HBG Hotels Ltd (PHOENIXTN.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

-578.2%

-₹359.58

vs ₹75.20 price

Levered DCF

-₹1,232.02

After debt service

Piotroski score

2 / 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	53.37×	7.28×	0.61×	120×	151.75×	-10.44×	35.19×	25.89×
P/B	0.4×	1.06×	0.55×	2.77×	1.79×	0.82×	0.53×	0.82×
P/S	4.66×	13×	4.37×	2.62×	2.67×	2.03×	0.65×	1.02×
EV / EBITDA	68.23×	11.38×	1.75×	17.95×	15.49×	19.72×	5.54×	6.17×
Gross margin	49.7%	73.5%	49.2%	54.0%	50.0%	45.0%	69.8%	68.5%
Operating margin	16.5%	29.8%	7.6%	8.4%	7.2%	44.4%	6.9%	6.7%
Net margin	8.7%	196.2%	715.1%	2.6%	1.8%	-19.5%	1.8%	3.9%
Current ratio	2.83×	3.1×	2.65×	0.2×	0.12×	0.25×	0.37×	0.56×
Debt / equity	0.97×	1.01×	1.07×	0.68×	0.57×	0.6×	0.44×	0.25×
Interest coverage	3.4×	5.16×	1.41×	1.43×	1.51×	5.24×	1.43×	2.07×
Dividend yield	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.2%	0.9%	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	0.7%	16.0%	90.1%	2.8%	1.2%	-7.9%	1.5%	3.2%
Return on invested capital	0.5%	1.1%	0.5%	3.4%	1.5%	10.7%	1.8%	2.8%
Return on assets	0.3%	7.9%	42.5%	1.4%	0.7%	-4.3%	0.9%	2.1%
Free cash flow yield	-41.4%	-45.0%	-158.2%	-1.3%	3.1%	-4.8%	-31.3%	22.5%
Earnings yield	1.9%	15.1%	163.5%	1.0%	0.7%	-9.6%	2.8%	3.8%
Enterprise value	₹4.9B	₹6.9B	₹3.5B	₹840.6M	₹552.6M	₹327.1M	₹238.2M	₹260.9M
Net debt / EBITDA	47.5×	5.29×	1.15×	3.52×	3.59×	8.1×	2.45×	1.38×
Cash conversion cycle (days)	54	-82	-36	-70	-59	-119	-165	-150