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Asian Hotels (North) Ltd

ASIANHOTNR

NSE

₹312.85-3.38%19 Oct 2026

Reports

Hotels

Asian Hotels (North) Ltd

ASIANHOTNR

NSE

₹312.85

-3.38%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Asian Hotels (North) Ltd is fundamentally a single-asset luxury hotel company - it owns the bricks and mortar of the Hyatt Regency Delhi, a five-star property in the capital that has been its entire reason for being since 1980. The company was built by the Jatia Group around a forty-year franchise relationship with Hyatt International, which runs the hotel day-to-day, and it recently emerged from a deep financial restructuring that replaced its founding promoters with a Singapore-based financial investor and wiped out all its debt. Everything the business does flows from owning that one hotel - the rooms, the restaurants, the banquet halls, and the real estate around them - and monetising every square foot of the property.

Business segments

Two businesses that share the same address - a luxury hotel that generates virtually all the revenue, and a small real-estate operation that rents out commercial space within the same complex.

1. Hotel services: the core engine at Bhikaji Cama Place

The company makes its money by selling rooms, food, and event space inside a single five-star hotel in New Delhi, operated under the Hyatt flag by a partner that has managed the property for over four decades.

Rooms are the anchor - revenue is recognised when guests occupy rooms, with the hotel targeting a deliberate mix of diplomatic missions, defence establishments, public-sector undertakings, and corporate clients, while also maintaining a high focus on increasing penetration from online travel agents.
Banquets and MICE are the high-volume lever - the company actively pursues weddings, conferences, and government events, using a city-wide events calendar and the Hyatt Superstar Offer to fill its banquet halls, because a wedding booked at a minimum revenue floor raises the average spend per cover across the property.
The Hyatt relationship is the operational backbone - Hyatt International operates the hotel under a long-term management agreement that the board credits annually for its guidance, meaning the company is essentially a property owner that relies on a global brand to run the guest experience.
The building itself is the balance sheet - the freehold land and hotel structure at Bhikaji Cama Place are carried at a gross cost of roughly Rs. 80,074 lakhs for land and Rs. 63,698 lakhs for buildings, and the site still has about 30,000 square metres of unused Floor Area Ratio available for future expansion, though development is on hold pending regulatory approvals.

2. Real estate operations: renting out the complex

The company earns a small, steady stream of rental income from shops, offices, and apartments inside the Hyatt Regency complex - essentially monetising the leftover space around the hotel.

Commercial units inside the hotel block - the company leases out specific premises such as units on the fourth floor of Block-A in the Hyatt Regency Complex, generating segment revenue of roughly Rs. 218 lakhs in FY24.
A shopping arcade and apartments - beyond the office units, the property includes a shopping arcade with shops under licence agreements and apartments that produce operating-lease rental income, so the company acts as a micro-landlord within its own footprint.
A separate subsidiary for future development - in August 2025 the company incorporated AHNL Realty Private Limited as a wholly owned subsidiary to deal in purchasing, selling, and developing land and properties, signalling an intent to grow this side of the business beyond the existing complex.

Group structure and partners

The company is a publicly listed single-asset owner that has just undergone a complete ownership and balance-sheet reset - the old promoter group is out, a Singapore financial investor holds majority control, and all bank debt has been extinguished.

A clean break from the Jatia Group - the original promoters, including Mr. Shiv Kumar Jatia and entities in Mauritius and Hong Kong, have fully exited; by FY24, Yans Enterprises and Fineline Holdings had disposed of their entire shareholding, and new shareholders including Ms. Shreya Agarwal and DBS Bank had taken their place.
The debt overhang is gone - the company used the preferential-issue proceeds to fully repay outstanding borrowings that had defaulted to roughly Rs. 59,326 lakhs in principal and Rs. 23,709 lakhs in interest, resolving the default, after having earlier completed one-time settlements with multiple lenders including J.C. Flowers ARC, Punjab National Bank, and Bank of Maharashtra.
A failed subsidiary in Goa is now fully written off - the company once had a multi-layered foreign structure that ultimately owned Leading Hotels Limited, which was developing a Four Seasons-managed villa resort and golf course in Goa, but that entity entered insolvency in 2021 and the entire investment of over Rs. 62,000 lakhs was impaired, so the company now has no subsidiaries as on December 31, 2024.
A fresh board and management team - as of mid-2026 the board is chaired by Dr. Sharad Sharma with Dr. Arun Gopal Agarwal as CEO and Whole Time Director, supported by three independent directors, while a new CFO and company secretary were appointed in June 2026, completing the transition to a professionally managed entity under the new ownership.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹1,324Cr

Close Price

₹310.60

Industry

Hotels

Price To Earnings

98.92

Price To Sales

3.88

Revenue

₹341Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	13	35	47	36	53	60	69	92	70	91	103	78
Growth YoY Revenue Growth YoY%	62.8	214.3	117.8	12.0	306.8	72.9	47.3				12.5	10.4
Expenses ExpensesCr	23	31	36	35	50	51	51	62	55	81	79	64
Operating Profit Operating ProfitCr	-10	4	11	1	3	9	19	29	15	10	23	14
OPM OPM%	-73.1	11.5	22.6	2.3	5.7	15.1	26.9	31.9	21.1	10.5	22.8	17.5
Other Income Other IncomeCr	0	-319	-4	-2	0	0	1	187	0	-40	-7	0
Interest Expense Interest ExpenseCr	27	25	23	35	31	33	31	33	19	21	14	14
Depreciation DepreciationCr	4	4	8	9	6	6	6	7	5	5	4	5
PBT PBTCr	-40	-344	-25	-45	-33	-30	-17	176	-8	-56	-1	-5
Tax TaxCr	0	0	0	0	0	0	0	2	5	0	-33	-1
PAT PATCr	-40	-344	-25	-45	-33	-30	-17	174	-14	-56	32	-4
Growth YoY PAT Growth YoY%	-37.9	-858.5	-102.0	92.7	16.8	91.3	32.1				-81.6	73.9
NPM NPM%	-305.8	-993.7	-52.8	-125.9	-62.5	-49.9	-24.4	190.3	-19.3	-62.1	31.1	-4.6
EPS EPS₹	-20.7	-11.5	-12.8	-23.1	-17.2	-15.3	-8.7	89.5	-7.0	-29.0	8.7	-0.8

Quarter	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	13	35	47	36	53	60	69	92	70	91	103	78
Growth YoY Revenue Growth YoY%	62.8	214.3	117.8	12.0	306.8	72.9	47.3				12.5	10.4
Expenses ExpensesCr	23	31	36	35	50	51	51	62	55	81	79	64
Operating Profit Operating ProfitCr	-10	4	11	1	3	9	19	29	15	10	23	14
OPM OPM%	-73.1	11.5	22.6	2.3	5.7	15.1	26.9	31.9	21.1	10.5	22.8	17.5
Other Income Other IncomeCr	0	-319	-4	-2	0	0	1	187	0	-40	-7	0
Interest Expense Interest ExpenseCr	27	25	23	35	31	33	31	33	19	21	14	14
Depreciation DepreciationCr	4	4	8	9	6	6	6	7	5	5	4	5
PBT PBTCr	-40	-344	-25	-45	-33	-30	-17	176	-8	-56	-1	-5
Tax TaxCr	0	0	0	0	0	0	0	2	5	0	-33	-1
PAT PATCr	-40	-344	-25	-45	-33	-30	-17	174	-14	-56	32	-4
Growth YoY PAT Growth YoY%	-37.9	-858.5	-102.0	92.7	16.8	91.3	32.1				-81.6	73.9
NPM NPM%	-305.8	-993.7	-52.8	-125.9	-62.5	-49.9	-24.4	190.3	-19.3	-62.1	31.1	-4.6
EPS EPS₹	-20.7	-11.5	-12.8	-23.1	-17.2	-15.3	-8.7	89.5	-7.0	-29.0	8.7	-0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Revenue RevenueCr	321	228	232	241	251	274	274	252	73	131	318	341
Growth Revenue Growth%		-29.0	2.1	3.7	4.1	9.4	-0.3	-7.7	-71.2	79.8		7.2
Expenses ExpensesCr	248	167	189	171	170	191	192	198	95	125	234	296
Operating Profit Operating ProfitCr	73	61	43	70	81	83	81	54	-23	6	84	45
OPM OPM%	22.8	26.9	18.5	28.9	32.3	30.4	29.7	21.6	-31.1	4.5	26.4	13.3
Other Income Other IncomeCr	32	58	31	46	11	31	4	15	-564	-325	304	-97
Interest Expense Interest ExpenseCr	86	74	96	118	99	99	114	127	91	110	134	72
Depreciation DepreciationCr	31	11	27	23	21	20	19	18	17	25	22	18
PBT PBTCr	-354	-17	-48	-24	-28	-4	-48	-76	-695	-454	232	-142
Tax TaxCr	15	15	3	-26	-12	0	-9	-11	0	0	45	-40
PAT PATCr	-368	-32	-51	2	-16	-4	-39	-65	-695	-454	187	-102
Growth PAT Growth%		91.2	-57.0	103.1	-1,117.8	74.9	-860.9	-65.7	-973.5	34.7		-154.6
NPM NPM%	-114.8	-14.2	-21.9	0.7	-6.5	-1.5	-14.3	-25.6	-957.5	-347.7	58.9	-30.0
EPS EPS₹	30.7	-16.5	-26.1	0.8	-8.3	-2.1	-20.1	-33.3	-357.3	-233.3	96.3	-43.8

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Revenue RevenueCr	321	228	232	241	251	274	274	252	73	131	318	341
Growth Revenue Growth%		-29.0	2.1	3.7	4.1	9.4	-0.3	-7.7	-71.2	79.8		7.2
Expenses ExpensesCr	248	167	189	171	170	191	192	198	95	125	234	296
Operating Profit Operating ProfitCr	73	61	43	70	81	83	81	54	-23	6	84	45
OPM OPM%	22.8	26.9	18.5	28.9	32.3	30.4	29.7	21.6	-31.1	4.5	26.4	13.3
Other Income Other IncomeCr	32	58	31	46	11	31	4	15	-564	-325	304	-97
Interest Expense Interest ExpenseCr	86	74	96	118	99	99	114	127	91	110	134	72
Depreciation DepreciationCr	31	11	27	23	21	20	19	18	17	25	22	18
PBT PBTCr	-354	-17	-48	-24	-28	-4	-48	-76	-695	-454	232	-142
Tax TaxCr	15	15	3	-26	-12	0	-9	-11	0	0	45	-40
PAT PATCr	-368	-32	-51	2	-16	-4	-39	-65	-695	-454	187	-102
Growth PAT Growth%		91.2	-57.0	103.1	-1,117.8	74.9	-860.9	-65.7	-973.5	34.7		-154.6
NPM NPM%	-114.8	-14.2	-21.9	0.7	-6.5	-1.5	-14.3	-25.6	-957.5	-347.7	58.9	-30.0
EPS EPS₹	30.7	-16.5	-26.1	0.8	-8.3	-2.1	-20.1	-33.3	-357.3	-233.3	96.3	-43.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	19	19	19	19	19	19	19	19	19	43
Reserves ReservesCr	837	775	745	737	721	719	684	611	409	218	243	878
Current Liabilities Current LiabilitiesCr	403	457	380	282	252	312	382	470	509	442	1,004	395
Non Current Liabilities Non Current LiabilitiesCr	730	811	931	1,016	1,073	1,033	1,030	1,005	1,040	878	278	376
Total Liabilities Total LiabilitiesCr	2,016	2,085	2,100	2,080	2,090	2,108	2,142	2,133	2,003	1,556	1,545	1,692
Current Assets Current AssetsCr	37	69	35	56	56	69	76	67	29	28	101	239
Non Current Assets Non Current AssetsCr	1,979	2,016	2,065	2,024	2,034	2,039	2,066	2,066	1,974	1,528	1,444	1,454
Total Assets Total AssetsCr	2,016	2,085	2,100	2,080	2,090	2,108	2,142	2,133	2,003	1,556	1,545	1,692

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	19	19	19	19	19	19	19	19	19	43
Reserves ReservesCr	837	775	745	737	721	719	684	611	409	218	243	878
Current Liabilities Current LiabilitiesCr	403	457	380	282	252	312	382	470	509	442	1,004	395
Non Current Liabilities Non Current LiabilitiesCr	730	811	931	1,016	1,073	1,033	1,030	1,005	1,040	878	278	376
Total Liabilities Total LiabilitiesCr	2,016	2,085	2,100	2,080	2,090	2,108	2,142	2,133	2,003	1,556	1,545	1,692
Current Assets Current AssetsCr	37	69	35	56	56	69	76	67	29	28	101	239
Non Current Assets Non Current AssetsCr	1,979	2,016	2,065	2,024	2,034	2,039	2,066	2,066	1,974	1,528	1,444	1,454
Total Assets Total AssetsCr	2,016	2,085	2,100	2,080	2,090	2,108	2,142	2,133	2,003	1,556	1,545	1,692

Consolidated

Standalone

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	77	1	-3	54	85	109	105	110	41	15	437	-156
Investing Cash Flow Investing Cash FlowCr	-188	12	-19	16	-14	5	-26	-1	1	-3	-5	17
Financing Cash Flow Financing Cash FlowCr	106	13	-7	-64	-70	-117	-83	-112	-43	-11	-431	268
Net Cash Flow Net Cash FlowCr	-5	26	-29	6	1	-3	-4	-3	-1	0	0	130
Free Cash Flow Free Cash FlowCr	71	74	-5	118	108	155	103	131	43	14	431	-138
CFO To PAT CFO To PAT%	-20.9	-3.8	6.8	3,418.0	-528.4	-2,675.7	-268.7	-169.4	-5.9	-3.2	233.1	152.1
CFO To EBITDA CFO To EBITDA%	105.1	2.0	-8.0	78.0	105.4	130.3	129.1	201.3	-180.8	252.8	520.0	-343.7

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	77	1	-3	54	85	109	105	110	41	15	437	-156
Investing Cash Flow Investing Cash FlowCr	-188	12	-19	16	-14	5	-26	-1	1	-3	-5	17
Financing Cash Flow Financing Cash FlowCr	106	13	-7	-64	-70	-117	-83	-112	-43	-11	-431	268
Net Cash Flow Net Cash FlowCr	-5	26	-29	6	1	-3	-4	-3	-1	0	0	130
Free Cash Flow Free Cash FlowCr	71	74	-5	118	108	155	103	131	43	14	431	-138
CFO To PAT CFO To PAT%	-20.9	-3.8	6.8	3,418.0	-528.4	-2,675.7	-268.7	-169.4	-5.9	-3.2	233.1	152.1
CFO To EBITDA CFO To EBITDA%	105.1	2.0	-8.0	78.0	105.4	130.3	129.1	201.3	-180.8	252.8	520.0	-343.7

Consolidated

Standalone

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	313	204	195	213	222	587	277	130	118	158	726	1,288	1,324
Price To Earnings Price To Earnings	5.3			133.8							3.9		98.9
Price To Sales Price To Sales	1.0	0.9	0.8	0.9	0.9	2.1	1.0	0.5	1.6	1.2	2.3	3.8	3.9
Price To Book Price To Book	0.5	0.3	0.3	0.4	0.4	0.8	0.4	0.2	21.4	-0.9	-5.9	2.4	2.4
EV To EBITDA EV To EBITDA	14.6	17.6	26.9	18.9	16.8	20.3	17.6	24.6	-61.1	211.7	14.6	31.8	33.8
Profitability Ratios Profitability Ratios
GPM GPM%	73.6	70.7	70.0	75.4	73.7	72.5	72.2	70.6	48.6	59.6	72.1	71.2	71.2
OPM OPM%	22.8	26.9	18.5	28.9	32.3	30.4	29.7	21.6	-31.1	4.5	26.4	13.3	13.3
NPM NPM%	-114.8	-14.2	-21.9	0.7	-6.5	-1.5	-14.3	-25.6	-957.5	-347.7	58.9	-30.0	-30.0
ROCE ROCE%	-16.5	3.3	2.7	5.0	3.8	5.1	3.5	2.8	-35.7	-26.1	45.0	-5.5	-5.5
ROE ROE%	-43.0	-4.1	-6.7	0.2	-2.2	-0.6	-5.5	-10.3	-162.2	-190.8	71.4	-11.1	-11.1
ROA ROA%	-18.3	-1.6	-2.4	0.1	-0.8	-0.2	-1.8	-3.0	-34.7	-29.2	12.1	-6.0	-6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	313	204	195	213	222	587	277	130	118	158	726	1,288	1,324
Price To Earnings Price To Earnings	5.3			133.8							3.9		98.9
Price To Sales Price To Sales	1.0	0.9	0.8	0.9	0.9	2.1	1.0	0.5	1.6	1.2	2.3	3.8	3.9
Price To Book Price To Book	0.5	0.3	0.3	0.4	0.4	0.8	0.4	0.2	21.4	-0.9	-5.9	2.4	2.4
EV To EBITDA EV To EBITDA	14.6	17.6	26.9	18.9	16.8	20.3	17.6	24.6	-61.1	211.7	14.6	31.8	33.8
Profitability Ratios Profitability Ratios
GPM GPM%	73.6	70.7	70.0	75.4	73.7	72.5	72.2	70.6	48.6	59.6	72.1	71.2	71.2
OPM OPM%	22.8	26.9	18.5	28.9	32.3	30.4	29.7	21.6	-31.1	4.5	26.4	13.3	13.3
NPM NPM%	-114.8	-14.2	-21.9	0.7	-6.5	-1.5	-14.3	-25.6	-957.5	-347.7	58.9	-30.0	-30.0
ROCE ROCE%	-16.5	3.3	2.7	5.0	3.8	5.1	3.5	2.8	-35.7	-26.1	45.0	-5.5	-5.5
ROE ROE%	-43.0	-4.1	-6.7	0.2	-2.2	-0.6	-5.5	-10.3	-162.2	-190.8	71.4	-11.1	-11.1
ROA ROA%	-18.3	-1.6	-2.4	0.1	-0.8	-0.2	-1.8	-3.0	-34.7	-29.2	12.1	-6.0	-6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TAJGVK	EIHAHOTELS	BENARAS	ASIANHOTNR	VHLTD	UPHOT	ROHLTD
Market CapitalizationMkt CapCr	1,995	1,755	1,326	1,324	1,205	775	748
Close PriceClose₹	318.20	288.00	10,200.00	310.60	156.98	1,436.00	272.60
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	4.88	19.97	29.88	98.92	49.21	24.48	27.02
Price To SalesPS	3.52	4.61	8.52	3.88	7.41	4.76	1.81
RevenueRevenueCr	567	381	156	341	163	163	413
Revenue Growth TTMRev Gr TTM%	22.4%	-7.6%	13.7%		24.4%	1.4%	26.9%
PAT Growth TTMPAT Gr TTM%	286.4%	-7.0%	2.6%		-69.2%	-6.0%	-48.0%

	TAJGVK	EIHAHOTELS	BENARAS	ASIANHOTNR	VHLTD	UPHOT	ROHLTD
Market CapitalizationMkt CapCr	1,995	1,755	1,326	1,324	1,205	775	748
Close PriceClose₹	318.20	288.00	10,200.00	310.60	156.98	1,436.00	272.60
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	4.88	19.97	29.88	98.92	49.21	24.48	27.02
Price To SalesPS	3.52	4.61	8.52	3.88	7.41	4.76	1.81
RevenueRevenueCr	567	381	156	341	163	163	413
Revenue Growth TTMRev Gr TTM%	22.4%	-7.6%	13.7%		24.4%	1.4%	26.9%
PAT Growth TTMPAT Gr TTM%	286.4%	-7.0%	2.6%		-69.2%	-6.0%	-48.0%

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