Leela Palaces Hotels & Resorts Limited (THELEELA)
Large CapConsumer stocks · Large cap · NSE
Leela Palaces Hotels & Resorts is an Indian luxury hospitality company. In FY26, it delivered strong all-round performance, achieving record profitability and the highest annual key additions. The company focuses on owning and managing luxury properties across business and leisure segments, with a significant pipeline for future growth.
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.
Weak 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
Good · 67/100Rev +28% YoY · PAT +444% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹352 Cr | +28.0% | -27.3% |
| EBITDA | ₹128 Cr | +26.7% | -51.9% |
| Operating margin | 36.0% | -100 bps | -1900 bps |
| PAT | ₹49 Cr | +444.4% | -71.5% |
| PAT margin | 13.9% | +1065 bps | -2162 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
Leela Palaces reported a 19% Operating EBITDA growth and 746% PAT growth in FY26, driven by 14% YoY RevPAR growth in owned palaces. The company added 23% to its key count, reaching 966 keys, and significantly reduced net debt to 1.6x EBITDA.
The company demonstrated robust financial and operational performance in FY26, outperforming industry benchmarks in key metrics like RGI and NPS. Strategic acquisitions and a strong pipeline of owned and managed keys position it for continued growth in the luxury hospitality segment, supported by a deleveraged balance sheet.
Total Keys (Operational + Pipeline) by Ownership/Management
Latest issuer-disclosed distribution across 2 reported categories.
Strategic Acquisitions & New Properties
Acquired 71-key Leela Coorg Forest Sanctuary; 9 openings expanding into 7 new locations by FY30.
International Expansion
Expansion into Palm Jumeirah, Dubai (546 keys) and Jaisalmer (80 keys, Managed) in CY26.
New Business Verticals
Launching Luxury Residences (Mumbai Waterstone, 63 keys) and Ultra Luxury Clubs (ARQ BY THE LEELA).
Asset Enhancement Projects
Completion of projects across portfolio with ~25% YoC, including F&B upgrades, MICE space, and retail.
Leela Coorg Forest Sanctuary
Acquired 71-key ultra-luxury resort, with planned expansion of 19 keys.
Jaisalmer
80 keys (Managed), Property Improvement plan in progress, Timelines: CY26.
Mumbai Waterstone Residences
63 keys (Managed), Final fit-outs in progress, Timelines: CY26.
Srinagar
170 keys (Owned), Interior demolition in progress, Timelines: CY27.
Expansion of Millionaire Households in India
Millionaire households grew at 16.1% CAGR (2019-2023), driving demand for luxury products.
Rising Propensity for Luxury Consumption
Luxury homes sales CAGR of 28-30% (2021-2025) indicates strong market growth.
Luxury Market Demand-Supply Gap
A projected 4.9% CAGR gap in FY25-28E suggests favorable market dynamics.
Geopolitical Disruption
Q4 FY26 occupancy impacted by 'War Impact', resulting in a 6pp YoY decline.
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 document heavily emphasizes FY26 annual performance compared to FY25, with key metrics like Operating EBITDA, PAT, RevPAR, ADR, and Occupancy all presented on a YoY basis for the full fiscal year. Q4 data is also compared YoY.
RevPAR (5 Owned Palaces)
FY26: ₹17,460 (+14% YoY); Q4 FY26: ₹23,028 (+6% YoY)
ADR (5 Owned Palaces)
FY26: ₹25,375 (+13% YoY); Q4 FY26: ₹32,059 (+15% YoY)
Occupancy (5 Owned Palaces)
FY26: 69% (+1pp YoY); Q4 FY26: 72% (-6pp YoY)
Adjusted Operating EBITDA Margin
FY26: 49% (+167 bps YoY); Q4 FY26: 55% (+57 bps YoY)
Strategic Vision for FY30
Targeting 2x keys, 3x properties, and 10x EBITDA by FY30 from FY20 base.
Deepen Guest Engagement
Focus on year-round activations, specialized programming, and customer delight offerings.
Strengthen Brand Visibility
Aim to own the 'True Indian Luxury' space and enhance brand saliency.
Growth-Ready Platform
Well-capitalized with conservative Debt/EBITDA levels (1.6x) providing significant headroom for growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RevPAR Growth (Owned Palaces) | +14% YoY (FY26) | Sustained double-digit RevPAR growth, especially in city hotels. |
| Adjusted Operating EBITDA Margin | 49% (FY26) | Continued margin expansion driven by operating leverage and cost discipline. |
| Pipeline Execution & Ramp-up | 1,000+ keys in pipeline across 9 hotels | Timely commissioning of new properties and successful ramp-up of utilization and profitability. |
| Net Debt to EBITDA | 1.6x (FY26) | Maintenance of conservative leverage profile amidst ongoing expansion plans. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
68Bullishfull bull SMA stack · SMA20 +10.3% / mo · MACD + · near 52W high
Technical chart
THELEELAdaily · 1Y · AUTO+28.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 60. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~9.3% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 44% 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
- Price is 21.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Promoter pledge is 73.6%.
- Fair-value margin of safety is negative at -19.5%.
- 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: +1 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.
Mixed Trust: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 38th percentile within Consumer. Main check: promoter alignment is weak at 43/100.
Healthy Trust Lite: Promoter holding is 75.9%. Key concern: Promoters have pledged 73.6% of holding.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 38th pctile, median 66 · Large: 18th pctile, median 73
23 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
Mixed 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 75.9%.
- ▸FCF yield is positive at 0.8%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 73.6% of holding.
- ▸ROCE trend is -8.3%.
- ▸OPM spread across recent quarters is 19%.
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
- 41.20
- P/B
- 2.89
- EV/EBITDA
- 23.01
- Market Cap
- 18503.00Cr
Profitability
- ROE
- 8.21%
- ROCE
- 8.73%
- ROA
- 4.96%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.86%
- EPS 5Y
- 203.80%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 106.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 4.87×
- Altman Z
- 6.08
- Book Value
- 192.00
Cash Flow
- FCF Yield
- 0.76%
- FCF Positive Y
- 2/5
- OCF
- 777.00 Cr
- EPS TTM
- 13.27
Shareholding
- Promoter Hold
- 75.91%
- Promoter Pledge
- 73.60%
- Momentum 52W
- 84%
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.