Leela Palaces Hotels & Resorts Limited (THELEELA.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

-55.2%

₹303.61

vs ₹678.10 price

Levered DCF

₹122.25

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.72

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	33.59×	837.6×	-18,854.98×	-650.07×	-45.46×
P/B	2.11×	11.27×	-14.19×	-15.96×	-5.93×
P/S	8.87×	30.83×	34.23×	46.62×	38.27×
EV / EBITDA	18.97×	63.15×	74.14×	103.5×	207.59×
Gross margin	73.1%	53.3%	71.0%	70.5%	54.7%
Operating margin	41.3%	33.6%	34.6%	31.1%	-19.0%
Net margin	26.4%	3.7%	-0.2%	-7.2%	-84.1%
Current ratio	1.02×	1.03×	0.1×	1.35×	2.05×
Debt / equity	0.28×	1.16×	-1.58×	-1.55×	-1.57×
Interest coverage	3.1×	0.95×	0.94×	0.74×	-0.22×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	6.3%	1.3%	0.1%	2.5%	13.0%
Return on invested capital	6.0%	2.5%	-2.3%	4.7%	-1.1%
Return on assets	4.5%	0.6%	-0.0%	-1.0%	-5.5%
Free cash flow yield	1.9%	0.9%	1.0%	0.6%	-0.6%
Earnings yield	3.0%	0.1%	-0.0%	-0.2%	-2.2%
Enterprise value	₹152.5B	₹441.1B	₹444.8B	₹438.1B	₹181.4B
Net debt / EBITDA	2.13×	5.74×	7.3×	8.77×	41.16×
Cash conversion cycle (days)	-19	6	4	3	22