Chalet Hotels financials and balance sheet

NSE: CHALETBSE: 542399Leisure ServicesSmall Cap

₹789.40₹29.80 (3.64%)BSE ₹789.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹819.20.

52-week range of traded prices to 23 Oct 2026

₹691.35Low, 30 Mar 2026₹977.70High, 31 Oct 2025

Market cap: ₹17,287 Cr378th largest listed
P/E: 32.7
P/B: 4.7
Dividend yield: 0.25%
ROE: 15.7%
ROCE: 13.7%
Debt to equity: 0.63
Volume, NSE: 1,38,35268.4% delivered

8 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Chalet Hotels annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,770 Cr, year to Mar 2026A loss in 3 of the 8 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 4.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,770
Materials and goods−536
Employee costs−288
Other expenses−758
Operating profit1,187
Depreciation−230
Other income+43
One-off items−1.0
Finance costs−180
Profit before tax819
Tax−174
Net profit645

What the company owns

Plant, investments and other assets₹6,647 Cr
Cash and bank₹309 Cr
Inventory₹269 Cr
Receivables₹69 Cr
Current investments₹15 Cr

What pays for it: net worth and liabilities

Net worth₹3,697 Cr
Borrowings₹2,324 Cr
Other liabilities₹1,123 Cr
Owed to suppliers₹165 Cr

Chalet Hotels business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Chalet Hotels segment results by quarter

Revenue by segment

₹2,776 CrTotal

Hospitality (Hotels)₹1,731 Cr62.4% of total
Real Estate₹738 Cr26.6% of total
Rental / Annuity Business₹306 Cr11.0% of total

Profit by segment

Hospitality (Hotels)₹582 Cr55.5% of total
Real Estate₹273 Cr26.0% of total
Rental / Annuity Business₹195 Cr18.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Hospitality (Hotels)
Revenue, ₹ crore
914
876
202
410
1,028
1,293
1,521
1,731
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
263
246
−117
−31
338
459
545
582
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate
Revenue, ₹ crore
34
5
0
0
0
0
0
738
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−19
−25
−16
−28
27
−14
−21
273
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Rental / Annuity Business
Revenue, ₹ crore
102
100
124
197
306
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
64
63
75
92
195
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	987	981	295	515	1,128	1,417	1,718	2,776
Company revenue, as in its results	987	981	294	508	1,128	1,417	1,718	2,770
Revenue	914	876	202	410	1,028	1,293	1,521	1,731
Revenue growth	–	−4.2%	−76.9%	102.8%	150.8%	25.8%	17.6%	13.8%
Profit	263	246	−117	−31	338	459	545	582
Profit growth	–	−6.3%	–	–	–	35.8%	18.6%	6.8%
Margin	28.8%	28.1%	−57.9%	−7.5%	32.9%	35.5%	35.8%	33.6%
Return on capital	13.0%	10.6%	−5.6%	−1.6%	15.3%	18.4%	16.2%	16.2%
Assets	2,190	2,485	2,200	2,144	2,502	2,792	3,673	3,883
Liabilities	164	161	111	185	285	294	310	299
Capital employed	2,026	2,324	2,089	1,959	2,216	2,498	3,363	3,584
Revenue	34	5	0	0	0	0	0	738
Revenue growth	–	−84.6%	–	–	–	–	–	–
Profit	−19	−25	−16	−28	27	−14	−21	273
Margin	−54.9%	−474.5%	–	–	–	–	–	36.9%
Return on capital	−23.0%	−21.8%	−14.5%	−20.0%	11.5%	−13.4%	–	–
Assets	395	388	389	392	418	597	653	300
Liabilities	313	273	278	250	181	491	856	540
Capital employed	82	115	111	142	237	106	−204	−240
Revenue	–	–	–	102	100	124	197	306
Revenue growth	–	–	–	–	−1.6%	24.1%	58.8%	55.4%
Profit	–	–	–	64	63	75	92	195
Profit growth	–	–	–	–	−1.6%	18.1%	23.2%	110.9%
Margin	–	–	–	63.3%	63.4%	60.4%	46.9%	63.6%
Return on capital	–	–	–	4.7%	3.8%	4.1%	4.5%	8.2%
Assets	–	–	–	1,450	1,747	1,946	2,229	2,552
Liabilities	–	–	–	86	100	119	174	185
Capital employed	–	–	–	1,364	1,647	1,826	2,054	2,366
Revenue	–	–	–	3	–	–	–	–
Profit	–	–	–	−7	–	–	–	–
Margin	–	–	–	−196.6%	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
Capital employed	–	–	–	0	–	–	–	–
Revenue	39	100	93	–	–	–	–	–
Revenue growth	–	156.8%	−7.7%	–	–	–	–	–
Profit	−12	40	55	–	–	–	–	–
Profit growth	–	–	37.8%	–	–	–	–	–
Margin	−30.3%	40.0%	59.8%	–	–	–	–	–
Return on capital	−1.8%	5.3%	5.3%	–	–	–	–	–
Assets	723	807	1,097	–	–	–	–	–
Liabilities	57	53	49	–	–	–	–	–
Capital employed	666	754	1,048	–	–	–	–	–
Revenue	–	–	0	–	–	–	–	–
Profit	–	–	−4	–	–	–	–	–
Margin	–	–	−5,721.1%	–	–	–	–	–
Assets	–	–	0	–	–	–	–	–
Liabilities	–	–	0	–	–	–	–	–
Capital employed	–	–	0	–	–	–	–	–
Revenue	48	28	22	18	50	20	36	37
Profit	0	0	0	0	0	0	0	0
Assets	0	332	303	457	264	415	509	574
Liabilities	0	1,972	2,135	2,580	2,823	2,994	2,677	2,587

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Chalet Hotels quarterly results

₹ crore	Mar 2019Filed 14 May	Mar 2020Filed 10 Jun	Mar 2021Filed 19 May	Mar 2022Filed 11 May	Mar 2023Filed 4 Jul	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	987	981	294	508	1,128	1,417	1,718	2,770
	668	645	287	409	676	833	982	1,582
Materials and goods bought	137	116	37	77	139	145	159	536
Employee costs	145	152	91	100	151	195	234	288
Other expenses	386	376	160	232	385	493	588	758
Operating profit before depreciation	319	337	7	98	453	585	736	1,187
Operating margin	32.3%	34.3%	2.4%	19.4%	40.1%	41.2%	42.8%	42.9%
Materials, % of revenue	13.9%	11.8%	12.4%	15.2%	12.3%	10.3%	9.3%	19.4%
Employee costs, % of revenue	14.7%	15.5%	30.8%	19.7%	13.4%	13.7%	13.6%	10.4%
Other expenses, % of revenue	39.1%	38.4%	54.4%	45.8%	34.1%	34.8%	34.2%	27.4%
Depreciation and amortisation	115	113	117	118	117	138	179	230
Operating profit after depreciation	204	223	−110	−20	336	446	557	957
Other income	48	28	22	22	49	20	36	43
Finance costs	266	146	152	144	154	197	159	180
Profit before one-off items and tax	−14	105	−240	−142	231	269	434	820
One-off items	−4	−4	−4	−4	42	0	0	−1
Profit before tax	−18	101	−244	−147	273	269	434	819
	−11	1	−109	−72	90	−9	292	174
Current tax	1	20	−6	−4	0	1	4	47
Deferred tax	−12	−18	−103	−68	90	−10	288	127
Profit from discontinued businesses	–	–	−4	−7	–	–	–	–
	−8	100	−139	−81	186	278	142	645
Belonging to the company's shareholders	–	100	−139	−82	186	278	143	645
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0
Other comprehensive income	−1	−1	0	0	–	−1	0	0
Total comprehensive income	−8	98	−139	−81	–	277	142	645
Net margin	−0.8%	10.2%	−47.3%	−16.0%	16.5%	19.6%	8.3%	23.3%

Belonging to the company's shareholders is left blank for the year to Mar 2019: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the earnings per share is under 50 paise, where its rounding to the paisa is too coarse.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 14 May	Mar 2020Filed 10 Jun	Mar 2021Filed 19 May	Mar 2022Filed 11 May	Mar 2023Filed 4 Jul	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	1,425	1,554	1,416	1,341	1,542	1,851	3,046	3,697
	1,423	1,554	1,416	1,341	1,542	1,851	3,046	3,698
Share capital	205	205	205	205	205	205	218	219
Reserves	1,218	1,349	1,211	1,136	1,337	1,646	2,828	3,479
Belonging to outside owners of subsidiaries	3	–	0	0	0	0	−1	−1
	1,411	1,705	1,845	2,534	2,794	2,950	2,554	2,324
Repayable after a year	1,339	1,664	1,760	2,143	2,208	1,855	1,553	1,884
Repayable within a year	72	40	84	391	586	1,096	1,001	440
	725	731	761	861	1,078	1,913	2,204	1,287
Trade payables	122	106	83	87	150	207	171	165
Other financial liabilities	166	250	260	66	109	112	114	134
Other liabilities	269	226	224	212	221	490	909	537
Provisions	97	89	91	85	11	8	9	10
Tax owed	0	20	20	20	0	0	0	–
	1,409	1,727	1,812	2,241	2,312	1,986	1,814	2,325
Other financial liabilities	21	20	19	75	80	96	118	131
Other liabilities	14	13	11	14	15	24	41	72
Provisions	6	8	8	8	8	12	16	19
Deferred tax	29	22	14	1	0	0	85	220
Total assets	3,560	4,013	3,989	4,443	4,931	5,750	7,063	7,309
	2,960	3,355	3,434	3,801	4,226	4,867	5,898	6,406
Plant in use, after depreciation	2,049	2,279	2,059	2,033	2,149	2,488	3,126	3,344
Plant being built	34	88	36	32	98	37	183	132
Intangible assets	1	3	3	2	3	5	4	3
Goodwill	23	23	23	23	54	69	82	82
Property held to earn rent	681	714	995	1,356	1,647	1,845	1,998	2,264
Investments	5	5	4	6	7	9	10	15
Loans given	12	11	11	0	0	0	0	0
Other financial assets	5	7	23	39	59	89	169	185
Deferred tax	73	85	180	235	144	162	14	22
Other assets	78	140	100	75	65	165	312	358
	599	658	555	642	704	882	1,165	903
Inventories	395	392	391	393	413	542	633	269
Trade receivables	48	42	22	44	59	55	78	69
Cash and cash equivalents	40	8	27	25	44	82	109	164
Other bank balances	43	120	19	75	78	50	77	145
Current investments	0	0	0	0	0	1	99	15
Loans given	2	3	7	0	0	0	0	0
Other financial assets	24	15	3	15	13	136	23	80
Other assets	48	78	87	90	98	16	147	162
Net debt	1,328	1,577	1,799	2,434	2,672	2,817	2,269	2,001

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 May	Mar 2022Filed 11 May	Mar 2023Filed 4 Jul	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	60	62	477	689	950	1,067
	13	58	474	745	1,037	1,210
	2	−48	−50	137	283	1
Receivables	21	−22	−41	−105	−39	−68
Inventories	1	−1	−37	−131	−89	363
Payables	−31	−22	75	373	411	−294
Other working capital	10	−3	−46	0	0	0
Tax paid	47	4	3	−55	−87	−143
Capital spending	48	42	175	436	969	338
Free cash flow	12	21	302	253	−19	729
	−50	−396	−592	−635	−1,385	−575
Plant and property sold	1	2	3	9	5	1
Interest received	6	6	3	20	11	39
	−34	411	126	−108	496	−466
Borrowings raised	407	723	998	485	737	1,431
Borrowings repaid	−299	−228	−795	−447	−997	−1,493
Interest paid	−142	−130	−138	−175	−139	−193
Lease payments	0	−4	0	0	0	0
Dividends paid	0	0	0	0	0	22
Shares bought back	0	0	0	0	0	0
Shares issued	0	50	25	13	990	20
Net change in cash	−24	77	11	−53	61	25

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Chalet Hotels dividend history

₹ per share	Mar 2019Filed 14 May	Mar 2020Filed 10 Jun	Mar 2021Filed 19 May	Mar 2022Filed 11 May	Mar 2023Filed 4 Jul	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	−₹0.43	₹5.01	−₹6.78	−₹3.98	₹8.94	₹13.54	₹6.53	₹29.50
Diluted earnings per share	−₹0.43	₹5.01	−₹6.78	−₹3.98	₹8.94	₹13.53	₹6.52	₹29.46
Dividend per share	–	–	–	–	–	–	–	₹2.00
Book value per share	₹69.39	₹75.81	₹69.07	₹65.42	₹75.21	₹90.10	₹139.45	₹168.85
Dividend payout	–	–	–	–	–	–	–	6.8%
Shareholder yield	–	–	0.0%	−0.8%	−0.3%	−0.1%	−5.5%	0.0%
Market cap at the year end (₹ crore)	6,921	4,206	2,999	6,199	7,445	18,143	17,899	15,363

Ratios

Consolidated, years to March.Chalet Hotels PE ratio and valuation

Ratio	Mar 2019Filed 14 May	Mar 2020Filed 10 Jun	Mar 2021Filed 19 May	Mar 2022Filed 11 May	Mar 2023Filed 4 Jul	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	–	−0.6%	−70.0%	72.5%	122.2%	25.6%	21.2%	61.2%
Operating profit growth	–	5.4%	−97.9%	1,296.4%	359.8%	29.1%	25.9%	61.4%
Net profit growth	–	–	–	–	–	49.7%	−48.8%	352.7%
Earnings per share growth	–	–	–	–	–	51.5%	−51.8%	351.8%
	–	6.7%	−9.4%	−5.9%	12.9%	16.4%	5.8%	19.1%
	–	–	−16.1 pts	3.5 pts	18.8 pts	3.5 pts	−10.6 pts	13.3 pts
From the net margin	–	–	−37.8 pts	6.2 pts	12.0 pts	2.5 pts	−9.5 pts	10.5 pts
From asset turnover	–	–	22.3 pts	−2.0 pts	6.1 pts	1.6 pts	0.1 pts	7.1 pts
From borrowing	–	–	−0.5 pts	−0.7 pts	0.8 pts	−0.5 pts	−1.2 pts	−4.4 pts
Return on capital employed	7.2%	6.9%	−3.4%	−0.5%	7.7%	9.3%	9.9%	15.9%
Cash conversion	–	–	–	–	256.6%	247.8%	667.0%	165.4%
Interest cover	0.8	1.5	–	–	2.2	2.3	3.5	5.3
Debt to equity	0.99	1.10	1.30	1.89	1.81	1.59	0.84	0.63
Receivable days	18	16	27	31	19	14	17	9
Inventory days	1,054	1,236	3,899	1,866	1,083	1,361	1,449	183
Payable days	324	335	826	411	394	520	393	112
Cash conversion cycle, days	747	917	3,100	1,487	708	855	1,073	80
Working capital days	−50	−60	−208	52	29	−18	−69	−35
Asset turnover	0.28	0.26	0.07	0.12	0.24	0.27	0.27	0.39
Assets per rupee of net worth	2.50	2.54	2.69	3.06	3.25	3.15	2.62	2.13
Sales per rupee of plant	0.48	0.43	0.14	0.25	0.53	0.57	0.55	0.83
Capital spending to depreciation	–	–	0.41	0.35	1.49	3.15	5.42	1.47
Plant being built, % of plant in use	1.7%	3.8%	1.7%	1.6%	4.5%	1.5%	5.9%	4.0%

Interest cover is left blank for the years to Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.0%
Cash from operations against operating profit: 89.8%

Measure	5 years	3 years
Revenue growth, yearly rate	56.6%	34.9%
Profit growth, yearly rate	–	51.4%
Return on equity, average	9.7%	13.8%
Return on capital employed, average	8.5%	11.7%
Operating margin, average	37.3%	42.3%
Net margin, average	10.3%	17.1%
Asset turnover, average	0.26	0.31
Cash conversion cycle, days, average	841	670
Interest cover, average	3.3	3.7
Debt to equity, average	1.35	1.02

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,246	2,707	1,067
Cash from investing	−3,584	−2,596	−575
Cash from financing	458	−79	−466
Capital spending	1,960	1,744	338
Dividends paid	22	22	22
Shares bought back	0	0	0
Shares issued for cash	1,099	1,024	20
Borrowings raised	4,373	2,652	1,431
Borrowings repaid	3,961	2,937	1,493

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	3	6	7	7	7	6
Altman Z-scorePublished threshold 1.1	2.05	2.05	1.07	0.96	1.45	0.80	1.70	3.20
Beneish M-scorePublished threshold −1.78	–	–	−2.68	−1.76	−1.98	−2.87	−2.63	−2.42
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−3.73	5.99	6.38	4.19	9.01	2.14
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	3.23	3.50	2.54
Receivables growth less revenue growthOur threshold 0 percentage points	–	−11.98	21.92	28.99	−87.02	−32.03	20.57	−73.35
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	14.62	68.08	−109.56	−75.92	26.86	7.06	−294.14
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	2.14	−1.18	3.15	0.47	2.91	1.03	2.62
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.25	–	0.35	0.42	0.08	0.22	0.30
Effective tax ratePublished threshold 17.16 per cent	–	1.21	–	–	32.82	−3.28	67.19	21.21
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	31.67	−23.82	47.24	3.75

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
29 Sep 2026	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AA-Review, Re-affirm	Positive	250
29 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA-Review, Re-affirm	Positive	869.23
29 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loanLong-term scale	[ICRA]AA-Review, Re-affirm	Positive	1,975.59
29 Sep 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Positive	41.18
29 Sep 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		60
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	Crisil AA-No Rating ChangeINE427F07021 Debt ISIN	Stable	75
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA-No Rating Change	Stable	373
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+No Rating Change		100
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	Crisil A1+No Rating ChangeINE427F14019 Debt ISIN		100
22 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		350
22 Sep 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Other	Stable	1,126.80
3 Sep 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA- /[ICRA]A1+Review, Upgrade	Stable	274.35

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.