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K Raheja Corp-promoted hotel developer and operator running JW Marriott, Westin and other branded hotels in India.
K Raheja Corp-promoted hotel developer and operator running JW Marriott, Westin and other branded hotels in India.
Owns the hotels while Marriott and similar chains run them under management contracts, so room and food revenue stays with Chalet and the operator takes a fee. Office and retail rents add steadier income.
Moat: narrow (brand, installed base). Prime real-estate locations paired with Marriott brand management agreements.
Headquarters: Mumbai, India · Founded: 1986 · Employees: 3,500
Size Chalet Hotels (CHALET.NS) is an India Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $1.88B, the 382nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹810.70 on 6 Nov 2026.
Performance Over six months the shares gained 2.5%, against -7.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 17.4% over the last twelve months (peer median +6.5%); the operating margin is 34.4% (peer median 13.8%).
Valuation It trades at 28.1× forward earnings against a peer median of 17.0× (3rd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +58%, so the hurdle is -33 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (11.2% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹21.5B | ₹27.7B | ₹17.2B | ₹14.2B | ₹11.3B |
| Revenue growth | — | +61% | +21% | +26% | — |
| Gross profit | ₹13.4B | ₹14.1B | ₹9.00B | ₹7.33B | ₹5.46B |
| EBITDA | ₹9.82B | ₹12.0B | ₹7.40B | ₹5.91B | ₹4.37B |
| Net income | ₹5.90B | ₹6.45B | ₹1.43B | ₹2.78B | ₹1.83B |
| Free cash flow | n/a | ₹5.74B | -₹1.46B | ₹985M | ₹1.67B |
| Capital expenditure | n/a | ₹3.38B | ₹9.69B | ₹4.36B | ₹1.75B |
| Total debt | ₹27.8B | ₹23.7B | ₹26.0B | ₹30.1B | ₹28.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chalet Hotels CHALET.NS | $1.88B | +2% | -17% | 34% | 28.1× | 24.1% |
| Indian Hotels INDHOTEL.NS | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% |
| EIH EIHOTEL.NS | $2.07B | -7% | +8% | 29% | 23.2× | 28.9% |
| Lemon Tree Hotels LEMONTREE.NS | $984M | -4% | +10% | 38% | 31.1× | 17.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CHALET.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | +7.4% | 6th lowest of 21 |
| 6-month return | +2.5% | -7.4% | 8th highest of 21 |
| Distance from 52-week high | -17.1% | -18.1% | 11th highest of 21 |
| Revenue growth (TTM) | -17.4% | +6.5% | lowest of 21 |
| Operating margin | 34.4% | 13.8% | 5th highest of 21 |
| Forward P/E | 28.1× | 17.0× | 3rd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | 0.7% | 5th most demanding of 19 |
| Growth delivered (Del g) | +57.5% | +17.3% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | -33.4 pp | -18.1 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | -2.2 pp | +1.0 pp | 8th lowest of 21 |
| EV / EBITDA | 20.4× | 12.9× | 3rd most expensive of 19 |
| Net debt / EBITDA | 2.3× | 2.5× | 8th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chalet Hotels CHALET.NS | India | $1.88B | +2% | -17% | 34% | 28.1× | 24.1% | +57.5% |
| Shangri-La Asia 0069.HK | Hong Kong | $1.87B | -9% | +5% | 35% | 10.6× | -8.7% | +16.8% |
| Monarch Casino & Resort MCRI | United States | $1.92B | -8% | +5% | 27% | 15.6× | 6.7% | +24.2% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | United States | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% | +24.5% |
| Kyoritsu Maintenance 9616.T | Japan | $2.00B | +47% | +20% | 9% | 16.7× | 2.3% | +17.8% |
| EIH EIHOTEL.NS | India | $2.07B | -7% | +8% | 29% | 23.2× | 28.9% | +42.9% |
| Hotel Properties H15.SI | Singapore | $2.07B | +11% | +2% | 7% | n/a | n/a | n/a |
| Hbx Group International HBX.MC | Spain | $2.19B | +29% | +4% | 38% | 9.6× | -4.2% | +18.4% |
| Lindblad Expeditions LIND | United States | $2.23B | +61% | +17% | 8% | 89.0× | 33.0% | +56.4% |
| SkiStar SKIS-B.ST | Sweden | $1.58B | +27% | +7% | 17% | 21.3× | 8.4% | +12.5% |
| BTG Hotels (Group) Co Ltd Shs -A- 600258.SS | China | $2.25B | -14% | -3% | 18% | 17.0× | -11.1% | +7.6% |
| Scandic Hotels SHOT.ST | Sweden | $2.29B | +16% | +3% | 13% | 17.2× | 3.2% | +24.4% |
| Resorttrust 4681.T | Japan | $2.36B | -1% | +8% | 12% | 16.4× | -6.4% | +9.4% |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 43.7× | n/a | n/a |
| Great Eagle 0041.HK | Hong Kong | $1.37B | -24% | +75% | 12% | n/a | -0.9% | +13.8% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 26.2× | 29.9% | +78.5% |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 15.2× | 7.3% | +31.5% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | n/a | -3.9% | +16.0% |
| NagaCorp 3918.HK | Hong Kong | $1.21B | -48% | +12% | 58% | 4.7× | -19.3% | -4.1% |
| Target Hospitality TH | United States | $1.13B | -26% | +12% | -9% | 22.9× | 49.9% | +7.3% |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% | +6.9% |