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U P Hotels Ltd

UPHOT

NSE

₹1,436.00-4.99%19 Oct 2026

Reports

Hotels

U P Hotels Ltd

UPHOT

NSE

₹1,436.00

-4.99%

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.

U P Hotels is a small, standalone owner-operator of five-star hotels in India, running its properties under the “Clarks” brand since 1962. The company has spent the last decade trying to voluntarily delist from the Bombay Stock Exchange, a process repeatedly stalled by promoter disputes, court orders, and failed shareholder votes, even as its core business remains serving leisure, corporate, and MICE (Meetings, Incentives, Conferences and Exhibitions) travellers across a handful of historic tourist cities. The recurring approach is simple: own the real estate, run the hotel, and sell rooms, food, and event space - a model that has not changed even as the company’s corporate structure remains in limbo.

Business segments

A single business - owning and operating upscale hotels - with revenue from rooms, food and beverage, and events, all under one brand.

1. Hotel operations: a portfolio of owned five-star properties

The company makes money by selling rooms, meals, and event space in hotels it owns outright, located in India’s most-visited tourist cities.

Four landmark properties - the portfolio has historically consisted of four hotels with a combined 643 rooms: Hotel Clarks Shiraz in Agra, Hotel Clarks Amer in Jaipur, Hotel Clarks Avadh in Lucknow, and Hotel Clarks Khajuraho in Khajuraho, placing the company directly in cities that draw both domestic and international tourists.
Three revenue streams under one roof - income comes from room bookings, food and beverage sales, and hosting events such as weddings and MICE gatherings, with performance measured by occupancy rate, Average Room Rate (ARR), and Revenue Per Available Room (RevPAR).
The real estate is the moat - the company owns the freehold land, buildings, and all operating equipment, from electrical installations to furniture and vehicles, meaning it controls the asset base without relying on leases or third-party property owners.
Cost control on the ground - the hotels manage their own energy use through LED lighting, heat pumps for hot water, electric steam generators in laundries, and an organic waste converter handling 300 kg of wet garbage daily, with a composting machine added at the Lucknow unit.
A franchise layer inside the hotel - at the Jaipur and Lucknow properties, the company hosts a “Zolocrust” restaurant under a long-term franchise agreement with a partnership firm owned by the son of a Joint Managing Director, paying a franchise fee of 10% of that restaurant’s net annual sales.

Group structure and partners

A tightly held public company with no subsidiaries, no joint ventures, and a decade-long struggle to go private.

Promoters hold nearly nine-tenths of the shares - the promoter and promoter group collectively own 88.39% of the equity, leaving public shareholders with just 11.61%, a concentration that has existed since at least 2001 and triggered continuous non-compliance with minimum public shareholding rules.
Trading has been suspended since 2015 - the shares were suspended from trading on BSE in September 2015 due to the shareholding violation and promoter disputes, and even before that, annual trading turnover never crossed 10% of total outstanding shares.
Delisting attempts keep failing - a board resolution to delist was first passed in 2013 but blocked by a civil court order; a 2022 offer at Rs. 154 per share failed because promoters could not buy enough public shares, and a 2026 request for more time from the regulator was voted down by shareholders.
No holding company, no subsidiaries - the company is a standalone entity with no associate companies or joint ventures, and its shares are listed solely on BSE, with Skyline Financial Services acting as its registrar and share transfer agent.
Related-party transactions under legal scrutiny - certain past transactions with related parties have not been approved by the Board or Audit Committee and are subject to litigation before the National Company Law Tribunal in New Delhi.

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

₹775Cr

Close Price

₹1,436.00

Industry

Hotels

Price To Earnings

24.48

Price To Sales

4.76

Revenue

₹163Cr

Rev Gr TTM

Revenue Growth TTM

1.45%

PAT Gr TTM

PAT Growth TTM

-6.02%

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	25	47	48	21	27	55	49	29	25	57	51	30
Growth YoY Revenue Growth YoY%	14.3	12.9	14.8	-21.2	11.1	17.7	2.3	35.8	-7.0	2.8	3.2	3.7
Expenses ExpensesCr	23	28	30	21	25	31	33	24	27	35	33	27
Operating Profit Operating ProfitCr	2	19	18	0	2	24	16	5	-2	22	18	3
OPM OPM%	6.8	39.7	37.3	0.3	8.6	43.3	32.2	17.6	-7.8	38.1	35.2	11.2
Other Income Other IncomeCr	1	1	2	1	1	1	3	2	2	2	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	3	2	2	2	1	0	2
PBT PBTCr	1	18	18	-1	2	23	16	4	-3	22	19	4
Tax TaxCr	0	4	5	0	0	6	4	1	-1	6	5	1
PAT PATCr	1	13	13	-1	1	17	12	3	-2	17	14	3
Growth YoY PAT Growth YoY%	-17.1	31.4	50.7	-116.0	73.5	26.9	-7.3	552.8	-268.6	-2.6	17.5	-17.2
NPM NPM%	2.8	28.6	27.4	-3.4	4.3	30.9	24.9	11.3	-7.8	29.2	28.3	9.0
EPS EPS₹	1.3	24.9	24.4	-1.3	2.2	31.6	22.6	6.0	-3.7	30.8	26.6	5.0

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	25	47	48	21	27	55	49	29	25	57	51	30
Growth YoY Revenue Growth YoY%	14.3	12.9	14.8	-21.2	11.1	17.7	2.3	35.8	-7.0	2.8	3.2	3.7
Expenses ExpensesCr	23	28	30	21	25	31	33	24	27	35	33	27
Operating Profit Operating ProfitCr	2	19	18	0	2	24	16	5	-2	22	18	3
OPM OPM%	6.8	39.7	37.3	0.3	8.6	43.3	32.2	17.6	-7.8	38.1	35.2	11.2
Other Income Other IncomeCr	1	1	2	1	1	1	3	2	2	2	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	3	2	2	2	1	0	2
PBT PBTCr	1	18	18	-1	2	23	16	4	-3	22	19	4
Tax TaxCr	0	4	5	0	0	6	4	1	-1	6	5	1
PAT PATCr	1	13	13	-1	1	17	12	3	-2	17	14	3
Growth YoY PAT Growth YoY%	-17.1	31.4	50.7	-116.0	73.5	26.9	-7.3	552.8	-268.6	-2.6	17.5	-17.2
NPM NPM%	2.8	28.6	27.4	-3.4	4.3	30.9	24.9	11.3	-7.8	29.2	28.3	9.0
EPS EPS₹	1.3	24.9	24.4	-1.3	2.2	31.6	22.6	6.0	-3.7	30.8	26.6	5.0

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	87	88	94	105	98	33	72	131	147	153	162	163
Growth Revenue Growth%	11.7	1.2	7.0	11.8	-7.2	-66.3	118.9	81.8	12.0	4.4	5.8	1.4
Expenses ExpensesCr	74	78	86	94	92	39	59	95	101	111	119	122
Operating Profit Operating ProfitCr	12	10	8	11	5	-7	13	36	45	42	43	41
OPM OPM%	14.3	11.7	8.3	10.9	5.6	-20.2	17.5	27.2	30.7	27.6	26.3	25.1
Other Income Other IncomeCr	2	3	4	5	5	3	3	4	5	6	7	7
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	7	7	7	7	7	6	6	7	8	9	6	6
PBT PBTCr	7	7	5	9	4	-11	9	32	42	40	43	42
Tax TaxCr	3	3	2	3	0	-3	2	8	10	10	11	11
PAT PATCr	4	4	3	7	4	-8	7	23	32	30	32	32
Growth PAT Growth%	44.8	-4.2	-19.1	115.3	-43.5	-307.0	187.6	247.4	36.2	-6.5	8.4	-6.0
NPM NPM%	4.5	4.3	3.2	6.2	3.8	-23.4	9.3	17.9	21.7	19.4	19.9	19.4
EPS EPS₹	7.3	7.0	5.6	12.2	6.9	-14.2	12.4	43.3	58.9	55.1	59.7	58.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	87	88	94	105	98	33	72	131	147	153	162	163
Growth Revenue Growth%	11.7	1.2	7.0	11.8	-7.2	-66.3	118.9	81.8	12.0	4.4	5.8	1.4
Expenses ExpensesCr	74	78	86	94	92	39	59	95	101	111	119	122
Operating Profit Operating ProfitCr	12	10	8	11	5	-7	13	36	45	42	43	41
OPM OPM%	14.3	11.7	8.3	10.9	5.6	-20.2	17.5	27.2	30.7	27.6	26.3	25.1
Other Income Other IncomeCr	2	3	4	5	5	3	3	4	5	6	7	7
Interest Expense Interest ExpenseCr	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	7	7	7	7	7	6	6	7	8	9	6	6
PBT PBTCr	7	7	5	9	4	-11	9	32	42	40	43	42
Tax TaxCr	3	3	2	3	0	-3	2	8	10	10	11	11
PAT PATCr	4	4	3	7	4	-8	7	23	32	30	32	32
Growth PAT Growth%	44.8	-4.2	-19.1	115.3	-43.5	-307.0	187.6	247.4	36.2	-6.5	8.4	-6.0
NPM NPM%	4.5	4.3	3.2	6.2	3.8	-23.4	9.3	17.9	21.7	19.4	19.9	19.4
EPS EPS₹	7.3	7.0	5.6	12.2	6.9	-14.2	12.4	43.3	58.9	55.1	59.7	58.7

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	5	5	5	5	5	5	5	5	5	5	5
Reserves ReservesCr	74	77	81	87	92	84	91	114	146	176	208
Current Liabilities Current LiabilitiesCr	22	22	27	27	26	19	15	25	27	28	30
Non Current Liabilities Non Current LiabilitiesCr	6	4	6	7	5	2	4	3	3	3	3
Total Liabilities Total LiabilitiesCr	108	108	119	126	128	110	115	148	182	212	247
Current Assets Current AssetsCr	47	47	55	58	60	44	50	48	106	127	102
Non Current Assets Non Current AssetsCr	61	61	64	68	68	66	65	101	75	85	145
Total Assets Total AssetsCr	108	108	119	126	128	110	115	148	182	212	247

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	5	5	5	5	5	5	5	5	5	5	5
Reserves ReservesCr	74	77	81	87	92	84	91	114	146	176	208
Current Liabilities Current LiabilitiesCr	22	22	27	27	26	19	15	25	27	28	30
Non Current Liabilities Non Current LiabilitiesCr	6	4	6	7	5	2	4	3	3	3	3
Total Liabilities Total LiabilitiesCr	108	108	119	126	128	110	115	148	182	212	247
Current Assets Current AssetsCr	47	47	55	58	60	44	50	48	106	127	102
Non Current Assets Non Current AssetsCr	61	61	64	68	68	66	65	101	75	85	145
Total Assets Total AssetsCr	108	108	119	126	128	110	115	148	182	212	247

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	12	10	11	13	5	-1	5	53	-4	36	76
Investing Cash Flow Investing Cash FlowCr	-10	-10	-11	-11	-8	1	-5	-52	7	-28	-75
Financing Cash Flow Financing Cash FlowCr	0	0	2	1	-2	-3	2	-1	0	0	1
Net Cash Flow Net Cash FlowCr	3	0	3	2	-5	-3	2	-1	3	9	2
Free Cash Flow Free Cash FlowCr	5	1	2	6	0	-4	0	45	-12	20	62
CFO To PAT CFO To PAT%	313.8	264.5	364.3	191.6	141.5	7.1	78.1	225.6	-12.2	122.3	235.0
CFO To EBITDA CFO To EBITDA%	99.4	96.6	142.9	109.5	95.6	8.2	41.8	148.0	-8.6	86.3	177.9

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	12	10	11	13	5	-1	5	53	-4	36	76
Investing Cash Flow Investing Cash FlowCr	-10	-10	-11	-11	-8	1	-5	-52	7	-28	-75
Financing Cash Flow Financing Cash FlowCr	0	0	2	1	-2	-3	2	-1	0	0	1
Net Cash Flow Net Cash FlowCr	3	0	3	2	-5	-3	2	-1	3	9	2
Free Cash Flow Free Cash FlowCr	5	1	2	6	0	-4	0	45	-12	20	62
CFO To PAT CFO To PAT%	313.8	264.5	364.3	191.6	141.5	7.1	78.1	225.6	-12.2	122.3	235.0
CFO To EBITDA CFO To EBITDA%	99.4	96.6	142.9	109.5	95.6	8.2	41.8	148.0	-8.6	86.3	177.9

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							238	334	747	859	754	775
Price To Earnings Price To Earnings							35.4	14.3	23.5	28.9	23.4	24.5
Price To Sales Price To Sales							3.3	2.5	5.1	5.6	4.7	4.8
Price To Book Price To Book							2.5	2.8	4.9	4.7	3.5	3.6
EV To EBITDA EV To EBITDA							16.4	9.0	15.4	18.8	16.9	19.2
Profitability Ratios Profitability Ratios
GPM GPM%	59.1	63.4	64.5	63.7	63.3	57.8	63.3	64.6	67.9	68.5	68.1	68.1
OPM OPM%	14.3	11.7	8.3	10.9	5.6	-20.2	17.5	27.2	30.7	27.6	26.3	25.1
NPM NPM%	4.5	4.3	3.2	6.2	3.8	-23.4	9.3	17.9	21.7	19.4	19.9	19.4
ROCE ROCE%	9.9	8.1	6.3	9.9	3.8	-11.7	9.2	26.5	27.9	21.9	20.3	20.3
ROE ROE%	4.9	4.6	3.5	7.1	3.8	-8.6	7.0	19.5	21.0	16.4	15.1	15.1
ROA ROA%	3.6	3.5	2.6	5.2	2.9	-7.0	5.9	15.8	17.5	14.0	13.1	13.1
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							238	334	747	859	754	775
Price To Earnings Price To Earnings							35.4	14.3	23.5	28.9	23.4	24.5
Price To Sales Price To Sales							3.3	2.5	5.1	5.6	4.7	4.8
Price To Book Price To Book							2.5	2.8	4.9	4.7	3.5	3.6
EV To EBITDA EV To EBITDA							16.4	9.0	15.4	18.8	16.9	19.2
Profitability Ratios Profitability Ratios
GPM GPM%	59.1	63.4	64.5	63.7	63.3	57.8	63.3	64.6	67.9	68.5	68.1	68.1
OPM OPM%	14.3	11.7	8.3	10.9	5.6	-20.2	17.5	27.2	30.7	27.6	26.3	25.1
NPM NPM%	4.5	4.3	3.2	6.2	3.8	-23.4	9.3	17.9	21.7	19.4	19.9	19.4
ROCE ROCE%	9.9	8.1	6.3	9.9	3.8	-11.7	9.2	26.5	27.9	21.9	20.3	20.3
ROE ROE%	4.9	4.6	3.5	7.1	3.8	-8.6	7.0	19.5	21.0	16.4	15.1	15.1
ROA ROA%	3.6	3.5	2.6	5.2	2.9	-7.0	5.9	15.8	17.5	14.0	13.1	13.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ASIANHOTNR	BENARAS	VHLTD	UPHOT	ROHLTD	KAMATHOTEL	ADVENTHTL
Market CapitalizationMkt CapCr	1,334	1,326	1,184	775	752	727	663
Close PriceClose₹	312.85	10,200.00	154.16	1,436.00	274.05	246.77	122.91
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	99.63	29.88	48.33	24.48	27.16	17.02	17.66
Price To SalesPS	3.91	8.52	7.27	4.76	1.82	1.85	1.71
RevenueRevenueCr	341	156	163	163	413	394	388
Revenue Growth TTMRev Gr TTM%		13.7%	24.4%	1.4%	26.9%	7.6%	3.5%
PAT Growth TTMPAT Gr TTM%		2.6%	-69.2%	-6.0%	-48.0%	-11.5%	-29.3%

	ASIANHOTNR	BENARAS	VHLTD	UPHOT	ROHLTD	KAMATHOTEL	ADVENTHTL
Market CapitalizationMkt CapCr	1,334	1,326	1,184	775	752	727	663
Close PriceClose₹	312.85	10,200.00	154.16	1,436.00	274.05	246.77	122.91
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	99.63	29.88	48.33	24.48	27.16	17.02	17.66
Price To SalesPS	3.91	8.52	7.27	4.76	1.82	1.85	1.71
RevenueRevenueCr	341	156	163	163	413	394	388
Revenue Growth TTMRev Gr TTM%		13.7%	24.4%	1.4%	26.9%	7.6%	3.5%
PAT Growth TTMPAT Gr TTM%		2.6%	-69.2%	-6.0%	-48.0%	-11.5%	-29.3%

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