Chalet Hotels Limited
NSE: CHALETHotels & Resorts
Share price
₹825.55
-2.58% close of 8 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 8 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
65
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹18,080 Cr
P/E ratio
33.7
P/B ratio
4.9
ROCE
17.0%
ROE
19.0%
Dividend yield
0.2%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step down at Jun 2020 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step down at Jun 2020 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
At 33.7× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 34.9×, across 5 companies. It is against its own five-year median of 67.2×, the 19th percentile of its own range.
Whether growth justifies the valuation
Priced at 0.6 times its growth rate, on earnings growth of 60%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Chalet Hotels Limited — this one | 60%/yr | 33.7× | ₹0.56 |
| The Indian Hotels Company Limited | 22%/yr | 52.0× | ₹2.4 |
| ITC Hotels Limited | — | 34.9× | — |
| Leela Palaces Hotels & Resorts Limited | 106%/yr | 43.7× | — |
| EIH Limited | 25%/yr | 25.1× | ₹1.0 |
| Ventive Hospitality Limited | — | 26.7× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Hotels & Resorts), it ranks 9 of 39 on returns, 2 of 35 on growth, 8 of 39 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 17% on capital, ahead of 77% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹3245 crore of cash from the business and spent ₹1939 crore on plant and equipment, with ₹1306 crore to spare; it still raised ₹459 crore from shareholders — borrowings did not rise. And the profit is real: of every 100 rupees it reported over 11 years, about 427 arrived as cash — well above the profit, more than depreciation and interest account for, so do not count on it repeating. Its cash comes back more slowly than it used to: it went from being paid 184 days before it paid its own suppliers to paid 93 days before it paid its own suppliers.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
6 of 9 checks clear · 67%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Profit margin reached 46.7%, ahead of the mid-40s promised, while fewer apartment sales pulled total revenue down.
Announced 29 Jul 2026 · Consolidated
Revenue
₹512 Cr
Revenue vs last year
-42.8%
Revenue vs last quarter
-8.2%
Net profit
₹86 Cr
Profit vs last year
-57.6%
Profit vs last quarter
-47.2%
Net margin
16.8%
EPS
₹3.93
Earnings call transcript · 30 Jul 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹18,080 Cr
- Prev close
- ₹825.55
- 52w High
- ₹989
- 52w Low
- ₹691
- Enterprise value
- ₹20,169 Cr
- Beta
- 1.0
- Price CAGR 1y
- -13.0%
- Price CAGR 3y
- 12.0%
- Price CAGR 5y
- 29.0%
- Price CAGR 10y
- —
Ratios
- Return on assets
- 8.9%
- PEG ratio
- 0.6
- P/E ratio
- 33.7
- P/B ratio
- 4.9
- EV / EBITDA
- 17.2
- Industry P/E
- 30.1
- ROCE
- 17.0%
- ROCE 5y average
- 9.4%
- ROE
- 19.0%
- Debt / Equity
- 0.6
- Interest coverage
- 5.5
- Dividend yield
- 0.2%
- ROE 3y average
- 14.0%
- ROE last year
- 19.0%
Annual P&L
- Annual revenue
- ₹2,770 Cr
- Annual profit
- ₹645 Cr
- Operating margin
- 43.0%
- Net profit margin
- 23.3%
- EBITDA margin
- 42.9%
- Sales growth 3y
- 34.9%
- Sales growth 5y
- 57.5%
- Profit growth 3y
- 60.0%
- Profit growth 5y
- 46.0%
- EPS
- ₹29.5
- Sales growth TTM
- 6.0%
- Profit growth TTM
- 88.0%
- Dividend payout
- 7.0%
Quarter P&L
- Sales latest quarter
- ₹512 Cr
- Profit latest quarter
- ₹86 Cr
- YoY quarterly sales growth
- -42.7%
- YoY quarterly profit growth
- -57.6%
- OPM latest quarter
- 45.7%
Balance Sheet
- Book Value
- ₹169
- Face Value
- ₹10.0
- Total debt
- ₹2,368 Cr
- Total cash
- ₹308 Cr
- Borrowings
- ₹2,368 Cr
- Reserves / Equity
- 15.9
Cash Flow
- Operating cash flow
- ₹1,067 Cr
- Free cash flow
- ₹729 Cr
- FCF yield
- 3.0%
- Net cash flow
- ₹25 Cr
Shareholding
- Promoter holding
- 67.3%
- FII holding
- 4.3%
- DII holding
- 25.0%
- Public holding
- 3.5%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Indian Hotels Co | 731.30 | 53.6 | 1,04,237 | 0.44 | 390.8 | 20.8 | 2,339.2 | 14.6 | 17.1 |
| ITC Hotels | 159.17 | 36.0 | 33,158 | 0.63 | 181.9 | 35.4 | 936.0 | 14.8 | 11.2 |
| Leela Palaces Hotels | 602.45 | 44.9 | 20,130 | 0.00 | 48.8 | 456.4 | 352.0 | 28.1 | 8.7 |
| Chalet Hotels | 847.40 | 34.7 | 18,580 | 0.24 | 86.1 | -54.4 | 512.3 | -42.7 | 17.0 |
| EIH | 296.50 | 25.5 | 18,545 | 0.51 | 120.3 | -1.9 | 657.0 | 14.5 | 20.7 |
| Ventive Hospital | 582.40 | 28.0 | 13,563 | 0.00 | 124.2 | 199.8 | 542.8 | 7.0 | 10.8 |
| Lemon Tree Hotel | 112.52 | 34.8 | 8,908 | 0.00 | 57.3 | 20.1 | 344.6 | 9.1 | 14.1 |
| Median | 195.07 | 28.0 | 774 | 0.00 | 6.7 | 20.8 | 70.6 | 10.6 | 10.8 |
Competes with: Advani Hotels & Resorts (India) Limited, Advent Hotels International Limited, Apeejay Surrendra Park Hotels Limited, Apollo Sindoori Hotels Limited, Asian Hotels (East) Limited, Asian Hotels (North) Limited, Asian Hotels (West) Limited, Benares Hotels Limited, Blue Coast Hotels Limited, Brigade Hotel Ventures Limited, Country Club Hospitality & Holidays Limited, EIH Associated Hotels Limited, EIH Limited, Graviss Hospitality Limited, HLV LIMITED, ITC Hotels Limited, India Tourism Development Corporation Limited, Juniper Hotels Limited, Kamat Hotels (I) Limited, Kaushalya Infrastructure Development Corporation Limited, Leela Palaces Hotels & Resorts Limited, Lemon Tree Hotels Limited, Mac Charles India Limited, Mahindra Holidays & Resorts India Limited, Oriental Hotels Limited, Praveg Limited, Robust Hotels Limited, Royal Orchid Hotels Limited, Samhi Hotels Limited, Sayaji Hotels Limited, Sinclairs Hotels Limited, Sri Havisha Hospitality and Infrastructure Limited, TGB Banquets And Hotels Limited, Taj GVK Hotels & Resorts Limited, The Byke Hospitality Ltd, The Indian Hotels Company Limited, U P Hotels Limited, Valor Estate Limited, Ventive Hospitality Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 311 | 315 | 374 | 418 | 361 | 377 | 458 | 522 | 895 | 735 | 582 | 558 | 512 |
| Expenses | 201 | 189 | 208 | 235 | 221 | 228 | 253 | 281 | 537 | 436 | 317 | 292 | 278 |
| Material Cost | 32 | 30 | 30 | 37 | 32 | 32 | |||||||
| Change in Inventories | 0 | 182 | 138 | -6.49 | 49 | -24 | |||||||
| Purchases of Stock-in-Trade | 13 | 10 | 10 | 13 | 9.99 | 8.55 | |||||||
| Employee Cost | 68 | 69 | 70 | 73 | 76 | 74 | |||||||
| Other Expenses | 168 | 245 | 188 | 200 | 126 | 188 | |||||||
| Operating Profit | 110 | 126 | 166 | 183 | 140 | 150 | 205 | 241 | 357 | 299 | 265 | 266 | 234 |
| OPM % | 35 | 40 | 44 | 44 | 39 | 40 | 45 | 46 | 40 | 41 | 46 | 48 | 46 |
| Other Income | 4 | 4 | 6 | 6 | 8 | 6 | 7 | 15 | 14 | 9 | 7 | 13 | -1 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | -1.02 | 0 | -9.85 | |||||||
| Interest | 45 | 50 | 48 | 53 | 32 | 34 | 45 | 48 | 49 | 45 | 46 | 41 | 39 |
| Depreciation | 31 | 35 | 35 | 37 | 39 | 42 | 48 | 50 | 54 | 57 | 58 | 60 | 61 |
| Profit before tax | 37 | 44 | 89 | 99 | 78 | 79 | 118 | 159 | 269 | 205 | 167 | 178 | 133 |
| Tax % | -138 | 18 | 20 | 17 | 22 | 274 | 18 | 22 | 24 | 24 | 26 | 8 | 35 |
| Net Profit | 89 | 36 | 71 | 82 | 61 | -139 | 97 | 124 | 203 | 155 | 124 | 163 | 86 |
| EPS in Rs | 4.32 | 1.77 | 3.44 | 4.01 | 2.78 | -6.35 | 4.42 | 5.67 | 9.30 | 7.08 | 5.67 | 7.44 | 3.93 |
| Diluted EPS in Rs | 5.67 | 9.28 | 7.07 | 5.66 | 7.44 | 3.93 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 441 | 582 | 737 | 796 | 987 | 981 | 286 | 508 | 1,128 | 1,417 | 1,718 | 2,770 | 2,387 |
| Expenses | 377 | 446 | 624 | 551 | 668 | 644 | 279 | 409 | 676 | 833 | 982 | 1,582 | 1,323 |
| Material Cost | 117 | 130 | |||||||||||
| Change in Inventories | 0 | 363 | |||||||||||
| Purchases of Stock-in-Trade | 43 | 44 | |||||||||||
| Employee Cost | 234 | 288 | |||||||||||
| Other Expenses | 588 | 758 | |||||||||||
| Operating Profit | 64 | 136 | 113 | 245 | 319 | 337 | 7 | 98 | 453 | 585 | 736 | 1,188 | 1,064 |
| OPM % | 14 | 23 | 15 | 31 | 32 | 34 | 2.50 | 19 | 40 | 41 | 43 | 43 | 45 |
| Other Income | 18 | 13 | 311 | -66 | 44 | 24 | 14 | 11 | 92 | 20 | 36 | 41 | 27 |
| Exceptional items (within Other Income) | 0 | -1.02 | |||||||||||
| Interest | 161 | 216 | 218 | 212 | 266 | 146 | 152 | 144 | 154 | 197 | 159 | 180 | 171 |
| Depreciation | 62 | 99 | 127 | 112 | 115 | 113 | 117 | 118 | 117 | 138 | 179 | 230 | 237 |
| Profit before tax | -141 | -166 | 79 | -145 | -18 | 101 | -248 | -153 | 273 | 269 | 434 | 819 | 683 |
| Tax % | -10 | -32 | -61 | -36 | -58 | 1 | -44 | -47 | 33 | -3 | 67 | 21 | |
| Net Profit | -126 | -112 | 127 | -93 | -8 | 100 | -139 | -81 | 183 | 278 | 142 | 645 | 528 |
| EPS in Rs | -8.31 | -7.39 | 8.38 | -5.43 | -0.37 | 5.01 | -6.78 | -3.98 | 8.94 | 14 | 6.53 | 29 | 24 |
| Diluted EPS in Rs | 6.52 | 29 | |||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 17%
- 5 years
- 57%
- 3 years
- 35%
- TTM
- 6%
Compounded profit growth
- 10 years
- 23%
- 5 years
- 46%
- 3 years
- 60%
- TTM
- 88%
Stock price CAGR
- 10 years
- —
- 5 years
- 29%
- 3 years
- 12%
- 1 year
- -13%
Return on equity
- 10 years
- 7%
- 5 years
- 11%
- 3 years
- 14%
- Last year
- 19%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 152 | 152 | 152 | 171 | 205 | 205 | 205 | 205 | 205 | 205 | 218 | 219 |
| Reserves | 480 | 365 | 315 | 324 | 1,218 | 1,350 | 1,211 | 1,136 | 1,337 | 1,646 | 2,828 | 3,479 |
| Borrowings | 2,072 | 2,351 | 2,636 | 2,725 | 1,546 | 1,902 | 2,058 | 2,597 | 2,853 | 3,005 | 2,604 | 2,368 |
| Other Liabilities | 538 | 487 | 449 | 432 | 562 | 579 | 545 | 527 | 562 | 922 | 1,427 | 1,221 |
| Minority Interest | -0.55 | -0.64 | ||||||||||
| Total Liabilities | 3,242 | 3,355 | 3,552 | 3,652 | 3,531 | 4,035 | 4,019 | 4,465 | 4,957 | 5,778 | 7,077 | 7,287 |
| Fixed Assets | 2,295 | 2,390 | 2,839 | 2,819 | 2,753 | 3,019 | 3,080 | 3,413 | 3,854 | 4,406 | 5,210 | 5,693 |
| CWIP | 49 | 32 | 21 | 22 | 34 | 88 | 36 | 32 | 98 | 37 | 183 | 132 |
| Investments | 13 | 47 | 0 | 4 | 5 | 5 | 4 | 6 | 7 | 10 | 108 | 29 |
| Other Assets | 885 | 886 | 692 | 807 | 738 | 924 | 899 | 1,013 | 999 | 1,325 | 1,575 | 1,432 |
| Total Assets | 3,242 | 3,355 | 3,552 | 3,652 | 3,531 | 4,035 | 4,019 | 4,465 | 4,957 | 5,750 | 7,063 | 7,309 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 79 | 201 | 249 | 366 | 252 | 60 | 62 | 477 | 689 | 950 | 1,067 | |
| Cash from Investing Activity | -172 | 329 | -118 | 147 | -391 | -50 | -396 | -591 | -620 | -1,355 | -575 | |
| Cash from Financing Activity | 53 | -463 | -157 | -523 | 133 | -34 | 411 | 126 | -108 | 496 | -466 | |
| Net Cash Flow | -40 | 67 | -26 | -10 | -6 | -24 | 77 | 12 | -38 | 91 | 25 | |
| Free Cash Flow | -98 | 87 | 188 | 330 | 163 | 13 | 23 | 305 | 262 | -14 | 729 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 8 | 11 | 15 | 25 | 18 | 16 | 39 | 31 | 19 | 14 | 17 | 9 |
| Inventory Days | 2,283 | 1,305 | 1,871 | 6,659 | 3,030 | 1,605 | 1,973 | 2,064 | 199 | |||
| Days Payable | 629 | 401 | 455 | 1,267 | 602 | 549 | 716 | 535 | 122 | |||
| Cash Conversion Cycle | 8 | 11 | 15 | 1,679 | 921 | 1,432 | 5,431 | 2,460 | 1,075 | 1,271 | 1,545 | 86 |
| Working Capital Days | -55 | 44 | -138 | -113 | -77 | -58 | -270 | -184 | -152 | -292 | -275 | -93 |
| ROCE % | 1 | 2 | 6 | 6 | 8 | 8 | -3 | 0 | 9 | 10 | 11 | 17 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt as the company states it (net cash negative)
2,041inr_cr
2026-06-30
room / bed occupancy %
64.80pct
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
91,35,884inr
2026-03-31
revpar
8,582inr
2026-06-30
News
News and filings about Chalet Hotels Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Advani Hotels & Resorts (India) Limited
- Advent Hotels International Limited
- Apeejay Surrendra Park Hotels Limited
- Apollo Sindoori Hotels Limited
- Asian Hotels (East) Limited
- Asian Hotels (North) Limited
- Asian Hotels (West) Limited
- Benares Hotels Limited
- Blue Coast Hotels Limited
- Brigade Hotel Ventures Limited
- Country Club Hospitality & Holidays Limited
- EIH Associated Hotels Limited
- EIH Limited
- Graviss Hospitality Limited
- HLV LIMITED
- ITC Hotels Limited
- India Tourism Development Corporation Limited
- Juniper Hotels Limited
- Kamat Hotels (I) Limited
- Kaushalya Infrastructure Development Corporation Limited
- Leela Palaces Hotels & Resorts Limited
- Lemon Tree Hotels Limited
- Mac Charles India Limited
- Mahindra Holidays & Resorts India Limited
- Oriental Hotels Limited
- Praveg Limited
- Robust Hotels Limited
- Royal Orchid Hotels Limited
- Samhi Hotels Limited
- Sayaji Hotels Limited
Uses as raw material
- food and beverage provisions
- hotel operating supplies (guest amenities, housekeeping, linen)
Depends on the price of
- fuel
licenses brand from
- Accor S.A.
- Hyatt Hotels Corporation
- Marriott International, Inc.
- The Indian Hotels Company Limited
Sells to
- BA Continuum India Pvt. Ltd. · Grade-A office lease at CIGNUS Powai, Mumbai
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Consumer Services
- Industry
- Hotels & Resorts
- Classification
- Consumer Services › Hotels & Resorts
- ISIN
- INE427F01016
Business segments
- Hospitality (Hotels) · 62%
- Real Estate · 27%
- Rental / Annuity Business · 11%
Plants
- Aravali Marriott Resort & Spa, Delhi NCR
- Athiva Resort & Spa, Khandala
- Bengaluru Marriott Hotel Whitefield · Bengaluru, Karnataka
- CIGNUS Powai Tower 1 · Mumbai, Maharashtra
- CIGNUS Whitefield Bangalore Tower 1 · Bengaluru, Karnataka
- CIGNUS Whitefield Bangalore Tower 2 · Bengaluru, Karnataka
- Four Points by Sheraton Navi Mumbai, Vashi · Navi Mumbai, Maharashtra
- JW Marriott Mumbai Sahar · Mumbai, Maharashtra
- Lakeside Chalet, Mumbai - Marriott Executive Apartments · Mumbai, Maharashtra
- Novotel Pune Nagar Road · Pune, Maharashtra
- The Orb Commercial Tower Sahar · Mumbai, Maharashtra
- The Westin Hyderabad HITEC City · Hyderabad, Telangana
- The Westin Mindspace Hyderabad · Hyderabad, Telangana
- The Westin Mumbai Powai Lake · Mumbai, Maharashtra
- The Westin Resort & Spa, Himalayas · Rishikesh, Uttarakhand
News impact
Big market events that reach Chalet Hotels Limited, and how the effect spreads.
12 May, 04:16 IST · Market event · high impact
PM Modi austerity appeal: curb gold, fuel, foreign travel; WFH push — jewellery -9%, aviation -, EV +
Who it hits first
- Jewellery sector ₹X,000cr market cap erosion in single session
- Aviation INDIGO -5%; hotels -3-5%
- EV stocks +5-7%; rail stocks +2-5%
Who may gain
- EV makers (OLAELEC, JBMA, TVSMOTOR)
- Rail (IRCTC, TITAGARH, IRCON, CONCOR)
- Domestic IT WFH-tech enablers
Along the supply chain
Downstream
Wedding-season demand pulled into Q1 may unwind in Q2-Q3
Upstream
Bullion importers (MMTC) lose volume; refining margins compressed
Where demand moves
Business
Gold demand pushed out by 12+ months → jewellery destocking; foreign travel demand → domestic substitution
Capital
Rotation from discretionary consumption (jewellery, premium hotels, aviation) to EV/rail/defensive
How it spreads across sectors
Aviation
Negative — outbound travel curb + ATF cost from crude event
EV
Positive — Modi explicitly favored EV in speech
FMCG
Neutral to mild positive — discretionary spend may shift
Hotels
Negative — inbound boost from diaspora call but smaller than outbound loss
IT
Mildly positive — WFH push but already enabled
Jewellery
Direct negative — TITAN -9%, peers -5-8%
OTA
Negative — outbound bookings hit
Rail
Positive — domestic travel substitution
A pattern seen before
Cascade chain
- Modi appeal → gold demand pause → jewellers destocking → bullion importers lose volume
- Modi appeal → outbound travel curb → INDIGO + hotels hit
- Modi appeal → EV preference → JBMA/OLAELEC rally
- WFH push → marginal IT/Zoho benefit
Pattern name
Government Policy / Discretionary Spending Cascade
Sectors queried
- Jewellery
- Aviation
- Travel & Hotels
- Auto (EV)
- Rail
- IT Services
- OTA
- FMCG
When it plays out
Immediate
Jewellery -5-10%, aviation -5-8%, EV +5-10%; sentiment-driven
Medium term
If austerity holds 1 year, structural shift: gold imports -20-30%, EV share +5-10% in 2W
Short term
2-3 weeks of pressure on discretionary; jewellers may secure PMO meeting → policy clarity could ease
2 May, 04:19 IST · Market event · high impact
Steep commercial LPG price hike (~Rs 933/cyl); QSR/F&B/hotels face margin squeeze
Who it hits first
- QSR chains (Jubilant, Westlife, Devyani, Sapphire) — fuel cost is 4-7% of operating expense; sharp hike = 50-150 bps margin compression unless passed through
- Hotels (IndHotel, Lemon Tree, Chalet) — central kitchens, banquet kitchens, food-pricing tax on consumer demand
- Packaged food companies with own kitchens / processing (Britannia, Nestle, ITC food, Tata Consumer) — milder impact, can pass through
Who may gain
- GAIL/ATGL: pure CNG/PNG players gain if commercial customers shift from cylinders to PNG (long-term)
- Companies with PNG already (large hotels, factory-scale users) — relative cost advantage
Along the supply chain
Downstream
Restaurants/hotels pass through partially → consumer dine-out spend under pressure → soft-FMCG out-of-home consumption modestly affected
Upstream
Indian Oil/HPCL/BPCL retain LPG distribution share; commercial LPG is OMC profit pool (govt does not subsidise) — small revenue uplift
Where demand moves
Business
Cost pass-through likely partial — menu/MRP hikes lag; near-term margin pressure on QSR with unhedged exposure. Mid-tier dine-in independents under most pressure (closures).
Capital
Money rotates within F&B from QSR toward defensive packaged food (FMCG with pricing power); from operating-leverage thin-margin players toward strong-balance-sheet (Westlife > Sapphire > Devyani)
How it spreads across sectors
Consumer Services
QSR margin squeeze near-term (1-2 quarters); pricing actions to follow
FMCG
Mild — packaged food OK; out-of-home consumption hit (negative for soft drinks, biscuits sold in dhabas)
Hotels
Banquet/F&B revenue line margin pressure; room rates unaffected
Oil & Gas
Small positive for OMCs (commercial LPG is non-subsidised profit channel)
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 11 Sep 2026 | unspecified | ₹1 |
|---|---|---|
| 11 Nov 2025 | interim | ₹1 |
Splits, bonuses & buybacks
- daily-prices repair: 8 rows from NSE's archive (replace 1, delete 1, insert 6), 2020-02-01..2026-02-01 (docs/flat_day_repair.md)1× · 1 Feb 2020
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 8 Sep 2026 | Sanjay Sethi · Director | SELL | 10,000 | 0.90 |
| 8 Sep 2026 | Sanjay Sethi · Director | SELL | 5,099 | 0.46 |
| 3 Sep 2026 | Sanjay Sethi · Director | SELL | 5,000 | 0.47 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-2629 Aug 2026
- Earnings call · Q1FY2730 Jul 2026
- Results presentation30 Jun 2026
- Earnings call · Q4FY2615 May 2026
- Earnings call · Q3FY263 Feb 2026
- Earnings call · Q2FY265 Nov 2025
- Annual report · 2024-2515 Jul 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.