Asian Hotels (North) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Hotel Business: 99.3% • Real Estate Operation: 0.7%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 24.5%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 36.94x)
- Operating margins have improved to 26.4% from 7.7%
- Working capital cycle has improved - days down from -867 to -1158
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 138.6% versus prior year
- Company has a low return on equity of 0.0% over last 3 years
- Promoter holding has decreased over last 2 years: -3.2pp
- Contingent liabilities are large at 59.0% of net worth
- Company has delivered a poor sales growth of 4.7% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDHOTEL | 720.50 | 47.79 | 102558.29 | 0.45 | 390.81 | 18.67 | 2339.19 | 14.61 | 25.70 | 28.75 |
| ITCHOTELS | 154.10 | 37.15 | 32099.12 | 0.65 | 181.91 | 36.05 | 936.02 | 15.71 | 10.54 | 31.62 |
| CHALET | 877.50 | 36.39 | 19216.73 | 0.23 | 86.12 | -57.60 | 512.27 | -42.73 | 17.19 | 45.68 |
| THELEELA | 553.65 | 41.72 | 18489.58 | 0.00 | 487.55 | 5502.74 | 3519.56 | 1180.82 | 8.97 | 36.30 |
| EIHOTEL | 285.90 | 25.13 | 17879.16 | 0.52 | 120.31 | 226.22 | 656.96 | 14.54 | 19.68 | 26.02 |
| VENTIVE | 569.70 | 27.75 | 13304.87 | 0.00 | 124.18 | 227.44 | 542.80 | 6.97 | 13.15 | 35.30 |
| LEMONTREE | 105.65 | 35.65 | 8370.08 | 0.00 | 57.34 | 19.21 | 344.61 | 9.13 | 18.72 | 43.36 |
| ITDC | 669.05 | 69.69 | 5738.40 | 0.44 | 9.39 | -3.63 | 90.10 | 2.68 | 29.05 | 9.25 |
| JUNIPER | 227.55 | 30.52 | 5063.04 | 0.00 | 33.26 | 269.47 | 249.53 | 13.04 | 7.85 | 34.56 |
| MHRIL | 196.95 | 75.12 | 3979.74 | 0.00 | -8.56 | -219.39 | 732.81 | 4.48 | 42.30 | 15.36 |
| SAMHI | 160.20 | 7.07 | 3562.20 | 0.00 | 24.93 | 29.72 | 305.21 | 12.12 | 12.38 | 32.18 |
| ASIANHOTNR | 385.40 | 0.00 | 1643.08 | 0.00 | -35.44 | — | 776.34 | 748.37 | 63.06 | 17.46 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 63 | 74 | 77 | 84 | 62 | 78 | 86 | 92 | 70 | 77 | 91 | 103 | 776 | |
| 50 | 60 | 56 | 61 | 49 | 58 | 65 | 62 | 55 | 80 | 81 | 79 | 827 | |
| Operating Profit | 13 | 15 | 21 | 23 | 13 | 20 | 22 | 29 | 15 | -3 | 10 | 23 | -51 |
| OPM % | 21.15% | 19.68% | 27.66% | 27.02% | 21.60% | 25.40% | 24.88% | 31.92% | 21.13% | -3.43% | 10.52% | 22.83% | -6.58% |
| 1 | -0 | 0 | 2 | 0 | 0 | 117 | 187 | 0 | -49 | -40 | -7 | 4 | |
| Interest | 29 | 32 | 45 | 34 | 34 | 38 | 29 | 33 | 19 | 19 | 21 | 14 | 141 |
| Depreciation | 6 | 6 | 6 | 5 | 5 | 5 | 5 | 7 | 5 | 4 | 5 | 4 | 46 |
| Profit before Tax | -20 | -23 | -29 | -15 | -25 | -23 | 104 | 176 | -8 | -75 | -56 | -2 | -47 |
| Tax % | -0.00% | -0.00% | -0.00% | -1.26% | -0.00% | -122.09% | 13.57% | 1.15% | -65.37% | 15.36% | -0.00% | 1642.36% | 25.17% |
| Net Profit | -20 | -23 | -29 | -15 | -25 | -52 | 90 | 174 | -14 | -64 | -56 | 31 | -35 |
| -10.31 | -11.87 | -14.98 | -7.82 | -12.99 | -26.71 | 46.42 | 89.54 | -6.97 | -32.66 | -29.03 | 8.70 | -0.83 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 241 | 251 | 274 | 274 | 252 | 73 | 131 | 256 | 298 | 318 | 1,047 | |
| 170 | 168 | 190 | 191 | 198 | 93 | 125 | 201 | 226 | 234 | 1,068 | |
| Operating Profit | 71 | 83 | 84 | 82 | 55 | -20 | 6 | 54 | 72 | 84 | -21 |
| OPM % | 29.57% | 33.11% | 30.77% | 30.04% | 21.75% | -27.52% | 4.60% | 21.27% | 24.30% | 26.39% | -1.98% |
| 46 | 10 | 31 | 8 | 15 | -567 | 4 | 2 | 2 | 304 | -93 | |
| Interest | 117 | 99 | 98 | 113 | 125 | 91 | 110 | 118 | 140 | 134 | 195 |
| Depreciation | 23 | 21 | 20 | 19 | 18 | 17 | 25 | 23 | 22 | 22 | 59 |
| Profit before Tax | -23 | -27 | -3 | -42 | -74 | -695 | -125 | -85 | -87 | 232 | -181 |
| Tax % | 114.06% | 43.01% | 11.93% | 22.11% | 14.63% | -0.00% | -0.00% | -0.00% | -0.22% | 19.30% | 31.39% |
| Net Profit | 3 | -16 | -2 | -33 | -63 | -695 | -125 | -85 | -87 | 187 | -124 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -357.34 | -64.16 | -43.60 | -44.98 | 96.26 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 5%
- 3 Years:
- 35%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 34%
- 3 Years:
- 35%
- 1 Year:
- 13%
RETURN ON EQUITY
- 10 Years:
- -25%
- 5 Years:
- -47%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| 738 | 721 | 719 | 687 | 624 | 352 | 228 | 143 | 55 | 243 | |
| 962 | 965 | 914 | 930 | 935 | 974 | 1,069 | 1,082 | 1,053 | 551 | |
| Trade Payables | 35 | 41 | 47 | 62 | 82 | 93 | 95 | 93 | 100 | 34 |
| 98 | 66 | 91 | 93 | 94 | 103 | 107 | 196 | 437 | 697 | |
| Total Liabilities | 1,851 | 1,812 | 1,792 | 1,791 | 1,755 | 1,542 | 1,517 | 1,534 | 1,664 | 1,544 |
| 1,213 | 1,186 | 1,148 | 1,129 | 1,096 | 1,503 | 1,479 | 1,457 | 1,434 | 1,418 | |
| Capital Work in Progress | 3 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 563 | 561 | 563 | 567 | 574 | 1 | 0 | 0 | 0 | 0 | |
| 8 | 9 | 12 | 11 | 10 | 6 | 6 | 9 | 11 | 13 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17 | 16 | |
| Cash & Bank | 18 | 15 | 9 | 5 | 2 | 2 | 7 | 20 | 54 | 54 |
| 46 | 39 | 57 | 78 | 72 | 29 | 25 | 48 | 146 | 41 | |
| Total Assets | 1,851 | 1,812 | 1,792 | 1,791 | 1,755 | 1,542 | 1,517 | 1,534 | 1,664 | 1,544 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 83 | 106 | 105 | 107 | 36 | 13 | 45 | 72 | 437 | |
| Cash from Investing | 47 | 18 | 44 | 7 | 22 | -1 | -3 | 4 | 0 | -5 |
| Cash from Financing | -82 | -98 | -153 | -109 | -134 | -47 | -11 | -29 | -38 | -431 |
| 7 | 2 | -5 | -1 | -3 | -1 | 0 | 18 | 35 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Asian Hotels (North) Limited has informed the Exchange about Copy of Newspaper Publication regarding dispatch of Notice of 45th AGM and Annual Report for FY 2025-26
2026-09-04 - Asian Hotels (North) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026, Cut-off date for e-voting and closure of Register of Members and Share Transfer Book of the Company
2026-08-26 - Asian Hotels (North) Limited has informed the Exchange about submission of Newspaper Publication in Business Standard daily, English and Hindi both dated 26.08.2026, regarding Notice to the Members for registering/updating their e-mail address
2026-08-25 - Asian Hotels (North) Limited has informed the Exchange regarding Appointment of Ms Gauri Dhawan as Head of Marketing, PR and Branding, one of the Senior Management Personnel of the Company w.e.f. September 01, 2026.
2026-08-11 - Asian Hotels (North) Limited has informed the Exchange about Copy of Newspaper Publication of Un-audited Standalone & Consolidated Financial Results for the quarter ended June 30, 2026
2026-08-10 - Asian Hotels (North) Limited has informed the Exchange regarding re-appointment of Mr. Krishna Kumar Acharya as Executive Director of the company w.e.f. August 12, 2026 for a period of 2 years.
2026-08-10 - Asian Hotels (North) Limited has submitted to the Exchange, the Un-audited Standalone and Consolidated Financial Results for the period ended June 30, 2026.
2026-08-05 - Asian Hotels (North) Limited has informed the Exchange about Action(s) taken or orders passed
2026-07-23 - Asian Hotels (North) Limited has informed the Exchange about Copy of Newspaper Publication regarding Special Window for re-lodgement of transfer request of physical shares dated 23.07.2026
News
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Asian Hotels (North) Ltd.
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