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Benares Hotels share price & financials

Price
₹10,893.95
Market cap
₹1.4k Cr
Sector
Consumer Services

What Benares Hotels does

Benares Hotels Limited owns and operates hotel properties under the Tata Group's Taj and Ginger brands: Taj Ganges and Taj Nadesar Palace in Varanasi, Uttar Pradesh, and Ginger Gondia in Maharashtra. It earns from room stays, food & beverage, and banqueting/events at these properties, with Varanasi demand linked to religious tourism and pilgrimage events such as the Kumbh Mela. The company is a subsidiary of The Indian Hotels Company Limited (IHCL), the Tata Group's hospitality arm.

Hotels operated
3
Locations
Varanasi (Uttar Pradesh) and Gondia (Maharashtra)
Brands operated
Taj (full-service/luxury) and Ginger (budget)
Capacity under construction
New 100-room wing plus a restaurant being added at Taj Ganges, slated to open in Q3 FY2026
Parent company
Subsidiary of The Indian Hotels Company Limited (IHCL), Tata Group's hospitality arm
Founded 1971Headquarters Varanasi, Uttar Pradesh Company website

Quarterly results

Q1 FY27: revenue up 35.5%, net profit up 8.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue24 39 49 25 24 −2%42 +7%49 −1%34 +36%
EBITDA10 19 22 10 8 −18%20 +4%22 +1%12 +25%
Net profit7 14 16 8 6 −16%14 +5%15 −4%8 +9%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +18.0% 1Y

₹10k₹10k₹11k₹11kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹9,399.75 on 10 Sept 2025 → ₹11,090.95. High ₹11,090.95 (11 Sept 2026), low ₹9,281.35 (8 Dec 2025).

Financials, as filed

Revenue grew 14.1% a year over 3 years, FY23 to FY26. Operating margin widened to 42.9%.

Year endingFY23FY24FY25FY26
Revenue₹94 Cr₹121 Cr₹135 Cr₹139 Cr
Operating profit₹36 Cr₹51 Cr₹59 Cr₹60 Cr
Operating margin38.0%42.4%43.8%42.9%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹5 Cr₹6 Cr₹6 Cr₹7 Cr
Net profit₹24 Cr₹36 Cr₹43 Cr₹43 Cr
Net margin25.1%29.9%31.9%31.1%
Cash from operations₹28 Cr₹41 Cr₹42 Cr₹49 Cr
Free cash flow₹26 Cr₹29 Cr₹24 Cr₹-11 Cr
ROCE34.0%41.0%37.0%30.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr
Reserves₹71 Cr₹77 Cr₹98 Cr₹132 Cr₹182 Cr₹211 Cr
Borrowings₹9 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Other liabilities₹10 Cr₹14 Cr₹17 Cr₹19 Cr₹23 Cr₹40 Cr
Total liabilities₹91 Cr₹95 Cr₹120 Cr₹156 Cr₹210 Cr₹257 Cr
Fixed assets₹84 Cr₹78 Cr₹73 Cr₹71 Cr₹68 Cr₹157 Cr
Capital work in progress₹0 Cr₹0 Cr₹1 Cr₹5 Cr₹33 Cr₹1 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹7 Cr₹17 Cr₹47 Cr₹79 Cr₹108 Cr₹99 Cr
Total assets₹91 Cr₹95 Cr₹120 Cr₹156 Cr₹210 Cr₹257 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 1% to 6,717.

Promoters
62.6%
FIIs
0.0%
DIIs
0.1%
Public
37.4%

Since Jun 2025

  • Public −0.05 pp
  • DIIs +0.03 pp
  • FIIs +0.01 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.6%, Public 37.4%.Dec '23: Promoters 62.6%, Public 37.4%.Mar '24: Promoters 62.6%, FIIs 0.0%, Public 37.4%.Jun '24: Promoters 62.6%, FIIs 0.0%, Public 37.4%.Sep '24: Promoters 61.2%, FIIs 0.0%, Public 38.8%.Dec '24: Promoters 62.6%, FIIs 0.0%, Public 37.4%.Mar '25: Promoters 62.6%, FIIs 0.0%, Public 37.4%.Jun '25: Promoters 62.6%, FIIs 0.0%, DIIs 0.0%, Public 37.4%.Sep '25: Promoters 62.6%, FIIs 0.0%, DIIs 0.0%, Public 37.4%.Dec '25: Promoters 62.6%, FIIs 0.0%, DIIs 0.0%, Public 37.4%.Mar '26: Promoters 62.6%, FIIs 0.0%, DIIs 0.0%, Public 37.4%.Jun '26: Promoters 62.6%, FIIs 0.0%, DIIs 0.1%, Public 37.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Benares Hotels above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
The Indian Hotels Company Limited 49.53%unchanged
Piem Hotels Limited 4.16%unchanged
Aditya Deorah 2.87%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 2.37%unchanged
All India Kashiraj Trust 2.31%unchanged
Anant Narain Singh 1.85%unchanged
Vinodchandra Mansukhlal Parekh 1.55%unchanged
Brajraj Singh 1.54%unchanged
Arjun Ramani 1.45%unchanged
Shrivarad Narayan Singh 1.38%unchanged
Maharaj Kumari Hari Priya 1.35%unchanged
Raghubirsingh R Gohil 1.23%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹11091, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹14431 — upside of 30%.

Growth the price implies
17.6% a year
for 7 years, fading to 4%
It has actually compounded at
22.5% a year
net profit, FY23–FY26 · EPS 22.7%
The gap
-0.1 pp
30% downside if it only repeats history
Price today ₹11,090.95 Value at the reference growth ₹14,431.44

Change the assumptions yourself →

Learn to analyse Benares Hotels

Guides on how to read this kind of business and the numbers that matter.