% evidence FADING 25.4/35 Revenue 6% · PAT 85.3% · OPM change 6 pp 100% evidence 15.9/25 ROCE 17.1% · OPM 46% 100% evidence 16.2/20 P/E 33.8× · PEG 0.83 100% evidence 11.8/20 RS sector 3.6% · RS bench -5.6% · 1Y -5%1 of 10 weeks ahead 70% evidence
Exact sum: 25.4 + 15.9 + 16.2 + 11.8 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Asian Hotels (West) LtdAHLWEST 65.9/100Favorable setup74% evidence ASLEEP 26.4/35 Revenue 8.5% · PAT 100% · OPM change 2 pp 95% evidence 19.8/25 ROCE 19.7% · OPM 40% 95% evidence 11.4/20 P/E 7.1× · PEG — 15% evidence 8.3/20 RS sector -25% · RS bench 47.2% · 1Y —5 of 6 weeks ahead 70% evidence
Exact sum: 26.4 + 19.8 + 11.4 + 8.3 = 65.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Oriental Hotels LtdORIENTHOT 62.1/100Mixed-positive evidence93% evidence BREAKING OUT 17.3/35 Revenue 6.9% · PAT 41.1% · OPM change -2.8 pp 100% evidence 11.4/25 ROCE 12.1% · OPM 21% 100% evidence 14.1/20 P/E 33× · PEG 0.66 65% evidence 19.3/20 RS sector 12.3% · RS bench 6.5% · 1Y -10.2%10 of 12 weeks ahead 100% evidence
Exact sum: 17.3 + 11.4 + 14.1 + 19.3 = 62.1 · Decision use: Price leads the evidence: RS versus the benchmark is 6.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4Indian Hotels Co LtdINDHOTEL 61.5/100Mixed-positive evidence82% evidence BREAKING OUT 19.7/35 Revenue 13.2% · PAT 9.5% · OPM change 1 pp 95% evidence 16.8/25 ROCE 17.1% · OPM 29% 76% evidence 9.8/20 P/E 52.7× · PEG — 50% evidence 15.2/20 RS sector 6% · RS bench 0.9% · 1Y -2.1%8 of 12 weeks ahead 100% evidence
Exact sum: 19.7 + 16.8 + 9.8 + 15.2 = 61.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Travel Food Services LtdTRAVELFOOD 61.5/100Mixed-positive evidence69% evidence TURNING 15.8/35 Revenue 4.4% · PAT 17.4% · OPM change -3 pp 95% evidence 21.1/25 ROCE 42.4% · OPM 36% 76% evidence 9.0/20 P/E 37.8× · PEG — 15% evidence 15.6/20 RS sector 11.6% · RS bench 6.4% · 1Y 21.9%3 of 12 weeks ahead 70% evidence
Exact sum: 15.8 + 21.1 + 9 + 15.6 = 61.5 · Decision use: Price leads the evidence: RS versus the benchmark is 6.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6Benares Hotels LtdBENARAS 59.0/100Thin evidence · provisional57% evidence 16.6/35 Revenue 14.8% · PAT 12.8% · OPM change -1 pp 53% evidence 19.1/25 ROCE 37.3% · OPM 47% 57% evidence 8.7/20 P/E 28.1× · PEG — 50% evidence 14.6/20 RS sector 12.1% · RS bench -0.8% · 1Y 2.8%4 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 16.6 + 19.1 + 8.7 + 14.6 = 59 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7TajGVK Hotels & Resorts LtdTAJGVK 58.6/100Mixed-positive evidence87% evidence BREAKING OUT 21.3/35 Revenue 22.5% · PAT 100% · OPM change 0 pp 100% evidence 12.8/25 ROCE 13.2% · OPM 30% 100% evidence 16.0/20 P/E 14.9× · PEG 0.43 65% evidence 8.5/20 RS sector -3.6% · RS bench -9.4% · 1Y -16.4%5 of 11 weeks ahead 70% evidence
Exact sum: 21.3 + 12.8 + 16 + 8.5 = 58.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Leela Palaces Hotels & Resorts Ltdthis pageTHELEELA 58.2/100Mixed-positive evidence87% evidence BREAKING OUT 24.5/35 Revenue 19.1% · PAT 100% · OPM change -1 pp 100% evidence 9.2/25 ROCE 8.7% · OPM 36% 100% evidence 7.7/20 P/E 38× · PEG 1.65 65% evidence 16.8/20 RS sector 19.8% · RS bench 14.6% · 1Y 17.3%9 of 12 weeks ahead 70% evidence
Exact sum: 24.5 + 9.2 + 7.7 + 16.8 = 58.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9ITC Hotels LtdITCHOTELS 53.5/100Mixed-positive evidence93% evidence TURNING 23.4/35 Revenue 16.1% · PAT 26.9% · OPM change 1 pp 100% evidence 10.6/25 ROCE 11.2% · OPM 31% 100% evidence 10.8/20 P/E 37.3× · PEG 1.15 65% evidence 8.7/20 RS sector -8.1% · RS bench -13% · 1Y -29.3%3 of 12 weeks ahead 100% evidence
Exact sum: 23.4 + 10.6 + 10.8 + 8.7 = 53.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Lemon Tree Hotels LtdLEMONTREE 49.9/100Mixed-negative evidence69% evidence ASLEEP 18.3/35 Revenue 10.4% · PAT 9.6% · OPM change -1 pp 95% evidence 16.3/25 ROCE 14% · OPM 43% 76% evidence 9.6/20 P/E 33.7× · PEG — 15% evidence 5.7/20 RS sector -8.5% · RS bench -20.7% · 1Y -24%0 of 10 weeks ahead 70% evidence
Exact sum: 18.3 + 16.3 + 9.6 + 5.7 = 49.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11U P Hotels LtdUPHOT 49.6/100Thin evidence · provisional57% evidence 11.2/35 Revenue 6% · PAT 0% · OPM change -5 pp 53% evidence 17.4/25 ROCE 23.6% · OPM 38% 57% evidence 10.8/20 P/E 25.8× · PEG — 50% evidence 10.2/20 RS sector 1.2% · RS bench -10.6% · 1Y -16.4%0 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 11.2 + 17.4 + 10.8 + 10.2 = 49.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12Samhi Hotels LtdSAMHI 47.0/100Mixed-negative evidence83% evidence TURNING 18.9/35 Revenue 11.9% · PAT 100% · OPM change -1 pp 100% evidence 6.4/25 ROCE 8.9% · OPM 32% 100% evidence 11.2/20 P/E 8.6× · PEG — 15% evidence 10.5/20 RS sector -4.2% · RS bench -9.1% · 1Y -26.3%8 of 12 weeks ahead 100% evidence
Exact sum: 18.9 + 6.4 + 11.2 + 10.5 = 47 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13EIH LtdEIHOTEL 45.8/100Mixed-negative evidence82% evidence ASLEEP 11.6/35 Revenue 8.3% · PAT 4.2% · OPM change -3 pp 95% evidence 18.2/25 ROCE 20.7% · OPM 25% 76% evidence 13.0/20 P/E 25.9× · PEG — 50% evidence 3.0/20 RS sector -9.9% · RS bench -14.4% · 1Y -15.6%1 of 12 weeks ahead 100% evidence
Exact sum: 11.6 + 18.2 + 13 + 3 = 45.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
14Kamat Hotels (India) LtdKAMATHOTEL 45.8/100Mixed-negative evidence81% evidence TURNING 13.5/35 Revenue 7.6% · PAT -11.5% · OPM change 5.3 pp 95% evidence 16.8/25 ROCE 15.8% · OPM 27.2% 95% evidence 10.8/20 P/E 13.8× · PEG — 50% evidence 4.7/20 RS sector -20.6% · RS bench -11.7% · 1Y -23.2%3 of 11 weeks ahead 70% evidence
Exact sum: 13.5 + 16.8 + 10.8 + 4.7 = 45.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Advent Hotels International LtdADVENTHTL 45.6/100Mixed-negative evidence60% evidence ASLEEP 16.5/35 Revenue 3.5% · PAT -29.3% · OPM change 6.1 pp 95% evidence 8.3/25 ROCE 6.8% · OPM 32.6% 95% evidence 10.8/20 P/E 15.8× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence
Exact sum: 16.5 + 8.3 + 10.8 + 10 = 45.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Ventive Hospitality LtdVENTIVE 45.0/100Mixed-negative evidence75% evidence ASLEEP 20.6/35 Revenue 25% · PAT 100% · OPM change -6 pp 95% evidence 12.2/25 ROCE 10.8% · OPM 35% 76% evidence 10.1/20 P/E 28.1× · PEG — 15% evidence 2.1/20 RS sector -12.1% · RS bench -16.3% · 1Y -21.2%1 of 12 weeks ahead 100% evidence
Exact sum: 20.6 + 12.2 + 10.1 + 2.1 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Juniper Hotels LtdJUNIPER 44.6/100Mixed-negative evidence93% evidence BASING 23.0/35 Revenue 11.4% · PAT 100% · OPM change -1 pp 100% evidence 6.3/25 ROCE 8% · OPM 35% 100% evidence 11.3/20 P/E 23.2× · PEG 1.21 65% evidence 4.0/20 RS sector -14% · RS bench -18.6% · 1Y -31.8%0 of 12 weeks ahead 100% evidence
Exact sum: 23 + 6.3 + 11.3 + 4 = 44.6 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14% and the one-year return is -31.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
18Sayaji Hotels LtdSAYAJIHOTL 42.3/100Mixed-negative evidence63% evidence TURNING 12.7/35 Revenue -8.6% · PAT 79.7% · OPM change 3.3 pp 71% evidence 4.2/25 ROCE -0.5% · OPM 13.3% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 15.4/20 RS sector 8.5% · RS bench 10.5% · 1Y 15.6%4 of 11 weeks ahead 70% evidence
Exact sum: 12.7 + 4.2 + 10 + 15.4 = 42.3 · Decision use: Price leads the evidence: RS versus the benchmark is 10.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
19Viceroy Hotels LtdVHLTD 40.8/100Mixed-negative evidence79% evidence ASLEEP 21.0/35 Revenue 24.4% · PAT -69.2% · OPM change 10.8 pp 71% evidence 7.9/25 ROCE 7.1% · OPM 25.6% 95% evidence 6.4/20 P/E 37.1× · PEG — 50% evidence 5.5/20 RS sector -3.9% · RS bench -7.8% · 1Y 22%0 of 12 weeks ahead 100% evidence
Exact sum: 21 + 7.9 + 6.4 + 5.5 = 40.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20Asian Hotels (North) LtdASIANHOTNR 40.0/100Thin evidence · provisional56% evidence ASLEEP 14.0/35 Revenue 24.7% · PAT -80% · OPM change -3.6 pp 44% evidence 4.3/25 ROCE 3.5% · OPM 17.5% 95% evidence 8.5/20 P/E 95.9× · PEG — 15% evidence 13.2/20 RS sector 8.5% · RS bench -4.6% · 1Y -0.5%1 of 10 weeks ahead 70% evidence
Exact sum: 14 + 4.3 + 8.5 + 13.2 = 40 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21EIH Associated Hotels LtdEIHAHOTELS 39.1/100Mixed-negative evidence87% evidence ASLEEP 7.3/35 Revenue -7.6% · PAT -7% · OPM change -2.2 pp 95% evidence 14.6/25 ROCE 21.2% · OPM 10.8% 95% evidence 12.7/20 P/E 20.3× · PEG — 50% evidence 4.5/20 RS sector -9.5% · RS bench -14.1% · 1Y -19.3%1 of 12 weeks ahead 100% evidence
Exact sum: 7.3 + 14.6 + 12.7 + 4.5 = 39.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22Royal Orchid Hotels LtdROHLTD 36.7/100Mixed-negative evidence81% evidence BASING 12.4/35 Revenue 26.9% · PAT -42.1% · OPM change -1.2 pp 95% evidence 11.8/25 ROCE 10.8% · OPM 23.7% 95% evidence 7.7/20 P/E 32.1× · PEG — 50% evidence 4.8/20 RS sector -9.8% · RS bench -21% · 1Y -22.5%0 of 10 weeks ahead 70% evidence
Exact sum: 12.4 + 11.8 + 7.7 + 4.8 = 36.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23Apeejay Surrendra Park Hotels LtdPARKHOTELS 31.1/100Adverse evidence87% evidence ASLEEP 12.0/35 Revenue 10.5% · PAT -36.4% · OPM change -1 pp 100% evidence 9.1/25 ROCE 9.4% · OPM 28% 100% evidence 3.8/20 P/E 39× · PEG 3.5 65% evidence 6.2/20 RS sector -9.8% · RS bench -11.2% · 1Y -24.1%1 of 10 weeks ahead 70% evidence
Exact sum: 12 + 9.1 + 3.8 + 6.2 = 31.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24HLV LtdHLVLTD 41.2/100Thin evidence · provisional38% evidence 17.9/35 Revenue -26.1% · PAT 100% · OPM change — 16% evidence 8.8/25 ROCE 7.8% · OPM -39% 60% evidence 11.5/20 P/E 2.8× · PEG — 15% evidence 3.0/20 RS sector -29.5% · RS bench -24.8% · 1Y -43.9%1 of 6 weeks ahead to 2026-07-19 70% evidence
Exact sum: 17.9 + 8.8 + 11.5 + 3 = 41.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

17 · Frequently asked questions

Frequently asked questions

What is Leela Palaces Hotels & Resorts Ltd's share price today?

Leela Palaces Hotels & Resorts Ltd trades at ₹510, +16.1% over the past year. The company is valued at ₹17,034 Cr. The stock sits at 93% of its 52-week range of ₹398–₹518, +14.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 7 weeks in. — as of 14 August 2026.

What were Leela Palaces Hotels & Resorts Ltd's latest quarterly results?

Leela Palaces Hotels & Resorts Ltd reported revenue of ₹352 Cr and net profit of ₹49.0 Cr for the Jun 26 quarter. Revenue rose 28.0% and profit rose 444.4% year on year. Earnings per share were ₹1.46. The operating margin was 36.0%, 1.0 pp lower than a year earlier. — as of 14 August 2026.

What is Leela Palaces Hotels & Resorts Ltd's revenue?

Leela Palaces Hotels & Resorts Ltd reported revenue of ₹352 Cr in the Jun 26 quarter, +28.0% year on year. For the full FY26 fiscal year, revenue was ₹1,527 Cr (+17.4%). Over the last 3 years revenue compounded at 21.1% a year. — as of 14 August 2026.

What is Leela Palaces Hotels & Resorts Ltd's profit?

Leela Palaces Hotels & Resorts Ltd earned ₹49.0 Cr of net profit in the Jun 26 quarter, +444.4% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹403 Cr. The operating margin ran 36.0% in the latest quarter. — as of 14 August 2026.

What is Leela Palaces Hotels & Resorts Ltd's market cap?

Leela Palaces Hotels & Resorts Ltd's market capitalisation is ₹17,034 Cr at a share price of ₹510. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.

What is Leela Palaces Hotels & Resorts Ltd's P/E ratio?

Leela Palaces Hotels & Resorts Ltd trades at a P/E of 38.0×, at the 56th percentile of its own 1-year range, against a long-run median of 37.8×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.

Does Leela Palaces Hotels & Resorts Ltd pay a dividend?

No — Leela Palaces Hotels & Resorts Ltd has recorded a dividend payout of 0% of profit in each of its last 4 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 14 August 2026.

Is Leela Palaces Hotels & Resorts Ltd overvalued?

On its own history, Leela Palaces Hotels & Resorts Ltd looks mid-range: its P/E of 38.0× sits at the 56th percentile of its 1-year range (long-run median 37.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.

Is Leela Palaces Hotels & Resorts Ltd growing?

Yes — Leela Palaces Hotels & Resorts Ltd is growing: latest-quarter revenue +28.0% year on year, profit +444.4%, and the margin −1.0 pp at 36.0%. The earnings engine currently reads: improving — as of 14 August 2026.

How is Leela Palaces Hotels & Resorts Ltd performing?

Leela Palaces Hotels & Resorts Ltd is in a confirmed uptrend, 7 weeks in. Its latest quarter's revenue rose 28.0% and profit rose 444.4% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 13 weeks. — as of 14 August 2026.

Is Leela Palaces Hotels & Resorts Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 7 of stage 2), trading +14.1% versus its 200-day average and at 93% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.

Is Leela Palaces Hotels & Resorts Ltd beating the market?

On recent form, yes — Leela Palaces Hotels & Resorts Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.2 years the stock moved +18% against the NIFTY 500's +1% — ahead of the index over the full window. — as of 14 August 2026.

Will Leela Palaces Hotels & Resorts Ltd's share price go up?

This page publishes no price forecast for Leela Palaces Hotels & Resorts Ltd. What it measures instead: the share price is ₹510, the price is in a confirmed uptrend 7 weeks in. Its P/E of 38.0× sits at the 56th percentile of its own 1-year range. — as of 14 August 2026.

Who owns Leela Palaces Hotels & Resorts Ltd?

Promoters hold 75.9% of Leela Palaces Hotels & Resorts Ltd, foreign institutions 7.9%, domestic institutions 11.5% and the public 4.7% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 1.6 points over 4 quarters. — as of 14 August 2026.

Does Leela Palaces Hotels & Resorts Ltd have too much debt?

No — Leela Palaces Hotels & Resorts Ltd's debt-to-equity is 0.28, and operating profit covers the interest bill 4×. FY26 borrowings were ₹1,811 Cr against equity of ₹6,404 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.

What is Leela Palaces Hotels & Resorts Ltd's capex?

Leela Palaces Hotels & Resorts Ltd spent ₹3,197 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,759 Cr, with ₹229 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.

What is Leela Palaces Hotels & Resorts Ltd's cash flow?

Leela Palaces Hotels & Resorts Ltd generated ₹777 Cr of operating cash flow in FY26 and ₹−982 Cr of free cash flow after ₹1,759 Cr of capital spending. Reported profit that year was ₹403 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 14 August 2026.

Is Leela Palaces Hotels & Resorts Ltd's profit real cash?

Yes — over the last 2 fiscal years, 295% of Leela Palaces Hotels & Resorts Ltd's reported profit arrived as operating cash. Though the latest year ran at 193% — the trend is the thing to watch. In FY26, operating cash was ₹777 Cr against reported profit of ₹403 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.

Where is Leela Palaces Hotels & Resorts Ltd in its business cycle?

Leela Palaces Hotels & Resorts Ltd's FY26 operating margin was 48.0%, against a 4-year band of 44.0%–48.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 36.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.

What could break the Leela Palaces Hotels & Resorts Ltd story?

The sharpest disagreement: annual EPS moved +597.7% against a +16.1% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.

Is Leela Palaces Hotels & Resorts Ltd a stock worth studying right now?

This is not investment advice. The machine read: Leela Palaces Hotels & Resorts Ltd's earnings have outrun its stock. EPS grew +597.7% in a year against a +16.1% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.

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