Oriental Hotels financials and balance sheet

NSE: ORIENTHOTBSE: 500314Leisure ServicesSmall Cap

₹151.76₹2.54 (1.65%)BSE ₹152.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹154.30.

52-week range of traded prices to 23 Oct 2026

₹80.00Low, 16 Mar 2026₹156.25High, 23 Oct 2026

Market cap: ₹2,710 Cr1,200th largest listed
P/E: 40.3
P/B: 3.5
Dividend yield: 0.43%
ROE: 9.1%
ROCE: 11.0%
Debt to equity: 0.10
Volume, NSE: 18,17,83139.9% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹494 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.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue494
Materials and goods−49
Employee costs−107
Other expenses−206
Operating profit132
Depreciation−34
Other income+8.7
One-off items−0.8
Finance costs−14
Profit before tax92
Tax−20
Joint ventures−4.1
Net profit68

What the company owns

Plant, investments and other assets₹927 Cr
Receivables₹29 Cr
Cash and bank₹15 Cr
Inventory₹11 Cr

What pays for it: net worth and liabilities

Net worth₹762 Cr
Borrowings₹97 Cr
Other liabilities₹87 Cr
Owed to suppliers₹36 Cr

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 4 Jun	Mar 2021Filed 24 Apr	Mar 2022Filed 18 Apr	Mar 2023Filed 27 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 4 May
Revenue from operations	335	358	347	291	116	219	395	393	440	494
	286	302	295	253	148	196	282	295	330	361
Materials and goods bought	37	40	37	30	15	22	39	40	44	49
Employee costs	–	–	98	87	63	72	81	87	99	107
Other expenses	–	–	161	136	69	102	162	169	187	206
Operating profit before depreciation	49	56	51	38	−32	23	112	98	110	132
Operating margin	14.6%	15.7%	14.8%	13.2%	−27.6%	10.7%	28.5%	24.9%	25.0%	26.8%
Materials, % of revenue	–	–	10.7%	10.4%	13.0%	10.0%	9.9%	10.1%	10.0%	9.9%
Employee costs, % of revenue	–	–	28.1%	29.7%	54.6%	32.6%	20.6%	22.1%	22.4%	21.6%
Other expenses, % of revenue	–	–	46.3%	46.6%	60.0%	46.7%	41.0%	42.9%	42.5%	41.7%
Depreciation and amortisation	25	28	28	28	29	26	23	24	33	34
Operating profit after depreciation	24	28	23	11	−61	−3	90	74	77	98
Other income	5	4	8	8	7	7	11	11	3	9
Finance costs	32	31	27	24	22	22	20	17	17	14
Profit before one-off items and tax	−3	2	4	−6	−76	−18	80	68	63	93
One-off items	0	0	96	−1	0	0	0	0	0	−1
Profit before tax	−3	2	100	−6	−76	−18	80	68	63	92
	0	3	13	0	−22	−5	25	18	21	20
Current tax	–	–	22	2	1	1	15	12	11	16
Deferred tax	–	–	−9	−2	−23	−6	10	6	9	4
Share of profit of joint ventures and associates	7	–	5	−2	−18	−7	−1	0	−3	−4
Net profit	5	6	92	−8	−71	−20	54	50	39	68
Other comprehensive income	–	–	1	18	−5	9	45	39	33	23
Total comprehensive income	–	–	92	10	−77	−11	99	88	72	91
Net margin	1.5%	1.7%	26.4%	−2.8%	−61.5%	−9.2%	13.8%	12.6%	8.9%	13.8%
Net margin without joint ventures and associates	−0.6%	–	25.1%	−2.3%	−46.2%	−5.9%	14.1%	12.7%	9.6%	14.6%

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.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 26 Apr	Mar 2020Filed 4 Jun	Mar 2021Filed 24 Apr	Mar 2022Filed 18 Apr	Mar 2023Filed 27 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 15 Oct
	534	531	451	440	539	618	682	762	785
Share capital	18	18	18	18	18	18	18	18	18
Reserves	516	513	433	422	521	601	664	744	767
	264	205	219	267	182	169	149	97	79
Repayable after a year	0	190	219	235	153	100	61	37	28
Repayable within a year	264	15	0	31	29	68	89	59	52
	309	87	82	93	96	129	164	140	136
Trade payables	38	37	37	28	34	30	35	36	38
Other financial liabilities	–	29	39	17	19	19	23	21	20
Other liabilities	5	5	5	8	9	8	13	17	22
Provisions	1	1	1	8	4	4	4	7	5
Tax owed	–	–	–	0	1	–	–	–	–
	9	210	238	254	193	143	104	80	70
Other financial liabilities	2	15	13	13	2	35	36	36	37
Other liabilities	0	0	–	0	0	1	1	–	–
Provisions	5	6	5	5	5	6	6	6	6
Trade payables	2	–	–	0	33	–	–	–	–
	852	828	771	786	828	890	950	981	990
Held for sale or for a demerger	6	–	–	–	–	–	–	–	–
	714	724	690	675	734	825	881	900	913
Plant in use, after depreciation	393	395	372	354	379	387	480	478	–
Plant being built	2	2	5	0	4	54	1	1	–
Intangible assets	1	1	1	0	1	1	1	1	1
Investments	257	272	248	252	296	334	366	287	412
Stakes in joint ventures and associates	–	–	–	0	0	–	–	110	–
Other financial assets	14	6	5	8	6	10	5	11	10
Deferred tax	12	14	36	40	29	20	8	6	5
Other assets	34	33	25	21	19	19	19	6	13
	132	105	80	110	94	65	69	82	77
Inventories	7	9	8	8	9	10	11	11	12
Trade receivables	14	12	9	14	19	14	22	29	32
Cash and cash equivalents	28	46	24	24	14	7	5	10	5
Other bank balances	31	15	15	44	27	15	4	4	5
Current investments	32	0	0	0	0	0	0	0	0
Loans given	6	6	5	1	0	0	0	0	0
Other financial assets	5	7	6	8	11	4	11	8	9
Tax paid in advance	–	0	–	0	0	–	–	6	–
Other assets	9	11	14	12	15	14	16	13	15
Net debt	173	144	181	198	141	146	141	82	70

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. 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. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 24 Apr	Mar 2022Filed 18 Apr	Mar 2023Filed 27 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 4 May	Sep 2026Half yearFiled 15 Oct
	−21	29	104	91	100	128	40
	−42	6	119	104	112	139	49
	2	−4	−5	0	−1	2	−2
Receivables	2	−6	−4	4	−9	−6	−4
Inventories	0	1	−2	−1	−2	0	0
Payables	4	−1	11	−3	6	1	2
Other working capital	−4	2	−10	−1	3	8	0
Tax paid	2	4	−12	−10	−11	−11	−9
Interest paid	22	22	0	0	0	0	0
Capital spending	4	5	32	75	71	35	14
Free cash flow	−25	24	71	15	29	93	26
	−1	−32	−10	−57	−56	−47	−13
Plant and property sold	0	0	1	2	1	0	0
Companies bought	0	0	0	0	0	−16	0
Interest received	3	4	3	2	1	2	0
Dividends received	0	0	0	3	1	1	1
	0	4	−105	−40	−46	−75	−33
Borrowings raised	50	47	27	15	84	169	62
Borrowings repaid	−25	−20	−112	−29	−103	−222	−79
Interest paid	−22	−22	−20	−18	−18	−14	−5
Lease payments	0	0	0	0	0	0	0
Dividends paid	4	0	0	9	9	9	12
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−22	1	−11	−7	−2	5	−6

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.Oriental Hotels dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 4 Jun	Mar 2021Filed 24 Apr	Mar 2022Filed 18 Apr	Mar 2023Filed 27 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 4 May
Earnings per share	–	₹0.34	₹5.13	−₹0.46	−₹3.99	−₹1.13	₹3.04	₹2.78	₹2.20	₹3.80
Diluted earnings per share	–	₹0.34	₹5.13	−₹0.46	−₹3.99	−₹1.13	₹3.04	₹2.78	₹2.20	₹3.80
Dividend per share	–	–	₹0.50	₹0.20	–	–	₹0.50	₹0.50	₹0.50	₹0.65
Book value per share	–	–	₹29.89	₹29.72	₹25.23	₹24.63	₹30.18	₹34.63	₹38.18	₹42.67
Dividend payout	–	–	9.8%	–	–	–	16.5%	18.0%	22.8%	17.1%
Shareholder yield	–	–	–	–	0.9%	0.0%	0.0%	0.4%	0.3%	0.6%
Market cap at the year end (₹ crore)	634	746	822	308	407	1,130	1,407	2,059	2,553	1,465

Earnings per share is left blank for the year to Mar 2017: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

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

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 4 Jun	Mar 2021Filed 24 Apr	Mar 2022Filed 18 Apr	Mar 2023Filed 27 Apr	Mar 2024Filed 22 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 4 May
Revenue growth	−12.3%	6.9%	−3.1%	−16.0%	−60.2%	89.3%	79.8%	−0.3%	11.8%	12.3%
Operating profit growth	−7.1%	15.1%	−8.3%	−25.3%	–	–	379.5%	−12.9%	12.6%	20.2%
Net profit growth	–	22.6%	1,396.6%	–	–	–	–	−8.5%	−21.0%	73.3%
Earnings per share growth	–	–	1,408.8%	–	–	–	–	−8.6%	−20.9%	72.7%
	–	–	17.2%	−1.6%	−14.5%	−4.6%	11.1%	8.6%	6.0%	9.4%
	–	–	–	−18.7 pts	−13.0 pts	10.0 pts	15.6 pts	−2.5 pts	−2.5 pts	3.4 pts
From the net margin	–	–	–	−19.0 pts	−32.1 pts	12.3 pts	11.3 pts	−0.9 pts	−2.5 pts	3.3 pts
From asset turnover	–	–	–	0.3 pts	19.6 pts	−2.1 pts	5.0 pts	−0.7 pts	0.3 pts	0.7 pts
From borrowing	–	–	–	0.0 pts	−0.5 pts	−0.3 pts	−0.7 pts	−0.9 pts	−0.3 pts	−0.5 pts
Return on capital employed	–	–	2.9%	1.5%	−9.1%	−0.4%	12.4%	9.4%	9.3%	11.4%
Cash conversion	–	–	–	–	–	–	191.3%	182.4%	254.2%	187.7%
Interest cover	0.7	0.9	0.8	0.4	–	–	4.5	4.3	4.5	7.2
Debt to equity	–	–	0.50	0.39	0.49	0.61	0.34	0.27	0.22	0.13
Receivable days	–	–	14	15	28	24	17	13	19	21
Inventory days	–	–	71	103	197	125	86	90	95	84
Payable days	–	–	376	441	901	460	315	274	293	269
Cash conversion cycle, days	–	–	−291	−323	−677	−311	−212	−171	−179	−164
Working capital days	–	–	−4	−36	−127	−32	−12	−17	−12	−10
Asset turnover	–	–	0.41	0.35	0.14	0.28	0.49	0.46	0.48	0.51
Assets per rupee of net worth	–	–	1.60	1.58	1.63	1.75	1.65	1.48	1.42	1.34
Sales per rupee of plant	–	–	0.88	0.74	0.31	0.62	1.04	1.02	0.92	1.03
Capital spending to depreciation	–	–	–	–	0.14	0.19	1.43	3.14	2.13	1.01
Plant being built, % of plant in use	–	–	0.4%	0.5%	1.3%	0.1%	0.9%	13.9%	0.3%	0.3%

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. 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: 7.0%
Cash from operations against operating profit: 96.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	2.6%	33.6%	7.8%
Profit growth, yearly rate	–	–	7.8%
Return on equity, average	–	6.1%	8.0%
Return on capital employed, average	–	8.4%	10.0%
Operating margin, average	14.7%	23.2%	25.6%
Net margin, average	0.5%	8.0%	11.8%
Asset turnover, average	–	0.44	0.48
Cash conversion cycle, days, average	–	−207	−171
Interest cover, average	–	5.1	5.3
Debt to equity, average	–	0.31	0.21

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	450	318	128
Cash from investing	−202	−160	−47
Cash from financing	−262	−162	−75
Capital spending	218	181	35
Dividends paid	27	27	9
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	342	268	169
Borrowings repaid	485	354	222

Accounting checks

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

Check	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	–	–	–	2	7	8	5	7	9
Altman Z-scorePublished threshold 1.1	–	3.38	4.17	2.82	3.27	4.81	4.76	4.86	6.45
Beneish M-scorePublished threshold −1.78	–	–	–	−2.36	−2.09	−2.23	−2.65	−2.56	−1.26
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−6.17	−2.11	−4.87	1.85	−0.51	−1.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.66	2.05	2.03
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	1.40	36.03	−27.17	−51.34	−23.55	47.47	15.69
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	37.05	45.43	−52.53	−55.16	4.07	6.21	−13.21
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	1.12	1.96	−0.27	1.63	−1.91	1.91	0.04
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.07	0.97	0.05	0.08	1.71	0.01	0.04
Effective tax ratePublished threshold 17.16 per cent	135.29	12.98	–	–	–	30.91	26.15	33.12	21.89
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	16.56	10.91	15.50	9.61

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	Amount, ₹ Cr
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Bank Overdraft	CARE A1+Review, Re-affirm	0.01
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Term loan	CARE A1+Review, Re-affirm	81.85
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Cash Credit	CARE AA- (Rating Watch with Positive Implications) / CARE A1+Review, Re-affirm	1
2 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA- (Rating Watch with Positive Implications)Review, Re-affirm	47.16
2 Sep 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-OthersShort-term scale	[ICRA]A1+Review, Re-affirm	20
2 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA- Rating Watch with Positive ImplicationsRating watchRating on watch with positive implications	30
9 Sep 2025	ICRA Limited (opens in a new tab)	Interchangeable-Others	[ICRA]A1Review, Re-affirm	20

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