Kamat Hotels (India) Limited (KAMATHOTEL.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

+99.9%

₹443.80

vs ₹221.96 price

Levered DCF

₹250.31

After debt service

Piotroski score

3 / 9

Weak

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	11.26×	17.62×	14.97×	0.99×	-7.27×	-1.91×	1.65×	7.14×
P/B	1.22×	3.02×	3.26×	2.02×	-0.91×	-0.44×	-0.33×	-0.82×
P/S	1×	2.32×	2.31×	1.08×	1.16×	1.09×	0.18×	0.51×
EV / EBITDA	5.15×	9.69×	7.07×	1.84×	15.92×	37.31×	6.08×	8.93×
Gross margin	55.1%	31.2%	35.1%	77.0%	90.3%	69.8%	63.7%	68.9%
Operating margin	17.6%	23.7%	25.2%	55.8%	14.1%	-13.0%	21.0%	23.0%
Net margin	8.9%	12.9%	15.4%	108.6%	-16.0%	-57.1%	11.2%	7.2%
Current ratio	1.06×	0.87×	0.7×	0.56×	0.07×	0.06×	0.11×	0.1×
Debt / equity	0.74×	0.73×	1.29×	2.25×	-2.54×	-2.96×	-3.75×	-3.35×
Interest coverage	2.37×	2.86×	1.21×	7.29×	0.4×	-0.2×	1.24×	2.47×
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	10.9%	16.7%	21.8%	203.1%	12.5%	22.9%	-20.1%	-11.4%
Return on invested capital	8.0%	11.8%	12.0%	30.6%	5.1%	-2.0%	12.5%	8.7%
Return on assets	5.1%	7.9%	7.3%	51.4%	-4.9%	-7.8%	5.1%	3.5%
Free cash flow yield	15.6%	5.9%	9.6%	35.4%	15.1%	-9.4%	160.5%	59.0%
Earnings yield	8.9%	5.5%	6.7%	100.6%	-13.8%	-52.3%	60.5%	14.0%
Enterprise value	₹5.7B	₹10.1B	₹9.3B	₹6.5B	₹6B	₹5.3B	₹4.9B	₹6.1B
Net debt / EBITDA	1.67×	1.67×	1.96×	0.95×	11.57×	32.38×	5.57×	7.15×
Cash conversion cycle (days)	-7	-9	-35	-82	-406	-314	-90	-65