Benares Hotels Ltd (BENARAS)

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Benares Hotels Ltd (BENARAS) · mywealthgrid

About

Benares Hotels operates hotels and resorts in India's leisure services sector within consumer discretionary, with current market cap ₹1,323.06 Cr and share price ₹10,177.35. The company has recovered from pandemic shutdowns and currently operates at 42.86% operating margins. Business sustainability is demonstrated by consistent dividend payments and ROE of 22.44%.

Face value: ₹10

Market cap

₹1,332 Cr

P/E

—

P/B

6.3×

Dividend yield

0.5%

ROE

22.4%

ROCE

29%

Debt / equity

—

OPM

42.9%

EPS (TTM)

₹-40.2

Book value

₹1,635.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue recovery incomplete: ₹11.01 Cr (Mar 2021) remains 48% below pre-COVID peak of ₹21.26 Cr (Dec 2019); verify occupancy rates, average room pricing, and leisure travel demand trends
Extreme margin volatility in 2020 (from 40% profit to −640% loss) reveals high cost inflexibility; verify what portion of costs are fixed, whether structure has been permanently optimized, and crisis vulnerability
Concentrated promoter ownership (62.58%) with negligible institutional participation (FII 0.01%, DII 0.05%) limits capital-raising flexibility; verify debt levels and expansion funding capacity
PE ratio unavailable; verify current earnings yield, payout ratio, and relative valuation versus leisure sector peers

Generated analysis · source review pending

Growth drivers

Revenue recovery potential: ₹10.25 Cr gap between current (₹11.01 Cr Mar 2021) and pre-COVID peak (₹21.26 Cr Dec 2019) — verify occupancy recovery, room rate trends, and leisure travel demand trajectory
Capital efficiency: ROE of 22.44% demonstrates productive capital deployment — verify planned expansion capex and property investment strategy
Margin resilience: operating margins 42.86% match pre-COVID range (40–42%) — verify if cost structure allows margin expansion at higher volumes
Cash generation: regular dividends (Jul 2026, Aug 2025, 2024, 2023, 2022) demonstrate operational cash flow — verify payout ratio sustainability and reinvestment priorities for organic growth

Generated analysis · source review pending

2,385 historical price candles were omitted because the exchange source has not been verified.

₹10,249.0+0.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 27.2% (3-yr avg)
+High return on capital employed of 34.5%
+Healthy operating margin of 42.9%
+Profit CAGR of 22.7% over the last 3 years
+Revenue CAGR of 41.8% over the last 5 years
+Comfortable interest coverage of 150.2×
+High promoter holding of 62.6% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 87
Growth: 33

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Itc Hotels LimitedITCHOTELSITCHOTELS	₹33,018 Cr	₹33,019 Cr	₹4,260 Cr	₹1,471 Cr	34.4%	₹864 Cr	19.8%	10.2%	7.3%	600
Leela Palaces Hotels & Resorts LimitedTHELEELATHELEELA	₹19,003 Cr	₹20,560 Cr	₹1,604 Cr	₹785 Cr	48.6%	₹298 Cr	26.4%	8.4%	0.5%	-147
Eih LimitedEIHOTELEIHOTEL	₹18,628 Cr	₹18,628 Cr	₹3,023 Cr	₹1,030 Cr	34.8%	₹712 Cr	22.4%	18.6%	12.7%	-295
Chalet Hotels LimitedCHALETCHALET	₹18,182 Cr	₹20,506 Cr	₹2,387 Cr	₹1,064 Cr	42.9%	₹528 Cr	23.3%	18.4%	19.1%	80
Ventive Hospitality LimitedVENTIVEVENTIVE	₹12,894 Cr	₹14,929 Cr	₹2,496 Cr	₹1,079 Cr	44.4%	₹588 Cr	20.4%	10.2%	9.7%	-201
Lemon Tree Hotels LimitedLEMONTREELEMONTREE	₹8,530 Cr	₹10,533 Cr	₹1,473 Cr	₹700 Cr	47.9%	₹235 Cr	20%	14.6%	17.8%	-200
India Tourism Development Corporation LimitedITDCITDC	₹5,711 Cr	₹5,711 Cr	₹535 Cr	₹91 Cr	17.2%	₹82 Cr	15.5%	28.5%	21.6%	-47
Juniper Hotels LimitedJUNIPERJUNIPER	₹4,784 Cr	₹5,522 Cr	₹1,076 Cr	₹429 Cr	40.3%	₹166 Cr	13.5%	8.1%	5.1%	-32
Mahindra Holidays & Resorts India LimitedMHRILMHRIL	₹3,938 Cr	₹5,172 Cr	₹3,023 Cr	₹607 Cr	20.6%	₹54 Cr	2.2%	3.8%	8.9%	227
Samhi Hotels LimitedSAMHISAMHI	₹3,429 Cr	₹5,137 Cr	₹1,281 Cr	₹439 Cr	34.6%	₹504 Cr	45.4%	9.1%	30.3%	-321
Oriental Hotels LimitedORIENTHOTORIENTHOT	₹2,500 Cr	₹2,597 Cr	₹498 Cr	₹130 Cr	26.8%	₹67 Cr	13.8%	13.1%	12.7%	-164

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	50	50	47	60	64	24	50	93	121	135	139
COGS	—	—	—	-6	-6	3	4	8	10	10	—
Gross profit	—	—	—	—	—	21	45	85	110	125	—
	38	38	36	48	49	21	31	49	59	66	80
Operating profit (EBITDA)	12	12	11	17	21	0	15	36	51	59	60
OPM %	23.7%	23.7%	23.8%	29.3%	32.6%	1.6%	29.3%	38.7%	42.4%	43.8%	42.9%
Depreciation	—	—	4	5	6	7	6	6	6	6	7
Interest	—	—	—	1	1	1	1	0	0	0	0
	1	2	1	1	0	1	0	2	3	5	6
Profit before tax	13	11	8	12	14	-7	8	31	48	58	58
Tax	5	4	1	3	3	-2	2	8	12	15	15
Tax %	35.6%	36.4%	17.2%	28.4%	21.3%	-25%	26.7%	25.3%	25%	25.6%	26%
	8	7	6	9	11	-5	6	23	36	43	43
PAT margin %	16.6%	13.8%	13.7%	14.6%	16.7%	-21.6%	11.3%	25.1%	29.9%	31.9%	31.1%
EPS (₹)	63.7	51.9	49.9	67.1	81.6	-40.2	43.5	179.9	277.3	332.7	332.6
EPS adjusted (₹)	—	—	—	—	81.6	-40.2	43.5	179.9	277.2	332.7	332.6
	31.4%	28.9%	30.1%	22.4%	9.2%	—	23%	11.1%	9%	7.5%	7.5%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1	1	1	1	1	1	1
Reserves	—	71	77	98	132	171	211
	—	6	0	0	0	0	—
	—	13	17	21	23	23	44
Total equity & liabilities	—	91	95	120	156	195	257
	91	84	78	73	71	71	156
CWIP	—	0	0	1	5	19	1
Investments	—	0	0	0	0	0	—
	—	7	17	47	79	106	100
Total assets	—	91	95	120	156	195	257

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2	16	28	41	42
	-1	-11	-17	-25	-43
	-2	-6	-2	-3	-4
Net cash flow	-1	-0	9	12	-5
Free cash flow	1	16	26	29	24
CFO / Operating profit %	530.8%	110.7%	76.9%	79.3%	70.6%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	88.7%	91.1%	91%	91.6%	92.5%	—
EBITDA margin %	29.3%	32.6%	1.6%	29.3%	38.7%	42.4%	43.8%	42.9%
EBIT margin %	20.5%	22.6%	-27%	16.6%	32.3%	37.5%	39.3%	38%
PAT margin %	14.6%	16.7%	-21.6%	11.3%	25.1%	29.9%	31.9%	31.1%
Working capital
Receivable days	—	—	12	10	17	15	11	15
Inventory days	—	—	109	65	54	48	38	9
Payable days	—	—	235	245	234	240	177	—
NWC days	—	—	-114	-169	-164	-177	-128	—
Leverage
Current ratio	—	—	0.47	1.36	3.55	4.48	7.59	2.85
Debt to EBITDA	—	—	14.1	0	0	0	0	—
Debt to equity	—	—	0.08	0	0	0	0	—
Interest coverage	17	13.5	-6	12.9	85.5	127.6	153.9	150.2
Asset turnover	—	—	0.27	0.52	0.78	0.77	0.69	0.54
Return ratios
Return on assets %	—	—	-5.8%	5.9%	19.4%	23.1%	22.1%	16.8%
Return on capital employed %	—	—	-7.5%	10%	32.1%	38.5%	36.1%	29%
Return on equity %	—	—	-7.2%	7.3%	23.4%	27.1%	25%	20.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.57%	62.57%	62.57%	62.57%	61.19%	62.58%	62.58%	62.58%	62.58%	62.58%	62.58%	62.58%
	0%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%
	0%	0%	0%	0%	0%	0%	0%	0.02%	0.02%	0.01%	0.01%	0.05%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.43%	37.43%	37.42%	37.42%	38.8%	37.41%	37.41%	37.39%	37.39%	37.39%	37.4%	37.36%
No. of shareholders	—	—	—	—	—	—	—	—	6,979	6,737	6,647	6,717

Promoter holding up 0.01 percentage points since Sep 2023.

Mr. Anant Narain SinghNon-Executive - Non Independent Director-Chairperson
Mr. Moiz Mohsin MiyajiwalaNon-Executive - Independent Director
Mr. Puneet RamanNon-Executive - Independent Director
Ms. Anita BelaniNon-Executive - Independent Director
Mr. Rohit KhoslaNon-Executive - Non Independent Director
Mr. Beejal DesaiNon-Executive - Non Independent Director
Mr. Anupam Ravindranath ChaturvediNon-Executive - Independent Director
Mr. Rajendra MisraNon-Executive - Non Independent Director
Mr. Sumit SinghChief Executive Officer
Mr. Thomas KunjukunjuChief Financial Officer
Ms. Vanika MahajanCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Benares Hotels Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

19

Final dividend16 Jul 2026 · ex-date₹25
Final dividend5 Aug 2025 · ex-date₹25
Final dividend22 Aug 2024 · ex-date₹25
Final dividend17 Aug 2023 · ex-date₹20
Final dividend30 Aug 2022 · ex-date₹10
Final dividend21 Sept 2020 · ex-date₹7.5
Final dividend21 Aug 2019 · ex-date₹15
Dividend dividend14 Aug 2018 · ex-date₹15
Dividend dividend26 Jul 2017 · ex-date₹15
Dividend dividend3 Aug 2016 · ex-date₹20
Dividend dividend12 Aug 2015 · ex-date₹20
Dividend dividend14 Aug 2014 · ex-date₹20
Dividend dividend2 Aug 2013 · ex-date₹20
Dividend dividend30 Jul 2012 · ex-date₹16
Dividend dividend27 Jul 2011 · ex-date₹13
Dividend dividend28 Jul 2010 · ex-date₹13
Dividend dividend10 Aug 2009 · ex-date₹8.5
Dividend dividend6 Aug 2008 · ex-date₹12
Dividend dividend28 Aug 2007 · ex-date₹10

1

Board meeting to consider results14 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

21 Sept 2026, 5:10 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Jul 2026, 5:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

23 Jul 2026, 7:47 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

23 Jul 2026, 7:45 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

15 Jul 2026, 4:49 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Jul 2026, 6:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

14 Jul 2026, 6:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

14 Jul 2026, 6:15 pmResult

Financial Results For Quarter/ Period Ended 30.06.2026.

Financial Results PDF

Date	Category	Subject	Filing
21 Sept 2026, 5:10 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Jul 2026, 5:17 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Benares Hotels Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

19

1

Announcements

19

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Benares Hotels Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends19

Board meetings1

Announcements

Dividends19

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1

19

1