1. At a Glance
HLV Ltd, the proud owner of The Leela Mumbai, isn’t just in the hotel business — it’s also in the high-stakes game of courtroom monopoly with the Airports Authority of India (AAI). Current stock price? ₹12.1 — about the cost of an overpriced cappuccino in its own lobby. Market cap sits at ₹789 Cr, but contingent liabilities of ₹986 Cr loom like that giant chandelier in the lobby that everyone’s afraid might fall. Q1 FY26? A ₹3.47 Cr loss, proving that sometimes luxury hotels are better at serving legal notices than serving breakfast.
2. Introduction
In the world of hospitality, some brands promise “Atithi Devo Bhava” (Guest is God).
HLV Ltd seems to operate on “Litigation Devo Bhava” — where court summons are the true welcome drink.
The company’s main crown jewel is The Leela Mumbai, a resort-style business hotel near the airport — which is both a strategic location and the reason they’re in a multi-year war with AAI over lease dues. The Supreme Court recently upheld an eviction order, but the saga continues like a Star Plus serial: lots of drama, no closure.
Investors? They’ve been on their own rollercoaster. In 10 years, the stock’s CAGR is -5%, which means if you had invested a decade ago, you could have afforded more coffee mugs from the gift shop than shares today.
3. Business Model (WTF Do They Even Do?)
HLV Ltd is essentially a one-hotel wonder. While big hotel chains diversify across cities, resorts, and business hotels, HLV sticks to operating, managing, and owning properties like The
Leela Mumbai.
Revenue streams include:
- Room stays for business travellers who want to feel like they’re on vacation but still attend boring meetings.
- F&B from banquets and restaurants (because ₹700 for a sandwich is an experience).
- Event hosting — from corporate seminars to big-fat Bollywood weddings.
- Ancillary services like spa, travel desk, and overpriced laundry.
Problem? There’s no room for geographical diversification. One legal tussle over land lease (hello AAI) and the whole balance sheet catches a cold.
4. Financials Overview
Latest Numbers (Q1 FY26):
- Revenue: ₹40.74 Cr (down 5% YoY)
- EBITDA: -₹1.71 Cr (OPM: -4.2%)
- Net Profit: -₹3.47 Cr
- EPS: -₹0.05
P/E: Based on TTM EPS of ₹0.32, the P/E sits at ~39.0 — which is rich for a company with more lawyers than growth drivers.
3-Year PAT CAGR: 40% (off a low base, because recovering from losses makes the % look sexy).
Commentary: The financials are like a luxury buffet where half the dishes are “under maintenance” — you can see the spread, but you can’t really enjoy it.
5. Valuation – Fair Value RANGE
