TajGVK Hotels & Resorts Ltd

NSE: TAJGVK BSE: 532390

TajGVK Hotels & Resorts Limited, incorporated in 1995, is a joint venture between the Hyderabad-based GVK Group and Indian Hotels Company Limited (IHCL). The Company is engaged in the business of owning, operating & managing hotels, palaces, and resorts under the brand name of “TAJ”[1][2]

₹300

52W: ₹281 — ₹540

PE 16 · Book ₹108 · +178% vs book

Market Cap₹1,883 Cr

Stock P/E16Price to Earnings

ROCE20.8%Return on Capital

ROE16.2%Return on Equity

Div. Yield0.66%Face Value ₹2

Strengths

+Company has reduced debt.
+Company has delivered good profit growth of 31.8% CAGR over last 5 years

Weaknesses

−Promoters have pledged 30.3% of their holding.
−Promoter holding has decreased over last 3 years: -3.99%

Shareholding Pattern

Promoters71%

FIIs0.32%

DIIs4.02%

Public24.67%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.98%	74.98%	74.98%	74.98%	74.98%	74.98%	71%▼4.0	71%
FIIs	0.82%	0.76%▼0.1	1.68%▲0.9	1.75%▲0.1	0.83%▼0.9	1.01%▲0.2	0.92%▼0.1	0.32%▼0.6
DIIs	2.69%	1.44%▼1.3	2.6%▲1.2	3.96%▲1.4	3.63%▼0.3	1.75%▼1.9	4.03%▲2.3	4.02%▼0.0
Public	21.49%	22.8%▲1.3	20.72%▼2.1	19.31%▼1.4	20.56%▲1.3	22.26%▲1.7	24.05%▲1.8	24.67%▲0.6

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	89	111	116	93	105	127	125	106	107	136
Expenses	68	71	75	66	76	77	92	75	74	94
Operating Profit	22	40	41	27	29	50	33	32	34	42
OPM %	24%	36%	35%	29%	28%	39%	27%	30%	31%	31%
Net Profit	11	24	26	13	20	34	29	36	24	29
EPS ₹	1.78	3.86	4.12	2.03	3.13	5.4	4.56	5.78	3.75	4.64

AI Insights

Revenue Trend

TTM revenue at ₹475Cr, up 5.6% YoY. OPM at 30%.

Debt Position

Borrowings at ₹83Cr. Debt-to-equity ratio: 0.13x. Healthy balance sheet.

Capex Cycle

CWIP at ₹183Cr (43% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 4.02% (-0.25pp change). FIIs: 0.32% (-0.61pp change). Promoters hold 71%.

Margin & Efficiency

ROCE improving from 5% (Mar 2014) to 21% (Mar 2025). Working capital days: -31.

Valuation

PE 16x with 20.8% ROCE. Price is 178% above book value of ₹108. Dividend yield: 0.66%.