Bharat Hotels

What the business actually is Bharat Hotels Limited was incorporated in January 1981 by the late Lalit Suri. After his death in 2006, his wife Dr. Jyotsna Suri took over, rebranded every property under The Lalit name in 2008, and still runs it as Chairperson and Managing Director. All three of her children — Divya, Deeksha and Keshav — sit on the board as Executive Directors. The annual report doesn't publish a room count or a property-by-property breakdown. What it does disclose, through the security charges on its borrowings and its property notes, is where the assets sit. The portfolio splits three ways: City hotels — New Delhi, Mumbai, Bengaluru, Kolkata, Jaipur, Chandigarh Palaces — Udaipur (Laxmi Vilas) and Srinagar (Grand Palace) Resorts — Goa, Bekal, Khajuraho, Mangar There's also The Lalit London, a 70-room property where Bharat Hotels holds only management consultancy rights — not ownership. One detail that matters enormously and rarely gets mentioned: the leasehold buildings on the books carry four times the value of the freehold ones. This is not a freehold real estate story. Hold that thought — it comes back in the valuation. The company also runs two commercial towers in Delhi, the World Trade Centre and World Trade Tower, with over 286,000 sq ft of office space. That's a separate, annuity-style income stream sitting inside a hotel company. Ownership is tight and unchanged: Shareholder Stake Deeksha Holding Limited 40.42% Mr. Jayant Nanda 26.32% Dr. Jyotsna Suri 9.55% Responsible Holding Pvt Ltd 9.35% Mr. Keshav Suri 5.11% Others 9.05% The secretarial audit states it plainly: the securities of the company are not listed on any stock exchange. Neither equity nor debt trades publicly. Where the revenue comes from Standalone revenue of ₹815.69 crore breaks down like this: Stream FY26 Share Room rentals ₹452.76 cr 55% Food and beverage ₹235.21 cr 29% Liquor and wine ₹36.22 cr 4% Rent and maintenance (commercial towers) ₹29.54 cr 4% Banquet and equipment rentals ₹27.33 cr 3% Other services ₹25.94 cr 3% Management and consultancy fees ₹4.78 cr 1% Membership programme ₹3.29 cr <1% Rooms plus F&B are 84% of the business. Management fees are ₹4.78 crore — basically nothing. That last number tells you the entire model. Marriott, IHG and increasingly Lemon Tree make money by putting their brand on someone else's building and collecting a fee. Bharat Hotels owns or leases the buildings. It's asset-heavy: high capital intensity, big depreciation, big interest bill, and expansion that takes years rather than quarters.