Chalet Hotels Limited (CHALET)
Large CapConsumer stocks · Large cap · NSE
Chalet Hotels Limited is a leading hospitality player in India, evolving from a pure-play asset owner to a brand owner with the launch of 'Athiva'. It owns and operates hotels, commercial real estate, and residential projects across high-potential micro markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -43% YoY · PAT -58% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹512 Cr | -42.8% | -8.2% |
| EBITDA | ₹234 Cr | -34.5% | -12.0% |
| Operating margin | 46.0% | +600 bps | -200 bps |
| PAT | ₹86 Cr | -57.6% | -47.2% |
| PAT margin | 16.8% | -588 bps | -1241 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Chalet Hotels reports strong FY26 performance with Revenue up 60% and EBITDA up 59% (Consolidated, ex-Residential). Q4 FY26 shows modest growth with Revenue up 6% and EBITDA up 8% (Consolidated, ex-Residential), but hospitality RevPAR declined 3.2% YoY.
While FY26 results were robust, Q4 FY26 hospitality performance shows signs of stress with RevPAR declining YoY due to occupancy drops. Management attributes this to the West Asia crisis and new inventory, but the impact on MMR and 'Others' segments is notable. The significant pipeline is promising but execution and ramp-up are key.
Hospitality Revenue Break-up (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Strategic Expansion into Hyderabad Luxury Market
Greenfield ultra-luxury hotel (330-keys Ritz Carlton) with launch by Q4 FY2028-29.
Strategic Entry into Udaipur Leisure Hospitality Market
Acquired Inder Residency Resort & Spa, Udaipur (~144 keys) for renovation and rebranding as a premium property.
Commercial Real Estate Growth
LOI for 66k sqft signed for Bangalore; CIGNUS Powai Tower II (0.9 msf) under construction, expected Q4 FY27.
Athiva Brand Development
Athiva Khandala has received positive customer feedback and has started to gradually stabilize.
Hyderabad Luxury Hotel
330 keys, Greenfield, launch by Q4 FY2028-29.
Udaipur Premium Resort
~144 keys, Brownfield acquisition, resort to remain non-operational during renovation phase.
Taj at Delhi International Airport
380 rooms, 70 rooms to be operational by Q4 FY27; balance in Q1 FY28.
Hyatt Regency at Airoli, Navi Mumbai
280 keys, launch by Q4 FY29.
Udaipur Leisure Market Potential
Deep leisure market with fast-growing demand and limited supply in the upper-upscale segment.
Hyderabad Luxury Demand
Strategic location with high demand for luxury and favorable demand-supply dynamics.
Positive Athiva Brand Reception
Athiva Khandala has received positive customer feedback, encouraging reputation of the brand.
Geopolitical Impact on Occupancy
West Asia crisis impacted occupancy across micro-markets in Q4 FY26.
New Inventory Impact on Bengaluru
Bengaluru occupancy impacted partially due to the new inventory (129 keys added in H1 FY26).
Construction/Renovation Impact on MMR
Construction work at Powai and renovation at Four Points By Sheraton at Vashi had a temporary impact on MMR occupancy.
Udaipur Resort Renovation Downtime
The newly acquired Udaipur resort will remain non-operational during its renovation phase.
Fluctuations in Earnings
Future growth prospects involve risks and uncertainties that could cause actual results to differ materially.
Intense Competition
Risks include intense competition, including factors which may affect our cost advantage.
Political Instability
Forward-looking statements are subject to risks and uncertainties related to political instability.
General Economic Conditions
General economic conditions affecting our industry pose risks to future growth prospects.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The hospitality business is seasonal, making year-over-year comparisons more relevant for understanding underlying performance trends and growth drivers. The document provides both Q4 and full-year YoY comparisons.
Combined Portfolio ADR
FY26: ₹13,727 (up 13.5% YoY); Q4 FY26: ₹15,456 (up 7.7% YoY)
Combined Portfolio Occupancy
FY26: 67.2% (down 5.4% YoY); Q4 FY26: 68.2% (down 7.7% YoY)
Combined Portfolio RevPAR
FY26: ₹9,226 (up 5.1% YoY); Q4 FY26: ₹10,544 (down 3.2% YoY)
Hospitality EBITDA Margin
FY26: 43.9% (down 81 bps YoY); Q4 FY26: 47.4% (down 102 bps YoY)
Evolution to Brand Ownership
Chalet is evolving from a 'Pure-play Asset Owner' to a 'Brand Owner' with the launch of 'Athiva'.
Building Proprietary Capabilities
Building proprietary customer and distribution capabilities for long-term value creation.
Efficiency from New Assets
Inventory additions and newly acquired assets are expected to drive efficiencies going ahead.
Net-Zero GHG Emissions Target
Chalet Hotels commits to achieve Net-Zero Greenhouse Gas (GHG) Emissions by 2040.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Hospitality Occupancy | 68.2% (Q4 FY26 Combined Portfolio) | Recovery from Q4 declines, especially in MMR and Bengaluru, and stabilization of new inventory. |
| RevPAR Growth | -3.2% YoY (Q4 FY26 Combined Portfolio) | Positive YoY growth driven by both ADR and occupancy, indicating demand recovery. |
| Project Timelines | Multiple projects under construction with Q4 FY27 to Q4 FY29 timelines. | Adherence to commissioning timelines and successful ramp-up of new assets. |
| Commercial Real Estate Occupancy | 88% (Q4 FY26) | Continued leasing momentum and occupancy rates for CIGNUS Powai Tower II. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +3.2% / mo · MACD +
Technical chart
CHALETdaily · 1Y · AUTO+16.2%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 62.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~3.1% over last month) — short-term momentum positive.
- RSI(14) at 62 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 16% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 15.8% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 23/25 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Promoter pledge is 31.9%.
- Fair-value margin of safety is negative at -6.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 78th percentile within Consumer. Main check: promoter alignment is weak at 54/100.
Healthy Trust Lite: Promoter holding is 67.3%. Key concern: Promoter pledge is elevated at 31.9%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 78th pctile, median 66 · Large: 56th pctile, median 73
131 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.3%.
- ▸FCF yield is positive at 2.5%.
- ▸6 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter pledge is elevated at 31.9%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.70
- P/B
- 5.31
- EV/EBITDA
- 16.91
- Market Cap
- 19638.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 17.00%
- ROA
- 7.25%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 58.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 60.00%
Balance Sheet
- Debt/Equity
- 0.64
- Interest Coverage
- 6.22×
- Altman Z
- 4.94
- Book Value
- 169.00
Cash Flow
- FCF Yield
- 2.51%
- FCF Positive Y
- 6/5
- OCF
- 1067.00 Cr
- EPS TTM
- 24.12
Shareholding
- Promoter Hold
- 67.29%
- Promoter Pledge
- 31.90%
- Momentum 52W
- 53%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.