BENARAS
Benares Hotels share price & financials
- Price
- ₹10,893.95
- Market cap
- ₹1.4k Cr
- Sector
- Consumer Services
Quarterly results
Q1 FY27: revenue up 35.5%, net profit up 8.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24 | 39 | 49 | 25 | 24 −2% | 42 +7% | 49 −1% | 34 +36% |
| EBITDA | 10 | 19 | 22 | 10 | 8 −18% | 20 +4% | 22 +1% | 12 +25% |
| Net profit | 7 | 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 +17.9% 1Y
1Y: ₹9,399.75 on 10 Sept 2025 → ₹11,085. High ₹11,085 (11 Sept 2026), low ₹9,281.35 (8 Dec 2025).
Financials, as filed
Revenue grew 7.4% a year over 2 years, FY24 to FY26. Operating margin widened to 42.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹121 Cr | ₹135 Cr | ₹139 Cr |
| Operating profit | ₹51 Cr | ₹59 Cr | ₹60 Cr |
| Operating margin | 42.4% | 43.8% | 42.9% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹6 Cr | ₹6 Cr | ₹7 Cr |
| Net profit | ₹36 Cr | ₹43 Cr | ₹43 Cr |
| Net margin | 29.9% | 31.9% | 31.1% |
| Cash from operations | ₹41 Cr | ₹42 Cr | ₹49 Cr |
| Free cash flow | ₹29 Cr | ₹24 Cr | ₹-11 Cr |
| ROCE | 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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| 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
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 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.
- Brij Hospitality Private Limited newly disclosed 0.00% held
- Bramha Foundation newly disclosed 0.00% held
- WILDSCAPES LIMITED (Formerly known as Taj Safaris Limited) newly disclosed 0.00% held
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 Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 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
ExpensiveTo justify its price of ₹11085, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹7251 — downside of 35%.
- Growth the price implies
- 17.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 9.5% a year
- net profit, FY24–FY26 · EPS 9.6%
- The gap
- 0.1 pp
- -35% downside if it only repeats history
Learn to analyse Benares Hotels Ltd
Guides on how to read this kind of business and the numbers that matter.