Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,455.80 last close on 15 Oct 2026 +0.27%
Research updated
EIH Limited
NSE: EIHOTELConsumer CyclicalLodging
- Last close
- ₹294.45
- Day change
- +₹2.50 (+0.86%)vs
- Market cap
- ₹18,902 crIndian rupees
- Research updated
- 1 report
About EIH
EIH Limited is a prominent player in the hospitality industry, primarily operating luxury hotels and resorts under the flagship brand, The Oberoi. The company is renowned for its premium accommodations and exceptional customer service, attracting upscale tourists and business travelers alike. EIH Limited manages a diverse portfolio across India and select international locations, positioning itself as a key contributor to the luxury hospitality segment. The company's establishments are often strategically located in major cities and tourist destinations, providing access to a blend of cultural, historical, and natural attractions. Beyond hotel operations, EIH Limited engages in travel catering and airport lounge services, expanding its footprint in the travel and tourism ecosystem. Through its commitment to excellence, EIH Limited plays a vital role in setting industry standards and enhancing the global reputation of Indian luxury hospitality.
- Sector
- Consumer Cyclical
- Industry
- Lodging
- Listing
- NSE: EIHOTEL
- Chief executive
- Mr. Vikramjit Singh Oberoi
- Employees
- 5,708
- Headquarters
- Delhi, India
- ISIN
- INE230A01023
- Website
- eihltd.com
Public research · Report of
Business model & financial foundation
EIH (NSE: EIHOTEL), Hotels, resorts and luxury hospitality (owner-operator and manager of Oberoi and Trident hotels): revenue of ₹2,940 crore in FY26 (+7.2% on FY25), an EBITDA margin of 40.5%, net profit of ₹628.3 crore and net cash of ₹861.0 crore.
- Revenue, FY26 (₹ crore)
- 2,940
- consolidated
- Revenue growth, FY26
- +7.2%
- on FY25
- EBITDA margin, FY26
- 40.5%
- EBITDA (Management EBITDA including other income) / revenue
- Net profit, FY26 (₹ crore)
- 628.3
- to owners
- Return on equity, FY26
- 12.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -861.0
- Lease-inclusive net debt after current liquidity
- Market capitalisation (₹ crore)
- 18,267
- at the close of 16 Oct 2026
Company profile
EIH Limited is the flagship company of The Oberoi Group: it owns, operates and manages luxury Oberoi and upscale Trident hotels in India and abroad, and runs flight catering, airport services and car rental (Avis JV). It earns room, food and beverage and other-services revenue from owned hotels and fees from managed hotels; the Oberoi and Trident brands belong to the promoter company, to which EIH pays a royalty. The group has no bank debt and a net cash balance sheet.
| Item | Value |
|---|---|
| Legal name | EIH Limited (formerly East India Hotels Limited) |
| Exchange and ticker | NSE: EIHOTEL; BSE: 500840 |
| ISIN | INE230A01023 |
| CIN | L55101WB1949PLC017981 |
| Sector | Consumer Discretionary |
| Industry | Hotels, resorts and luxury hospitality (owner-operator and manager of Oberoi and Trident hotels) |
| Headquarters | Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹18,267 crore (16 Oct 2026) |
| Shares outstanding | 62.54 crore shares (FY26) |
| Price | ₹294.5 (close, 16 Oct 2026) |
| 52-week range | ₹271.1 - ₹405.0 (to 16 Oct 2026) |
| Website | https://www.eihltd.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Mumtaz Hotels / Svara Hotels | 60% | Hotel development (Tirupati, Gandikota) |
| Oberoi Kerala Hotels and Resorts | 80% | Kerala hotel/cruiser |
| EIH International | 100% | Holding company for international hotels; carries goodwill INR 430 cr |
| EIH London Investments | 100% | Oberoi London (leasehold, 21 keys, planned 2028) |
| EIH Holdings | 100% | Investment holding |
| PT Widja Putra Karya | 70% | Indonesian hotel |
| PT Waka Oberoi Indonesia | 90% | Indonesian hotel |
| PT Astina Graha Ubud | 60% | Indonesian hotel |
| EIH Associated Hotels (associate) | 36.81% | Listed associate owning Trident Chennai, Jaipur and other hotels |
Mashobra Resort (Wildflower Hall) ceased to be a subsidiary on 31 Mar 2025; FY25 includes it (revenue INR 77.6 cr). Associates: Avis India 40%, Oberoi Mauritius 50%, La Roseraie 47.93%, USmart 25.10%, TP Varun 26% (from 1 Apr 2026).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 32.85% | 32.85% | 32.85% | 32.85% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.93% | 6.17% | 6.62% | 6.65% |
| Domestic institutions | 14.17% | 14.13% | 13.88% | 13.78% |
| of which mutual funds | 13.14% | 13.13% | 12.81% | 12.71% |
| Retail | 7.76% | 7.55% | 7.49% | 7.54% |
| Other | 39.29% | 39.31% | 39.16% | 39.19% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
EIH Limited (NSE EIHOTEL) owns, operates and manages Oberoi luxury and Trident upscale hotels, plus catering and other services. Consolidation includes controlled hotels in India and Indonesia; associates and JVs (EIH Associated, Mauritius, Avis) contribute equity profit, not gross hotel revenue. FY26 operations revenue INR2,939.634cr consists rooms1,410.542, F&B1,095.640, other services433.452. Total income3,105.743 includes other income166.109, not room sales. Brand ownership resides in promoter OHPL; royalty32.620cr FY26. Company EBITDA1189.866 includes otherincome; operating EBITDA1023.757 excludes it. PAT owners628.280, group657.293. The definition matters more than the press release's rounded headline.
| Segment | operating revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Operational product split: rooms (not statutory segment) | 1,411 | 48.0% |
| Operational product split: food and beverage | 1,096 | 37.3% |
| Operational product split: other services incl fees | 433.5 | 14.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Indian Hotels Company (INDHOTEL) | |
| ITC Hotels (ITCHOTELS) | Owned luxury hotel portfolio, net cash, demerged 2025 |
| Schloss Bangalore (The Leela) (THELEELA) | Pure luxury owner-operator with comparable ARR |
| Chalet Hotels (CHALET) | Owned upscale hotels in Mumbai, Bengaluru, Hyderabad; overlapping micro-markets |
| Lemon Tree Hotels (LEMONTREE) | Listed mid-market owner and manager; asset-light growth comparison |
| EIH Associated Hotels (EIHAHOTELS) | Listed 36.8% associate under the same management |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 985.3 | 2,019 | 2,511 | 2,743 | 2,940 |
| Cost of revenue (vendor classification) * | 494.9 | 620.4 | 718.1 | 791.7 | 882.8 |
| Other operating costs (vendor classification) * | 387.9 | 675.5 | 743.8 | 750.0 | 937.6 |
| EBITDA (vendor classification) * | 47.8 | 703.5 | 1,070 | 1,298 | 1,232 |
| Management EBITDA less depreciation | -47.8 | 488.1 | 910.1 | 1,019 | 1,047 |
| Finance costs including lease interest | 34.5 | 24.2 | 19.4 | 21.3 | 23.1 |
| Profit before tax after associates and exceptional | -82.3 | 463.9 | 917.2 | 1,028 | 948.7 |
| Current plus deferred tax expense | 1.74 | 124.7 | 239.5 | 258.1 | 291.4 |
| Profit after tax including non-controlling interests | -95.1 | 329.1 | 677.7 | 769.9 | 657.3 |
| Diluted EPS attributable to owners (₹) | -1.56 | 5.03 | 10.22 | 11.82 | 10.05 |
| Consumption of provisions, wines and others | 228.3 | 246.6 | 276.0 | ||
| Employee benefits expense | 491.9 | 544.5 | 606.9 | ||
| Other expenses | 864.2 | 935.0 | 1,033 | ||
| Management EBITDA including other income | 1,042 | 1,153 | 1,190 | ||
| Other income | 114.7 | 136.4 | 166.1 | ||
| Depreciation and amortisation | 131.5 | 134.5 | 142.5 | ||
| Exceptional gain/(loss), signed | -7.27 | -28.4 | -132.1 | ||
| PAT attributable to non-controlling interests | 38.6 | 30.5 | 29.0 | ||
| Share of profit of associates and joint ventures | 33.8 | 58.8 | 56.5 | ||
| PAT attributable to owners of EIH | 639.1 | 739.4 | 628.3 | ||
| Total income including other income | 2,626 | 2,880 | 3,106 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of EIH | 3,124 | 3,472 | 3,940 | 4,613 | 5,262 |
| Borrowings including lease liabilities | 475.1 | 238.4 | 199.3 | 265.1 | 252.4 |
| Cash and cash equivalents only | 70.4 | 86.0 | 84.6 | 377.9 | 172.7 |
| Trade receivables net of allowances | 115.7 | 224.3 | 200.0 | 239.5 | 256.7 |
| Inventories | 48.7 | 63.8 | 61.8 | 59.5 | 63.8 |
| Trade payables MSME plus other creditors | 165.0 | 304.3 | 263.7 | 277.2 | 310.7 |
| Net property, plant and equipment * | 2,374 | 2,379 | 2,392 | 2,644 | 3,341 |
| Capital work in progress * | 57.1 | 100.8 | 177.1 | 317.7 | 228.1 |
| Total assets * | 4,140 | 4,407 | 5,048 | 5,840 | 6,556 |
| Total equity including non-controlling interests | 4,086 | 4,744 | 5,409 | ||
| Financial borrowings excluding leases | 0.00 | 0.00 | 0.00 | ||
| Other current bank balances including restricted amounts | 556.0 | 534.3 | 761.2 | ||
| Current investments included in broad net cash | 103.2 | 138.8 | 179.5 | ||
| Lease-inclusive net debt after current liquidity | -544.5 | -785.9 | -861.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -134.5 | 401.0 | 711.7 | 825.1 | 992.9 |
| Free cash flow (vendor definition) * | -85.6 | 476.4 | 489.3 | 340.5 | 296.5 |
| Dividend cash paid including unpaid dividends to IEPF | -0.48 | -0.50 | 77.3 | 83.2 | 106.0 |
| Gross cash capex PPE, ROU, CWIP and intangibles | 33.1 | -135.9 | 222.4 | 484.6 | 696.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Exact shares outstanding / diluted denominator | 62.54 | 62.54 | 62.54 | 62.54 | 62.54 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 589.0 | 800.2 | 827.5 | 573.6 | 597.9 | 872.9 | 895.2 | 657.0 |
| Cost of revenue (vendor classification) * | 189.9 | 208.2 | 211.0 | 197.4 | 209.3 | 233.6 | 242.5 | 229.7 |
| Other operating costs (vendor classification) * | 224.5 | 235.2 | -31.9 | 216.4 | 234.9 | 263.0 | 318.8 | 260.7 |
| EBITDA (vendor classification) * | 216.1 | 406.4 | 501.8 | 203.9 | 198.2 | 432.0 | 412.4 | 211.9 |
| Management EBITDA less depreciation | 174.3 | 353.6 | 356.2 | 161.9 | 153.9 | 376.8 | 354.7 | 170.5 |
| Finance costs including lease interest | 4.90 | 5.98 | 5.85 | 5.82 | 5.54 | 5.61 | 6.12 | 5.59 |
| Profit before tax after associates and exceptional | 175.3 | 364.2 | 355.0 | 54.2 | 166.4 | 359.8 | 368.3 | 169.3 |
| Current plus deferred tax expense | 42.6 | 85.4 | 93.4 | 17.3 | 49.9 | 105.0 | 119.2 | 49.0 |
| Profit after tax including non-controlling interests | 132.7 | 278.8 | 261.6 | 36.9 | 116.6 | 254.8 | 249.1 | 120.3 |
| Diluted EPS attributable to owners (₹) | 2.08 | 4.23 | 4.04 | 0.54 | 1.82 | 3.89 | 3.80 | 1.87 |
| Consumption of provisions, wines and others | 56.9 | 68.3 | 67.7 | 58.5 | 62.7 | 78.8 | 76.0 | 68.7 |
| Employee benefits expense | 133.0 | 140.0 | 142.7 | 138.9 | 146.7 | 154.8 | 166.5 | 161.0 |
| Other expenses | 224.5 | 235.2 | 266.2 | 216.4 | 234.9 | 263.0 | 318.8 | 260.7 |
| Management EBITDA including other income | 208.2 | 387.8 | 389.2 | 195.3 | 188.5 | 413.4 | 392.7 | 207.5 |
| Other income | 33.6 | 31.0 | 38.4 | 35.5 | 34.8 | 37.1 | 58.7 | 41.0 |
| Depreciation and amortisation expense | 33.9 | 34.2 | 33.0 | 33.4 | 34.6 | 36.6 | 37.9 | 37.0 |
| Exceptional gain/(loss), signed | -2.01 | -2.08 | -22.1 | -110.5 | 8.41 | -30.0 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 2.83 | 14.4 | 8.68 | 3.02 | 2.79 | 11.7 | 11.5 | 3.17 |
| Share of profit of associates and joint ventures | 7.93 | 18.7 | 26.8 | 8.56 | 9.65 | 18.6 | 19.7 | 4.39 |
| PAT attributable to owners of EIH | 129.9 | 264.5 | 252.9 | 33.9 | 113.8 | 243.0 | 237.6 | 117.1 |
| Total income including other income | 622.6 | 831.2 | 865.8 | 609.1 | 632.7 | 910.0 | 954.0 | 697.9 |
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 | 99.6% | 104.9% | 24.4% | 9.2% | 7.2% |
| EBITDA margin | 41.5% | 42.0% | 40.5% | ||
| Net margin | 25.4% | 27.0% | 21.4% | ||
| Return on equity | 17.2% | 17.3% | 12.7% | ||
| Return on capital employed | -1.3% | 13.4% | 23.2% | 22.6% | 20.2% |
| Return on assets | 13.5% | 13.6% | 10.1% | ||
| Net debt (₹ crore) | -544.5 | -785.9 | -861.0 | ||
| Net debt / EBITDA | -0.52x | -0.68x | -0.72x | ||
| Interest cover | -1.38x | 20.2x | 46.9x | 47.7x | 45.4x |
| Asset turnover | 0.24x | 0.47x | 0.53x | 0.50x | 0.47x |
| Receivable days | 43 | 41 | 29 | 32 | 32 |
| Inventory days (on revenue) | 18 | 12 | 9 | 8 | 8 |
| Payable days (on revenue) | 61 | 55 | 38 | 37 | 39 |
| Cash conversion | 1.11x | 1.12x | 1.58x | ||
| Capex intensity | 3.4% | 6.7% | 8.9% | 17.7% | 23.7% |
| Free cash flow (₹ crore) | -167.6 | 265.1 | 489.3 | 340.5 | 296.5 |
| Dividend payout | 12.1% | 11.3% | 16.9% | ||
| EPS, diluted (₹) | -1.56 | 5.03 | 10.22 | 11.82 | 10.05 |
| Book value per share (₹) | 49.96 | 55.52 | 63.00 | 73.76 | 84.15 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Management EBITDA including other income) / 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): Lease-inclusive net debt after current liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Management EBITDA including other income).
- 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 attributable to owners).
- 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 EIH 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 EIH
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Prices are the last close on the NSE, 15 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 16 Oct 2026.
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