Asian Hotels (North) Limited (ASIANHOTNR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+30.9%

₹396.52

vs ₹303.00 price

Levered DCF

₹58.64

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-6.83×	3.78×	-2.99×	-2.6×	-1.25×	-0.17×	-2.26×	-7.38×
P/B	0.76×	2.7×	3.5×	1.36×	0.63×	0.27×	0.21×	0.37×
P/S	2.05×	2.23×	0.88×	0.86×	1.2×	1.6×	0.53×	0.96×
EV / EBITDA	-16.46×	3.11×	22.15×	27.4×	140.41×	-86.32×	22.91×	17.23×
Gross margin	59.3%	57.5%	38.8%	38.5%	11.9%	27.5%	35.7%	85.9%
Operating margin	8.1%	19.5%	18.5%	19.2%	-12.6%	-49.7%	16.0%	23.3%
Net margin	-30.0%	58.9%	-29.4%	-33.2%	-95.6%	-957.5%	-23.4%	-13.0%
Current ratio	0.6×	0.09×	0.23×	0.1×	0.07×	0.06×	0.14×	0.2×
Debt / equity	0.36×	2.1×	14.05×	6.66×	4.32×	2.95×	1.92×	1.68×
Interest coverage	0.38×	0.46×	0.4×	0.45×	-0.17×	-0.36×	0.36×	0.61×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-11.1%	71.4%	-116.8%	-52.2%	-50.5%	-162.2%	-9.4%	-5.1%
Return on invested capital	1.5%	6.1%	4.9%	3.9%	-1.2%	-2.1%	1.8%	2.6%
Return on assets	-6.0%	12.1%	-5.1%	-5.4%	-8.0%	-34.7%	-2.8%	-1.7%
Free cash flow yield	-59.8%	37.8%	27.7%	19.1%	8.9%	33.9%	63.3%	25.8%
Earnings yield	-14.6%	26.4%	-33.4%	-38.5%	-79.7%	-599.4%	-44.2%	-13.5%
Enterprise value	₹8.5B	₹12B	₹12.6B	₹12.8B	₹12.2B	₹13.8B	₹13.4B	₹14.4B
Net debt / EBITDA	-2.9×	1.28×	17.55×	22.69×	122.43×	-79.07×	20.63×	14.09×
Cash conversion cycle (days)	-78	-37	-143	-133	-243	-523	-180	-419