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HLVLTD - HLV

📊 NSE: HLVLTD 🏢 Hotels 📅 Last Updated: 12/14/2025 7:46

📢 Recent Corporate Announcements

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.

HLV Ltd Q3 Net Profit Drops 33% to ₹6.87 Cr; Massive ₹807 Cr AAI Dispute Persists

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 01:41 PM

HLV Limited reported a 33% year-on-year decline in net profit for Q3 FY26, falling to ₹687 lakhs from ₹1,027 lakhs, despite a 5.5% growth in revenue to ₹6,090 lakhs. For the nine-month period, the company has swung to a net loss of ₹652 lakhs compared to a profit of ₹1,538 lakhs in the previous year. The company continues to face significant legal risks, including a ₹80,705 lakh claim from the Airports Authority of India (AAI) and a ₹17,009 lakh unprovided rental dispute. Additionally, the board has approved the re-appointment of Mr. Ashok Rajani as an Independent Director for a five-year term.

Q3 FY26 Net Profit decreased by 33% YoY to ₹687 lakhs from ₹1,027 lakhs.
Total Income for the quarter rose slightly to ₹6,372 lakhs from ₹6,081 lakhs in the previous year.
Contingent liability of ₹80,705 lakhs claimed by AAI remains unprovided for in the books.
Cumulative unprovided rental enhancement for the Mumbai hotel lease stands at ₹17,009 lakhs.
Mr. Ashok Rajani re-appointed as Independent Director for a 5-year term effective March 30, 2026.

💡 Investors should exercise high caution as the company's massive unprovided contingent liabilities and ongoing eviction proceedings pose a significant risk to its 'going concern' status. The decline in nine-month profitability further weakens the investment case despite marginal revenue growth.

HLV Ltd Q3 Profit Drops 33% to ₹6.87 Cr Amid Ongoing ₹807 Cr Legal Dispute with AAI

🔵 WATCH ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 01:03 PM

HLV Limited reported a net profit of ₹6.87 crore for Q3 FY26, a 33% decrease from ₹10.27 crore in the year-ago period. While quarterly revenue saw a marginal increase to ₹63.72 crore, the nine-month performance shows a net loss of ₹6.52 crore. The company continues to face severe legal challenges, including an ₹807 crore claim from AAI and eviction proceedings for its Mumbai hotel land. Additionally, the board has re-appointed Mr. Ashok Rajani as an Independent Director for a five-year term.

Net profit for Q3 FY26 declined 33% YoY to ₹687 lakhs from ₹1,027 lakhs.
Nine-month (9M FY26) performance resulted in a net loss of ₹652 lakhs versus a profit of ₹1,538 lakhs YoY.
Contingent liability of ₹80,705 lakhs claimed by AAI remains unprovided in financial statements due to ongoing disputes.
Disputed lease rentals for the Mumbai hotel totaling ₹17,009 lakhs are currently not recognized as liabilities.
Board approved re-appointment of Mr. Ashok Rajani as Independent Director for a 5-year term starting March 2026.

💡 The stock remains high-risk due to massive contingent liabilities and ongoing litigation with AAI and ITC Ltd. Investors should exercise caution and wait for legal clarity regarding the Mumbai property lease before making further commitments.

HLV Limited Submits Quarterly SEBI Compliance Certificate for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jan 2026, 03:58 PM

HLV Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The certificate, issued by MCS Share Transfer Agent Limited, confirms that share certificates received for dematerialization were processed and confirmed to depositories. It also verifies that physical certificates were mutilated and cancelled within the mandated 15-day period. This filing is a standard administrative requirement to ensure the accuracy of the company's shareholding records.

Compliance certificate issued for the quarter ending December 31, 2025.
Confirmation that dematerialization requests were processed within the 15-day regulatory timeframe.
Physical security certificates were mutilated and cancelled after due verification.
Registrar confirmed that the name of depositories has been substituted in the register of members.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for performance insights.

HLV Limited Announces Trading Window Closure Starting January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 02:58 PM

HLV Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed for designated persons starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q3 and nine-month financial results ending December 31, 2025. The window will remain closed until 48 hours after the unaudited financial results are declared. This is a standard regulatory procedure followed by listed companies to prevent insider trading prior to earnings announcements.

Trading window closure commences on January 1, 2026, for all designated persons.
Closure pertains to the declaration of Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the financial results are made public.
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should look forward to the upcoming Q3 earnings release to assess the company's financial performance.

HLV Ltd Wins Land Lease Dispute as Supreme Court Dismisses ROAR Petition

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 19 Dec 2025, 03:56 PM

HLV Limited has received a favorable ruling from the Supreme Court of India regarding a long-standing land lease dispute. The court dismissed a Special Leave Petition filed by the Resources of Aviation Redressal Association (ROAR) on December 18, 2025. The litigation, which dates back to a 2013 PIL, challenged two lease deeds from 1983 involving 18,000 square meters of land allotted by the Airports Authority of India. This dismissal removes a significant legal overhang that has persisted for over a decade.

Supreme Court dismissed SLP No. 12090/2016 filed by ROAR against HLV Limited on Dec 18, 2025
Dispute involved two lease deeds dated Oct 19, 1983, and Nov 22, 1983, for 9,000 square meters each
Total land area involved in the litigation was 18,000 square meters allotted by AAI
The ruling upholds the 2016 Bombay High Court order which had previously disposed of the PIL
No financial penalty or settlement was required as the petition was dismissed

💡 The resolution of this decade-long litigation regarding core land assets is a positive development that reduces legal risk. Investors should view this as a clearing of a major administrative hurdle for the company's Mumbai property interests.

HLVLTD: Key Managerial Personnel Contact Details

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 01 Dec 2025, 10:56 AM

HLV Limited has disclosed the contact details of its Key Managerial Personnel (KMP) as required under Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosed KMPs include Mr. Vivek Nair (Chairman & Managing Director), Mr. Dinesh Nair (Co-Chairman & Managing Director), Mr. Umesh Dombe (Chief Financial Officer), and Ms. Sucheta Chaturvedi (Company Secretary & Compliance Officer). Contact details including telephone number 022 6691 1234 and email addresses for each KMP have been provided. This information is crucial for investors seeking to communicate with the company's leadership regarding important matters.

Mr. Vivek Nair is the Chairman & Managing Director (cmd@hlvltd.com).
Mr. Dinesh Nair is the Co-Chairman & Managing Director (dineshnair@hlvltd.com).
Mr. Umesh Dombe is the Chief Financial Officer (umeshdombe@hlvltd.com).
Ms. Sucheta Chaturvedi is the Company Secretary & Compliance Officer (sucheta.chaturvedi@hlvltd.com).
The telephone number for all KMPs is 022 6691 1234.

💡 Investors can use these contact details to reach out to the KMPs for clarifications or information. Keep an eye on further communications from these key personnel for strategic insights.

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💰 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.