Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Chalet Hotels Ltd.
NSE: CHALETConsumer CyclicalLodging
- Last close
- ₹789.40
- Day change
- −₹29.80 (−3.64%)vs
- Market cap
- ₹18,620 crIndian rupees
- Research updated
- 1 report
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About Chalet Hotels
Chalet Hotels Ltd. is a prominent hospitality asset company operating within the Indian market. Its primary function is to own, develop, and manage high-end hotels and convention centers across metropolitan regions. The company is known for its luxury and upscale accommodations under reputed brand affiliations, including Marriott, Sheraton, and others, which cater to business travelers and tourists alike. Chalet Hotels Ltd.’s properties are strategically located in key business districts, enhancing their appeal to corporate clients and event organizers. Notable for integrating sustainable practices into its operations, the company focuses on optimizing operational efficiencies and resource management. This approach not only underscores its commitment to environmental stewardship but also enhances its market position in the increasingly eco-conscious hospitality industry. In the broader financial market, Chalet Hotels Ltd. plays a significant role by contributing to the real estate and tourism sectors, crucial components of India's economic growth. Its assets and expertise in development provide insights into consumer and business travel trends, as well as real estate valuation in high-density urban areas.
- Sector
- Consumer Cyclical
- Industry
- Lodging
- Listing
- NSE: CHALET
- Chief executive
- Mr. Shwetank Singh
- Employees
- 3,032
- Headquarters
- Mumbai, India
- ISIN
- INE427F01016
- Website
- chalethotels.com
Public research · Report of
Business model & financial foundation
Chalet Hotels (NSE: CHALET), Hotels and mixed-use property ownership: revenue of ₹2,770 crore in FY26 (+61.2% on FY25), an EBITDA margin of 42.9%, net profit of ₹645.1 crore and net debt of ₹1,921 crore.
- Revenue, FY26 (₹ crore)
- 2,770
- consolidated
- Revenue growth, FY26
- +61.2%
- on FY25
- EBITDA margin, FY26
- 42.9%
- EBITDA excluding other income, before exceptional / revenue
- Net profit, FY26 (₹ crore)
- 645.1
- to owners
- Return on equity, FY26
- 19.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,921
- Issuer management net debt excluding preference/promoter funding
- Market capitalisation (₹ crore)
- 18,485
- at the close of 16 Oct 2026
Company profile
Chalet owns, develops and operates high-end hotels and mixed-use assets in Indian business cities and leisure destinations. International brands principally manage or franchise its hotels; Chalet bears the capital intensity and development risk. Commercial offices supply recurring rental income, while residential sales cause episodic revenue and cash-flow recognition.
| Item | Value |
|---|---|
| Legal name | Chalet Hotels Limited |
| Exchange and ticker | NSE: CHALET; BSE: 542399 |
| ISIN | INE427F01016 |
| CIN | L55101MH1986PLC038538 |
| Sector | Consumer Cyclical |
| Industry | Hotels and mixed-use property ownership |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022 reappointment) |
| Market capitalisation | ₹18,485 crore (16 Oct 2026) |
| Shares outstanding | 21.90 crore shares (FY26) |
| Price | ₹842.6 (close, 16 Oct 2026) |
| 52-week range | ₹691.3 - ₹989.0 (to 16 Oct 2026) |
| Website | https://www.chalethotels.com |
Corporate structure and shareholding
Parent: K Raheja Corp promoter group.
| Entity | Holding | Business |
|---|---|---|
| Chalet Airport Hotel Private Limited | 100% | Taj Delhi airport hotel development |
| The Dukes Retreat Private Limited | 82.28% | Athiva Khandala resort |
| Sonmil Industries Private Limited | 100% | Khandala resort land |
| Mahananda Spa and Resorts Private Limited | 100% | Westin Himalayas Rishikesh |
| Ayushi and Poonam Estates LLP | 99.8% | Aravali Marriott Resort NCR |
| Chalet Hotels & Properties (Kerala) Private Limited | 90% | Thiruvananthapuram convention centre development |
Renewable-power stakes of 25-26.1% are not equity-accounted: no participation or variable-return exposure per issuer annual report.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 67.34% | 67.33% | 67.29% | 67.29% |
| Promoter holding pledged | 31.93% | 31.92% | 31.91% | 31.91% |
| Foreign institutions | 5.73% | 5.08% | 4.71% | 4.26% |
| Domestic institutions | 23.40% | 23.99% | 24.57% | 24.99% |
| of which mutual funds | 21.79% | 22.37% | 22.71% | 23.78% |
| Retail | 3.53% | 3.61% | 3.43% | 3.45% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Chalet Hotels (NSE: CHALET, K Raheja Corp group) owns and develops upscale hotels. Marriott and other brands manage most of them; Chalet carries the capital and development risk. At March 2026 it had 3,389 keys across 11 hotels. The hotels are concentrated in MMR (43% of Q1FY27 hospitality revenue), Hyderabad, Bengaluru and Pune, with leisure assets at Khandala, Rishikesh and Aravali. A 2.4msf office annuity portfolio was 91% leased in June 2026 and earns an 85% EBITDA margin. Koramangala residential sales are episodic: FY26 recognised Rs738cr of revenue and Rs273cr of EBITDA on handovers. That figure inflates the reported FY26 EPS of Rs29.46. FY26 segment income was hospitality Rs1,731cr (EBITDA Rs760cr), annuity Rs306cr (Rs254cr) and residential Rs738cr (Rs273cr).
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Hospitality total income | 1,731 | 62.4% | 760.3 | 59.1% |
| Rental and annuity total income | 306.1 | 11.0% | 254.4 | 19.8% |
| Residential real estate | 738.3 | 26.6% | 272.8 | 21.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Indian Hotels (INDHOTEL) | Premium hotel benchmark; more asset-light brand earnings |
| EIH (EIHOTEL) | Luxury owned hotel estate |
| Lemon Tree Hotels (LEMONTREE) | Owned hotel ramp and debt; lower price tier |
| Juniper Hotels (JUNIPER) | Upper-upscale owned branded urban hotels |
| Ventive Hospitality (VENTIVE) | Luxury hotel ownership and annuity assets |
| SAMHI Hotels (SAMHI) | Urban branded hotel ownership and leverage |
| Schloss Bangalore (Leela) (THELEELA) | Luxury hotel ownership |
| ITC Hotels (ITCHOTELS) | Luxury hotel estate benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 507.8 | 1,128 | 1,417 | 1,718 | 2,770 |
| Cost of revenue (vendor classification) * | 242.8 | 396.2 | 470.1 | 402.3 | 1,066 |
| Other operating costs (vendor classification) * | 166.5 | 256.7 | 332.9 | 698.3 | 484.1 |
| EBITDA (vendor classification) * | 113.4 | 502.8 | 609.3 | 772.2 | 1,228 |
| EBIT * | -4.45 | 426.7 | 466.0 | 593.4 | 999.0 |
| Finance costs | 142.4 | 153.8 | 196.7 | 159.1 | 180.5 |
| Profit before tax | -146.9 | 272.8 | 269.4 | 434.3 | 818.7 |
| Total tax expense/(credit) | -72.0 | 89.5 | -8.83 | 291.8 | 173.6 |
| Profit after tax before NCI attribution | -81.5 | 183.3 | 278.2 | 142.5 | 645.0 |
| Diluted EPS (₹) | -3.98 | 8.94 | 13.53 | 6.52 | 29.46 |
| Other income | 19.8 | 36.3 | 42.7 | ||
| Food and beverages consumed | 105.6 | 116.8 | 129.8 | ||
| Real estate cost including inventory changes | 8.51 | 8.48 | 436.7 | ||
| Employee benefits expense | 194.6 | 234.5 | 287.9 | ||
| Other operating costs incl supplies, power and fuel | 524.0 | 622.2 | 728.0 | ||
| EBITDA excluding other income, before exceptional | 584.6 | 735.9 | 1,187 | ||
| Depreciation and amortisation | 138.4 | 178.8 | 230.0 | ||
| Exceptional income/(expense), gain positive | 0.00 | 0.00 | -1.02 | ||
| Profit/(loss) attributable to NCI | 0.02 | -0.07 | -0.09 | ||
| Profit attributable to owners | 278.2 | 142.6 | 645.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 1,341 | 1,542 | 1,851 | 3,046 | 3,697 |
| Gross borrowings excluding preference shares and leases | 2,422 | 2,667 | 2,750 | 2,357 | 2,324 |
| Cash and cash equivalents, including restricted escrow | 24.5 | 44.5 | 82.3 | 109.2 | 164.0 |
| Net trade receivables including unbilled trade amounts | 32.1 | 50.9 | 55.2 | 78.2 | 68.7 |
| Inventories including property-development work in progress | 393.5 | 412.9 | 542.0 | 632.5 | 269.3 |
| Trade payables, MSME and other creditors | 91.1 | 159.7 | 207.1 | 171.3 | 164.9 |
| Entire net property plant and equipment, excluding ROU/CWIP | 262.7 | 270.7 | 2,442 | 3,087 | 3,311 |
| Capital work in progress, excluding investment-property WIP | 38.0 | 97.8 | 36.9 | 183.2 | 132.5 |
| Total assets | 4,423 | 4,931 | 5,750 | 7,063 | 7,309 |
| Issuer management net debt excluding preference/promoter funding | 2,509 | 1,991 | 1,921 | ||
| Other bank balances, restricted and other deposits | 49.9 | 77.0 | 144.5 | ||
| Term deposits other than margin money | 37.6 | 21.7 | 16.6 | ||
| Margin-money deposits and unpaid-dividend balances | 12.4 | 55.3 | 127.9 | ||
| Current investments in treasury mutual funds | 0.83 | 98.8 | 14.6 | ||
| Noncurrent other investments | 9.42 | 9.72 | 14.7 | ||
| Current and noncurrent other investments | 10.2 | 108.5 | 29.3 | ||
| Investment property including property under construction | 1,845 | 1,998 | 2,264 | ||
| Current and noncurrent lease liabilities | 54.9 | 49.7 | 43.7 | ||
| BS noncurrent borrowings including preference where applicable | 1,855 | 1,553 | 1,884 | ||
| BS current borrowings including preference where applicable | 1,096 | 1,001 | 440.2 | ||
| Right of use assets separate from PPE | 46.0 | 39.5 | 33.0 | ||
| Bank deposits with maturity over twelve months | 55.2 | 77.5 | 77.4 | ||
| REC bonds and National Savings Certificates | 0.53 | 0.53 | 0.56 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | -39.7 | 321.2 | 689.4 | 950.4 | 1,067 |
| Free cash flow (vendor definition) * | 20.6 | 302.1 | 253.2 | -18.7 | 728.5 |
| Dividends paid (the provider's sign: an outflow is negative) * | -21.8 | ||||
| Reported capital-asset cash expenditure; not organic-only | -39.6 | -171.5 | 659.6 | 1,351 | 549.6 |
| Positive cash purchases PPE ROU CWIP and capital advances | 436.2 | 969.1 | 338.4 | ||
| Positive cash purchases investment property incl construction | 223.4 | 382.0 | 211.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued paid-up equity shares at period end | 20.50 | 20.50 | 20.55 | 21.85 | 21.90 |
| Preference capital carrying value excluded from debt | 200.4 | 196.9 | 0.00 | ||
| Organic capex excluding acquisitions | n.r. | n.r. | |||
| Four-quarter revenue less annual | 0.00 | ||||
| Four-quarter PBT less annual | 0.00 | ||||
| Four-quarter operating EBITDA less annual | 0.00 | ||||
| Four-quarter PAT owners less annual | 0.00 | ||||
| CFO / PAT attributable to owners (x) | 2.48x | 6.67x | 1.65x | ||
| FY24-to-period cumulative CFO | 689.4 | 1,640 | 2,707 | ||
| FY24-to-period cumulative PAT owners | 278.2 | 420.7 | 1,066 | ||
| Cumulative FY24-to-period CFO / PAT owners (x) | 2.48x | 3.90x | 2.54x | ||
| Receivables year-on-year growth (%) | 41.8% | -12.1% | |||
| Statutory revenue year-on-year growth (%) | 21.2% | 61.2% | |||
| Receivable growth less revenue growth (%) | 20.6% | -73.3% | |||
| Operating EBITDA / expensed finance cost | 2.97x | 4.63x | 6.58x | ||
| Management net debt / operating EBITDA (x) | 4.29x | 2.71x | 1.62x | ||
| Borrowings less reported cash / operating EBITDA (x) | 4.56x | 3.06x | 1.82x | ||
| Gross debt less all bank liquidity less management net debt | 53.0 | 4.02 | 2.86 | ||
| Segment income less statutory revenue | -0.15 | 0.08 | 5.75 | ||
| Group total income less segment income sum | 19.9 | 36.2 | 36.9 | ||
| Standalone CARO disputed tax / group equity (%) | 1.6% | ||||
| Vashi PPE plus prepaid rent / group equity (%) | 1.3% | 1.8% | |||
| Standalone IPUC older than two years / total (%) | 26.3% | ||||
| Standalone instrument sum / group borrowings (%) | 87.2% | ||||
| Four-quarter diluted EPS less annual EPS (₹) | -0.01 | ||||
| Segment EBITDA less headline group EBITDA | n.r. | 41.7 | 57.4 | ||
| Segment EBITDA less operating group EBITDA | n.r. | 78.0 | 100.1 | ||
| Total consolidated contingencies / equity (%) | n.r. | n.r. | |||
| Total external related-party flows / revenue (%) | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 377.1 | 457.8 | 522.0 | 894.6 | 735.3 | 581.7 | 558.2 | 512.3 |
| Cost of revenue (vendor classification) * | 93.6 | 101.6 | 114.4 | 375.4 | 130.6 | 117.5 | 117.4 | |
| Other operating costs (vendor classification) * | 133.9 | 151.5 | 166.1 | 161.9 | 186.0 | 174.9 | 160.8 | |
| EBITDA (vendor classification) * | 155.7 | 211.4 | 256.9 | 371.1 | 272.6 | 278.6 | 243.1 | |
| EBIT * | 113.3 | 163.7 | 207.1 | 317.2 | 213.2 | 218.5 | 172.0 | |
| Finance costs | 33.9 | 45.3 | 48.2 | 48.5 | 45.4 | 45.9 | 40.6 | 39.5 |
| Profit before tax | 79.4 | 118.4 | 158.8 | 268.6 | 204.9 | 167.2 | 177.9 | 132.5 |
| Total tax expense/(credit) | 217.9 | 21.8 | 35.0 | 65.5 | 50.1 | 43.2 | 14.9 | 46.4 |
| Profit after tax before NCI attribution | -138.5 | 96.5 | 123.8 | 203.1 | 154.8 | 124.1 | 163.0 | 86.1 |
| Diluted EPS (₹) | -6.35 | 4.42 | 5.67 | 9.28 | 7.07 | 5.66 | 7.44 | 3.93 |
| Other income | 6.13 | 6.66 | 15.4 | 13.8 | 8.51 | 7.54 | 12.8 | 9.04 |
| Food and beverages consumed | 27.0 | 31.2 | 32.1 | 30.4 | 30.5 | 37.2 | 31.7 | 31.6 |
| Real estate cost including inventory changes | 2.12 | 2.11 | 2.11 | 265.2 | 164.1 | 7.39 | 0.00 | 3.31 |
| Employee benefits expense | 54.2 | 57.8 | 67.7 | 69.5 | 69.7 | 72.9 | 75.8 | 74.0 |
| Other operating costs incl supplies, power and fuel | 144.2 | 162.0 | 178.7 | 172.2 | 171.8 | 199.1 | 184.9 | 169.4 |
| EBITDA excluding other income, before exceptional | 149.5 | 204.7 | 241.4 | 357.3 | 299.2 | 265.1 | 265.8 | 234.0 |
| Depreciation and amortisation | 42.4 | 47.7 | 49.8 | 53.9 | 57.4 | 58.5 | 60.2 | 61.2 |
| Exceptional income/(expense), gain positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.02 | 0.00 | -9.85 |
| Profit/(loss) attributable to NCI | -0.02 | -0.02 | -0.01 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 |
| Profit attributable to owners | -138.5 | 96.5 | 123.8 | 203.2 | 154.8 | 124.1 | 163.0 | 86.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 77.8% | 122.2% | 25.6% | 21.2% | 61.2% |
| EBITDA margin | 41.2% | 42.8% | 42.9% | ||
| Net margin | 19.6% | 8.3% | 23.3% | ||
| Return on equity | 16.4% | 5.8% | 19.1% | ||
| Return on capital employed | -0.1% | 10.7% | 10.6% | 11.9% | 17.5% |
| Return on assets | 5.2% | 2.2% | 9.0% | ||
| Net debt (₹ crore) | 2,509 | 1,991 | 1,921 | ||
| Net debt / EBITDA | 4.29x | 2.71x | 1.62x | ||
| Interest cover | -0.03x | 2.77x | 2.37x | 3.73x | 5.54x |
| Asset turnover | 0.12x | 0.24x | 0.27x | 0.27x | 0.39x |
| Receivable days | 23 | 16 | 14 | 17 | 9 |
| Inventory days (on revenue) | 283 | 134 | 140 | 134 | 35 |
| Payable days (on revenue) | 65 | 52 | 53 | 36 | 22 |
| Cash conversion | 2.48x | 6.67x | 1.65x | ||
| Capex intensity | 7.8% | 15.2% | 46.5% | 78.7% | 19.8% |
| Free cash flow (₹ crore) | -79.4 | 149.8 | 29.8 | -400.7 | 517.3 |
| Dividend payout | 3.4% | ||||
| EPS, diluted (₹) | -3.98 | 8.94 | 13.53 | 6.52 | 29.46 |
| Book value per share (₹) | 65.41 | 75.19 | 90.08 | 139.4 | 168.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income, before exceptional / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Issuer management net debt excluding preference/promoter funding; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income, before exceptional.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Chalet Hotels includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Chalet Hotels
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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