ORIENTAL HOTEL FUNDAMENTAL & TECHNICAL RESEARCH REPORT

Oriental Hotels Ltd (NSE: ORIENTHOT, BSE: 500314) is an associate of The Indian Hotels Company (IHCL), which holds 37.05% directly and through subsidiaries; the Reddy family makes up most of the remaining promoter group (total promoter 68.48%). It owns or leases seven hotels with 825 rooms in South India: Taj Coromandel and Taj Fisherman’s Cove (Chennai, about 60% of revenue), Taj Malabar (Kochi), Vivanta Coimbatore and Mangalore, and Gateway Madurai and Coonoor. It also holds stakes in IHCL-group companies, including TAL Hotels (Maldives / Sri Lanka) and St. James’ Court, London. Event 1 - merger into IHCL (the thesis-changer). On 24-Aug-2026 both boards approved a Scheme of Arrangement. OHL shareholders will receive 25 IHCL shares for every 117 OHL shares (0.2137 IHCL per OHL share). The deal is all-stock, the appointed date is 1-Apr-2027, and completion is targeted for H2 FY28. It still needs approval from the exchanges, SEBI, shareholders and creditors, and the NCLT. The valuation was done jointly by SSPA & Co. and PwC, with fairness opinions from Motilal Oswal and Kotak. From here, OHL’s price is mainly IHCL’s price, less a discount for time and deal risk.