| Market Cap (cr): | 2926 | Book Value: | 114.62 |
|---|---|---|---|
| Lot Size: | 100 | 52 Week High: | 445 |
| 52 Week Low: | 300 | EPS: | ₹11.19 |
| Demat Account: | PB: | 3.36 | |
| Face Value: | 10 | Debt To Equity: | 1.29 |
| No Of Shares: | 75991199 | Url: | https://www.thelalit.com |
Overview :
Key Takeaways
- Bharat Hotels Limited operates The Lalit — one of India's largest privately-owned luxury hotel chains, with properties in New Delhi, Mumbai, Bengaluru, Chandigarh, Jaipur, Udaipur, Srinagar, Goa, Khajuraho, Bekal and London.
- Leadership: Dr. Jyotsna Suri, Chairperson and Managing Director — a prominent figure in Indian hospitality and a former President of FICCI.
- The investment thesis is real estate as much as hospitality. The Lalit's properties occupy prime urban land — most notably The Lalit New Delhi at Barakhamba Avenue, Connaught Place, one of the most valuable commercial addresses in India.
- The core question every investor must answer: what is the book value of the land and buildings versus their current market value? Hotel companies holding prime real estate for decades frequently carry it at a fraction of realisable worth.
- Important: request the latest audited financials from Arms Securities before investing, and pay particular attention to debt levels — hotel chains are typically leveraged.
Company Overview & Fundamentals
| Parameter | Details |
|---|---|
| Company Name | Bharat Hotels Limited |
| Brand | The Lalit |
| Chairperson & MD | Dr. Jyotsna Suri |
| Industry | Luxury Hotels and Hospitality |
| Key Properties | New Delhi, Mumbai, Bengaluru, Chandigarh, Jaipur, Udaipur, Srinagar, Goa, Khajuraho, Bekal, London |
| Listing Status | Unlisted |
The Lalit Portfolio
| Property | Significance |
|---|---|
| The Lalit New Delhi | Barakhamba Avenue, Connaught Place — among India's most valuable commercial locations |
| The Lalit Mumbai | Near the international airport |
| The Lalit Ashok Bangalore | Large landholding in central Bengaluru |
| The Lalit Grand Palace Srinagar | A former royal palace on the Dal Lake |
| The Lalit Laxmi Vilas Palace Udaipur | Heritage palace property |
| The Lalit Golf & Spa Resort Goa | Beachfront resort |
| The Lalit Temple View Khajuraho | Adjacent to the UNESCO World Heritage temples |
| The Lalit Resort & Spa Bekal, Kerala | Backwater resort |
| The Lalit London | International presence |
The Lalit Suri Hospitality Group also operates the Lalit Traveller mid-market brand and Kitty Su, a well-known nightclub chain.
Why Hotel Companies Are Really Real Estate Companies
This is the single most important concept for valuing Bharat Hotels.
A luxury hotel occupies a large plot in a prime urban location. The operating business (room revenue, F&B, banquets) generates one set of returns. The underlying land generates another — and the two can diverge enormously.
| Consideration | Detail |
|---|---|
| Land acquired decades ago | Often carried at historical cost on the balance sheet |
| Prime urban locations | Connaught Place, central Bengaluru and airport-adjacent Mumbai land has appreciated enormously |
| Heritage properties | Palace hotels in Srinagar and Udaipur are irreplaceable assets |
| Redevelopment optionality | Hotel land can theoretically be redeveloped for higher-value use |
| The catch | Value is realised only on sale, revaluation or restructuring — none of which is announced |
Ask Arms Securities for the fixed asset schedule from the latest annual report. The gap between book value and estimated market value of the land is the heart of the investment case.
The Hospitality Business Cycle
Indian hospitality has experienced a strong recovery cycle, driven by:
- Domestic travel growth — rising incomes and improved connectivity
- Business travel recovery post-pandemic
- Weddings and events — a large, high-margin banquet business for luxury hotels
- Limited new supply in premium urban locations — land scarcity constrains competition
- Rising average room rates (ARRs) across the premium segment
Why Investors Buy Bharat Hotels Unlisted Shares
- Prime real estate — Connaught Place, central Bengaluru, airport-adjacent Mumbai and heritage palace properties
- Potential deep value — land held for decades may be carried far below market value
- Irreplaceable heritage assets — palace hotels in Srinagar and Udaipur cannot be replicated
- Established luxury brand — The Lalit is a recognised name in Indian premium hospitality
- Strong leadership — Dr. Jyotsna Suri, a prominent industry figure and former FICCI President
- Hospitality upcycle — domestic travel, business travel, weddings and events all driving occupancy and rates
- Supply constraints — limited new premium hotel supply in prime urban locations protects incumbents
- International presence — The Lalit London provides geographic diversification
- Listed peer benchmarks — Indian listed hotel companies provide valuation references
Risks to Consider — Read Carefully
- Leverage is the key risk in hotels. Hotel development is capital-intensive and typically debt-funded. Ask specifically about total debt, interest coverage and repayment schedules before investing — this is more important than revenue figures.
- Limited public financial disclosure. Request the latest audited financials from Arms Securities, including the debt schedule and fixed asset schedule.
- Extreme cyclicality and shock sensitivity. COVID demonstrated how completely hotel revenue can collapse. Terrorism, pandemics, travel restrictions and recessions all hit occupancy immediately and totally.
- High fixed costs. Hotels must be staffed, lit, cooled and maintained regardless of occupancy — so revenue declines flow straight to losses.
- Asset value is unrealised. The real estate thesis depends on a sale, revaluation or restructuring — none of which is announced.
- Competition from Taj (IHCL), Oberoi, ITC, Marriott, Hyatt, Accor and others in every market The Lalit operates in.
- Srinagar exposure — the Kashmir property's performance is tied to a security situation outside company control.
- Regulatory and licensing — hotels require numerous licences including liquor permits that vary by state.
- No IPO announced — assume OTC-only liquidity.
- Thin trading liquidity.
How to Buy from Arms Securities
Call/WhatsApp +91-8882245112 → request the latest audited financials, and specifically ask for the debt schedule and fixed asset schedule → confirm price and lot → share CMR → pay via NEFT/RTGS → shares credited in 24–48 hours.
FAQs
What is the current price of Bharat Hotels unlisted shares?
Prices are set by OTC supply and demand and liquidity is thin. For today's confirmed Arms Securities quote and available quantity, call +91-8882245112.
Is Bharat Hotels the same as The Lalit?
Yes. Bharat Hotels Limited operates the hotels under The Lalit brand, part of The Lalit Suri Hospitality Group, with properties across New Delhi, Mumbai, Bengaluru, Chandigarh, Jaipur, Udaipur, Srinagar, Goa, Khajuraho, Bekal and London.
Who leads Bharat Hotels?
Dr. Jyotsna Suri serves as Chairperson and Managing Director. She is a prominent figure in Indian hospitality and a former President of FICCI (Federation of Indian Chambers of Commerce and Industry).
Why is real estate important in valuing a hotel company?
Because a hotel company is substantially a real estate company with an operating business attached. The Lalit's properties occupy prime urban land — including Barakhamba Avenue at Connaught Place in New Delhi, central Bengaluru and airport-adjacent Mumbai — plus irreplaceable heritage palace properties in Srinagar and Udaipur. Land acquired decades ago is often carried at historical cost, potentially far below market value. Request the fixed asset schedule to assess this.
What is the biggest risk with Bharat Hotels?
Leverage. Hotel development is capital-intensive and typically debt-funded, and hotels carry high fixed costs that must be met regardless of occupancy. Ask specifically about total debt, interest coverage and repayment schedules before investing. Cyclicality is the second risk — COVID showed how completely hotel revenue can collapse.
Is Bharat Hotels profitable?
Detailed audited financials are not comprehensively available in the public domain. Request the latest available financial statements from Arms Securities at +91-8882245112 before investing — and pay particular attention to the debt position alongside profitability.
+91-8882245112 | contact@armssecurities.com | www.armssecurities.com
Company Incorporation Details
| Particular | Detail |
| Company Name | Bharat Hotels Limited |
| Date of Incorporation | July 10, 1981 |
| CIN | U74899DL1981PLC011274 |
| Registered Office | Barakhamba Lane, New Delhi-110001 |
| ISIN | INE701C01011 |
| PAN | AAACB1298E |
| Registrar & Transfer Agent | KFin Technologies Limited |
| Auditors | Walker Chandiok & Co LLP |
Shareholding Pattern
| Category | Shares Held | % Holding |
| Promoters | 37,973,236 | 49.97% |
| Public | 38,017,963 | 50.03% |
| Total | 75,991,199 | 100% |
Sector
- Industry: Hospitality / Hotels & Resorts
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Investor Information
- Company valuation is typically based on multiplying the latest trade price by outstanding equity, adjusting for book value and profitability.
- Buying from Arms Securities ensures transparent transactions, regulatory compliance, and full legal assurance.
- Risks include lower liquidity and limited exchange regulation—always assess and consult with our experts.
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Bharat Hotels Financials
Financial in Lakhs unless specifically mentioned
| Particulars | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Income from continuing operations | |||||
| Revenue from operations | 86,233.97 | 80,005.06 | 36,856.23 | 14,992.54 | 56,856.04 |
| Other income | 838.48 | 824.66 | 720.39 | 2,198.18 | 1,070.11 |
| Total Income | 87,072.45 | 80,829.72 | 37,576.62 | 17,190.72 | 57,926.15 |
| Expenses from continuing operations | |||||
| Cost of food and beverages consumed | 8,318.62 | 7,689.21 | 3,515.32 | 1,732.99 | 6,740.56 |
| Purchases of traded goods | 41.75 | 6.75 | 0.85 | 3.96 | 39.08 |
| Changes in inventories of traded goods | (15.53) | 21.26 | 11.96 | 5.12 | (3.42) |
| Employee benefits expense | 11,160.26 | 9,173.85 | 5,805.15 | 4,379.99 | 10,565.12 |
| Other expenses | 30,391.96 | 27,503.65 | 14,329.96 | 8,120.38 | 23,641.81 |
| Total expenses | 49,897.06 | 44,394.72 | 23,663.24 | 14,242.44 | 40,983.15 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA), exceptional items from continuing operations | 37,175.39 | 36,435.00 | 13,913.38 | 2,948.28 | 16,943.00 |
| Finance income | 848.90 | 906.51 | 717.90 | 3,834.16 | 882.63 |
| Finance costs | 20,228.96 | 18,459.66 | 18,414.27 | 15,632.11 | 16,611.80 |
| Depreciation and amortisation expense | 5,933.24 | 6,782.42 | 6,494.02 | 7,473.63 | 8,294.58 |
| Profit/(loss) before exceptional items and tax from continuing operations | 11,862.09 | 12,099.43 | (10,277.01) | (16,323.30) | (7,080.75) |
| Exceptional items | (2,254.43) | (1,318.04) | - | - | 2,470.24 |
| Profit/(loss) before tax from continuing operations | 14,116.52 | 13,417.47 | (10,277.01) | (16,323.30) | (9,550.99) |
| Tax expense: | |||||
| Current tax | 2,732.91 | 3,184.14 | 12.13 | (0.38) | 207.95 |
| Deferred tax credit | 2,903.41 | 5,276.44 | (4,421.89) | (6,140.89) | (1,550.29) |
| Total tax expense | 5,636.32 | 8,460.58 | (4,409.76) | (7,426.87) | 137.88 |
| Profit/(loss) for the year from continuing operations | 8,480.20 | 4,956.89 | (5,867.25) | (8,896.43) | (9,688.87) |
| Loss before tax for the year from discontinued operations | - | - | (46.98) | (230.65) | 3,565.26 |
| Tax expense of discontinued operations | - | - | 16.41 | (73.83) | 1,256.26 |
| Loss for the year from discontinued operations | - | - | (30.57) | (156.82) | 2,309.00 |
| Profit/(loss) for the year | 8,480.20 | 4,956.89 | (5,897.82) | (9,053.25) | (7,379.87) |
| Earnings per share -(face value of INR 10/- each): | 11.16 | 6.52 | (7.72) | (9.91) | (11.38) |
Net Sales (in cr.)
Total Income (in cr.)
Operating Profit (in cr.)
Net Profit (in cr.)
Shareholder Funds (in cr.)
Total Assets (in cr.)
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