Benares Hotels Limited (BENARAS.BO) 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

-21.0%

₹8,062.12

vs ₹10,200.00 price

Levered DCF

₹9,481.72

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

24.26

Safe zone

Rating

A-

Overall 4 / 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	28.05×	33.15×	31.9×	17.9×	46.92×	-32.32×	15.84×	22.8×
P/B	5.7×	8.3×	8.64×	4.2×	3.41×	2.34×	2.15×	2.77×
P/S	8.72×	10.58×	9.54×	4.49×	5.32×	6.97×	2.64×	3.33×
EV / EBITDA	19.05×	69.95×	20.81×	10.95×	18.19×	183.65×	8.36×	11.16×
Gross margin	62.4%	63.3%	57.5%	80.8%	78.0%	68.7%	78.6%	77.0%
Operating margin	38.0%	39.8%	37.9%	32.4%	16.8%	-26.0%	23.4%	20.8%
Net margin	31.1%	31.9%	29.9%	25.1%	11.3%	-21.6%	16.7%	14.6%
Current ratio	2.85×	7.59×	4.48×	3.56×	1.36×	0.47×	0.64×	0.57×
Debt / equity	0.02×	0.02×	0.03×	0.04×	0.05×	0.13×	0.11×	0.07×
Interest coverage	136.03×	141.18×	121.62×	82.28×	12.94×	-6.33×	13.85×	16.41×
Dividend yield	0.3%	0.2%	0.2%	0.3%	0.0%	0.6%	1.4%	1.2%
Payout ratio	7.5%	7.5%	7.2%	5.6%	0.0%	-18.6%	22.2%	27.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.3%	25.0%	27.1%	23.4%	7.3%	-7.2%	13.6%	12.2%
Return on invested capital	17.7%	22.1%	24.1%	20.7%	7.0%	-5.5%	12.6%	10.7%
Return on assets	16.8%	22.1%	23.1%	19.4%	5.9%	-5.8%	10.1%	9.0%
Free cash flow yield	-0.4%	1.7%	2.7%	6.3%	6.0%	0.4%	0.9%	-0.5%
Earnings yield	3.6%	3.0%	3.1%	5.6%	2.1%	-3.1%	6.3%	4.4%
Enterprise value	₹11.4B	₹14.2B	₹11.3B	₹4.1B	₹2.7B	₹1.8B	₹1.8B	₹2B
Net debt / EBITDA	-1.29×	-0.65×	-0.34×	-0.16×	0.17×	8.14×	0.34×	0.21×
Cash conversion cycle (days)	-32	14	-15	-63	-58	-26	-89	-118