Chalet Hotels Ltd(CHALET)

NSE: CHALETBSE: 542399

₹ 790-3.51%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 17,301 crWebsite: www.chalethotels.comUpdated: 24 Oct 2026

About

Chalet Hotels is an owner, developer, asset manager and operator of high-end hotels and mixed-use assets in key cities and leisure locations in India, having evolved over 25+ years from a pure asset owner to a hybrid owner-operator. The company operates 3,389 keys across 11 operating hospitality properties alongside ~2.4 msf of Grade A commercial real estate, reporting consolidated revenue of ₹2,769.75 cr in FY26. Its portfolio spans 11 global brand partnerships including Marriott, Westin and JW Marriott, complemented by its own premium lifestyle brand, Athiva, launched in October 2025.^[1][2]

Business segments

Hospitality (Hotels) contributed 62.4% of FY26 revenue at ₹1,731.13 cr with EBIT margin of 33.6%; owns and operates upper-upscale and luxury city hotels.^[3]
Real Estate contributed 26.6% of FY26 revenue at ₹738.31 cr with EBIT margin of 36.9%; primarily residential development at Koramangala, Bengaluru.^[3]
Rental / Annuity Business (commercial real estate) contributed 11.0% of FY26 revenue at ₹306.09 cr with EBIT margin of 63.6%; leases ~2.4 msf of Grade A office space under the CIGNUS® brand.^[3]
Hospitality segment revenue was ₹1,731.13 cr in FY26 vs ₹1,520.85 cr in FY25; Rental / Annuity revenue was ₹306.09 cr in FY26 vs ₹196.98 cr in FY25.^[1][4]

Brands and portfolio

The hospitality portfolio operates under 11 global brand partnerships spanning luxury and upper-upscale segments including Marriott, Westin, JW Marriott, Novotel and Four Points by Sheraton.^[1]
Athiva, Chalet's own premium lifestyle brand, was launched in October 2025, debuting with the 147-room Athiva Resorts & Spa Khandala; the company is moving to a hybrid model including franchise.^[1]
Five additional properties with ~900 keys have been identified for conversion to Athiva over the next few years, including two Goa resorts, Navi Mumbai, Aksa Beach and Trivandrum.^[5]
Commercial office spaces in Whitefield, Bengaluru and Powai, Mumbai operate under the CIGNUS® brand.^[1]

Hotel operations and room inventory

As of FY26, Chalet had 11 operating hospitality properties with 3,389 operating keys and a pipeline of 7 properties with ~1,655 keys.^[1]
Staff-to-room ratio of 0.99 compares with a typical industry benchmark of 1.1 - 2.1 for upper-upscale segments.^[1]
The leisure portfolio targets ~20% of total room inventory; resort assets include Athiva Khandala, Westin Rishikesh, Aravali Marriott Resort & Spa (NCR) and the newly acquired Udaipur resort.^[6]
CIGNUS I at Powai (0.9 msf) is over 90% occupied generating ~₹1,300 mn annual EBITDA; CIGNUS II (another 0.9 msf) is under construction targeting substantial completion by Q4 FY27.^[7]

Key operating metrics

Combined portfolio RevPAR was ₹8,582 in Q1 FY27 (+6.5% YoY), with ADR of ₹13,247 (+8.5% YoY) and occupancy of 64.8% (−120 bps YoY).^[7]
Resort RevPAR rose 19% YoY to ₹9,314 in Q1 FY27, with occupancy at 51% (+530 bps YoY) and ADR of ₹18,250 (+6.5% YoY).^[7]
Full-year FY26 RevPAR was ₹9,226 (+5.1% YoY) on occupancy of 67.2% (−5.4 pp YoY) and ADR of ₹13,727 (+13.5% YoY).^[8]
Hospitality EBITDA margin was 42.6% in Q1 FY27 (+92 bps YoY) and 43.9% for FY26 (−81 bps YoY).^[7]
CRE portfolio occupancy reached 91% in Q1 FY27; monthly rental run rate was ₹290 mn in June 2026 and is targeted to reach ₹300 - 320 mn/month during FY27.^[7]
CRE EBITDA margin was 85% in Q1 FY27 (+193 bps YoY); FY26 full-year CRE EBITDA margin was 83.1% (+4.9 pp YoY).^[7]

Expansion and capex pipeline

Planned capex of ~₹30 bn over FY27 - FY29 across the hospitality and CRE portfolio, expected to be largely funded through internal accruals.^[7]
Taj at Delhi International Airport (~380 rooms): minimum 70 rooms targeted operational in Q4 FY27, with balance inventory in phased manner by Q1 FY28.^[7]
Ritz-Carlton Hyderabad (330-key ultra-luxury greenfield) targeted for launch by end of FY29; fit-out capex ~₹5,610 mn back-ended post Q4 FY28 possession.^[8]
Athiva Resort & Spa, Varca, South Goa (205 rooms): construction targeted to commence end of Q2 FY27 post monsoon; commissioning FY28.^[7]
Hyatt Regency Airoli (~280 rooms): excavation started by Mindspace REIT after Environmental Clearance received; targeted for Q4 FY29.^[8]
Hospitality portfolio targeted to scale north of 5,000 keys, with organic cash flows cited as supporting 500+ key additions per year.^[7]

Recent developments

In September 2026, ICRA revised Chalet Hotels' credit outlook from Stable to Positive for NCDs, long-term fund-based term loans and unallocated limits; short-term rating unchanged at A1+.^[9]
In May 2026, Chalet acquired Seasons Hotels Pvt Ltd (Udaipur) for ₹1,710 mn - a 144-key resort on 8.2 acres - to be renovated and repositioned under the Athiva brand.^[7]
A voluntary separation scheme introduced at one hotel unit in Q1 FY27 resulted in an exceptional charge of ₹98.49 mn.^[7]
MMR portfolio was affected in Q1 FY27 by porch construction at Powai and renovation at Vashi (₹93 cr invested); Powai porch expected to be completed by end of Q2 FY27.^[7]
In Q2 FY26, ICRA upgraded the long-term credit rating from A+ to AA- (Stable), and the company raised ₹1 bn via its maiden commercial paper at 6.1% (rated A1+ by CRISIL).^[5]
Courtyard by Marriott Aravali Resort was rebranded to Aravali Marriott Resort & Spa in Q3 FY26, with new clubhouse, pool bar and meeting facilities added.^[6]

Stated risks

The FY26 annual report lists geopolitics including the West Asia war, cost inflation, localised oversupply and competition, and ESG regulation as risks.^[1]
The FY26 annual report states pan-India premium hotel occupancy is expected to hold at 72 - 74% through FY 2026-27.^[1]

Market Cap

₹17,301 Cr

High / Low

₹977 / 690

Stock P/E

32.7

Price / Book

4.7

Book Value

₹169

EPS

₹29.5

No. of Shares

21.9 Cr

ROCE

16.9%

ROE

19.1%

OPM

35.6%

Debt / Equity

0.63

Sales

₹2,770 Cr

Net Profit

₹645 Cr

Promoter holding

67.3%

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Chalet Hotels Ltd(CHALET)

About

Business segments

Brands and portfolio

Hotel operations and room inventory

Key operating metrics

Expansion and capex pipeline

Recent developments

Stated risks

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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