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HLV Ltd

HLVLTD

NSE

₹6.06-2.26%19 Oct 2026

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Hotels

HLV Ltd

HLVLTD

NSE

₹6.06

-2.26%

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.Deep Dive Report: In-depth business analysis.

HLV Ltd is a single-asset luxury hotel company built around one property - The Leela, Mumbai - that was carved out of a larger hotel group after the founders sold everything else, including the brand, to Brookfield in 2019 to settle debts. What remained was a 394-room airport-adjacent hotel on leased government land, operating under a name it no longer owns, with a recurring approach that explains everything else: it earns every rupee from rooms and restaurants at one address, fights a long-running lease battle to keep that address, and is now trying to build a second property in Kerala to stop being a one-hotel company.

Business segments

A single luxury hotel that generates all its revenue from two streams - rooms and food - while a second property sits in early development.

1. The Leela, Mumbai: the company's only operating business

A 394-room luxury hotel at Mumbai's airport that earns money by selling rooms per night and food per cover, with a premium position built entirely on location and service reputation.

Location is the moat - the hotel sits on 18,000 square metres of land leased from the Airports Authority of India, right next to Mumbai's airport, which gives it a natural advantage over competitors that the company itself says lets it charge a premium.
Two revenue streams, one building - it makes money from Room Revenue and Food & Beverage Revenue, with the rooms side running at an average rate of ₹11,105 per night and 74% occupancy in FY25, meaning roughly 298 of its 394 rooms were sold each day.
Dining as a draw, not just an amenity - the hotel houses signature restaurants like Jamavar (fine-dining Indian) and Le Cirque (European, a repeat Wine Spectator award winner) that pull in outside guests and drive the M.I.C.E. and weddings business, which feeds the food and beverage top line.
Sold through someone else's network - because the company sold its brand and management platform to Brookfield in 2019, it now pays a marketing fee to access Brookfield's distribution, which plugs the hotel into the Global Hotel Alliance (550-plus hotels, a 14-million-member loyalty programme) and Preferred Hotels & Resorts (850-plus independent properties with sales teams in 30 global offices).
The lease is the existential risk - the main land lease with the Airports Authority of India has been unilaterally terminated, eviction proceedings have commenced, and the company is fighting this in the Bombay High Court while simultaneously negotiating a settlement, with its entire going-concern assumption resting on a favourable outcome.

2. Vellimon, Kerala: a second hotel in early construction

A luxury resort and hotel project on Ashtamudi Lake that exists to give the company a second asset and reduce its dependence on a single property.

Land secured from a promoter entity - the project sits on roughly 12.9 acres taken on a 30-year lease from Rockfort Estate Developers Private Limited, a promoter group company, with board approval granted in February 2024.
Still at the boundary-wall stage - as of the latest filing, work is limited to preliminary steps like building a boundary wall and securing local Panchayat approvals, so the asset is years away from generating any revenue.

Group structure and partners

HLV Ltd is a standalone company with no subsidiaries, operating its sole hotel on leased government land and relying on a marketing arrangement with the very buyer that acquired its former brand and hotels.

No corporate family - the company has no subsidiaries, joint ventures, or associate companies as of March 2025, making it a pure single-asset entity with no diversification through corporate structure.
The Brookfield relationship is complicated - the 2019 sale of its Delhi, Bengaluru, Chennai and Udaipur hotel undertakings, along with its hotel management operations and the 100% shareholding in LPRL (which owned the Agra property), as well as the Leela brand and trademarks, to Brookfield was the transaction that created today's HLV Ltd, and the company now pays Brookfield a fee for the marketing and distribution access that lets its remaining Mumbai hotel reach global customers through GHA and Preferred Hotels & Resorts.
Promoter-landlord overlap - the company leases its laundry and office space from Leela Lace Holdings Private Limited (a promoter group company) and has a credit balance outstanding to Leela Lace and a deposit given to Rockfort Estate Developers, the same promoter-group entity that is leasing the land for the new Kerala project.
The old sale is still in court - ITC Limited, an 8.1% shareholder, has filed an oppression and mismanagement petition challenging the 2019 Brookfield transaction, and the matter has moved from NCLT to NCLAT, with a parallel SEBI-related appeal pending in the Supreme Court.

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

₹402Cr

Close Price

₹6.10

Industry

Hotels

Price To Earnings

87.14

Price To Sales

1.94

Revenue

₹207Cr

Rev Gr TTM

Revenue Growth TTM

2.86%

PAT Gr TTM

PAT Growth TTM

-77.32%

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	41	55	60	43	43	58	59	41	36	61	63	47
Growth YoY Revenue Growth YoY%	16.8	21.7	14.8	0.8	4.8	4.3	-0.8	-5.2	-17.4	5.5	7.1	14.6
Expenses ExpensesCr	37	44	49	42	40	46	46	42	42	49	53	46
Operating Profit Operating ProfitCr	4	11	11	0	3	12	13	-2	-6	12	11	1
OPM OPM%	10.7	19.7	18.5	1.1	6.7	20.5	21.7	-4.2	-17.3	19.0	16.8	2.5
Other Income Other IncomeCr	2	3	4	5	5	3	3	3	2	1	4	3
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	4	4	4	4	4	4	4	4	5	5	5	5
PBT PBTCr	2	10	10	2	3	10	11	-3	-10	7	9	-1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	2	10	10	2	3	10	11	-3	-10	7	9	-1
Growth YoY PAT Growth YoY%	156.6	209.4	-4.1	-14.7	72.8	7.8	3.8	-314.2	-384.2	-33.1	-19.9	77.5
NPM NPM%	4.9	17.2	17.3	3.8	8.1	17.8	18.1	-8.5	-27.7	11.3	13.6	-1.7
EPS EPS₹	0.0	0.1	0.2	0.0	0.1	0.2	0.2	-0.1	-0.1	0.1	0.1	0.0

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	41	55	60	43	43	58	59	41	36	61	63	47
Growth YoY Revenue Growth YoY%	16.8	21.7	14.8	0.8	4.8	4.3	-0.8	-5.2	-17.4	5.5	7.1	14.6
Expenses ExpensesCr	37	44	49	42	40	46	46	42	42	49	53	46
Operating Profit Operating ProfitCr	4	11	11	0	3	12	13	-2	-6	12	11	1
OPM OPM%	10.7	19.7	18.5	1.1	6.7	20.5	21.7	-4.2	-17.3	19.0	16.8	2.5
Other Income Other IncomeCr	2	3	4	5	5	3	3	3	2	1	4	3
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	4	4	4	4	4	4	4	4	5	5	5	5
PBT PBTCr	2	10	10	2	3	10	11	-3	-10	7	9	-1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	2	10	10	2	3	10	11	-3	-10	7	9	-1
Growth YoY PAT Growth YoY%	156.6	209.4	-4.1	-14.7	72.8	7.8	3.8	-314.2	-384.2	-33.1	-19.9	77.5
NPM NPM%	4.9	17.2	17.3	3.8	8.1	17.8	18.1	-8.5	-27.7	11.3	13.6	-1.7
EPS EPS₹	0.0	0.1	0.2	0.0	0.1	0.2	0.2	-0.1	-0.1	0.1	0.1	0.0

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	661	698	138	154	146	19	73	173	199	203	201	207
Growth Revenue Growth%	3.8	5.6	-80.3	12.0	-5.6	-87.0	285.8	136.8	15.2	2.1	-1.2	2.9
Expenses ExpensesCr	508	523	150	157	183	72	94	157	168	175	187	190
Operating Profit Operating ProfitCr	153	175	-12	-2	-37	-53	-21	16	31	28	14	17
OPM OPM%	23.2	25.1	-8.7	-1.5	-25.4	-280.1	-28.4	9.2	15.4	13.8	7.1	8.3
Other Income Other IncomeCr	-204	41	-26	-25	30	33	-7	9	10	16	10	10
Interest Expense Interest ExpenseCr	88	90	0	0	1	2	2	5	2	2	3	3
Depreciation DepreciationCr	240	141	13	10	12	14	13	11	14	16	19	20
PBT PBTCr	-379	-15	-52	-38	-20	-36	-43	9	24	26	2	5
Tax TaxCr	-7	0	0	0	0	0	0	1	0	0	0	0
PAT PATCr	-372	-15	-52	-38	-20	-36	-43	8	24	26	2	5
Growth PAT Growth%	18.3	95.8	-235.4	27.1	46.6	-77.9	-18.3	118.0	211.3	9.8	-92.0	-77.3
NPM NPM%	-56.2	-2.2	-37.6	-24.5	-13.9	-189.9	-58.2	4.4	12.0	12.8	1.0	2.3
EPS EPS₹	-3.9	-0.3	-0.4	-1.9	3.1	-0.6	-0.7	0.1	0.4	0.4	0.0	0.1

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	661	698	138	154	146	19	73	173	199	203	201	207
Growth Revenue Growth%	3.8	5.6	-80.3	12.0	-5.6	-87.0	285.8	136.8	15.2	2.1	-1.2	2.9
Expenses ExpensesCr	508	523	150	157	183	72	94	157	168	175	187	190
Operating Profit Operating ProfitCr	153	175	-12	-2	-37	-53	-21	16	31	28	14	17
OPM OPM%	23.2	25.1	-8.7	-1.5	-25.4	-280.1	-28.4	9.2	15.4	13.8	7.1	8.3
Other Income Other IncomeCr	-204	41	-26	-25	30	33	-7	9	10	16	10	10
Interest Expense Interest ExpenseCr	88	90	0	0	1	2	2	5	2	2	3	3
Depreciation DepreciationCr	240	141	13	10	12	14	13	11	14	16	19	20
PBT PBTCr	-379	-15	-52	-38	-20	-36	-43	9	24	26	2	5
Tax TaxCr	-7	0	0	0	0	0	0	1	0	0	0	0
PAT PATCr	-372	-15	-52	-38	-20	-36	-43	8	24	26	2	5
Growth PAT Growth%	18.3	95.8	-235.4	27.1	46.6	-77.9	-18.3	118.0	211.3	9.8	-92.0	-77.3
NPM NPM%	-56.2	-2.2	-37.6	-24.5	-13.9	-189.9	-58.2	4.4	12.0	12.8	1.0	2.3
EPS EPS₹	-3.9	-0.3	-0.4	-1.9	3.1	-0.6	-0.7	0.1	0.4	0.4	0.0	0.1

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	93	93	126	126	126	126	132	132	132	132	132
Reserves ReservesCr	145	38	258	140	331	296	280	287	312	336	339
Current Liabilities Current LiabilitiesCr	430	454	913	3,038	132	102	74	96	110	130	138
Non Current Liabilities Non Current LiabilitiesCr	4,295	4,149	3,264	885	71	73	74	51	26	34	33
Total Liabilities Total LiabilitiesCr	4,963	4,734	4,562	4,189	660	596	560	566	580	632	642
Current Assets Current AssetsCr	192	175	182	116	106	104	138	112	197	231	242
Non Current Assets Non Current AssetsCr	4,771	4,559	4,379	4,073	554	493	422	454	382	401	400
Total Assets Total AssetsCr	4,963	4,734	4,562	4,189	660	596	560	566	580	632	642

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	93	93	126	126	126	126	132	132	132	132	132
Reserves ReservesCr	145	38	258	140	331	296	280	287	312	336	339
Current Liabilities Current LiabilitiesCr	430	454	913	3,038	132	102	74	96	110	130	138
Non Current Liabilities Non Current LiabilitiesCr	4,295	4,149	3,264	885	71	73	74	51	26	34	33
Total Liabilities Total LiabilitiesCr	4,963	4,734	4,562	4,189	660	596	560	566	580	632	642
Current Assets Current AssetsCr	192	175	182	116	106	104	138	112	197	231	242
Non Current Assets Non Current AssetsCr	4,771	4,559	4,379	4,073	554	493	422	454	382	401	400
Total Assets Total AssetsCr	4,963	4,734	4,562	4,189	660	596	560	566	580	632	642

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	209	139	-29	-49	35	24	34	37
Investing Cash Flow Investing Cash FlowCr	129	3,824	11	22	16	-33	22	-62
Financing Cash Flow Financing Cash FlowCr	-327	-3,976	4	26	-41	-2	1	-14
Net Cash Flow Net Cash FlowCr	11	-14	-15	0	11	-11	57	-39
Free Cash Flow Free Cash FlowCr	346	107	-22	37	44	51	23	5
CFO To PAT CFO To PAT%	-554.0	-686.8	81.1	114.4	462.9	100.1	129.1	1,754.7
CFO To EBITDA CFO To EBITDA%	-8,922.5	-375.3	55.0	234.3	222.9	77.4	120.0	255.3

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	209	139	-29	-49	35	24	34	37
Investing Cash Flow Investing Cash FlowCr	129	3,824	11	22	16	-33	22	-62
Financing Cash Flow Financing Cash FlowCr	-327	-3,976	4	26	-41	-2	1	-14
Net Cash Flow Net Cash FlowCr	11	-14	-15	0	11	-11	57	-39
Free Cash Flow Free Cash FlowCr	346	107	-22	37	44	51	23	5
CFO To PAT CFO To PAT%	-554.0	-686.8	81.1	114.4	462.9	100.1	129.1	1,754.7
CFO To EBITDA CFO To EBITDA%	-8,922.5	-375.3	55.0	234.3	222.9	77.4	120.0	255.3

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	842	761	1,081	696	202	362	606	603	1,721	792	377	402
Price To Earnings Price To Earnings					1.0			76.2	72.5	30.1	190.7	87.1
Price To Sales Price To Sales	1.3	1.1	7.8	4.5	1.4	19.1	8.3	3.5	8.6	3.9	1.9	1.9
Price To Book Price To Book	-4.8	5.8	2.8	2.6	0.4	0.9	1.5	1.4	3.9	1.7	0.8	0.8
EV To EBITDA EV To EBITDA	33.0	26.7	-355.0	-611.5	-5.8	-7.8	-30.2	36.9	53.3	24.8	19.4	18.0
Profitability Ratios Profitability Ratios
GPM GPM%	73.3	73.1	71.0	71.4	73.5	17.7	63.6	75.9	78.0	79.7	79.6	79.6
OPM OPM%	23.2	25.1	-8.7	-1.5	-25.4	-280.1	-28.4	9.2	15.4	13.8	7.1	8.3
NPM NPM%	-56.2	-2.2	-37.6	-24.5	-13.9	-189.9	-58.2	4.4	12.0	12.8	1.0	2.3
ROCE ROCE%	-6.5	1.8	-1.4	-3.6	-3.9	-7.0	-8.7	3.0	5.5	5.6	1.0	1.0
ROE ROE%	-156.3	-11.8	-13.5	-14.2	-4.4	-8.5	-10.3	1.8	5.4	5.6	0.4	0.4
ROA ROA%	-7.5	-0.3	-1.1	-0.9	-3.1	-6.0	-7.6	1.4	4.1	4.1	0.3	0.3
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	842	761	1,081	696	202	362	606	603	1,721	792	377	402
Price To Earnings Price To Earnings					1.0			76.2	72.5	30.1	190.7	87.1
Price To Sales Price To Sales	1.3	1.1	7.8	4.5	1.4	19.1	8.3	3.5	8.6	3.9	1.9	1.9
Price To Book Price To Book	-4.8	5.8	2.8	2.6	0.4	0.9	1.5	1.4	3.9	1.7	0.8	0.8
EV To EBITDA EV To EBITDA	33.0	26.7	-355.0	-611.5	-5.8	-7.8	-30.2	36.9	53.3	24.8	19.4	18.0
Profitability Ratios Profitability Ratios
GPM GPM%	73.3	73.1	71.0	71.4	73.5	17.7	63.6	75.9	78.0	79.7	79.6	79.6
OPM OPM%	23.2	25.1	-8.7	-1.5	-25.4	-280.1	-28.4	9.2	15.4	13.8	7.1	8.3
NPM NPM%	-56.2	-2.2	-37.6	-24.5	-13.9	-189.9	-58.2	4.4	12.0	12.8	1.0	2.3
ROCE ROCE%	-6.5	1.8	-1.4	-3.6	-3.9	-7.0	-8.7	3.0	5.5	5.6	1.0	1.0
ROE ROE%	-156.3	-11.8	-13.5	-14.2	-4.4	-8.5	-10.3	1.8	5.4	5.6	0.4	0.4
ROA ROA%	-7.5	-0.3	-1.1	-0.9	-3.1	-6.0	-7.6	1.4	4.1	4.1	0.3	0.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AHLWEST	SAYAJIHOTL	ADVANIHOTR	HLVLTD	EMERALL	VPAL	SHILINDORE
Market CapitalizationMkt CapCr	613	534	436	402	395	394	375
Close PriceClose₹	526.10	305.00	47.12	6.10	263.25	237.00	1,230.00
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	6.67		19.00	87.14			48.01
Price To SalesPS	1.38	4.01	4.04	1.94	24.18	2.79	3.43
RevenueRevenueCr	444	133	108	207	16	141	109
Revenue Growth TTMRev Gr TTM%	8.2%	-8.6%	2.4%	2.9%	8.8%	39.1%	3.7%
PAT Growth TTMPAT Gr TTM%	135.0%	79.7%	-9.1%	-77.3%	18.0%	47.0%	-27.3%

	AHLWEST	SAYAJIHOTL	ADVANIHOTR	HLVLTD	EMERALL	VPAL	SHILINDORE
Market CapitalizationMkt CapCr	613	534	436	402	395	394	375
Close PriceClose₹	526.10	305.00	47.12	6.10	263.25	237.00	1,230.00
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	6.67		19.00	87.14			48.01
Price To SalesPS	1.38	4.01	4.04	1.94	24.18	2.79	3.43
RevenueRevenueCr	444	133	108	207	16	141	109
Revenue Growth TTMRev Gr TTM%	8.2%	-8.6%	2.4%	2.9%	8.8%	39.1%	3.7%
PAT Growth TTMPAT Gr TTM%	135.0%	79.7%	-9.1%	-77.3%	18.0%	47.0%	-27.3%

FY2026

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FY2026

Jun 26