EIH Associated Hotels Limited (EIHAHOTELS.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

+244.5%

₹979.98

vs ₹284.50 price

Levered DCF

₹787.19

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 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	18.89×	23.2×	29×	19.67×	103.3×	-26.7×	16.74×	31.91×
P/B	2.73×	3.97×	5.08×	3.21×	4.02×	2.24×	1.84×	3.74×
P/S	4.29×	5.22×	6.11×	3.77×	6.84×	7.05×	2.55×	4.59×
EV / EBITDA	12.23×	15.11×	18.59×	12.46×	38.6×	-36.11×	10.68×	16.53×
Gross margin	69.8%	71.0%	68.7%	77.7%	71.7%	55.1%	73.2%	70.0%
Operating margin	26.5%	26.7%	64.5%	23.5%	9.4%	-34.0%	16.4%	21.0%
Net margin	22.7%	22.5%	21.1%	19.2%	6.6%	-26.4%	15.2%	14.4%
Current ratio	3.49×	4.58×	3.92×	3×	2.43×	2.05×	2.22×	2.81×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.03×	0×
Interest coverage	218.04×	260.81×	311.98×	203.35×	54.43×	-64.98×	91.87×	127.9×
Dividend yield	1.3%	0.9%	0.6%	0.0%	0.0%	0.0%	2.2%	1.1%
Payout ratio	24.4%	19.9%	18.8%	0.1%	0.2%	-0.0%	36.0%	36.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.5%	17.1%	17.5%	16.3%	3.9%	-8.4%	11.0%	11.7%
Return on invested capital	11.7%	14.0%	36.8%	13.7%	3.5%	-7.1%	9.2%	9.9%
Return on assets	12.0%	14.1%	14.4%	12.8%	3.1%	-6.9%	8.5%	9.2%
Free cash flow yield	2.7%	3.9%	1.7%	5.6%	1.7%	-4.8%	3.2%	3.0%
Earnings yield	5.3%	4.3%	3.4%	5.1%	1.0%	-3.7%	6.0%	3.1%
Enterprise value	₹16.5B	₹21.3B	₹23.5B	₹12.7B	₹13.3B	₹7.1B	₹6.3B	₹12.1B
Net debt / EBITDA	-0×	-0.01×	-0.01×	-0.03×	-0.16×	0.24×	-0.02×	-0.06×
Cash conversion cycle (days)	-101	-89	-87	-143	-92	-124	-106	-48