EIHOTEL
Large CapEIH Limited
Consumer
EIH Limited operates luxury hotels under "The Oberoi" and "Trident" brands, with a widespread presence across attractive domestic and international destinations. It focuses on premium and upper-upscale segments, maintaining RevPAR leadership in its competitive set.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -5% YoY · margin compression · Rev +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹895 Cr | +8.2% | +2.5% |
| EBITDA | ₹334 Cr | -4.8% | -11.2% |
| Operating margin | 37.0% | -500 bps | -600 bps |
| PAT | ₹249 Cr | -5.0% | -2.4% |
| PAT margin | 27.8% | -386 bps | -139 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
EIH Limited reported strong FY26 consolidated revenue growth of 8% YoY to INR 3,106 Cr and EBITDA growth of 3% YoY to INR 1,190 Cr. Q4 FY26 consolidated revenue grew 10% YoY to INR 954 Cr, with EBITDA up 1% YoY to INR 393 Cr.
The company demonstrated resilient performance in FY26 despite industry disruptions, driven by strong rate-led growth in ARR and RevPAR. Consistent RevPAR leadership and a robust development pipeline support continued growth, though Q4 PAT saw a decline due to exceptional items.
Luxury Segment Performance
"The Oberoi" hotels showed strong RevPAR growth of +10.4% YoY in FY26, indicating premiumization and pricing power.
Upper Upscale Segment Performance
"Trident" hotels delivered robust RevPAR growth of +10.2% YoY in FY26, contributing to overall performance.
New Hotel Openings
The Oberoi Rajgarh & The Oberoi Vindhyavilas opened, contributing to operating numbers and expanding footprint.
Development Pipeline
A robust pipeline of 7 owned properties (825 keys) and 24 managed properties (1,893 keys) is planned for future growth.
Owned Hotels Pipeline
7 properties (825 keys) including Trident Visakhapatnam (150 keys, 2027), The Oberoi Goa (90 keys, 2028), and Oberoi/Trident Hebbal (420 keys, 2030).
Managed Hotels Pipeline
24 properties (1,893 keys) are in the pipeline, with expected openings from 2026 to TBD.
Resilient Hospitality Industry
India’s hospitality sector remained strong in FY26 despite multiple disruptions, showing underlying demand.
Rate-led Growth
Industry ARR grew at ~10% in FY26, indicating strong pricing power and demand for premium offerings.
Resilient Demand Segments
Corporate, weddings, and MICE demand remained resilient in Q4 FY26, supporting hotel performance.
Geopolitical Headwinds
Short-term geopolitical tensions impacted the hospitality industry's performance.
Subdued Air Traffic Growth
Q4 air traffic growth stayed subdued, with March at ~1% YoY, potentially impacting travel demand.
Occupancy Moderation
Industry occupancy moderated to 67–69% in Q4 FY26 (vs 69–71% in prior year).
Multiple Disruptions in FY26
Geo-political tensions, excessive monsoon, air travel disruption, and West Asia conflict impacted the sector.
Geopolitical Instability
Ongoing geopolitical tensions could continue to impact travel and tourism demand.
Air Travel Disruptions
Continued subdued air traffic growth or further disruptions could negatively affect hotel occupancy.
Development Pipeline Execution
Pipeline projects are subject to market conditions, regulatory changes, and development challenges, which may alter opening timelines.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4 (sequential and YoY) and full-year (YoY) comparisons for financial and operational metrics. Hospitality performance is seasonal, making YoY crucial, but Q4 trends also show recent momentum.
Industry ARR Growth (FY26)
India's hospitality sector ARR grew at ~10% in FY26.
Industry RevPAR Growth (FY26)
India's hospitality sector RevPAR grew at +10-12% in FY26.
EIH RevPAR Leadership
EIH maintains consistent RevPAR Leadership over STR Competition Set. 13 out of 15 hotels ranked 1st & 2nd.
The Oberoi RevPAR Growth (FY26)
The Oberoi Hotels RevPAR grew +10.4% YoY in FY26 to INR 22,004.
Long-term Growth Plans
The company has healthy liquidity to enable its long-term growth plans, including new hotel developments.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RevPAR Growth | The Oberoi +4.2% (Q4 FY26), Trident +6.8% (Q4 FY26) | Sustained rate-led growth across both luxury and upper-upscale segments. |
| Occupancy Trends | Industry 67-69% (Q4 FY26), EIH owned 80% (Q4 FY26) | Improvement in overall occupancy levels, especially given industry moderation. |
| Development Pipeline Execution | 7 owned, 24 managed properties in pipeline | Timely commissioning and ramp-up of new properties to contribute to future revenue. |
| Liquidity Position | Surplus Funds INR 1,335 Cr (Mar 26) | Continued healthy liquidity to fund ongoing and future expansion projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -8.7% / mo · near 52W low
Technical chart
EIHOTELweekly · 5Y-18.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 39. Wait for confirmation.
- SMA20 falling (~9.5% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 30% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 62.9%.
- Growth contributes 19/25 to the score.
Main drags
- Quality is weaker at 8/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 73rd percentile within Consumer. Main check: results consistency is weak at 36/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 0/4 latest quarters had positive YoY PAT growth.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 73rd pctile, median 67 · Large: 50th pctile, median 74
106 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.05.
- ▸ROCE is 20.7%.
Trust risks
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 19%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.00
- P/B
- 3.40
- EV/EBITDA
- 15.54
- Market Cap
- 17879.00Cr
Profitability
- ROE
- 14.50%
- ROCE
- 20.70%
- ROA
- 10.02%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 43.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 44.52×
- Altman Z
- 8.35
- Book Value
- 84.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 993.00 Cr
- EPS TTM
- 10.05
Shareholding
- Promoter Hold
- 32.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.