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HB Estate Developers Ltd

HBESD

NSE

₹76.31-4.61%19 Oct 2026

Reports

Hotels

HB Estate Developers Ltd

HBESD

NSE

₹76.31

-4.61%

19 Oct 2026

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Hotels

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.

HB Estate Developers is fundamentally a hotel business - it owns a single property, the Taj City Centre in Gurugram, and that hotel generates nearly all its revenue. The company was incorporated in 1994 and is part of the HB group, chaired by promoter Lalit Bhasin. Its recurring approach is simple: own the real estate, outsource the operations to a global brand, and let the brand's expertise and customer base fill the rooms.

Business segments

Two engines, one dominant - a branded city hotel that provides almost all the revenue, and a residual real estate operation that collects rent and facility charges from owned property.

1. Taj City Centre, Gurugram: the company's operating heart

A single hotel property, owned by HB Estate and operated by Indian Hotels Company under the Taj brand, generates revenue from rooms, food and banquets, and ancillary services.

Branded operator, not self-managed - the hotel is run by The Indian Hotels Company Limited (IHCL) under a Hotel Operations Agreement, originally for 15 years and extended in 2022 to 25 years, with a revised fee structure payable to IHCL. This means HB Estate owns the asset but relies on the Taj brand and its operational systems to attract guests and run daily operations.
Three revenue streams under one roof - the hotel earns from Rooms; Food & Beverages, Restaurant and Banquet Income; and Others, which covers linen, room and catering supplies, and facility management services. Revenue is booked when services are delivered, and advance payments from customers sit as contract liabilities until then.
Two customer types, two payment rhythms - corporate customers get about fourteen days of credit on average, while walk-in guests pay immediately, so the hotel balances longer receivables from business clients with instant cash from leisure and transient travellers.
Demand rides on India's social and business calendar - occupancy is driven by domestic leisure travel, weddings, social events, conferences, business travel, and in specific periods by staycations, drive-to-leisure trips, and MICE (Meetings, Incentives, Conferences, and Exhibitions). In 2024, national hotel occupancy reached 65%, average room rates rose 9% to ₹8,000, and revenue per available room grew 12% to ₹5,200.
Regulatory compliance is woven into operations - the hotel unit must comply with the Food Safety and Standards Act, the Legal Metrology Act, environmental protection and pollution control laws, the Punjab Shops and Commercial Establishments Act as adopted by Haryana, the Indian Boilers Act, and fire safety clearance from Haryana's Directorate of Fire Services.

2. Real estate: residual rental income from owned property

A small, passive stream of other operating income from rent, facility charges, and other claims, sitting alongside the dominant hotel business.

Incidental landlord income - the Real Estate segment generates Other Operating Income from rental income, facility charges, and other claims, but it is not a separately reported business segment and contributes only a minor share of total revenue.
No development activity described - the dossiers do not detail any active real estate development projects, construction pipelines, or property sales; the segment appears to be a legacy holding rather than a growth engine.

Group structure and partners

The company sits within the HB group, controlled by promoter Lalit Bhasin, with a single associate company and no subsidiaries.

Promoter-led group with shared leadership - Chairman Lalit Bhasin also chairs HB Stockholdings Ltd., HB Portfolio Ltd., and HB Leasing & Finance Co. Ltd., while director Anil Goyal holds executive roles across the same group entities, creating overlapping governance across the listed group companies.
One associate, no subsidiaries - the company holds a 49% stake in Parsvnath HB Projects Private Limited, its only associate, and as of March 2025 has no subsidiaries or joint ventures. Consolidated results combine the company and this associate.
Board structured without a managing director - the five-member board is chaired by a non-executive promoter director, and the company does not have a Managing Director or CEO, relying instead on a Chief Financial Officer, Company Secretary, and functional managers for day-to-day leadership.
Preference shares and warrant conversions shape the capital base - the company has issued multiple series of 9% Redeemable Non-Cumulative Non-Convertible Preference Shares, and during FY24-FY25 converted warrants into equity shares for both promoter and non-promoter allottees, increasing the paid-up equity share capital.

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

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Mkt Cap

Market Capitalization

₹175Cr

Close Price

₹76.31

Industry

Hotels

Price To Earnings

13.20

Price To Sales

1.45

Revenue

₹121Cr

Rev Gr TTM

Revenue Growth TTM

4.40%

PAT Gr TTM

PAT Growth TTM

25.22%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	24	30	31	26	27	31	33	24	27	33	33	28
Growth YoY Revenue Growth YoY%	14.3	7.3	12.8	7.2	12.4	5.7	6.0	-7.3	-2.5	6.5	-0.8	16.8
Expenses ExpensesCr	17	18	19	17	19	19	20	17	19	18	22	20
Operating Profit Operating ProfitCr	7	12	13	9	8	13	13	7	8	15	11	7
OPM OPM%	29.4	39.3	40.9	33.6	30.8	40.6	39.9	27.5	30.2	45.6	32.9	26.9
Other Income Other IncomeCr	1	0	1	1	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	6	7	6	6	6	5	5	4	4	4	4	3
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	0	3	5	2	1	6	7	1	2	9	6	2
Tax TaxCr	1	2	1	1	1	1	3	0	1	3	2	1
PAT PATCr	-1	2	5	1	0	5	5	0	1	7	4	2
Growth YoY PAT Growth YoY%	12.3	-29.1	139.6	175.2	152.7	219.2	1.3	-58.2	159.2	34.9	-22.5	305.3
NPM NPM%	-3.8	5.1	14.4	3.5	1.8	15.3	13.8	1.6	4.8	19.4	10.8	5.5
EPS EPS₹	-0.5	0.8	2.3	0.5	0.3	2.4	2.3	0.2	0.6	3.0	1.5	0.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	24	30	31	26	27	31	33	24	27	33	33	28
Growth YoY Revenue Growth YoY%	14.3	7.3	12.8	7.2	12.4	5.7	6.0	-7.3	-2.5	6.5	-0.8	16.8
Expenses ExpensesCr	17	18	19	17	19	19	20	17	19	18	22	20
Operating Profit Operating ProfitCr	7	12	13	9	8	13	13	7	8	15	11	7
OPM OPM%	29.4	39.3	40.9	33.6	30.8	40.6	39.9	27.5	30.2	45.6	32.9	26.9
Other Income Other IncomeCr	1	0	1	1	0	0	1	0	0	0	0	0
Interest Expense Interest ExpenseCr	6	7	6	6	6	5	5	4	4	4	4	3
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	0	3	5	2	1	6	7	1	2	9	6	2
Tax TaxCr	1	2	1	1	1	1	3	0	1	3	2	1
PAT PATCr	-1	2	5	1	0	5	5	0	1	7	4	2
Growth YoY PAT Growth YoY%	12.3	-29.1	139.6	175.2	152.7	219.2	1.3	-58.2	159.2	34.9	-22.5	305.3
NPM NPM%	-3.8	5.1	14.4	3.5	1.8	15.3	13.8	1.6	4.8	19.4	10.8	5.5
EPS EPS₹	-0.5	0.8	2.3	0.5	0.3	2.4	2.3	0.2	0.6	3.0	1.5	0.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	68	73	84	89	82	24	50	96	109	118	117	121
Growth Revenue Growth%		8.0	14.1	6.5	-8.0	-70.3	106.7	91.2	13.4	7.6	-0.7	4.4
Expenses ExpensesCr	53	57	62	61	56	30	43	64	71	75	76	79
Operating Profit Operating ProfitCr	15	17	21	28	26	-6	8	32	39	43	41	42
OPM OPM%	22.5	22.5	25.4	31.6	32.1	-23.8	15.7	33.1	35.5	36.6	34.8	34.4
Other Income Other IncomeCr	3	2	1	2	1	1	1	2	2	2	2	2
Interest Expense Interest ExpenseCr	31	31	27	28	25	22	24	25	26	22	17	15
Depreciation DepreciationCr	15	14	14	14	14	14	7	7	7	8	8	8
PBT PBTCr	-28	-27	-19	-12	-12	-41	-22	3	7	16	18	20
Tax TaxCr	3	-7	-3	-2	-3	-11	-6	14	3	5	6	7
PAT PATCr	-31	-20	-16	-10	-9	-30	-16	-12	4	11	12	13
Growth PAT Growth%		35.0	18.6	36.0	15.6	-245.2	48.4	25.8	133.4	177.6	8.4	25.2
NPM NPM%	-45.3	-27.3	-19.5	-11.7	-10.7	-124.5	-31.1	-12.1	3.5	9.2	10.0	10.6
EPS EPS₹	-19.1	-10.3	-8.4	-5.4	-4.5	-15.6	-8.1	-6.0	2.0	5.3	5.2	5.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	68	73	84	89	82	24	50	96	109	118	117	121
Growth Revenue Growth%		8.0	14.1	6.5	-8.0	-70.3	106.7	91.2	13.4	7.6	-0.7	4.4
Expenses ExpensesCr	53	57	62	61	56	30	43	64	71	75	76	79
Operating Profit Operating ProfitCr	15	17	21	28	26	-6	8	32	39	43	41	42
OPM OPM%	22.5	22.5	25.4	31.6	32.1	-23.8	15.7	33.1	35.5	36.6	34.8	34.4
Other Income Other IncomeCr	3	2	1	2	1	1	1	2	2	2	2	2
Interest Expense Interest ExpenseCr	31	31	27	28	25	22	24	25	26	22	17	15
Depreciation DepreciationCr	15	14	14	14	14	14	7	7	7	8	8	8
PBT PBTCr	-28	-27	-19	-12	-12	-41	-22	3	7	16	18	20
Tax TaxCr	3	-7	-3	-2	-3	-11	-6	14	3	5	6	7
PAT PATCr	-31	-20	-16	-10	-9	-30	-16	-12	4	11	12	13
Growth PAT Growth%		35.0	18.6	36.0	15.6	-245.2	48.4	25.8	133.4	177.6	8.4	25.2
NPM NPM%	-45.3	-27.3	-19.5	-11.7	-10.7	-124.5	-31.1	-12.1	3.5	9.2	10.0	10.6
EPS EPS₹	-19.1	-10.3	-8.4	-5.4	-4.5	-15.6	-8.1	-6.0	2.0	5.3	5.2	5.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	20	20	20	20	20	20	20	20	22	23
Reserves ReservesCr	1	234	188	182	176	150	136	125	129	150	170
Current Liabilities Current LiabilitiesCr	52	40	49	45	54	52	51	62	116	69	64
Non Current Liabilities Non Current LiabilitiesCr	321	292	280	278	260	304	321	297	229	253	233
Total Liabilities Total LiabilitiesCr	470	585	567	543	519	529	530	505	494	496	491
Current Assets Current AssetsCr	39	49	45	38	37	49	46	43	40	49	57
Non Current Assets Non Current AssetsCr	431	537	522	505	483	481	483	462	454	448	434
Total Assets Total AssetsCr	470	585	567	543	519	529	530	505	494	496	491

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	20	20	20	20	20	20	20	20	22	23
Reserves ReservesCr	1	234	188	182	176	150	136	125	129	150	170
Current Liabilities Current LiabilitiesCr	52	40	49	45	54	52	51	62	116	69	64
Non Current Liabilities Non Current LiabilitiesCr	321	292	280	278	260	304	321	297	229	253	233
Total Liabilities Total LiabilitiesCr	470	585	567	543	519	529	530	505	494	496	491
Current Assets Current AssetsCr	39	49	45	38	37	49	46	43	40	49	57
Non Current Assets Non Current AssetsCr	431	537	522	505	483	481	483	462	454	448	434
Total Assets Total AssetsCr	470	585	567	543	519	529	530	505	494	496	491

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	2	29	34	29	-14	3	42	49	35	45
Investing Cash Flow Investing Cash FlowCr	3	-1	0	6	10	0	0	-2	-1	-4	-1
Financing Cash Flow Financing Cash FlowCr	-20	1	-29	-38	-42	16	-6	-41	-45	-32	-36
Net Cash Flow Net Cash FlowCr	1	1	0	2	-3	2	-3	-1	2	-2	9
Free Cash Flow Free Cash FlowCr	17	0	28	33	26	-14	2	40	46	29	44
CFO To PAT CFO To PAT%	-55.9	-9.0	-177.0	-321.2	-325.2	46.4	-17.6	-364.9	1,247.5	321.6	388.5
CFO To EBITDA CFO To EBITDA%	112.4	10.9	135.5	118.7	108.6	242.8	34.9	132.8	124.9	80.6	111.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	2	29	34	29	-14	3	42	49	35	45
Investing Cash Flow Investing Cash FlowCr	3	-1	0	6	10	0	0	-2	-1	-4	-1
Financing Cash Flow Financing Cash FlowCr	-20	1	-29	-38	-42	16	-6	-41	-45	-32	-36
Net Cash Flow Net Cash FlowCr	1	1	0	2	-3	2	-3	-1	2	-2	9
Free Cash Flow Free Cash FlowCr	17	0	28	33	26	-14	2	40	46	29	44
CFO To PAT CFO To PAT%	-55.9	-9.0	-177.0	-321.2	-325.2	46.4	-17.6	-364.9	1,247.5	321.6	388.5
CFO To EBITDA CFO To EBITDA%	112.4	10.9	135.5	118.7	108.6	242.8	34.9	132.8	124.9	80.6	111.7

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	12	17	43	38	11	20	35	67	122	213	131	175
Price To Earnings Price To Earnings									31.7	20.0	11.3	13.2
Price To Sales Price To Sales	0.2	0.2	0.5	0.4	0.1	0.8	0.7	0.7	1.1	1.8	1.1	1.4
Price To Book Price To Book	0.7	0.1	0.3	0.2	0.1	0.1	0.2	0.5	0.8	1.3	0.7	0.9
EV To EBITDA EV To EBITDA	20.0	18.2	15.0	11.1	10.5	-56.2	45.9	12.0	10.8	11.1	8.9	7.4
Profitability Ratios Profitability Ratios
GPM GPM%	65.5	65.7	67.8	67.5	70.2	48.2	59.7	69.9	70.6	72.1	70.5	70.5
OPM OPM%	22.5	22.5	25.4	31.6	32.1	-23.8	15.7	33.1	35.5	36.6	34.8	34.4
NPM NPM%	-45.3	-27.3	-19.5	-11.7	-10.7	-124.5	-31.1	-12.1	3.5	9.2	10.0	10.6
ROCE ROCE%	0.9	0.7	1.6	3.2	2.9	-3.7	0.4	5.7	7.3	8.3	7.6	7.6
ROE ROE%	-177.4	-7.9	-7.8	-5.2	-4.5	-17.9	-10.0	-8.1	2.6	6.3	6.0	6.0
ROA ROA%	-6.5	-3.4	-2.9	-1.9	-1.7	-5.7	-3.0	-2.3	0.8	2.2	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	12	17	43	38	11	20	35	67	122	213	131	175
Price To Earnings Price To Earnings									31.7	20.0	11.3	13.2
Price To Sales Price To Sales	0.2	0.2	0.5	0.4	0.1	0.8	0.7	0.7	1.1	1.8	1.1	1.4
Price To Book Price To Book	0.7	0.1	0.3	0.2	0.1	0.1	0.2	0.5	0.8	1.3	0.7	0.9
EV To EBITDA EV To EBITDA	20.0	18.2	15.0	11.1	10.5	-56.2	45.9	12.0	10.8	11.1	8.9	7.4
Profitability Ratios Profitability Ratios
GPM GPM%	65.5	65.7	67.8	67.5	70.2	48.2	59.7	69.9	70.6	72.1	70.5	70.5
OPM OPM%	22.5	22.5	25.4	31.6	32.1	-23.8	15.7	33.1	35.5	36.6	34.8	34.4
NPM NPM%	-45.3	-27.3	-19.5	-11.7	-10.7	-124.5	-31.1	-12.1	3.5	9.2	10.0	10.6
ROCE ROCE%	0.9	0.7	1.6	3.2	2.9	-3.7	0.4	5.7	7.3	8.3	7.6	7.6
ROE ROE%	-177.4	-7.9	-7.8	-5.2	-4.5	-17.9	-10.0	-8.1	2.6	6.3	6.0	6.0
ROA ROA%	-6.5	-3.4	-2.9	-1.9	-1.7	-5.7	-3.0	-2.3	0.8	2.2	2.4	2.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	GRAVISSHO	ESPIRE	SAVERA	HBESD	CHLLTD	BYKE	ECOHOTELS
Market CapitalizationMkt CapCr	217	213	191	175	154	150	84
Close PriceClose₹	30.74	143.00	159.90	76.31	28.13	28.64	10.97
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE		20.88	17.51	13.20	7.60	22.03
Price To SalesPS	3.32	1.53	1.75	1.45	1.08	1.38	12.48
RevenueRevenueCr	65	140	109	121	142	109	7
Revenue Growth TTMRev Gr TTM%	5.7%	4.5%	30.1%	4.4%	1.6%	8.5%	1,365.2%
PAT Growth TTMPAT Gr TTM%	-99.6%	-3.6%	-33.3%	25.2%	451.8%	53.0%	-401.6%

	GRAVISSHO	ESPIRE	SAVERA	HBESD	CHLLTD	BYKE	ECOHOTELS
Market CapitalizationMkt CapCr	217	213	191	175	154	150	84
Close PriceClose₹	30.74	143.00	159.90	76.31	28.13	28.64	10.97
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE		20.88	17.51	13.20	7.60	22.03
Price To SalesPS	3.32	1.53	1.75	1.45	1.08	1.38	12.48
RevenueRevenueCr	65	140	109	121	142	109	7
Revenue Growth TTMRev Gr TTM%	5.7%	4.5%	30.1%	4.4%	1.6%	8.5%	1,365.2%
PAT Growth TTMPAT Gr TTM%	-99.6%	-3.6%	-33.3%	25.2%	451.8%	53.0%	-401.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26