Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 30 Sep - ICRA reaffirmed Chalet Hotels’ ratings and upgraded outlook to Positive on September 29, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result30 Jul, 01:05 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -4.3% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CHALETD candles · FIT view+5.7%Latest close ₹842.70 on 2026-10-19
Bar
-0.9%
RSI
49
MACD hist
1.05
52W pos
53%
2026-10-19O ₹850.25H ₹858.85L ₹834.80C ₹842.70Vol 67,634 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CHALETNifty Consumer DurablesNifty 500
- CHALET
- -1.6%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +4.0 pp
Chart stats
19 Oct 2026- From 52W high
- -14.8%
- 52W range position
- 51%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.40x
- Avg traded value
- ₹12.4 Cr
- 20D price channel
- ₹803.1 - ₹904.4
₹989
₹691.4 - ₹989
₹26.3
Latest completed session
20-session average
29.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -42.8% · PAT -57.6% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-4.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -43% YoY · PAT -58% YoY · margin expansion
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 34.80
- P/B
- 5.03
- EV/EBITDA
- 16.13
- Market Cap
- 18620.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 17.00%
- ROA
- 7.25%
- Dividend Y
- 0.24%
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
- 4.77
- Book Value
- 169.00
Cash Flow
- FCF Yield
- 2.64%
- FCF Positive Y
- 6/5
- OCF
- 1067.00 Cr
- EPS TTM
- 24.12
Shareholding
- Promoter Hold
- 67.29%
- Promoter Pledge
- 31.90%
- Momentum 52W
- 55%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,770+61.2% vs prev
Net Profit
₹ CrLatest: 645+354.2% vs prev
Return on Equity
%Latest: 17.4+274.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 22% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
57
RS percentile
Stage 2 UptrendNew S2
1M return
-2.7%
3M return
-1.6%
6M return
+4.0%
1Y return
-9.4%
RS 1D
+2
RS 20D
+9
Sector rank
#8
Industry rank
#11
Stage evidence
- Price is 3.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.1%.
50-DMA
price below
200-DMA
price above
S2 entered
15 Oct 2026
S2 age
3 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 90.8+0.14%
RS vs Nifty 50091
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth23/25
Quality15/20
Balance Sheet5/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
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 -4.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
34.8
PB
5.0
EV/EBITDA
16.1
ROE
19.0%
ROCE
17.0%
FCF Yield
2.6%
Debt/Equity
0.6
MoS
-4.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-4.9%
Previous: -4.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
54
54
54
54
54
54
54
54
54
54
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹302.85
-178.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹803.2
-4.9% MoS
PEG
0.67
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ITCHOTELS
Large
ITC Hotels Limited
Hospitality
match 167
31
35.5
7.9%
-14%
OVERVALUED
EIHOTEL
Large
EIH Limited
Hospitality
match 164
50
26.0
14.5%
+20%
FAIR VALUE
THELEELA
Large
Leela Palaces Hotels & Resorts Limited
Hospitality
match 161
32
43.9
8.2%
-35%
WATCHLIST
ADVANIHOTR
Small
Advani Hotels & Resorts (India) Limited
Hospitality
match 160
61
18.5
8.2%
+43%
UNDERVALUED
ADVENTHTL
Small
Advent Hotels International Limited
Hospitality
match 159
43
13.8
4.7%
+47%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T16:56:44.309Z
Management commentary snapshot
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.
Current business mix
Hospitality Revenue Break-up (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Room66.2%
F&B27.3%
Others6.5%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
134 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Consumer: 78th pctile, median 66 · Large: 55th pctile, median 73
Evidence depth
Financial-only
134 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
54
watch · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
84
strong · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 67.3%.
- ▸FCF yield is positive at 2.6%.
- ▸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.
Continue researching Chalet Hotels Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 7 Sep - On September 7, 2026, Chalet Hotels acquired 100% of Lakeview Mercantile, owning Goa land for a 170-room resort.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 22 Sep - India Ratings upgraded Chalet Hotels’ term loans and working capital limits to IND AA/Stable; NCD rating withdrawn.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Pursuant to the provisions of Regulation 30(6) read with Schedule III of the Listing Regulations, please find below details of Investor Conference, in which the …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Aug - Newspaper Advertisement for AGM Notice enclosed
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 29 Aug - Chalet Hotels filed its FY2026 BRSR and integrated annual report, including ESG policies and sustainability performance.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Aug - Chalet adds two ATHIVA hotels in Hyderabad and Pune, totaling 381 keys; launches expected FY2029/FY2031.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management Control 2d - Mr. Manoj Agarwal appointed Chief Growth and Product Officer effective July 20, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 17 Jul - Mr. Gautam Mehra appointed Additional Independent Director for five years from July 17, 2026, subject to shareholder approval.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.