1. At a Glance – Delhi’s Hyatt, But Balance Sheet Diet
A 5-star hotel. A ₹1,266 crore market cap. A stock at ₹298. Zero promoter holding. Yes, you read that right — 0% promoters in a company that owns the iconic Hyatt Regency Delhi. Asian Hotels (North) Ltd just reported Q3 FY26 revenue of ₹91 crore but a net loss of ₹56 crore. Return over 3 months? Down 9.3%. Return over 1 year? Down 18%. ROE? A dramatic -41%. Interest coverage? 0.44. Debt? ₹627 crore.
But wait — they raised fresh equity at ₹330 per share and repaid borrowings. Defaults resolved. New majority shareholder Elana Holdings sitting pretty at 54.37% in Feb 2026.
So what is this story?
A hotel revival?
A balance sheet reshuffle?
Or a hospitality soap opera with corporate court cases, liquidation, and NCD drama?
Welcome to one of the most dramatic turnaround attempts in Indian hospitality.
2. Introduction – From Royal Suites to Legal Suits
Asian Hotels (North) Ltd was incorporated in 1982. It owns and operates the 507-room Hyatt Regency in Delhi. That’s the core crown jewel.
But if this were just a hotel business, life would be easy.
Instead, we have:
- Subsidiaries under liquidation.
- Corporate insolvency proceedings at an ultimate subsidiary.
- Shopping arcade litigation.
- One-Time Restructuring gone wrong.
- Recurring losses for years.
- And recently… a complete promoter exit.
This isn’t just hospitality. This is corporate Netflix.
The company is part of the Jatia Group. Mr. Shiv Kumar Jatia resigned as Chairman & MD in September 2022 and was replaced by Mr. Amritesh Jatia. The COO resigned in October 2023.
Meanwhile, lenders invoked restructuring. The company couldn’t repay under the OTR plan due to non-receipt of NOC for CRE sales. Equity infusion failed.
Now fast forward to 2026 — preferential allotments, 12.5% NCDs, defaults cleared, new majority shareholder.
Question for you:
Is this a Phoenix rising… or just a new set of investors trying to fix old plumbing?
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