Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Schloss Bangalore Ltd
NSE: THELEELAConsumer CyclicalLodging
- Last close
- ₹577.95
- Day change
- −₹17.70 (−2.97%)vs
- Market cap
- ₹19,747 crIndian rupees
- Research updated
- 2 reports
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About Schloss Bangalore
Schloss Bangalore Ltd is a leading luxury hospitality company in India, operating under the distinguished "The Leela" brand. Renowned as the country's only institutionally owned and managed pure-play luxury hospitality enterprise, the company owns, manages, operates, and develops a portfolio of upscale hotels and resorts. As of March 31, 2025, Schloss Bangalore Ltd oversees 3,553 rooms across 13 operational properties in 11 major cities, encompassing five directly owned hotels, seven managed through hotel management agreements, and one operated under a franchise model. The company’s revenue streams are well diversified, with room income, food and beverages, management and operating fees, and allied hospitality services forming its core business. It has a robust pipeline, aiming to add approximately 678 keys through new properties by 2028. Schloss Bangalore Ltd’s business model blends asset ownership with asset-light management contracts, enabling efficient capital allocation and operational flexibility. It caters to high-end domestic and international travelers, playing a pivotal role in shaping India’s luxury hotel landscape and contributing to the growth of tourism and hospitality standards in the region.
- Sector
- Consumer Cyclical
- Industry
- Lodging
- Listing
- NSE: THELEELA
- Chief executive
- Mr. Anuraag Bhatnagar
- Employees
- 2,764
- Headquarters
- Mumbai, India
- ISIN
- INE0AQ201015
- Website
- theleela.com
Public research · Report of
Business model & financial foundation
The Leela (NSE: THELEELA), Luxury hotels, resorts and hotel management services: revenue of ₹1,527 crore in FY26 (+17.4% on FY25), an EBITDA margin of 53.3%, net profit of ₹403.1 crore and net debt of ₹1,471 crore.
- Revenue, FY26 (₹ crore)
- 1,527
- consolidated
- Revenue growth, FY26
- +17.4%
- on FY25
- EBITDA margin, FY26
- 53.3%
- EBITDA (Statutory EBITDA inclusive of other income) / revenue
- Net profit, FY26 (₹ crore)
- 403.1
- to owners
- Return on equity, FY26
- 8.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,471
- Deposit-netted debt including leases and CCD interest
- Market capitalisation (₹ crore)
- 19,747
- at the close of 14 Oct 2026
Company profile
The group owns, operates, manages and develops luxury hotels and resorts under The Leela brand. Owned hotels earn rooms, food and beverage and allied-services revenue, while management agreements generate fees with lower capital intensity. Expansion spans owned resorts, joint ventures and an associate investment in Dubai. Brookfield-affiliated promoter vehicles retain control; reporting uses the consolidated group rather than standalone hotel and intercompany earnings.
| Item | Value |
|---|---|
| Legal name | Leela Palaces Hotels & Resorts Limited (formerly Schloss Bangalore Limited, Schloss Bangalore Private Limited) |
| Exchange and ticker | NSE: THELEELA; BSE: 544408 |
| ISIN | INE0AQ201015 |
| CIN | L55209DL2019PLC347492 |
| Sector | Consumer discretionary |
| Industry | Luxury hotels, resorts and hotel management services |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹19,747 crore (14 Oct 2026) |
| Shares outstanding | 33.40 crore shares (FY26) |
| Price | ₹601.3 (close, 14 Oct 2026) |
| 52-week range | ₹384.5 - ₹609.0 (to 14 Oct 2026) |
| Website | https://www.theleela.com |
Corporate structure and shareholding
Parent: Brookfield Corporation (ultimate controlling party).
| Entity | Holding | Business |
|---|---|---|
| Schloss Chanakya Private Limited | 100% | New Delhi hotel; parent of Udaipur and Tulsi Palace subsidiaries |
| Schloss Chennai Private Limited | 100% | Chennai luxury hotel |
| Schloss Udaipur Private Limited | 100% | Udaipur hotel; indirect via Schloss Chanakya |
| Tulsi Palace Resort Private Limited | 100% | Jaipur hotel; indirect via Schloss Chanakya |
| Schloss HMA Private Limited | 100% | Hotel management services |
| Schloss Gandhinagar Private Limited | 100% | Manpower outsourcing |
| Leela Agra Resort Limited | 100% | Agra hospitality development; formerly Leela Palaces and Resorts Limited |
| Schloss Tadoba Private Limited | 100% | Hospitality consultancy services |
| Aries Holdings (DIFC) Limited | 100% | UAE investment vehicle; holds 25% of Argon Holdings, indirect Sofitel The Palm exposure |
| Transition Cleantech Services Five Private Limited | 100% | Hospitality consultancy services |
| Inside India Resorts Private Limited | 51% | Hospitality development |
| Anasvish Tiger Camp Private Limited | 74% | Hospitality development |
| Buildminds Real Estate Private Limited | 76% | Hospitality development in Ayodhya |
| Leela Luxe Hotels & Resorts Private Limited | 100% | Coorg luxury resort assets acquired March 2026 |
| Leela Essence Hospitality Private Limited | 100% | Hospitality |
| Leela Nirvana Resorts Private Limited | 100% | Hospitality |
| Leela Opulence Hotels Private Limited | 100% | Hospitality |
| Leela Imperial Suites Private Limited | 100% | Hospitality |
FY26 consolidated scope. Project Ballet Bangalore ceased statutory holding statusMay31 2025but retains substantialinterest. JVsLagoVue50%andLeelaBKC50%;associateArgon25%. BKCceasedsubsidiaryApr18 2025. Sofitel fullassetdebt notlisted-groupdebt;equitymethod only. BrookfieldultimatecontrolperNote42.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 75.91% | 75.91% | 75.91% | 75.91% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 73.65% |
| Foreign institutions | 8.50% | 9.02% | 8.62% | 7.87% |
| Domestic institutions | 11.08% | 10.58% | 10.51% | 11.52% |
| of which mutual funds | 7.14% | 6.49% | 6.65% | 7.67% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Leela Palaces Hotels & Resorts (formerly Schloss Bangalore; NSE: THELEELA) owns and operates luxury hotels under The Leela brand. At 14 Oct 2026 it had 15 operating hotels with 4,162 keys and 10 pipeline hotels with 1,095 keys. Consolidated revenue comes from the owned palaces in Delhi, Bengaluru, Chennai, Udaipur and Gandhinagar, plus Coorg since Mar 2026. Revenue streams are rooms, F&B, management fees on third-party hotels, and other operating services including ARQ rental. Brookfield-advised entities are the promoter at 75.91%. There is one statutory segment, hoteliering. The Dubai 25% stake and the BKC and Srinagar JVs are equity-accounted.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Room revenue (management revenue stream, not statutory segment) | 772.5 | 50.6% |
| F&B revenue (management revenue stream) | 549.9 | 36.0% |
| HMA / management and other operating fees (not hotel turnover) | 95.1 | 6.2% |
| Other services (wellness, retail, club, transport, manpower) | 109.7 | 7.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Indian Hotels Company (INDHOTEL) | Taj luxury brand, owned and managed hotel mix, domestic travel demand; larger multi-segment network than Leela. |
| EIH (EIHOTEL) | Oberoi and Trident premium/luxury service positioning and owned-asset economics; closest luxury operating comparison. |
| Chalet Hotels (CHALET) | Upscale hotel asset ownership, metro business travel and development capex; third-party brand/operator model differs. |
| Lemon Tree Hotels (LEMONTREE) | |
| India Tourism Development Corporation (ITDC) | |
| Mahindra Holidays & Resorts India (MHRIL) | Leisure resort demand, development and cash allocation comparator; vacation membership/deferred revenue model differs materially. |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 860.1 | 1,171 | 1,301 | 1,527 |
| Cost of revenue (vendor classification) * | 253.7 | 339.8 | 368.0 | 427.4 |
| Other operating costs (vendor classification) * | 204.5 | 265.3 | 474.1 | 336.9 |
| EBITDA (vendor classification) * | 435.0 | 605.3 | 700.2 | 814.2 |
| EBIT including other income before exceptional/JV results | 298.2 | 452.1 | 560.4 | 700.7 |
| Finance costs | 358.8 | 432.6 | 458.2 | 203.4 |
| Profit before tax after exceptional/JV results | -60.6 | 19.4 | 102.1 | 488.2 |
| Total tax expense | 1.12 | 21.6 | 54.4 | 85.2 |
| PAT including non-controlling interests | -61.7 | -2.13 | 47.7 | 403.0 |
| Diluted EPS as reported (₹) | -1.85 | -0.12 | 1.97 | 12.43 |
| Food and beverages consumed | 85.0 | 94.7 | 105.4 | |
| Employee benefits expense | 234.3 | 273.2 | 305.6 | |
| Other expenses | 307.2 | 338.2 | 373.4 | |
| Other income net of other gains/losses | 55.0 | 106.0 | 70.5 | |
| Statutory EBITDA inclusive of other income | 600.0 | 700.4 | 813.3 | |
| Operating EBITDA excluding all other income | 545.0 | 594.4 | 742.9 | |
| Depreciation and amortisation | 148.0 | 139.9 | 112.6 | |
| Signed share of JV and associate profit/loss | 0.00 | -0.19 | -2.69 | |
| Exceptional items signed contribution to PBT | 0.00 | 0.00 | -6.40 | |
| Current tax expense/(credit) | 19.4 | 9.38 | 27.1 | |
| Deferred tax expense/(credit) | 2.14 | 45.0 | 58.1 | |
| PAT attributable to owners | -2.13 | 47.8 | 403.1 | |
| PAT attributable to non-controlling interests signed | 0.00 | -0.17 | -0.10 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity including non-controlling interests | -2,512 | -2,826 | 3,605 | 6,453 |
| Current and non-current borrowings excluding leases | 3,883 | 4,242 | 3,909 | 1,557 |
| Cash and cash equivalents | 171.2 | 71.0 | 130.0 | 99.7 |
| Net trade receivables | 50.7 | 72.9 | 88.7 | 79.1 |
| Inventories | 25.6 | 31.0 | 27.2 | 32.2 |
| Total trade payables MSME plus other | 44.2 | 59.9 | 60.7 | 74.7 |
| Net property plant and equipment excluding ROU | 0.00 | 5,257 | 5,335 | 6,311 |
| Capital work in progress | 39.0 | 39.2 | 130.9 | 228.9 |
| Total assets | 5,876 | 7,062 | 8,266 | 8,924 |
| Right of use assets | 250.9 | 260.5 | 267.9 | |
| Current and non-current lease liabilities | 210.9 | 232.8 | 254.1 | |
| Other bank balances including restricted deposits | 304.0 | 158.0 | 185.9 | |
| Bank fixed deposits with remaining maturity above 12 months | 92.1 | 1,083 | 54.4 | |
| Deposit-netted debt including leases and CCD interest | 4,287 | 2,770 | 1,471 | |
| Capital-management net debt as reported | 4,379 | 3,854 | 1,525 | |
| Interest payable on compulsorily convertible debentures | 301.4 | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash from operating activities after taxes | 176.2 | 538.8 | 552.9 | 776.7 |
| Free cash flow (vendor definition) * | 232.5 | 417.9 | 345.2 | 261.1 |
| Organic cash capex positive outflow excluding acquisitions | -84.5 | 120.9 | 237.3 | 515.6 |
| Cash paid for asset acquisition positive outflow | 0.00 | 0.00 | 561.9 | |
| Cash capex plus asset acquisition positive outflow | 120.9 | 237.3 | 1,077 | |
| Cash acquisition of subsidiaries net cash acquired | 424.6 | 4,689 | 0.00 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Actual issued equity shares at year end | 33.40 | 2.02 | 27.65 | 33.40 |
| Weighted average diluted shares per EPS note | 17.60 | 24.21 | 32.42 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 370.5 | 424.7 | 274.8 | 310.6 | 457.4 | 484.4 | 352.0 | 411.9 |
| Cost of revenue (vendor classification) * | 92.6 | 109.6 | 112.2 | 113.9 | ||||
| Other operating costs (vendor classification) * | 80.8 | 110.0 | 106.6 | 94.7 | ||||
| EBITDA (vendor classification) * | 128.1 | 248.8 | 275.5 | 136.3 | ||||
| EBIT including other income before exceptional/JV results | 188.5 | 233.6 | 101.6 | 133.7 | 221.9 | 243.5 | 119.3 | 160.3 |
| Finance costs | 117.2 | 99.3 | 86.0 | 38.1 | 39.4 | 39.9 | 39.3 | 38.4 |
| Profit before tax after exceptional/JV results | 71.1 | 134.6 | 15.7 | 93.2 | 173.5 | 205.8 | 64.3 | 110.4 |
| Total tax expense | 14.7 | 17.2 | 6.98 | 18.5 | 25.6 | 34.0 | 15.6 | 15.8 |
| PAT including non-controlling interests | 56.4 | 117.4 | 8.70 | 74.7 | 147.9 | 171.7 | 48.8 | 94.6 |
| Diluted EPS as reported (₹) | 0.61 | 4.25 | 0.30 | 2.35 | 4.54 | 9.78 | 1.46 | 2.83 |
| Other income net of other gains/losses | 33.0 | 38.1 | 26.5 | 22.8 | 13.4 | 7.73 | 8.55 | 6.17 |
| Food and beverages consumed | 25.6 | 27.4 | 19.6 | 24.0 | 31.2 | 30.7 | 27.4 | 29.8 |
| Employee benefits expense | 68.5 | 73.4 | 73.0 | 72.7 | 78.4 | 81.5 | 86.5 | 95.0 |
| Other expenses | 89.5 | 97.4 | 80.8 | 76.0 | 110.0 | 106.6 | 94.7 | 99.3 |
| Statutory EBITDA inclusive of other income | 220.0 | 264.6 | 128.0 | 160.7 | 251.3 | 273.4 | 151.9 | 193.9 |
| Operating EBITDA excluding all other income | 186.9 | 226.5 | 101.4 | 137.9 | 237.8 | 265.7 | 143.4 | 187.7 |
| Depreciation and amortisation | 31.5 | 31.0 | 26.4 | 27.0 | 29.4 | 29.9 | 32.7 | 33.6 |
| Signed share of JV and associate profit/loss | -0.19 | 0.23 | 0.09 | -2.41 | -2.49 | 2.12 | -15.6 | -11.5 |
| Exceptional items signed contribution to PBT | 0.00 | 0.00 | 0.00 | 0.00 | -6.40 | 0.00 | 0.00 | 0.00 |
| Current tax expense/(credit) | 3.19 | 5.74 | -0.35 | -1.16 | 14.1 | 14.5 | 15.0 | 15.7 |
| Deferred tax expense/(credit) | 11.5 | 11.5 | 7.33 | 19.7 | 11.5 | 19.5 | 0.62 | 0.10 |
| PAT attributable to owners | 56.5 | 117.5 | 8.77 | 74.7 | 147.9 | 171.8 | 48.8 | 94.6 |
| PAT attributable to non-controlling interests signed | -0.08 | -0.09 | -0.06 | 0.01 | 0.00 | -0.05 | -0.04 | 0.01 |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 36.2% | 11.0% | 17.4% | |
| EBITDA margin | 51.2% | 53.8% | 53.3% | |
| Net margin | -0.2% | 3.7% | 26.4% | |
| Return on equity | 0.1% | 12.3% | 8.0% | |
| Return on capital employed | 21.7% | 32.4% | 12.6% | 9.0% |
| Return on assets | -0.0% | 0.6% | 4.7% | |
| Net debt (₹ crore) | 4,287 | 2,770 | 1,471 | |
| Net debt / EBITDA | 7.15x | 3.96x | 1.81x | |
| Interest cover | 0.83x | 1.04x | 1.22x | 3.44x |
| Asset turnover | 0.15x | 0.18x | 0.17x | 0.18x |
| Receivable days | 21 | 23 | 25 | 19 |
| Inventory days (on revenue) | 11 | 10 | 8 | 8 |
| Payable days (on revenue) | 19 | 19 | 17 | 18 |
| Cash conversion | -253.3x | 11.6x | 1.93x | |
| Capex intensity | 9.8% | 10.3% | 18.2% | 33.8% |
| Free cash flow (₹ crore) | 91.7 | 417.8 | 315.6 | 261.1 |
| EPS, diluted (₹) | -1.85 | -0.12 | 1.97 | 12.43 |
| Book value per share (₹) | -75.22 | -1,401 | 130.4 | 193.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Statutory EBITDA inclusive of 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): Deposit-netted debt including leases and CCD interest; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Statutory EBITDA inclusive of 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.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 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 Schloss Bangalore 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
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- 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.
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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 Schloss Bangalore
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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