Royal Orchid Hotels financials and balance sheet

NSE: ROHLTDBSE: 532699Leisure ServicesSmall Cap

₹268.10₹5.85 (2.14%)BSE ₹265.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹273.95.

52-week range of traded prices to 23 Oct 2026

₹260.60Low, 23 Oct 2026₹513.45High, 23 Oct 2025

Market cap: ₹735 Cr1,513th largest listed
P/E: 26.6
P/B: 2.8
Dividend yield: 0.93%
ROE: 11.3%
ROCE: 10.5%
Debt to equity: 0.36
Volume, NSE: 26,21749.6% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹384 Cr, year to Mar 2026A loss in 1 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

Revenue384
Materials and goods−35
Employee costs−103
Other expenses−232
Operating profit14
Depreciation0.0
Other income+22
One-off items+2.2
Finance costs0.0
Profit before tax38
Tax−9.8
Joint ventures+4.8
Net profit33

What the company owns

Plant, investments and other assets₹923 Cr
Cash and bank₹40 Cr
Receivables₹38 Cr
Current investments₹38 Cr
Inventory₹3 Cr

What pays for it: net worth and liabilities

Other liabilities₹628 Cr
Net worth₹276 Cr
Borrowings₹98 Cr
Owed to suppliers₹40 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Royal Orchid Hotels quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 30 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue from operations	163	189	204	205	81	139	264	294	319	384
	142	160	170	174	92	116	182	218	246	370
Materials and goods bought	–	20	22	25	13	17	27	29	31	35
Employee costs	–	–	50	54	26	35	56	73	84	103
Other expenses	–	–	98	96	53	64	99	116	131	232
Operating profit before depreciation	20	29	34	31	−11	23	82	76	73	14
Operating margin	12.6%	15.5%	16.5%	14.9%	−13.7%	16.6%	31.1%	25.9%	22.9%	3.6%
Materials, % of revenue	–	–	10.8%	12.0%	16.2%	12.5%	10.1%	9.9%	9.8%	9.0%
Employee costs, % of revenue	–	–	24.6%	26.4%	32.0%	25.0%	21.2%	24.7%	26.2%	26.9%
Other expenses, % of revenue	–	–	48.2%	46.6%	65.5%	45.9%	37.6%	39.4%	41.1%	60.5%
Depreciation and amortisation	13	16	14	19	19	19	18	20	21	0
Operating profit after depreciation	7	14	19	12	−30	4	64	56	52	14
Other income	7	9	15	15	8	17	16	19	24	22
Finance costs	12	15	13	16	16	16	16	18	17	0
Profit before one-off items and tax	2	8	21	11	−39	5	64	57	59	36
One-off items	0	1	0	0	−7	25	0	0	0	2
Profit before tax	2	9	21	11	−46	30	64	57	59	38
	1	7	8	6	−6	3	17	10	16	10
Current tax	–	7	8	7	0	1	15	16	16	16
Deferred tax	–	0	0	−1	−6	2	1	−6	1	−6
Share of profit of joint ventures and associates	–	–	–	–	–	–	2	3	4	5
	2	2	13	5	−40	27	49	51	47	33
Belonging to the company's shareholders	2	2	13	–	−32	29	47	48	47	32
Belonging to outside owners of subsidiaries	–	–	–	–	−8	−3	2	2	0	1
Other comprehensive income	–	–	0	1	0	0	1	−1	0	0
Total comprehensive income	–	–	13	6	−40	27	50	50	48	33
Net margin	1.5%	1.3%	6.4%	2.5%	−49.5%	19.3%	18.7%	17.3%	14.9%	8.7%
Net margin without joint ventures and associates	–	–	–	–	–	–	17.8%	16.1%	13.5%	7.4%

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 it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 30 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	222	214	173	147	197	208	247	276
	177	172	140	125	173	191	231	258
Share capital	27	27	27	27	27	27	27	27
Reserves	150	144	113	98	146	163	203	231
Belonging to outside owners of subsidiaries	44	42	33	22	24	17	16	17
	91	88	98	80	75	67	100	98
Repayable after a year	89	85	94	72	65	47	79	82
Repayable within a year	3	3	3	8	10	20	21	15
	87	96	101	77	80	89	99	146
Trade payables	35	38	38	38	37	33	33	40
Other financial liabilities	30	33	43	15	17	23	28	69
Other liabilities	18	18	14	14	13	10	13	18
Provisions	1	2	2	2	2	3	3	2
Tax owed	0	1	0	0	1	1	1	1
	94	139	145	138	147	173	192	620
Other financial liabilities	1	51	48	63	3	123	–	532
Other liabilities	0	0	0	0	75	0	110	–
Provisions	3	2	2	2	3	3	3	5
Deferred tax	0	0	0	0	0	0	0	0
Trade payables	1	0	0	–	0	0	–	0
	404	449	419	363	424	470	538	1,042
Held for sale or for a demerger	–	–	64	15	17	15	2	24
	331	373	289	266	291	354	415	863
Plant in use, after depreciation	246	236	177	114	115	118	131	159
Plant being built	21	21	1	0	1	0	17	2
Intangible assets	0	53	65	61	73	120	105	0
Goodwill	18	18	0	18	18	18	18	18
Investments	0	0	0	24	27	0	0	0
Stakes in joint ventures and associates	–	–	0	0	0	30	34	39
Loans given	0	0	0	0	7	7	7	7
Other financial assets	22	24	23	29	41	34	89	611
Deferred tax	4	5	11	9	7	13	12	18
Other assets	21	16	12	11	2	13	3	8
	73	75	65	82	116	101	121	155
Inventories	2	2	2	2	2	3	3	3
Trade receivables	19	23	11	19	32	33	37	38
Cash and cash equivalents	35	20	17	19	40	24	27	14
Other bank balances	7	20	28	28	31	27	30	26
Current investments	0	0	0	0	0	0	0	38
Loans given	0	0	0	0	1	1	1	0
Other financial assets	3	3	4	8	6	6	11	36
Tax paid in advance	0	0	0	0	0	0	0	0
Other assets	7	7	4	6	4	7	12	–
Net debt	50	48	53	33	4	16	43	20

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 18 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 30 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	5	22	56	59	25	82
	5	21	70	74	34	104
	12	−14	−23	−17	−48	38
Receivables	13	−9	−11	−1	−6	6
Inventories	0	0	0	0	0	0
Payables	−3	8	−1	0	9	10
Other working capital	2	−13	−11	−15	−51	21
Tax paid	0	1	−15	−14	−9	17
Interest paid	0	0	0	0	0	−39
Capital spending	1	1	11	12	23	0
Free cash flow	4	20	45	48	1	82
	−7	−3	−9	−37	−22	−39
Interest received	2	2	3	4	4	6
	−1	−13	−25	−39	0	−56
Borrowings raised	7	0	22	18	53	12
Borrowings repaid	−2	−16	−27	−26	−20	−14
Interest paid	−3	−6	−8	−9	−4	−7
Lease payments	−2	−3	−5	−11	−20	−40
Dividends paid	2	0	0	5	7	7
Shares bought back	0	0	0	0	2	0
Shares issued	0	0	0	0	0	0
Net change in cash	−3	6	21	−16	3	−13

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.Royal Orchid Hotels dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 30 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Earnings per share	₹0.91	₹0.90	₹4.83	₹2.04	−₹11.84	₹10.71	₹17.15	₹17.68	₹17.23	₹11.74
Diluted earnings per share	₹0.91	₹0.89	₹4.79	₹2.02	−₹11.84	₹10.71	₹17.15	₹17.68	₹17.23	₹11.74
Dividend per share	₹1.00	₹1.50	₹2.00	–	–	–	₹2.00	₹2.50	₹2.50	₹2.50
Book value per share	–	–	₹64.76	₹62.54	₹51.19	₹45.65	₹63.07	₹69.55	₹84.16	₹94.13
Dividend payout	110.5%	169.8%	41.8%	–	–	–	11.7%	14.1%	14.5%	21.3%
Shareholder yield	–	–	–	–	1.2%	0.0%	0.0%	0.6%	0.8%	0.9%
Market cap at the year end (₹ crore)	245	432	316	113	172	333	748	991	1,070	744

Ratios

Consolidated, years to March.Royal Orchid Hotels PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 28 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 13 Jun	Mar 2023Filed 30 May	Mar 2024Filed 19 Jul	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue growth	2.5%	16.6%	7.6%	0.6%	−60.6%	71.3%	90.3%	11.4%	8.8%	20.2%
Operating profit growth	0.3%	43.9%	14.5%	−8.9%	–	–	256.8%	−7.1%	−3.9%	−80.9%
Net profit growth	–	−2.2%	443.6%	−61.3%	–	–	83.8%	3.3%	−6.5%	−29.8%
Earnings per share growth	–	−1.1%	436.7%	−57.8%	–	–	60.1%	3.1%	−2.5%	−31.9%
	–	–	7.4%	–	–	–	31.5%	26.7%	22.4%	13.2%
	–	–	–	–	–	–	–	−4.9 pts	−4.3 pts	−9.3 pts
From the net margin	–	–	–	–	–	–	–	−2.3 pts	−2.8 pts	−9.7 pts
From asset turnover	–	–	–	–	–	–	–	−0.6 pts	−0.8 pts	−3.0 pts
From borrowing	–	–	–	–	–	–	–	−2.0 pts	−0.6 pts	3.4 pts
Return on capital employed	–	–	6.2%	3.9%	–	1.5%	23.3%	20.4%	15.1%	3.7%
Cash conversion	–	–	–	–	–	81.5%	112.8%	116.9%	52.0%	246.8%
Interest cover	0.6	0.9	1.5	0.7	–	0.2	4.0	3.1	3.2	–
Debt to equity	–	–	0.41	0.41	–	0.55	0.38	0.32	0.40	0.36
Receivable days	–	–	33	41	–	50	44	41	42	36
Inventory days	–	–	39	33	–	41	31	32	32	32
Payable days	–	–	585	569	–	807	507	410	385	425
Cash conversion cycle, days	–	–	−512	−495	–	−717	−431	−336	−310	−357
Working capital days	–	–	−96	−103	–	−91	−35	−23	−16	−51
Asset turnover	–	–	0.51	0.48	–	–	0.67	0.66	0.63	0.49
Assets per rupee of net worth	–	–	2.27	2.44	–	–	2.64	2.46	2.39	3.23
Sales per rupee of plant	–	–	0.83	0.87	0.46	1.21	2.29	2.50	2.45	2.42
Capital spending to depreciation	–	–	–	–	0.06	0.07	0.59	0.59	1.12	–
Plant being built, % of plant in use	–	–	8.5%	9.1%	0.5%	0.3%	0.7%	0.3%	13.1%	1.5%

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 equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2021 and Mar 2022: 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 2021, Mar 2022 and 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. 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 2021: 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: 4.1%
Cash from operations against operating profit: 590.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.3%	36.6%	13.4%
Profit growth, yearly rate	–	–	−11.9%
Return on equity, average	–	23.4%	20.7%
Return on capital employed, average	–	12.8%	13.1%
Operating margin, average	14.6%	20.0%	17.5%
Net margin, average	4.1%	15.8%	13.6%
Asset turnover, average	–	0.61	0.59
Cash conversion cycle, days, average	–	−430	−335
Interest cover, average	–	2.6	3.1
Debt to equity, average	–	0.40	0.36

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	244	166	82
Cash from investing	−110	−98	−39
Cash from financing	−133	−95	−56
Capital spending	47	35	0
Dividends paid	19	19	7
Shares bought back	2	2	0
Shares issued for cash	0	0	0
Borrowings raised	105	83	12
Borrowings repaid	104	60	14

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	–	–	–	–	3	8	9	6	5	7
Altman Z-scorePublished threshold 1.1	–	–	2.83	2.09	0.59	2.53	3.86	3.21	3.34	1.40
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.29	−1.80	−1.80	−2.41	−2.25	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−8.72	2.01	0.65	6.43	8.87	−1.30
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.30	1.08	0.95	1.26
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	24.69	8.34	−1.49	−20.55	−8.64	4.17	−18.54
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−18.62	31.54	−29.51	−37.42	5.09	−1.27	0.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.18	−2.93	4.67	−1.54	1.29	3.05	3.35
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	2.44	–	–	0.04	0.02	0.51	0.08
Effective tax ratePublished threshold 17.16 per cent	35.58	73.85	38.40	52.53	–	10.34	26.20	16.97	27.49	25.59
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	8.47	3.21	−8.28	12.51	−19.39

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
10 Mar 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]A-Review, Re-affirm	Positive	19.86
10 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]A-Review, Re-affirm	Positive	26.14
1 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE C; ISSUER NOT COOPERATING*Review, Re-affirm	Stable	38.48

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