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Viceroy Hotels Limited (VHLTD) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹8.8B

VH Viceroy Hotels Limited VHLTD · NSE
Price₹123.63
Fair Value₹31.37
Upside-74.6%
Quality31/100
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Expensive Growth
Solidly profitable · 12.8% net margin
Moderate debt · negative free cash flow
Mixed vs. peers (6/13)
Moderate moat 49/100
Evidence: Medium Range ₹19.07 – ₹44.95 Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 4 days ago

Share price −5.2% over the past month.

Below-average quality, and screening another 75% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹44.95). The favourable scenario is already priced in.
  • Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (₹19.07 to ₹44.95) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹660.00 ₹41.55 Fair Value ₹31.37 Jan 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹41.55 – ₹660.00 · fair‑value band ₹19.07 – ₹44.95 · the ₹123.63 price screens above the ₹31.37 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Viceroy Hotels Limited (VHLTD) currently trades at ₹123.63, while our model-based Fair Value estimate is ₹31.37, implying the stock looks roughly 74.6% overvalued today. The Quality Score stands at 31/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Viceroy Hotels Limited generated revenue of ₹1.4B at a net margin of 12.8%. Revenue grew 36.9% year over year. It earns a return on equity of 7.2%. Net debt stands at ₹2.4B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹19.07 (bear case) to ₹44.95 (bull case); at ₹123.63, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -56% fair-value upside, at -75%, VHLTD screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
ROIC Compounder ₹1.98 72
Growth-Adj P/E ₹37.32 ₹53.31 ₹69.30 68
P/E Multiple ₹44.72 ₹59.63 ₹74.53 63
All 13 models by family
Earnings-Based
Graham-Dodd ₹18.43 ₹59.73 ₹79.76 54
Lynch FV ₹13.32 ₹19.03 ₹24.73 50
PEG = 1.0 ₹13.32 ₹19.03 ₹24.73 46
EPV ₹1.98 59
Multiples
P/E Multiple ₹44.72 ₹59.63 ₹74.53 63
P/S Multiple ₹19.07 ₹25.43 ₹31.79 58
P/B Multiple ₹34.56 ₹46.08 ₹57.59 55
EV/EBIT ₹12.40 ₹27.68 ₹42.96 53
EV/EBITDA ₹17.23 ₹34.11 ₹51.00 54
Asset-Based
NCAV (Graham) ₹19.74 ₹26.45 ₹39.48 50
Economic Profit
Residual Income ₹31.39 ₹32.72 ₹34.15 61
ROIC Compounder ₹1.98 72
Growth Earnings
Growth-Adj P/E ₹37.32 ₹53.31 ₹69.30 68

Widest divergence: Growth Earnings (₹53.31) versus Earnings-Based (₹19.03). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) ₹1.4B
Revenue growth (YoY) +36.9%
Net margin 12.8%
Return on equity 7.2%
Free cash flow −₹613M FY2026
P/E ratio 42.4
More key figures
Operating margin 19.9%
EPS (TTM) ₹2.91
EPS growth (YoY) -45.1%
Net debt ₹2.4B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 31/100

Of which business quality 33 · Market factors (momentum, volatility) 53

Profitability 33
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 9
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 47
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Viceroy Hotels Limited engages in the hoteliering business in India. It owns and operates hotels that offer rooms, food and beverage, and banquet services under the Marriott and Courtyard Marriott brands. The company was formerly known as Palace Height Hotel Limited and changed its name to Viceroy Hotels Limited in December 2001.

Full company description

Viceroy Hotels Limited engages in the hoteliering business in India. It owns and operates hotels that offer rooms, food and beverage, and banquet services under the Marriott and Courtyard Marriott brands. The company was formerly known as Palace Height Hotel Limited and changed its name to Viceroy Hotels Limited in December 2001. Viceroy Hotels Limited was incorporated in 1965 and is based in Hyderabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Viceroy Hotels Limited reported revenue of ₹1.4B in FY2026 versus ₹524M in FY2022, a compound +28.5%/yr. Reported net income was ₹183M in FY2026.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹1.4B
Latest YoY
+4.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.2%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+34.8%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.9%
Revenue +28.5%/yr
FY22 ₹524M
FY23 ₹1.2B
FY24 ₹1.3B
FY25 ₹1.4B
FY26 ₹1.4B
Net income
FY22 −₹263M
FY23 −₹549K
FY24 ₹23.9M
FY25 ₹780M
FY26 ₹183M

VHLTD screens 75% overvalued. Compare with Marriott International, Inc →

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Cite: Fair Value Calculator (2026). "Viceroy Hotels Limited Fair Value". https://www.fairvalue-calculator.com/stock/VHLTD

Peer Group

Lodging · 165 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 31 · Bottom 25%
Fair Value upside −75% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 3% · Above median
Net margin (TTM) 13% · Above median
Operating margin (TTM) 20% · Above median
Revenue growth 37% · Top 25%
Debt / equity 0.92× · Higher than 75% of peers

Valuation Multiples vs Lodging median · lower = cheaper

P/E (TTM) 42.4× · Pricier than 75% of peers
P/B 3.31× · Pricier than 75% of peers
P/S (TTM) 6.17× · Pricier than 75% of peers
EV/EBITDA 29.2× · Pricier than 75% of peers
PEG 0.76× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 19
PAST 29 · sector 11
HEALTH 54 · sector 91
DIVIDEND 0 · sector 28

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Lodging stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Marriott International, Inc MAR $354.58 $132.35 -63%
Hilton Worldwide Holdings HLT $322.53 $122.02 -62%
InterContinental Hotels Group IHG $161.82 $85.18 -47%
Hyatt Hotels Corporation H $178.37 $46.78 -74%
H World Group HTHT $41.25 $47.78 +16%
The Indian Hotels Company INDHOTEL ₹724.00 ₹253.67 -65%
Hanjin Kal, 180640 118,200 KRW 36,890 KRW -69%
Jabal Omar Development Company 4250 16.00 SAR 11.64 SAR -27%
Makkah Construction and Development Company 4100 81.95 SAR 36.25 SAR -56%
Minor International Public Company MINT 22.90 THB 32.82 THB +43%

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Frequently asked questions

Is Viceroy Hotels Limited (VHLTD) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹31.37 versus a price of ₹123.63, about −75% (overvalued).
What is the fair value of VHLTD?
Our model-based fair value for Viceroy Hotels Limited is ₹31.37 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹123.63.
What is the quality score of VHLTD?
Viceroy Hotels Limited has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Viceroy Hotels Limited (VHLTD)?
Viceroy Hotels Limited reported trailing-twelve-month revenue of about ₹1.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of VHLTD?
The net profit margin of Viceroy Hotels Limited is about 12.8%, meaning it keeps roughly 12.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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