Leela Palaces Hotels & Resorts Ltd(THELEELA)

NSE: THELEELABSE: 544408

₹ 575.1-3.51%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 19,206 crWebsite: www.theleela.comUpdated: 24 Oct 2026

About

Leela Palaces Hotels and Resorts is an Indian ultra-luxury hospitality company operating five owned palace hotels and a managed portfolio totalling 5,200+ keys across 24 properties (15 operational, 9 pipeline) as of FY26. Listed on BSE/NSE in June 2025, Leela reported FY26 revenue of 1527.29 and EBITDA of 806.94 (as reported). In Q2 FY27 its RevPAR index rose to 146 from 141 against the India luxury segment.^[1][2][3]

Portfolio and segments

Owned and operated hotels accounted for 93.46% of FY25 income; the five palace hotels are the primary revenue driver.^[4]
Operating revenue grew 33% to ₹4,119 Mn in Q2 FY27; room revenue rose 39%, F&B 21%, HMA fees 76% and other services 25%.^[3]
More than half of revenue came from outside rooms in Q2 FY27; non-room revenue was 52% of total income in FY25, with F&B alone 34%.^[3][4]
Room income was ₹6,800.17 Mn and food & beverage income was ₹4,781.73 Mn in FY25.^[4]

Key operating metrics

RevPAR rose 30% to ₹17,225 in Q2 FY27 on ADR up 30% to ₹25,046, with occupancy of 68.8%; Q1 FY27 RevPAR was ₹13,982 (+17%).^[3][5]
Five owned palaces delivered RevPAR of ₹17,460 for FY26 (+14% YoY), with ADR of ₹25,375 (+13%) and occupancy of 69% (+1pp).^[1]
City hotel occupancy was 74% in H1 FY27, up from 69%.^[3]
RevPAR index rose to 146 from 141 in Q2 FY27; Apr-Aug 2026 RevPAR grew 17% vs 13% for the India luxury segment. RGI was 150 in FY26 vs 139 a year earlier.^[3][1]
Net Promoter Score was 87 in H1 FY27, vs 86 in Q1 FY27 and FY26.^[3][5]

F&B and managed-fee income

F&B revenue was ₹5,499 Mn in FY26 (+15% YoY); non-resident covers at city hotels rose to 54% of the cover mix from 51% in FY25.^[1]
HMA fees rose to ₹289 Mn in Q2 FY27 from ₹164 Mn as managed properties ramped up; some contracts carry performance-linked fees.^[3]
HMA fees were ~₹95 Cr for FY26; Q1 FY27 fees grew 86% YoY to ₹262 Mn.^[1]
Managed and franchise hotels contributed management and other operating fees of ₹698.20 Mn in FY25, ~10% of consolidated EBITDA.^[4]

Distribution and customer mix

Brand website share of room revenue rose to 15.1% in H1 FY27 from 10.5% in H1 FY26 and 5.5% in H1 FY25.^[3]
Direct acquisition cost is approximately one-third of OTA/third-party cost (Q1 FY27).^[5]
Retail segment contributed 58% of room revenue in Q2 FY26; domestic mix at the five palaces widened to 58% of room revenue in Q1 FY27.^[6]

Pipeline and expansion

Pipeline totals 1,038 keys as of Q2 FY27; FY30 aspiration is 25 properties and 5,257 keys.^[3]
Jaisalmer (80 keys, managed) and Mumbai Luxury Residences (63 keys) are in pre-opening for CY26; Jaisalmer stabilised fees guided at ~₹6 Cr annually.^[3][7]
Srinagar (170 keys) and Bandhavgarh (30 keys) are slated to open in CY27.^[3]
Sikkim (140), Ayodhya (100), Agra (99) and Ranthambore (76 keys) are slated to open in CY28; construction has commenced at the owned Agra, Ayodhya and Ranthambore sites.^[3][7]
Mumbai BKC (250 keys) slated for CY30; Leela co-invests 50% at ~₹800 Cr capex including land.^[3][6]
Tadoba wildlife resort (30 keys, owned): ₹1,200 Mn project on 62 acres under a 60-year MTDC concession; completion CY30.^[5][3]

Lifestyle formats

ARQ by The Leela, an invite-only members club, launched at Bengaluru in Q2 FY26; Chennai and Mumbai to follow in FY27.^[6]
34,000 sq ft luxury retail wing relaunched at Bengaluru with Sabyasachi and Zoya as anchor tenants.^[6]
Leela Centre of Excellence, with Le Cordon Bleu, plans to train 3,000+ associates over three years.^[5]

Recent developments

Coorg (71-key all-villa resort) acquisition completed 18 March 2026 for ~₹5,600 Mn; the property was rebranded on 8 July 2026.^[1][3]
The BRICS event added lift to Q2 FY27 demand.^[3]
Net debt/LTM EBITDA was 1.4x at Sep-26, from 1.6x at Mar-26.^[3]
Average cost of debt cut from 9.1% to 8.25% and loan tenure extended from ~8 to ~15 years (Q3 FY26).^[7]
CRISIL rating upgraded to AA/Stable from A-/Positive following the IPO.^[4]

Market Cap

₹19,206 Cr

High / Low

₹650 / 381

Stock P/E

41.5

Price / Book

2.9

Book Value

₹192

EPS

₹12.1

No. of Shares

33.4 Cr

ROCE

8.7%

ROE

6.3%

OPM

43.9%

Debt / Equity

0.24

Sales

₹1,527 Cr

Net Profit

₹403 Cr

Promoter holding

75.9%

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