AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Leela Palaces will attend Anand Rathi G-200 Summit on September 22, 2026 in Mumbai.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result14 Oct, 02:46 pm IST
Score22 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
63Bullishfull bull SMA stack · SMA20 +5.8% / mo · MACD + · near 52W high · sector -5.0pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 32
Sector 3M: -10.6% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
THELEELAD candles · FIT view+41.9%Latest close ₹595.65 on 2026-10-22
Bar
+1.8%
RSI
56
MACD hist
0.32
52W pos
79%
2026-10-22O ₹585.00H ₹609.80L ₹582.55C ₹595.65Vol 9.2L 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
THELEELANifty Consumer DurablesNifty 500
- THELEELA
- +21.3%
- Nifty 500
- -6.2%
- Nifty Consumer Durables
- -11.1%
- Vs Nifty 500
- +27.5 pp
Chart stats
22 Oct 2026- From 52W high
- -8.4%
- 52W range position
- 79%
- ATR (14)
- 4.9%
- Volume vs 20D
- 1.34x
- Avg traded value
- ₹41.5 Cr
- 20D price channel
- ₹522.2 - ₹650.4
₹650.4
₹384.5 - ₹650.4
₹29.5
Latest completed session
20-session average
44.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +32.4% · PAT +26.1% YoY
Technical
Bullish63
Price trend and sector-relative-strength timing.
Valuation
Legacy model-29.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
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 Sept 2026
Excellent · 85/100Rev +32% YoY · PAT +26% YoY · margin expansion · +17% QoQ
Filed 14 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹411.9 Cr | +32.4% | +17.0% |
| EBITDA | ₹187.7 Cr | +38.0% | +30.9% |
| Operating margin | 45.6% | +158 bps | +484 bps |
| PAT | ₹94.6 Cr | +26.1% | +94.0% |
| PAT margin | 23.0% | -115 bps | +912 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 43.90
- P/B
- 3.14
- EV/EBITDA
- 24.06
- Market Cap
- 20582.00Cr
Profitability
- ROE
- 8.21%
- ROCE
- 8.73%
- ROA
- 5.05%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.68%
- EPS 5Y
- 210.58%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 106.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 5.13×
- Altman Z
- 6.41
- Book Value
- 196.00
Cash Flow
- FCF Yield
- 0.68%
- FCF Positive Y
- 2/5
- OCF
- 777.00 Cr
- EPS TTM
- 13.86
Shareholding
- Promoter Hold
- 75.91%
- Promoter Pledge
- 73.60%
- Momentum 52W
- 87%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 412+17.0% vs prev
Net Profit
₹ CrLatest: 94.6+94.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 56. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 8% off 52W high · 55% 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
94
RS percentile
Stage 2 UptrendEstablished S2
1M return
+10.9%
3M return
+21.3%
6M return
+38.8%
1Y return
+36.5%
RS 1D
+1
RS 20D
+16
Sector rank
#8
Industry rank
#9
Stage evidence
- Price is 23.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
26 Jun 2026
S2 age
82 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 150.46+2.40%
RS vs Nifty 500150
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth20/25
Quality0/20
Balance Sheet6/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Promoter pledge is 73.6%.
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -29.1%.
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
43.9
PB
3.1
EV/EBITDA
24.1
ROE
8.2%
ROCE
8.7%
FCF Yield
0.7%
Debt/Equity
0.3
MoS
-29.1%
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: 22 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-29.1%
Previous: -26.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
31
31
31
33
33
33
33
32
32
32
32
32
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
₹247.23
-140.9% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹461.54
-29.1% MoS
PEG
0.26
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
EIHOTEL
Large
EIH Limited
Hospitality
match 162
50
26.0
14.5%
+22%
FAIR VALUE
CHALET
Large
Chalet Hotels Limited
Hospitality
match 161
54
34.8
19.0%
-3%
FAIR VALUE
ITCHOTELS
Large
ITC Hotels Limited
Hospitality
match 158
31
35.5
7.9%
-13%
OVERVALUED
LEMONTREE
Large
Lemon Tree Hotels Limited
Hospitality
match 157
44
34.5
19.2%
-11%
WATCHLIST
VENTIVE
Small
Ventive Hospitality Limited
Hospitality
match 154
39
26.4
8.3%
+21%
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 intactReviewed 2026-06-03T18:45:00.444Z
Management commentary snapshot
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.
Current business mix
Total Keys (Operational + Pipeline) by Ownership/Management
Latest issuer-disclosed distribution across 2 reported categories.
Owned Keys50.0%
Managed Keys50.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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
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 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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
66Limited 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 49th percentile of the scored universe and 52nd percentile within Consumer. Main check: promoter alignment is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
24 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Consumer: 52nd pctile, median 66 · Large: 26th pctile, median 73
Evidence depth
Financial-only
24 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
43
weak · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 75.9%.
- ▸FCF yield is positive at 0.7%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest 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 17.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Leela Palaces Hotels & Resorts Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Letters To Shareholder(S) Whose E-Mail Addresses Are Not Registered With The Company, RTA And Depositories. 13 Aug - Annual report FY2025-26 shared; 7th AGM on September 4, 2026 via VC/OAVM.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Newspaper advertisement confirming dispatch of Notice of Seventh Annual General meeting along with Annaul report of Leela Palaces Hotels & Resorts Limited.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 10 Jul - Ms. Isha Goyal resigned as SVP & Head HR, effective July 9, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Jul - Leela unveils The Leela Coorg Forest Sanctuary, a 76-acre retreat with 71 villas and wellness centre.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Jul - The Leela ranked world's #2 hotel brand in Travel + Leisure 2026; Udaipur and New Delhi also ranked highly.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Jun
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.