Oravel Stays Limited (OYO Unlisted shares)
Oravel Stays Limited (OYO) – Company Profile, Financials, Fundamentals & Annual Reports
Oravel Stays Limited, operating under the brand name OYO, stands as India’s leading hospitality technology platform and one of the world’s largest hotel chains by room count. Founded by Ritesh Agarwal in 2012, OYO has transformed from a budget accommodation aggregator into a comprehensive hospitality ecosystem serving millions of customers across 35+ countries with over 184,000 properties in its portfolio.
Company Profile and Corporate Overview
Oravel Stays Limited was incorporated on February 21, 2012, in Gujarat and has evolved into a global hospitality platform that empowers entrepreneurs and small businesses with full-stack technology solutions. After years of aggressive expansion and subsequent optimization, OYO achieved its first-ever profitable year in FY 2024, marking a historic milestone in its journey toward becoming a sustainable hospitality leader.
Corporate Structure and Registration Details
| Corporate Detail | Information |
|---|---|
| Company Name | Oravel Stays Limited |
| Corporate Identification Number | U63090GJ2012PLC107088 |
| Incorporation Date | February 21, 2012 |
| Registered Office | Ground Floor – 001, Mauryansh Elanza, Shyamal CrossRoad, Nr. Parekh Hospital Satellite, Ahmedabad, Gujarat – 380015 |
| Corporate Office | Gurugram, Haryana, India |
| Company Type | Public Limited Company (Unlisted) |
| Face Value | ₹1 per equity share |
| ISIN Code | INE561T01021 |
| Outstanding Shares | 65.72 crore shares (approx.) |
| Authorized Share Capital | ₹1,631.14 crore |
| Paid-up Capital | ₹133.88 crore |
| PAN Number | AANCA6342H |
| GST Number | 09AANCA6342H1ZG |
| Industry Classification | Hospitality and Travel Technology |
Founders and Leadership
Founder and Group CEO: Ritesh Agarwal
Ritesh Agarwal, the visionary founder and Group CEO of OYO, started his entrepreneurial journey at age 17 while traveling across India and experiencing over 100 accommodations. Born in Bissam Cuttack, Odisha, Agarwal dropped out of college to pursue his dream of standardizing India’s fragmented budget hotel landscape.
In 2013, Agarwal became the first Indian to receive the prestigious Thiel Fellowship, receiving $100,000 to develop OYO. At 25, he made history as the world’s second-youngest self-made billionaire. His journey from founding Oravel Stays in 2012 to building OYO into a global hospitality giant demonstrates exceptional entrepreneurial vision and execution capabilities.
Key Leadership Team
| Position | Name |
|---|---|
| Founder & Group CEO | Ritesh Agarwal |
| Non-Executive Director | Aditya Ghosh |
| Non-Executive Director | Bejul Somaia |
| Director | Deepa Malik |
| Director | Troy Matthew Alstead |
| Director | William Steve Albrecht |
| Key Management Personnel | Rakesh Kumar |
| Manager | Abhinav Sinha |
| Key Management Personnel | Shivam Kumar |
Board Composition and Governance
Aditya Ghosh serves as a prominent board member, bringing extensive aviation and hospitality experience from his tenure as President of IndiGo and former CEO of OYO India & South Asia. Other board members include seasoned professionals from SoftBank and other institutional investors, ensuring strong governance oversight.
Business Operations and Market Position
OYO operates as a comprehensive hospitality platform offering technology-enabled solutions across multiple business segments. The company’s asset-light model focuses on partnering with property owners to standardize accommodations and enhance operational efficiency through technology.
Core Business Segments
OYO Hotels & Homes
- Standardized budget and mid-market accommodations
- Technology-enabled property management
- Quality assurance and customer experience optimization
OYO Vacation Homes (OVH)
- Premium vacation rental management
- Operations across Europe with brands like Belvilla and DanCentre
- Over 77,000 holiday homes across 20+ countries
Corporate and Extended Stays
- Long-term accommodation solutions
- Corporate housing and co-working spaces
- Subscription-based accommodation services
Global Market Presence
As of FY 2024, OYO operates across 35+ countries with significant presence in:
| Market | Properties | Key Highlights |
|---|---|---|
| India | 12,000+ hotels | Largest market with strong brand recognition |
| United States | 1,500+ (post-G6 acquisition) | Motel 6 and Studio 6 brands |
| Europe | 77,000+ vacation homes | Strong vacation rental presence |
| Southeast Asia | 2,000+ properties | Growing market penetration |
| Middle East | 1,000+ properties | Strategic expansion focus |
Financial Performance
Latest Financial Highlights (FY 2023-24)
OYO achieved a historic financial turnaround in FY 2024, posting its first-ever net profit after years of losses, demonstrating the effectiveness of its focus on operational efficiency and sustainable growth.
Consolidated Income Statement (₹ in Crore)
| Particulars | FY 2023-24 | FY 2022-23 | Growth (%) |
|---|---|---|---|
| Revenue from Operations | 5,388.9 | 5,463.9 | -1.4% |
| Other Income | 152.7 | 137.8 | 10.8% |
| Total Income | 5,541.6 | 5,601.7 | -1.1% |
| Cost of Services | 2,629.5 | 2,843.3 | -7.5% |
| Employee Benefit Expenses | 744.3 | 1,548.8 | -51.9% |
| Finance Costs | 844.0 | 766.2 | 10.2% |
| Depreciation & Amortization | 347.7 | 356.3 | -2.4% |
| Other Expenses | 1,160.2 | 1,285.0 | -9.7% |
| Total Expenses | 5,725.7 | 6,799.6 | -15.8% |
| EBITDA | 877.2 | 277.4 | 216.3% |
| Profit/(Loss) Before Tax | 6.1 | (1,284.1) | -100.5% |
| Tax Expense | (223.4) | 2.4 | – |
| Net Profit/(Loss) | 229.5 | (1,286.5) | -117.8% |
Key Financial Metrics
| Metric | FY 2023-24 | FY 2022-23 | Change |
|---|---|---|---|
| Adjusted EBITDA | ₹877.2 crore | ₹277.4 crore | +216.3% |
| EBITDA Margin | 15.8% | 5.0% | +10.8pp |
| Net Profit Margin | 4.1% | -23.0% | +27.1pp |
| Revenue per Property | ₹2.98 lakh | ₹4.22 lakh | -29.4% |
| Hotel Portfolio Growth | 39.9% | 8.6% | +31.3pp |
Balance Sheet Analysis (₹ in Crore)
Assets (As of March 31, 2024)
| Particulars | FY 2023-24 | FY 2022-23 |
|---|---|---|
| Non-Current Assets | ||
| Property, Plant & Equipment | 523.0 | 551.8 |
| Right of Use Assets | 1,794.6 | 946.3 |
| Goodwill | 27,704.8 | 24,238.4 |
| Other Intangible Assets | 14,376.3 | 15,267.8 |
| Investment in Joint Ventures | 2,958.1 | 3,477.5 |
| Other Financial Assets | 746.6 | 9,285.6 |
| Deferred Tax Assets | 342.6 | – |
| Other Assets | 714.2 | 596.9 |
| Current Assets | ||
| Trade Receivables | 2,029.5 | 1,582.7 |
| Cash & Cash Equivalents | 4,058.5 | 7,267.6 |
| Bank Balances | 3,039.6 | 9,503.4 |
| Other Financial Assets | 1,516.4 | 1,498.8 |
| Other Current Assets | 1,992.5 | 2,219.2 |
| Total Assets | 61,796.6 | 76,435.9 |
Equity & Liabilities
| Particulars | FY 2023-24 | FY 2022-23 |
|---|---|---|
| Equity | ||
| Equity Share Capital | 1,338.8 | 1,328.1 |
| Securities Premium | 1,67,133.0 | 1,67,120.0 |
| Retained Earnings | (1,85,728.7) | (1,87,135.4) |
| Other Reserves | 35,853.9 | 34,597.9 |
| Non-Controlling Interests | (9,600.8) | (10,096.1) |
| Non-Current Liabilities | ||
| Borrowings | 35,567.9 | 50,050.5 |
| Lease Liabilities | 1,625.6 | 1,069.5 |
| Other Financial Liabilities | 143.5 | 225.4 |
| Deferred Tax Liabilities | 2,767.7 | 2,839.2 |
| Current Liabilities | ||
| Borrowings | 461.8 | 664.5 |
| Trade Payables | 9,632.9 | 9,350.6 |
| Lease Liabilities | 786.0 | 1,561.6 |
| Other Financial Liabilities | 1,349.8 | 4,384.1 |
| Other Current Liabilities | 2,572.9 | 2,989.2 |
| Total Equity & Liabilities | 61,796.6 | 76,435.9 |
Cash Flow Statement (₹ in Crore)
| Particulars | FY 2023-24 | FY 2022-23 |
|---|---|---|
| Operating Activities | ||
| Net Profit/(Loss) Before Tax | 6.1 | (1,284.1) |
| Adjustments for Non-Cash Items | 1,235.4 | 1,876.8 |
| Working Capital Changes | (643.2) | 272.3 |
| Net Cash from Operating Activities | 598.3 | 865.0 |
| Investing Activities | ||
| Investment in Fixed Assets | (445.7) | (287.9) |
| Investment in Joint Ventures | 519.4 | (230.4) |
| Other Investing Activities | (2,736.4) | 316.8 |
| Net Cash from Investing Activities | (2,662.7) | (201.5) |
| Financing Activities | ||
| Proceeds from Borrowings | 2,845.6 | 3,967.8 |
| Repayment of Borrowings | (7,778.9) | (2,670.1) |
| Equity Transactions | 1,287.8 | (1,327.9) |
| Net Cash from Financing Activities | (3,645.5) | (30.2) |
| Net Change in Cash | (5,709.9) | 633.3 |
Key Financial Fundamentals
Performance Ratios and Metrics
| Ratio | FY 2023-24 | FY 2022-23 | Industry Avg |
|---|---|---|---|
| Profitability Ratios | |||
| Revenue Growth Rate | -1.4% | 14.3% | 5-15% |
| EBITDA Margin | 15.8% | 5.0% | 10-20% |
| Net Profit Margin | 4.1% | -23.0% | 5-15% |
| Return on Equity (ROE) | 25.5% | -221.0% | 10-20% |
| Return on Assets (ROA) | 0.3% | -1.5% | 3-8% |
| Efficiency Ratios | |||
| Asset Turnover | 0.08x | 0.06x | 0.5-1.0x |
| Working Capital Management | Positive | Negative | Positive |
| Leverage Ratios | |||
| Debt-to-Equity Ratio | 4.0x | 6.8x | 1.0-3.0x |
| Interest Coverage Ratio | 1.0x | Negative | 2.0-5.0x |
| Operational Metrics | |||
| Revenue per Hotel | ₹2.98 lakh | ₹4.22 lakh | ₹2-5 lakh |
| Hotel Portfolio | 18,103 | 12,938 | – |
| Gross Booking Value | ₹9,559 crore | ₹8,101 crore | – |
Key Performance Indicators
| Metric | FY 2023-24 | FY 2022-23 | Change |
|---|---|---|---|
| Per Share Metrics | |||
| Earnings Per Share (EPS) | ₹0.36 | ₹(1.98) | -118.2% |
| Book Value Per Share | ₹1.37 | ₹0.89 | +53.9% |
| Valuation Metrics | |||
| Price to Earnings (P/E) | 125.0x | Negative | – |
| Price to Book (P/B) | 32.8x | 50.6x | -35.2% |
| Market Capitalization | ₹29,574 crore | ₹16,434 crore | +80.0% |
Shareholding Pattern and Structure
OYO maintains a diversified ownership structure with SoftBank as the largest shareholder, followed by founder Ritesh Agarwal and other institutional investors.
Major Shareholders
| Shareholder Category | Shareholding (%) |
|---|---|
| Promoter Holdings | 35.2% |
| Ritesh Agarwal | 32.0% |
| RA Hospitality Holdings | 3.2% |
| Institutional Holdings | 64.8% |
| SoftBank Group | 46.2% |
| Lightspeed Venture Partners | 8.4% |
| Sequoia Capital | 5.1% |
| Airbnb Inc. | 3.2% |
| Other Investors | 1.9% |
Recent Investment Activity
Ritesh Agarwal’s Continued Investment: In November 2024, Agarwal committed an additional ₹550 crore investment at ₹42.60 per share through Redsprig Innovation Partners, increasing his stake to 32% while valuing OYO at $3.8 billion.
G6 Hospitality Acquisition: OYO completed the $525 million acquisition of G6 Hospitality (Motel 6 and Studio 6 brands) from Blackstone Real Estate in December 2024, significantly expanding its US presence.
Strategic Acquisitions and Global Expansion
G6 Hospitality Acquisition
OYO’s acquisition of G6 Hospitality for $525 million represents a strategic milestone in its North American expansion. The deal includes approximately 1,500 franchised hotels under the iconic Motel 6 and Studio 6 brands, adding significant scale and established market presence in the US.
Financial Impact:
- Expected EBITDA contribution: ₹630+ crore in first full year
- Combined gross booking value: $3 billion
- G6 contribution: $1.7 billion to total GBV
European Vacation Homes Portfolio
OYO’s European operations through OYO Vacation Homes (OVH) manage over 77,000 properties across 20+ countries under brands including:
Belvilla: 65,000+ holiday homes across Europe
DanCentre: 12,000+ properties in Scandinavia and Germany (acquired 2019)
Traum-Ferienwohnungen: Online vacation rental platform
Annual Reports and Regulatory Compliance
OYO publishes comprehensive annual reports providing detailed insights into operations, financial performance, and strategic initiatives. The company maintains compliance with Indian regulatory requirements and prepares financial statements under Ind-AS.
Recent Annual Reports Available
- FY 2023-24: Historic profitability milestone and strategic acquisitions
- FY 2022-23: Recovery trajectory and operational optimization
- FY 2021-22: Post-pandemic restructuring and cost optimization
The company’s audited financial statements undergo rigorous review, though it faced governance concerns in 2024 when its statutory auditor resigned without adequate explanation.
IPO Preparations and Market Listing Plans
OYO has pursued IPO plans multiple times, facing regulatory challenges and market timing issues. The company withdrew its third DRHP filing in May 2024 to complete refinancing activities.
IPO Timeline and Challenges
| Attempt | Timeline | Issue Size | Status |
|---|---|---|---|
| First | 2021 | ₹8,430 crore | Withdrawn 2022 |
| Second | 2023 | $400-600 million | SEBI feedback |
| Third | 2024 | $450 million | Withdrawn for refinancing |
| Upcoming | 2025-26 | TBD | Post-refinancing |
Current Market Positioning
Recent developments suggest renewed IPO momentum:
- Five-bank consortium engaged (Citi, Goldman Sachs, Jefferies, ICICI Securities, Axis Capital)
- SoftBank meetings scheduled in London
- Target valuation: $6-7 billion
- Refinancing completion through Deutsche Bank
Why Oravel Stays Limited (OYO) Unlisted Shares Present Compelling Investment Opportunities
Investing in OYO unlisted shares offers unique advantages for investors seeking exposure to the global hospitality recovery and technology-driven market transformation:
Historic Profitability Achievement
OYO’s achievement of first-ever profitability in FY 2024 with ₹229.5 crore net profit marks a fundamental business transformation. The 216% improvement in adjusted EBITDA to ₹877.2 crore demonstrates sustainable operational excellence and scalable business model validation.
Strategic Market Position and Brand Strength
As one of the world’s largest hotel chains by room count with over 184,000 properties globally, OYO enjoys significant scale advantages and brand recognition. The company’s asset-light, technology-enabled model provides operational leverage and capital efficiency.
Technology Leadership and Innovation
OYO’s comprehensive technology platform encompasses property management systems, dynamic pricing algorithms, customer experience optimization, and operational automation. These technological capabilities create sustainable competitive advantages and enable rapid scaling across diverse markets.
Diversified Global Portfolio
The recent G6 Hospitality acquisition provides established US market presence through iconic Motel 6 and Studio 6 brands, complementing OYO’s strong positions in India, Europe, and Southeast Asia. This geographic diversification reduces dependency on any single market.
Pre-IPO Valuation Opportunity
Current unlisted market trading around ₹45 per share provides attractive entry points compared to anticipated public market valuations of $6-7 billion. Early investors can potentially benefit from listing gains and subsequent price appreciation.
Operational Efficiency and Cost Structure
OYO’s successful cost optimization initiatives, including 52% reduction in employee costs and 8% decrease in lease expenses, demonstrate management’s ability to achieve operational efficiency while maintaining growth trajectory.
For investors exploring similar opportunities in India’s technology and hospitality sectors, our comprehensive analysis of NSDL unlisted shares, Tata Capital Limited, and Power Exchange India Limited provides valuable insights into the broader unlisted equity landscape.
10 FAQs – How to Buy or Sell OYO Unlisted Shares
1. How can I buy OYO unlisted shares?
Contact a SEBI-registered unlisted share broker or specialized digital platform. Complete the KYC process by submitting PAN, Aadhaar, bank proof, and demat account details. Current trading lots are typically 500-1,000 shares, with prices ranging between ₹23-25 per share depending on market conditions and quantity.
2. What is the minimum lot size for OYO unlisted shares?
OYO unlisted shares typically trade in lots of 500-1,000 shares minimum. Some brokers may accommodate smaller quantities for retail investors, while larger transactions (5,000+ shares) may receive volume discounts in pricing.
3. What documents are required for OYO unlisted share transactions?
Essential documents include PAN card, Aadhaar card, Client Master Report (CMR), cancelled cheque, and an active demat account with NSDL or CDSL. You’ll also need to complete KYC with your chosen broker and submit a Delivery Instruction Slip (DIS) for transfers.
4. What is the current lock-in period for OYO unlisted shares?
SEBI regulations mandate a six-month lock-in period for unlisted shares purchased before an IPO filing. Given OYO’s plans to refile for IPO post-refinancing, this lock-in period may apply to current purchases depending on filing timeline.
5. How are OYO unlisted shares transferred between accounts?
Shares are transferred through the Delivery Instruction Slip (DIS) mechanism. The process involves offline DIS (paper-based forms) or online DIS (through select brokers). Transfer typically takes 3-5 days once all documentation is complete and verified.
6. What are the current valuation metrics for OYO?
Based on current trading prices of ₹23-25 per share and EPS of ₹0.36, OYO trades at a P/E ratio of approximately 125x. The company’s book value per share is ₹1.37, indicating a P/B ratio of 32.8x, reflecting premium valuation for growth potential and recovery story.
7. What makes OYO shares attractive despite past losses?
Key attractions include first-ever profitability achievement in FY24, 216% EBITDA improvement, successful G6 Hospitality acquisition expanding US presence, global portfolio of 184,000+ properties, technology leadership in hospitality, and upcoming IPO potential for listing gains.
8. What are the tax implications of OYO unlisted share transactions?
Long-term capital gains (holding period >24 months) are taxed at 20% with indexation benefits. Short-term capital gains (≤24 months) are taxed according to your applicable income tax slab rates. Dividend income is taxable as per your tax slab.
9. Can I pledge OYO unlisted shares for loans?
Many NBFCs and fintech lenders accept quality unlisted shares as collateral. The loan-to-value ratio typically ranges from 40-60% of share value, depending on the lender’s assessment of the company’s creditworthiness and upcoming IPO prospects.
10. What is the outlook for OYO’s IPO and potential listing gains?
OYO is expected to refile its IPO in 2025-26 post-refinancing completion, with target valuation of $6-7 billion. Given the historic profitability achievement, strategic acquisitions, and five-bank consortium engagement, significant listing gains are anticipated. The refinancing through Deutsche Bank and continued founder investment demonstrate strong confidence in future prospects.
For more insights into unlisted investment opportunities across India’s growing hospitality and technology sectors, explore our detailed analysis of Sterlite Grid 5 Limited, Apollo Green Energy Limited, and other promising companies in our comprehensive unlisted shares guide.
