Kamat Hotels (I) financials and balance sheet

NSE: KAMATHOTELBSE: 526668Leisure ServicesSmall Cap

₹218.28₹11.70 (5.09%)BSE ₹218.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹229.98.

52-week range of traded prices to 23 Oct 2026

₹140.20Low, 30 Mar 2026₹307.05High, 23 Oct 2025

Market cap: ₹643 Cr1,803rd largest listed
P/E: Earlier quarters restated in the year
P/B: 2.0
Dividend yield: Nonein the last 12 months
ROCE: 16.7%
Debt to equity: 0.33
Volume, NSE: 60,27550.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Kamat Hotels (I) annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹386 Cr, year to Mar 2026A loss in 3 of the 10 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 17.4% 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

Revenue386
Materials and goods−34
Employee costs−89
Other expenses−165
Operating profit97
Depreciation−28
Other income+14
One-off items0.0
Finance costs−29
Profit before tax54
Tax−16
Net profit39

What the company owns

Plant, investments and other assets₹612 Cr
Cash and bank₹48 Cr
Receivables₹15 Cr
Inventory₹5 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Net worth₹333 Cr
Other liabilities₹222 Cr
Borrowings₹111 Cr
Owed to suppliers₹15 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Kamat Hotels (I) quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 24 May	Mar 2023Filed 27 May	Mar 2024Filed 10 May	Mar 2025Filed 24 Jun	Mar 2026Filed 13 May
Revenue from operations	185	199	236	222	66	144	295	304	362	386
	130	149	164	159	57	108	186	214	258	289
Materials and goods bought	–	20	23	20	7	15	24	26	31	34
Employee costs	–	–	55	57	15	31	49	61	74	89
Other expenses	–	–	86	81	35	61	113	126	153	165
Operating profit before depreciation	55	50	72	63	9	37	109	91	105	97
Operating margin	29.7%	25.2%	30.5%	28.6%	13.4%	25.4%	36.8%	29.8%	28.9%	25.1%
Materials, % of revenue	–	–	9.6%	9.2%	10.2%	10.3%	8.2%	8.7%	8.5%	8.9%
Employee costs, % of revenue	–	–	23.5%	25.7%	23.2%	21.7%	16.7%	20.0%	20.3%	23.2%
Other expenses, % of revenue	–	–	36.5%	36.6%	53.2%	42.6%	38.3%	41.5%	42.3%	42.8%
Depreciation and amortisation	23	23	18	18	18	17	15	18	20	28
Operating profit after depreciation	32	27	54	45	−9	20	93	73	85	69
Other income	10	7	2	1	2	1	4	11	8	14
Finance costs	28	16	22	37	42	50	22	61	30	29
Profit before one-off items and tax	13	18	34	9	−49	−30	75	24	63	54
One-off items	31	−200	−6	15	4	0	238	30	2	0
Profit before tax	44	−181	27	25	−45	−30	314	53	65	54
	0	12	11	−1	−10	−7	3	9	19	16
Current tax	–	–	1	3	0	0	0	0	6	18
Deferred tax	–	–	10	−3	−10	−7	3	9	13	−2
Share of profit of joint ventures and associates	–	1	0	0	−1	0	3	1	0	–
	45	−192	17	25	−36	−23	313	45	47	39
Belonging to the company's shareholders	45	−192	17	–	−36	−23	313	45	47	39
Belonging to outside owners of subsidiaries	–	–	–	–	0	0	0	0	0	–
Other comprehensive income	–	–	0	0	1	0	0	0	0	1
Total comprehensive income	–	–	17	25	−36	−22	313	45	47	39
Net margin	24.0%	−96.7%	7.2%	11.2%	−55.0%	−15.7%	106.1%	14.7%	12.9%	10.0%
Net margin without joint ventures and associates	–	−97.4%	7.0%	11.3%	−54.0%	−15.4%	105.2%	14.5%	12.8%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count in the filing and in the shareholding filing differ by more than 2%.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 24 May	Mar 2023Filed 27 May	Mar 2024Filed 10 May	Mar 2025Filed 24 Jun	Mar 2026Filed 13 May
	−148	−123	−159	−181	154	206	278	333
	−148	−123	−159	−181	154	206	278	316
Share capital	24	24	24	24	25	26	30	30
Reserves	−172	−147	−183	−205	129	179	248	286
Belonging to outside owners of subsidiaries	–	–	0	0	–	0	0	17
	260	206	64	441	346	200	128	111
Repayable after a year	260	206	64	40	206	184	124	107
Repayable within a year	0	0	0	401	140	16	3	4
	335	351	518	575	230	139	75	86
Trade payables	21	27	24	22	23	31	15	15
Other financial liabilities	291	302	477	130	40	45	48	47
Other liabilities	21	21	16	21	26	46	8	9
Provisions	3	1	1	1	1	1	1	1
Tax owed	0	0	0	0	0	0	0	9
	296	258	106	73	225	273	235	262
Other financial liabilities	1	18	18	18	1	66	75	119
Other liabilities	5	5	4	3	2	2	1	1
Provisions	3	5	4	4	5	5	6	8
Deferred tax	27	24	15	8	11	16	29	28
	484	486	465	467	609	618	589	680
Held for sale or for a demerger	–	–	–	–	84	–	–	–
	452	446	436	425	480	536	524	589
Plant in use, after depreciation	363	343	323	317	354	385	324	470
Plant being built	0	5	6	1	2	4	8	5
Intangible assets	1	19	22	21	1	1	1	1
Goodwill	0	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	0	0	0	0
Property held to earn rent	11	11	10	10	8	8	8	8
Investments	0	0	1	0	3	4	4	0
Loans given	20	20	21	0	36	29	19	13
Other financial assets	5	1	0	22	23	31	10	25
Deferred tax	15	10	11	12	0	0	13	–
Other assets	38	37	41	40	54	75	137	67
	32	39	29	42	45	82	66	91
Inventories	3	3	2	2	4	4	5	5
Trade receivables	13	10	6	10	9	9	9	15
Cash and cash equivalents	8	15	13	23	12	7	12	19
Other bank balances	2	1	1	1	11	27	17	30
Current investments	0	0	0	0	0	0	0	0
Loans given	0	0	1	0	0	0	0	0
Other financial assets	0	1	0	1	1	5	9	11
Tax paid in advance	0	3	0	0	0	0	0	1
Other assets	6	6	6	6	8	29	14	10
Net debt	251	190	50	417	323	165	99	62

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 5 Jul	Mar 2022Filed 24 May	Mar 2023Filed 27 May	Mar 2024Filed 10 May	Mar 2025Filed 24 Jun	Mar 2026Filed 13 May
	1	30	314	73	66	98
	14	31	314	78	64	107
	0	−5	–	−12	−20	20
Receivables	0	−3	–	0	0	13
Inventories	0	0	–	−1	0	0
Payables	0	−1	–	31	0	7
Other working capital	0	−1	–	−42	−20	0
Tax paid	2	−1	–	−6	3	−10
Capital spending	8	6	–	7	17	27
Free cash flow	−7	24	314	66	49	70
	−4	−4	–	145	34	−45
Plant and property sold	0	0	–	116	0	0
Interest received	0	0	–	45	30	6
	5	−17	–	−219	−96	−48
Borrowings raised	10	5	–	115	103	0
Borrowings repaid	−3	−15	–	−245	−174	0
Interest paid	−1	−5	–	−95	−42	−16
Lease payments	−2	−2	–	−4	−9	−14
Dividends paid	0	0	–	0	0	0
Shares bought back	0	0	–	0	0	0
Shares issued	0	0	–	9	26	0
Net change in cash	2	9	314	−2	5	5

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 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Kamat Hotels (I) dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 24 May	Mar 2023Filed 27 May	Mar 2024Filed 10 May	Mar 2025Filed 24 Jun	Mar 2026Filed 13 May
Earnings per share	₹18.88	−₹81.49	₹7.16	₹21.00	−₹15.39	−₹9.61	₹132.31	₹17.52	₹15.96	₹12.71
Diluted earnings per share	₹18.88	−₹81.49	₹7.16	₹21.00	−₹15.39	−₹9.61	₹132.31	₹15.80	₹15.60	₹12.71
Book value per share	–	–	−₹61.16	−₹52.15	−₹65.67	−₹74.95	₹61.05	₹77.61	₹94.46	₹107.19
Shareholder yield	–	–	–	–	0.0%	0.0%	–	−1.4%	−3.1%	0.0%
Market cap at the year end (₹ crore)	79	202	116	41	69	165	324	647	846	422

Ratios

Consolidated, years to March.Kamat Hotels (I) PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 3 Aug	Mar 2021Filed 5 Jul	Mar 2022Filed 24 May	Mar 2023Filed 27 May	Mar 2024Filed 10 May	Mar 2025Filed 24 Jun	Mar 2026Filed 13 May
Revenue growth	1.1%	7.2%	18.8%	−6.0%	−70.3%	118.9%	104.1%	3.2%	19.1%	6.4%
Operating profit growth	39.5%	−9.2%	44.0%	−12.0%	−86.0%	314.3%	196.3%	−16.5%	15.3%	−7.5%
Net profit growth	–	–	–	46.7%	–	–	–	−85.7%	3.9%	−17.2%
Earnings per share growth	–	–	–	193.3%	–	–	–	−86.8%	−8.9%	−20.4%
	–	–	−11.4%	–	25.8%	13.5%	–	–	19.2%	13.0%
	–	–	–	–	–	−12.3 pts	–	–	–	−6.3 pts
From the net margin	–	–	–	–	–	−18.3 pts	–	–	–	−4.3 pts
From asset turnover	–	–	–	–	–	9.2 pts	–	–	–	0.2 pts
From borrowing	–	–	–	–	–	−3.1 pts	–	–	–	−2.2 pts
Return on capital employed	–	–	47.8%	54.3%	–	7.6%	–	18.0%	20.9%	15.5%
Cash conversion	–	–	–	–	–	–	100.2%	162.4%	142.5%	253.4%
Interest cover	1.1	1.7	2.4	1.2	–	0.4	4.2	1.2	2.8	2.4
Debt to equity	–	–	–	–	–	–	–	0.97	0.46	0.33
Receivable days	–	–	20	17	31	25	–	10	9	14
Inventory days	–	–	54	56	102	53	–	59	55	51
Payable days	–	–	331	478	1,311	532	–	433	183	157
Cash conversion cycle, days	–	–	−257	−405	−1,177	−454	–	−364	−119	−91
Working capital days	–	–	−484	−539	−2,786	−391	–	−91	−36	−37
Asset turnover	–	–	0.49	0.46	0.14	0.31	–	–	0.60	0.61
Assets per rupee of net worth	–	–	−3.27	−3.58	−3.37	−2.74	–	–	2.49	2.14
Sales per rupee of plant	–	–	0.65	0.65	0.20	0.46	0.83	0.79	1.12	0.82
Capital spending to depreciation	–	–	–	–	0.43	0.34	–	0.41	0.87	0.97
Plant being built, % of plant in use	–	–	0.1%	1.5%	1.9%	0.5%	0.4%	0.9%	2.4%	1.0%

Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021 and Mar 2022: net worth is below zero, so there is no shareholders' money to set the borrowings against. Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on capital employed is left blank for the year to Mar 2021: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2023 and Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2023, Mar 2024 and Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2023: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

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: 6.1%
Cash from operations against operating profit: 100.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.7%	42.3%	9.3%
Profit growth, yearly rate	–	–	−50.2%
Return on equity, average	–	–	16.1%
Return on capital employed, average	–	15.5%	18.1%
Operating margin, average	27.3%	29.2%	27.9%
Net margin, average	1.9%	25.6%	12.5%
Asset turnover, average	–	–	0.60
Cash conversion cycle, days, average	–	−257	−191
Interest cover, average	1.9	2.2	2.1
Debt to equity, average	–	–	0.59

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	581	237	98
Cash from investing	–	134	−45
Cash from financing	–	−363	−48
Capital spending	–	52	27
Dividends paid	–	0	0
Shares bought back	–	0	0
Shares issued for cash	–	35	0
Borrowings raised	–	218	0
Borrowings repaid	–	419	0

Accounting checks

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

Check	Mar 2017	Mar 2018	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	–	–	–	–	4	7	7	5	8	7
Altman Z-scorePublished threshold 1.1	–	–	−4.83	−4.55	−8.51	−8.91	2.76	2.10	3.29	3.25
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.66	−2.37	−1.68	−2.71	−2.37	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.98	−10.41	–	−28.12	−8.96	−2.24
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.36	1.24	1.12	1.82
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−14.38	26.66	−45.16	−114.72	−4.21	−18.99	67.42
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	3.28	26.62	−106.10	6.38	6.36	−6.66	−7.78
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.53	−5.58	0.58	0.87	8.28	−3.07	−0.17
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	0.14	0.03	0.07	–	0.03
Effective tax ratePublished threshold 17.16 per cent	−1.11	–	39.35	−2.04	–	–	1.08	17.11	28.90	28.90
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	5.67	24.89	11.27

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