Viceroy Hotels Ltd (VHLTD) AI Stock Analysis

• Market Cap: ₹9.46B
• Dividend Yield: N/A
• Average Volume (3M): 11.01K
• Price to Earnings (P/E): 21.6
• Beta (1Y): 0.67
• Revenue Growth: -11.23%
• EPS Growth: -65.46%
• Country: IN
• Employees: 404
• Sector: Services
• Sector Strength: N/A
• Industry: Travel Lodging
• EPS (TTM): 1.62
• Shares Outstanding: 67,578,950
• 10 Day Avg. Volume: 22,402
• 30 Day Avg. Volume: 11,012
• PEG Ratio: <0.01
• Price to Book (P/B): 2.89
• Price to Sales (P/S): 5.15
• P/FCF Ratio: 49.62
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ₹159.00 ▲(11.62% Upside)
• Action: Reiterated Date: 10/23/25
• Date: Action: Reiterated 10/23/25

Viceroy Hotels Ltd's strong financial performance and positive technical indicators are the primary drivers of its stock score. The company's reasonable valuation further supports the score, although the high leverage remains a concern.

Positive Factors

Improved Profitability & Margins

Sustained margin improvement indicates the business is operating more efficiently and capturing higher value per sale. Higher gross and net margins support durable cash generation, better coverage of fixed costs, and improve resilience to demand volatility in the travel lodging sector.

Strengthening Cash Flow

Rising operating and free cash flow provides internal funding for capex, debt repayment, and working capital needs. Reliable cash generation reduces reliance on external financing and underpins long-term financial flexibility and reinvestment in core hotel operations.

Balance Sheet Recovery

A return to positive equity signals improved solvency and a stronger capital base, which enhances lender and supplier confidence. This structural improvement increases ability to access capital markets and supports sustainable growth initiatives over the next several quarters.

Negative Factors

High Leverage

Elevated leverage raises interest burden and reduces financial flexibility, especially if macro or travel demand weakens. High debt amplifies downside risk, constrains strategic investments, and requires sustained cash generation to avoid refinancing stress over the medium term.

Recent Revenue and EPS Declines

Material negative top-line and EPS growth indicate earnings volatility and possible uneven recovery across properties. Persistent declines can erode margins and make deleveraging harder, requiring execution on revenue management and cost control to restore multi-quarter stability.

Execution Reliant Cash Momentum

The company's improved cash flow is beneficial but dependent on continued operational performance. If cash generation falters, the firm may need costly external financing given existing leverage, creating execution risk and pressure on strategic flexibility over the medium term.

Viceroy Hotels Ltd Business Overview & Revenue Model

Company Description

Viceroy Hotels Limited engages in the hoteliering business in India. The company owns and operates a convention center and rooms with fine dining restaurants under the Marriott brand name; and rooms with banquet halls and fine dining restaurant under the Courtyard Marriott brand. It also operates bar and restaurants under the Bluefox brand in Hyderabad and Vijayawada; coffee shops under the Minerva brand name in Hyderabad and Vijayawada; and restaurants under the Eat Street & Waterfront brands in Hyderabad. The company was incorporated in 1965 and is based in Hyderabad, India.

How the Company Makes Money

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Viceroy Hotels Ltd Financial Statement Overview

Summary

Viceroy Hotels Ltd has shown impressive revenue growth and profitability improvements, with a strong income statement and positive cash flow trends. However, the high debt-to-equity ratio on the balance sheet poses a potential risk.

Income Statement

Viceroy Hotels Ltd has shown impressive revenue growth and profitability improvements. The gross profit margin has increased significantly, and net profit margin has turned positive, indicating a successful turnaround. The EBIT and EBITDA margins have also improved, demonstrating enhanced operational efficiency. Revenue growth rate is strong, reflecting robust demand recovery in the travel lodging sector.

Balance Sheet

The company's balance sheet shows a positive equity after a period of negative equity, indicating improved financial health. However, the debt-to-equity ratio remains high, suggesting potential leverage risks. The return on equity is strong due to recent profitability, but the company needs to focus on reducing debt levels to enhance long-term stability.

Cash Flow

Cash flow metrics reflect a positive trend with growing free cash flow. Operating cash flow has improved significantly, supporting the improved net income figures. However, the company needs to maintain this positive cash flow momentum to ensure financial flexibility and reduce reliance on external financing.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.04B	1.37B	1.31B	1.20B	524.40M	321.86M
Gross Profit	713.63M	948.15M	650.70M	547.38M	10.22M	34.99M
EBITDA	314.03M	376.13M	156.47M	90.44M	-160.47M	-144.37M
Net Income	216.33M	779.93M	23.88M	-549.00K	-263.08M	-205.69M
Balance Sheet
Total Assets	3.12B	3.12B	3.27B	3.52B	3.81B	4.05B
Cash, Cash Equivalents and Short-Term Investments	535.72M	468.49M	304.38M	128.08M	29.09M	9.28M
Total Debt	494.12M	522.58M	1.79B	5.12B	6.34B	6.29B
Total Liabilities	661.04M	672.35M	2.60B	7.97B	8.26B	8.24B
Stockholders Equity	2.46B	2.44B	668.20M	-4.45B	-4.45B	-4.18B
Cash Flow
Free Cash Flow	305.83M	142.43M	100.03M	-232.73M	-65.94M	43.73M
Operating Cash Flow	353.00M	323.11M	181.13M	-232.73M	-65.88M	127.04M
Investing Cash Flow	-264.71M	-735.32M	-149.38M	438.89M	47.78M	-82.05M
Financing Cash Flow	-49.48M	-828.94M	144.55M	-107.17M	37.91M	-39.34M

Viceroy Hotels Ltd Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 142.45
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VHLTD, the sentiment is Neutral. The current price of 142.45 is below the 20-day moving average (MA) of 145.56, above the 50-day MA of 142.00, and above the 200-day MA of 123.24, indicating a neutral trend. The MACD of 0.38 indicates Positive momentum. The RSI at 41.74 is Neutral, neither overbought nor oversold. The STOCH value of 24.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:VHLTD.

Viceroy Hotels Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VHLTD	74 Outperform	₹9.46B	21.57	―	―	-11.23%	-65.46%
ASIANHOTNR	66 Neutral	₹5.71B	-2.80	―	―	8.18%	―
KAMATHOTEL	61 Neutral	₹5.38B	10.10	―	―	9.52%	-39.66%
ROHLTD	61 Neutral	₹8.89B	31.71	―	0.61%	10.77%	-4.40%
SPECIALITY	56 Neutral	₹4.59B	15.98	―	0.87%	6.66%	-21.40%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SBGLP	46 Neutral	₹4.51B	13.65	―	0.27%	37.56%	77.10%

Viceroy Hotels Ltd Corporate Events

Viceroy Hotels Shareholders Clear Acquisition of Marriott-Linked Hyderabad Property

Shareholders of Viceroy Hotels Limited have approved the acquisition of SLN Terminus Hotels and Resorts Private Limited, which operates a Marriott-associated, 75-room long-stay hotel in Hyderabad’s Gachibowli area on leased premises with additional parking and land share. The related-party transaction, involving common director S. Prabhaker Reddy, has been executed on an arm’s-length basis and is intended to expand Viceroy’s strategic portfolio in the hospitality segment, strengthen its market presence and asset base, and generate operational synergies, cost efficiencies, and enhanced revenue and profitability through alignment with Marriott-branded operations.