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HLV LIMITED (HLVLTD)

₹6.20 +0.16% last close, 16 Oct

📊 NSE: HLVLTD 🏢 Hotels 📢 Latest filing: 05 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, HLV's revenue was ₹46.7 Cr (+14.6% year on year, -26.4% on the previous quarter), and net profit ₹-0.8 Cr (a smaller loss than a year earlier); the operating margin was 2.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹46.7	+14.6%	-26.4%
Operating profit	₹1.2	from loss	-89.1%
Net profit	₹-0.8	loss narrowed	to loss
EPS (₹)	-0.01	loss narrowed	to loss
Operating margin	2.5%	—	—

Full quarterly financials → Results calendar →

HLVLTD delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 67.36% of the HLVLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 75.98%. That is lower than usual for this stock. Turnover was only ₹7 lakh, so a handful of trades can move this figure.

67.36%Delivery, 16 Oct

75.98%Own 20-session average

0.6×Volume vs its average

₹6.20NSE close · +0.16%

Delivery in the last 5 sessions: 80.8% · 81.3% · 89.0% · 76.9% · 67.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

HLV Limited Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Oct 2026, 10:45 AM

HLV Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by MCS Share Transfer Agent Limited on October 01, 2026, confirms that security certificates received for dematerialisation were processed and confirmed to depositories. It further states that certificates were mutilated and cancelled, and depositories were substituted as registered owners within 15 days.

Compliance certificate pertains to the quarter ended September 30, 2026
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
RTA confirmed dematerialisation and cancellation processing within 15 days
Certificate issued by MCS Share Transfer Agent Limited on October 01, 2026

💡 This is a routine statutory filing with no impact on operations; track upcoming quarterly financial results for material business updates.

HLV Limited Shareholders Approve All Resolutions at 45th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Aug 2026, 12:53 PM

HLV Limited has submitted the voting results and consolidated Scrutinizer's Report for its 45th Annual General Meeting (AGM) held on August 27, 2026. All resolutions outlined in the AGM notice dated July 28, 2026, were approved by the requisite majority of shareholders via remote e-voting and e-voting during the meeting. The filing confirms standard shareholder approval for routine annual corporate actions.

45th Annual General Meeting conducted on August 27, 2026, at 11:30 a.m. via Video Conferencing
All resolutions approved by the requisite majority of shareholders
Scrutinizer's report submitted under Regulation 44(3) of SEBI LODR Regulations
Notice of the AGM was dated July 28, 2026

💡 Track subsequent quarterly operational metrics and profitability performance given the company's TTM net loss of Rs 4 Cr.

HLV Limited Concludes 45th AGM; Considers FY26 Financials and Director Re-Appointment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 04:34 PM

HLV Limited conducted its 45th Annual General Meeting (AGM) on August 27, 2026, via video conferencing. The meeting transacted ordinary business items including the adoption of audited financial statements for FY26 and the re-appointment of Director Ms. Amruda Nair. Remote e-voting was held from August 24 to August 26, 2026, and all resolutions were submitted for member approval. Final voting results will be declared and notified to stock exchanges within statutory timelines.

Conducted 45th Annual General Meeting on August 27, 2026, starting at 11:30 a.m. and concluding at 13:22 p.m.
Remote e-voting window was open from August 24, 2026, to August 26, 2026.
Put forth ordinary resolutions for adopting FY26 audited financial statements and re-appointing Ms. Amruda Nair (DIN: 06716791) as Director.

💡 Track the upcoming formal declaration of voting results and scrutinizer's report on the exchange, alongside Q2 FY27 operational performance and occupancy trends.

HLV Limited Dispatches Annual Report 2025-26 Weblink to Shareholders

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Aug 2026, 12:13 PM

HLV Limited has dispatched physical letters to shareholders who have not registered their email addresses, providing them with the web-link for the Annual Report 2025-26 and the AGM Notice. This follows a previous intimation on August 04, 2026, regarding the AGM details. The company, which operates The Leela Mumbai, currently has a TTM revenue of Rs 141 Cr and a net loss of Rs 7 Cr. This filing is purely administrative and ensures regulatory compliance for shareholder communication.

Dispatch of letters to shareholders completed on August 07, 2026
Annual Report covers the financial period 2025-26
Follows a prior intimation dated August 04, 2026
Letters sent specifically to members without registered email addresses

💡 Investors should review the Annual Report via the provided link to understand management's strategy for addressing the recent 15.4% YoY revenue decline and negative margins.

HLV Ltd Sets Aug 20 Record Date for AGM; Reports Q1 Net Loss of ₹0.78 Cr

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 04 Aug 2026, 01:16 PM

HLV Ltd reported a narrowed net loss of ₹0.78 Cr for Q1 FY27, compared to a loss of ₹3.47 Cr in the same quarter last year. Total income grew 13.6% YoY to ₹49.95 Cr, driven by improved hotel operations. The company has fixed August 20, 2026, as the record date for its 45th Annual General Meeting scheduled for August 27. However, the company continues to flag massive contingent liabilities exceeding ₹800 Cr related to ongoing land disputes with the Airports Authority of India (AAI).

Q1 FY27 Net Loss narrowed to ₹0.78 Cr from a loss of ₹3.47 Cr in Q1 FY26
Total Income for the quarter increased to ₹49.95 Cr from ₹43.97 Cr in the previous year
Record date for the 45th AGM is fixed for August 20, 2026
Contingent liability of ₹807.05 Cr claimed by AAI remains a major unresolved risk factor
Cumulative disputed rental amount not provided in books stands at ₹181.35 Cr as of June 30, 2026

💡 Investors should closely monitor the 45th AGM proceedings and any legal updates regarding the AAI settlement, as the disputed claims are nearly 1.7x the company's total net worth.

HLV Ltd Schedules 45th AGM for Aug 27; FY26 Net Profit Declines 92% to Rs 2.08 Cr

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 01:05 PM

HLV Limited has scheduled its 45th Annual General Meeting (AGM) for August 27, 2026, via video conferencing. The company's FY26 annual report shows a significant 92.04% decline in Net Profit to Rs 2.08 Cr, down from Rs 26.12 Cr in FY25, despite revenue remaining relatively flat at Rs 200.92 Cr. No dividend has been recommended for the year. The report also highlights ongoing litigation with ITC Ltd (8.10% stakeholder) regarding the Brookfield transaction, which is currently pending before the NCLAT.

Net profit for FY26 plummeted by 92.04% to Rs 2.08 Cr from Rs 26.12 Cr in FY25.
Revenue from operations remained nearly stagnant at Rs 200.92 Cr compared to Rs 203.31 Cr in the previous year.
The 45th AGM is set for August 27, 2026, with the e-voting cut-off date fixed as August 20, 2026.
ITC Ltd, holding an 8.10% stake, continues to challenge the Brookfield transaction in the NCLAT.
The company has decided to retain the entire profit for FY26 and has not recommended any dividend.

💡 Monitor management commentary during the AGM regarding the sharp margin compression and track the progress of the NCLAT legal proceedings involving ITC Ltd.

HLV Ltd Q1 Net Loss Narrows to ₹0.78 Cr; ₹807 Cr AAI Dispute Remains a Key Risk

🔵 WATCH ⭐ 6/10

EARNINGS 📅 28 Jul 2026, 01:18 PM

HLV Ltd reported a total income of ₹49.95 Cr for Q1 FY27, representing a 13.6% increase from ₹43.97 Cr in Q1 FY26. The net loss narrowed significantly to ₹0.78 Cr from a loss of ₹3.47 Cr in the same period last year. However, the company continues to face a massive contingent liability of ₹807.05 Cr related to a land dispute with the Airports Authority of India (AAI). Auditors have highlighted that the 'going concern' status of the company is dependent on favorable outcomes in these ongoing litigations.

Total income for Q1 FY27 rose 13.6% YoY to ₹49.95 Cr.
Net loss narrowed by 77.5% YoY to ₹0.78 Cr compared to ₹3.47 Cr in Q1 FY26.
Contingent liability for AAI land dispute stands at ₹807.05 Cr as of January 2019, which is ~1.7x the current market cap.
Cumulative disputed rentals not provided in the books reached ₹181.35 Cr as of June 30, 2026.
The 45th Annual General Meeting is scheduled for August 27, 2026, with a record date of August 20, 2026.

💡 Investors should closely monitor the progress of the Settlement Advisory Committee (SAC) deliberations with AAI regarding the lease renewal of the 18,000 sq. mt. land. The outcome of the eviction proceedings and arbitration is critical for the company's long-term viability.

HLV Limited Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 10:37 AM

HLV Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by MCS Share Transfer Agent Limited, confirms that share certificates received for dematerialization were processed and the depository's name was substituted in the register of members. This is a standard administrative filing confirming that the company is adhering to regulatory timelines for share processing.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation that security certificates were mutilated and cancelled after due verification
Name of depositories substituted in the register of members within 15 days of receipt
Certificate issued by Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, on July 2, 2026

💡 This is a routine regulatory filing. No action is required from investors as it does not impact the company's fundamentals or financial performance.

HLV Limited to Close Trading Window from July 1, 2026 for Q1 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 10:52 AM

HLV Limited has announced the closure of its trading window for all designated persons starting July 01, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming first quarter results ending June 30, 2026. The window will remain closed until 48 hours after the financial results are officially declared. This is a standard regulatory procedure followed by listed companies to prevent insider trading ahead of earnings announcements.

Trading window closure commences on July 01, 2026.
Closure pertains to the Unaudited Financial Results for the quarter ending June 30, 2026.
Restriction applies to all Designated Persons and their immediate relatives.
Trading window will reopen 48 hours after the Q1 results are announced to the exchanges.

💡 This is a routine administrative filing with no impact on company fundamentals. Investors should monitor the upcoming Q1 results date for actual performance insights.

HLV Limited FY26 Net Profit Drops 92% to ₹2.08 Cr; Massive ₹982 Cr Legal Dispute with AAI Persists

🔵 WATCH ⭐ 8/10

EARNINGS 📅 12 May 2026, 01:55 PM

HLV Limited reported a significant decline in annual net profit for FY26, which plummeted to ₹2.08 crore from ₹26.13 crore in the previous year, despite total income remaining relatively stable at ₹214.27 crore. The company continues to face severe legal challenges with the Airport Authority of India (AAI) regarding lease disputes for its Mumbai hotel, with contingent liabilities totaling approximately ₹982.57 crore. While the statutory auditors provided an unmodified opinion, they included an 'Emphasis of Matter' regarding the company's ability to continue as a going concern should these legal outcomes be unfavorable. Additionally, the board has appointed M/s. Murali & Venkat as Internal Auditors for FY 2026-27.

Annual Net Profit for FY26 fell sharply to ₹208 lakhs from ₹2,613 lakhs in FY25.
Total Income for the full year stood at ₹21,427 lakhs compared to ₹21,840 lakhs in the previous fiscal.
Disputed lease rent and royalty demands from AAI total ₹17,552 lakhs and ₹80,705 lakhs respectively, which are not provided for in the books.
The company is legally contesting the unilateral termination of its Mumbai hotel lease and eviction proceedings initiated by AAI.
M/s. Murali & Venkat, Chartered Accountants, appointed as Internal Auditors for the financial year 2026-27.

💡 Investors should remain highly cautious as the company's financial health is heavily dependent on the outcome of massive legal disputes with AAI that exceed its annual earnings. The significant drop in profitability and the 'going concern' risk highlighted by auditors suggest a high-risk profile for the stock.

HLV Ltd FY26 Net Profit Plummets 92% to ₹2.08 Cr; Significant Legal Disputes Persist

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 12 May 2026, 01:43 PM

HLV Limited reported a sharp decline in its annual performance for FY26, with net profit falling to ₹2.08 crore from ₹26.13 crore in the previous year. While Q4 FY26 revenue showed a slight uptick to ₹67.66 crore, the bottom line remained under pressure compared to the same period last year. The company is currently embroiled in massive legal disputes with the Airport Authority of India (AAI) involving claims exceeding ₹980 crore, which are not reflected in the financial provisions. Auditors have highlighted these disputes as an 'Emphasis of Matter' regarding the company's going concern status.

Annual Net Profit dropped significantly to ₹2.08 crore in FY26 compared to ₹26.13 crore in FY25.
Q4 FY26 Net Profit stood at ₹8.60 crore, down from ₹10.74 crore in Q4 FY25.
Total Income for FY26 remained relatively flat at ₹214.27 crore versus ₹218.40 crore in FY25.
Contingent liabilities include ₹175.52 crore in disputed lease rents and ₹807.05 crore in Minimum Guarantee Fees claimed by AAI.
Auditors issued an 'Emphasis of Matter' regarding eviction proceedings and the company's ability to continue as a going concern.

💡 Investors should be extremely cautious as the company's financial health is heavily dependent on the outcome of legal disputes totaling nearly ₹1,000 crore. The significant drop in annual profitability and auditor warnings suggest high risk for long-term holders.

HLV Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 04:02 PM

HLV Limited has notified the stock exchanges regarding the closure of its trading window for all designated persons starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q4 and annual financial results for the period ending March 31, 2026. The window will remain closed until 48 hours after the audited financial results are officially declared. This is a standard regulatory procedure to prevent insider trading ahead of financial disclosures.

Trading window for designated persons to be closed effective April 1, 2026.
Closure is in anticipation of the Audited Financial Results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the declaration of the financial results.
The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor the upcoming Q4 results for actual performance indicators.

HLV Ltd Shareholders Approve Re-appointment of Independent Director Ashok Rajani with 99.96% Votes

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Mar 2026, 03:27 PM

HLV Limited has successfully passed a special resolution via postal ballot for the re-appointment of Mr. Ashok Rajani as a Non-Executive Independent Director. The resolution received overwhelming support with 99.96% of the total valid votes cast in favor. The new term is set for five years, effective from March 30, 2026, through March 29, 2031. While promoters and institutions voted entirely in favor, approximately 14.20% of the participating non-institutional public shareholders expressed dissent.

Special resolution for re-appointment of Mr. Ashok Rajani passed with 99.96% majority of votes polled.
Total votes polled amounted to 25,85,60,008, representing 39.22% of the total outstanding shares.
Promoter and Promoter Group cast 25,76,00,337 votes, all 100% in favor of the resolution.
The re-appointment is for a second term of 5 years, concluding on March 29, 2031.
Public non-institutional shareholders cast 91,383 votes against the resolution, representing 14.20% of their polled segment.

💡 This is a routine governance matter ensuring board continuity; investors need not take any immediate action. The high approval rating from the promoter group and institutions suggests stable internal management.

HLV Limited Seeks Re-appointment of Independent Director Ashok Rajani for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Feb 2026, 03:40 PM

HLV Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Ashok Girdharidas Rajani as a Non-Executive Independent Director. The proposed re-appointment is for a second consecutive five-year term, effective from March 30, 2026, to March 29, 2031. Shareholders as of the cut-off date of February 13, 2026, are eligible to participate in the remote e-voting process. The voting window is open from February 17, 2026, until March 19, 2026, with results expected by March 21, 2026.

Proposal for re-appointment of Mr. Ashok Girdharidas Rajani as Independent Director for a second 5-year term
The new term is scheduled to commence on March 30, 2026, and conclude on March 29, 2031
Remote e-voting period is active from February 17, 2026, to March 19, 2026
Eligibility for voting is based on shareholding as of the cut-off date, February 13, 2026
The resolution is being proposed as a Special Resolution through a postal ballot process

💡 This is a routine corporate governance matter regarding board continuity; investors should review the director's profile and cast their votes before the March 19 deadline.

HLV Ltd Seeks Shareholder Approval for Re-appointment of Independent Director Ashok Rajani

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Feb 2026, 03:34 PM

HLV Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Ashok Girdharidas Rajani as a Non-Executive Independent Director. The proposed re-appointment is for a second five-year term starting from March 30, 2026, until March 29, 2031. Shareholders can cast their votes via remote e-voting between February 17 and March 19, 2026. This is a standard governance procedure requiring a special resolution to ensure board continuity.

Proposed re-appointment of Mr. Ashok Girdharidas Rajani as Non-Executive Independent Director for a 5-year term.
The second term is scheduled to run from March 30, 2026, to March 29, 2031.
Remote e-voting period commences on February 17, 2026, and ends on March 19, 2026.
The cut-off date for determining shareholder eligibility to vote was February 13, 2026.
The resolution is being proposed as a Special Resolution through electronic voting only.

💡 This is a routine corporate governance matter; investors should review the director's credentials in the full notice and ensure they cast their votes before the March 19 deadline.

View All HLVLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 was INR 38.92 Cr, representing a 15.4% decline compared to INR 46.01 Cr in Q2 FY25. Standalone revenue for the same period was INR 19.74 Cr, a 30.5% decrease from INR 28.42 Cr YoY. Historical segment data indicates Room Revenue contributes approximately 53% and Food & Beverage approximately 37% of total income.

Geographic Revenue Split

Not specifically disclosed in available documents, though operations are centered at The Leela Mumbai, Sahar, Maharashtra.

Profitability Margins

Net Profit Margin turned negative in Q2 FY26 at -25.5% (Loss of INR 9.92 Cr on INR 38.92 Cr revenue) compared to a positive margin of 7.6% in Q2 FY25 (Profit of INR 3.49 Cr). This decline is driven by a 15.4% drop in total income while fixed operating costs remained high.

EBITDA Margin

Operating profit before working capital changes for H1 FY26 was a loss of INR 7.33 Cr, a significant reversal from a profit of INR 4.13 Cr in H1 FY25, representing a margin swing from +4.5% to -8.8% on a standalone basis.

Capital Expenditure

Net cash outflow for the purchase of property, plant, and equipment was INR 20.50 Cr in H1 FY26, compared to zero in the previous year's corresponding period, indicating a significant increase in asset investment or renovation.

Credit Rating & Borrowing

The company paid INR 0.28 Cr in interest during H1 FY26. It executed repayments of term borrowings totaling INR 12.47 Cr during the same period, up 31.8% from INR 9.46 Cr in H1 FY25.

⚙️ Operational Drivers

Raw Materials

Food and beverage supplies (raw materials) and consumables, which historically represent approximately 9% of total expenditure.

Capacity Expansion

Current capacity includes luxury hotel operations at The Leela Mumbai; specific room count or planned expansion units are not detailed in the provided text.

Raw Material Costs

Consumption of raw materials was historically INR 6.70 Cr against a total expenditure of INR 61.12 Cr (approx 11%). Current financials show a consolidated loss, suggesting raw material and other variable costs are not being adequately covered by declining revenues.

Manufacturing Efficiency

Not applicable as a service-based entity; efficiency is measured by occupancy and Average Room Rate (ARR), which are pressured as evidenced by the 15.4% consolidated revenue drop.

📈 Strategic Growth

Growth Strategy

The company focuses on a high-performance culture and excellence in service to drive customer loyalty. It utilizes a customer feedback system to align efforts with guest requirements and maintains a well-structured internal control system to manage operational risks during market fluctuations.

Products & Services

Luxury hotel room stays, food and beverage services (restaurants and banquets), rental and related services, and sale of power from wind assets.

Brand Portfolio

The Leela Mumbai, HLV Limited.

🌍 External Factors

Industry Trends

The hospitality industry is evolving toward high-quality service consistency and ESG compliance. HLV Ltd is positioning itself through a Risk Management Committee that specifically monitors sustainability and ESG-related risks.

Competitive Landscape

Operates in the highly competitive Mumbai luxury hotel market against international and domestic premium brands.

Competitive Moat

The company's moat is built on its 'rich legacy' and brand recognition in the luxury segment. Sustainability is maintained through adherence to global corporate governance practices and a focus on high-performance human resources (829 total manpower).

Macro Economic Sensitivity

Highly sensitive to discretionary spending and corporate travel trends; a 15.4% drop in revenue suggests sensitivity to broader economic cooling or local market saturation.

Consumer Behavior

Shift toward demand for exceptional, consistent service and high health/safety standards, which the company addresses through its Health and Safety policy and mock drills.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (LODR) Regulations 2015 and the Companies Act 2013; specifically Regulation 33 for financial reporting and Regulation 30 for KMP disclosures.

Environmental Compliance

The company monitors ESG risks through its Risk Management Committee and maintains a Health and Safety policy to comply with statutory requirements.

Taxation Policy Impact

The company reported zero tax expenses for the period ending Sept 2025 due to reported losses of INR 13.39 Cr.

Legal Contingencies

The company is involved in litigation matters described as 'crucial in nature' and has engaged reputed legal practitioners to manage these cases. Specific case values are not disclosed but are noted as significant in the Directors Report.

⚠️ Risk Analysis

Key Uncertainties

Litigation outcomes pose a significant risk to the company's financial position. Additionally, the 15.4% YoY revenue decline indicates high sensitivity to market competition and demand volatility.