Bharat Hotels Unlisted Shares

About Company

The following table shows a 10-point analysis of Bharat Hotels Limited. We will discuss each point in detail after this table.

The following section explains what Bharat Hotels does as a company.

Bharat Hotels Limited (The LaLiT Group) is one of India’s largest privately-owned luxury hospitality chains. According to the CRISIL Report, the company operates and manages luxury hotels, palaces, and resorts across major business and leisure destinations in India. As of March 31, 2018, Bharat Hotels operated:

• 12 luxury hotels, palaces, and resorts under The LaLiT brand
• 2 mid-market hotels under The LaLiT Traveller brand
• 2,261 rooms across India

They also hold exclusive management consultancy rights for The LaLiT London, a 70-room luxury property.

Portfolio Overview

The following is the property category portfolio for Bharat Hotels:

• City Hotels: The LaLiT New Delhi, Mumbai, Bangalore, Kolkata, Jaipur, Chandigarh
• Palaces: The LaLiT Laxmi Vilas Palace Udaipur, The LaLiT Grand Palace Srinagar
• Resorts: The LaLiT Golf & Spa Resort Goa, The LaLiT Resort & Spa Bekal (Kerala), The LaLiT Mangar, The LaLiT Temple View Khajuraho

Challenges (Based on FY20–FY21)

This section highlights operational and financial challenges faced by Bharat Hotels:

• COVID-19 caused severe revenue collapse from January 2020 onward, pushing the company into losses for FY19-20.
• Hospitality demand plummeted due to travel bans, lockdowns, and social distancing norms.
• Liquidity pressure increased because fixed costs remained high while revenues declined sharply.
• Despite challenges, some hotels provided accommodation for doctors on COVID duty and introduced new digital hospitality initiatives like:
  • Chef-at-home
  • Bartender-at-home
  • Ayurveda consultancy
  • Gourmet hampers & bakery home delivery

Financial Review

The following section summarises the financial performance across years.

• The following section summarises the financial performance of Bharat Hotels over FY19 to FY24 in one consolidated view.
• Between FY19 and FY24, Bharat Hotels witnessed one of the most dramatic financial cycles in the Indian hospitality sector—moving from pre-pandemic stability to severe disruption during COVID-19, and then delivering a strong multi-year recovery backed by operational efficiency and balance-sheet correction.
• In FY19–20, the company was operating on a steady growth trajectory until January 2020, after which COVID-19 caused a sudden collapse in business. With travel bans, social-distancing norms, and high fixed costs, Bharat Hotels slipped into losses in FY20. The situation worsened in FY21, when revenues crashed from ₹729 crore to ₹172 crore, marking one of the steepest declines in the sector. The company incurred losses of around ₹90 crore, faced liquidity pressure, and struggled with low occupancy as hotels across India remained partially non-operational. Cost-optimisation became a survival priority, and the company managed to generate positive EBITDA despite minimal revenues. Borrowings were restructured under RBI’s COVID stress-resolution framework.
• The turnaround began in FY22–23, when the hospitality industry reopened alongside vaccination progress and border relaxations. Bharat Hotels delivered one of its strongest rebounds, with revenue jumping 117% from ₹369 crore to ₹800 crore, while expenses grew more slowly at 88%. EBITDA surged to ₹364 crore, up 162%, and the company returned to profitability with ₹50 crore PAT, reversing two years of losses. Cash flow improved.

Future Plans

The following section shows the upcoming expansion plans of Bharat Hotels.

• Building three new LaLiT hotels in Ahmedabad, Mangalore, Dehradun (290 rooms + 115 cottages).
• Adding 50 new rooms at LaLiT Laxmi Vilas Palace Udaipur.
• Expanding mid-market LaLiT Traveller brand with four new hotels in Ahmedabad, Pune, Amritsar, Chitrakoot (308 rooms).
• Strengthening F&B with 45 outlets and proprietary brands like Baluchi, OKO, The Lalit Boulangerie, and Kitty Su.

Quick Summary

The following is a quick snapshot of Bharat Hotels.

• One of India’s largest luxury hospitality chains.
• Sharp COVID-era decline followed by strong recovery in FY22–FY24.
• Debt levels are improving due to strong cash flows and asset sales.
• Luxury + mid-market portfolio expansion planned across major cities.
• FY24 shows stabilised EBITDA and growing profitability.

Click here to visit the official website of Bharat Hotels