Oravel Stays Ltd. (OYO Rooms)
Oravel Stays Ltd. (OYO Rooms)
INE561T01021
Incorporation Date: 21-Feb-2012
Listing Status: DRHP Filed
About Oravel Stays Ltd. (OYO Rooms)
Overview of Oravel Stays Ltd. (OYO Rooms)
Oravel Stays Limited (OYO)
Oravel Stays Limited, the company behind the OYO brand, is a global hospitality technology platform founded in 2012 by Ritesh Agarwal. The company has evolved from a budget-hotel aggregation platform into a diversified hospitality business covering hotels, vacation homes, premium stays, extended stays and hospitality technology. Its core model connects property owners with travellers through a technology-enabled platform while providing branding, distribution, revenue management, operational support and standardisation.
🏢 Introduction & Infrastructure
Established: 2012.
Founder: Ritesh Agarwal.
Business Focus: Technology-enabled hospitality and accommodation services.
Operating Footprint: Presence across 35+ countries, covering India, Southeast Asia, Europe, North America and other international markets.
Asset-Light Network: Primarily works with hotel owners, property operators and homeowners rather than owning most of the underlying properties.
Technology Infrastructure: Built an integrated technology stack covering Central Reservation System (CRS), Property Management System (PMS), channel management, reservations, customer applications and revenue-management tools.
International Infrastructure: The acquisition and integration of G6 Hospitality, including Motel 6 and Studio 6, expanded OYO's operating presence in North America.
⚙️ Business Model & Operational Verticals
OYO operates a technology-led, asset-light hospitality model, connecting accommodation providers with customers while providing technology, branding, distribution and operational solutions.
1. Hotels & Stays — Core Vertical
Budget and value hotels
Mid-market accommodation
Branded and franchised properties
Company-serviced hotels
Standardised accommodation experiences
2. Premium & Lifestyle Hospitality
Premium hotels and curated stays
Sunday Hotels
Townhouse and other mid-market concepts
Select company-managed properties focused on improved guest experience and unit economics.
3. International Hotels
Through its international portfolio, OYO operates hotel businesses across multiple markets, including the Motel 6 and Studio 6 brands in North America.
4. Vacation Homes
Vacation rentals
Managed holiday homes
Premium homes
International vacation-home platforms
Major brands include Belvilla, DanCenter and CheckMyGuest.
5. Hospitality Technology & Platform Services
Hotel property-management technology
Central reservation systems
Revenue-management tools
Distribution and channel management
Customer booking and engagement technology
Data and analytics
👥 Management Structure
OYO is led by its founder and senior professionals with experience across hospitality, technology, product, operations and business management.
Ritesh Agarwal — Founder & Group Chief Executive Officer
Supported by senior management across technology, product, hospitality operations, finance, human resources and international businesses.
The company operates through a wider group structure comprising businesses and subsidiaries across hotels, vacation homes, workspaces and hospitality technology.
📦 Key Product & Brand Portfolio
| Brand / Business | Key Offering |
|---|---|
| OYO | Budget and value-oriented hotel accommodation |
| Collection O | Standardised mid-market hotel stays |
| Townhouse | Premium and lifestyle-oriented accommodation |
| Sunday Hotels | Premium hospitality and curated stays |
| Motel 6 | Economy hotels across North America |
| Studio 6 | Extended-stay accommodation in North America |
| Belvilla | Vacation homes and holiday rentals |
| DanCenter | Vacation-home and holiday accommodation |
| CheckMyGuest | Premium urban and vacation-home accommodation |
| Innov8 | Flexible workspace and coworking solutions |
| Weddingz | Wedding venues and related hospitality services |
💻 Technology & Operating Capabilities
Proprietary two-sided technology platform connecting property owners and customers.
Integrated CRS and PMS infrastructure.
Digital booking through OYO's consumer-facing platforms.
Machine-learning capabilities for hotel search, ranking, recommendations and revenue management.
Dynamic pricing and yield-management tools.
Digital check-in and other technology-enabled guest services.
Technology solutions designed to reduce operating complexity for property owners.
Data-driven approach to improving occupancy, pricing, customer experience and property-level economics.
🌐 Customer & Partner Ecosystem
OYO's ecosystem connects:
Individual hotel owners
Hotel operators
Vacation-home owners
Hospitality businesses
Corporate travellers
Leisure travellers
Business and institutional customers
For property partners, OYO provides branding, demand generation, technology, distribution, revenue management and operational support. For customers, the platform provides access to a broad range of standardised and differentiated accommodation options.
⭐ Key Business Highlights
Founded in 2012 and built into a global hospitality technology platform.
Operates across 35+ countries with a multi-brand accommodation portfolio.
Evolved beyond budget hotels into premium hospitality, vacation homes, extended stays and technology-enabled accommodation services.
Strong proprietary technology stack covering reservations, property management, distribution and revenue management.
G6 Hospitality expanded the company's North American presence through Motel 6 and Studio 6.
Asset-light partner model allows the platform to expand its accommodation network without owning the majority of underlying properties.
Portfolio includes internationally recognised businesses such as Motel 6, Studio 6, Belvilla and DanCenter, alongside the OYO hotel ecosystem.
Increasing focus on premiumisation, company-serviced hotels, direct bookings and technology-led operating efficiency.
Insights of Oravel Stays Ltd. (OYO Rooms)
Oravel Stays Ltd. (OYO)
1. Financial Highlights – FY25 vs FY26
All monetary values are in ₹ Crore.
| Metric | FY25 | FY26 | YoY Growth | Margin FY25 | Margin FY26 |
|---|---|---|---|---|---|
| Net Revenue | 6,252.83 | 9,357.98 | +49.66% | — | — |
| EBITDA | 1,036.02 | 2,509.62 | +142.23% | 16.57% | 26.82% |
| PBT | -489.32 | 398.93 | Turned Positive | -7.83% | 4.26% |
| PAT | 244.82 | 994.18 | +305.93% | 3.92% | 10.62% |
Key Insights:
Revenue increased nearly 50% to ₹9,357.98 Cr, while EBITDA more than doubled to ₹2,509.62 Cr, taking the EBITDA margin to 26.82%.
The company moved from a ₹489.32 Cr PBT loss in FY25 to ₹398.93 Cr PBT profit in FY26.
FY26 PAT of ₹994.18 Cr was significantly boosted by a ₹595.25 Cr income-tax benefit. Therefore, the reported PAT growth should be viewed separately from the underlying operating improvement.
Finance costs also increased from ₹959.16 Cr to ₹1,414.25 Cr, making deleveraging an important part of the company's financial strategy.
2. Key Company Developments
Rebranding to PRISM: Oravel Stays, the parent company of OYO, has moved toward the PRISM identity as the business expands beyond its original India-focused budget-hotel model into a broader global travel and hospitality platform.
G6 Hospitality acquisition: The acquisition of G6 Hospitality added the Motel 6 and Studio 6 brands and around 1,500 franchised properties in North America, materially increasing the company's international scale.
Global scale-up: By the end of 2025, the company reported around 2.94 lakh storefronts across more than 35 countries, reflecting a much broader international footprint than its earlier India-centric business.
Updated IPO filing: In June 2026, PRISM filed an updated DRHP proposing a ₹6,650 Cr fresh issue, with no offer-for-sale component.
Debt reduction focus: Around ₹4,987.5 Cr, or roughly three-fourths of the proposed IPO proceeds, is planned for repayment/prepayment of borrowings, which could materially reduce finance costs if the issue proceeds as proposed.
3. Industry Insights & Trends
Indian hospitality demand remains strong: India's hotel industry recorded strong occupancy, room-rate and revenue trends during 2025, supported by domestic travel demand and limited supply relative to demand.
Online accommodation continues to digitise: A substantial portion of hotel bookings in India still occurs through offline channels, creating further scope for digital platforms to shift customers toward online booking.
Asset-light and franchise models are gaining importance: Hotel platforms can scale faster through franchising, management contracts and technology-enabled distribution rather than owning the underlying properties.
Travel platforms are becoming more diversified: Major players are expanding beyond hotel bookings into flights, buses, holiday homes, packages and other travel services, increasing opportunities for cross-selling.
AI is becoming a competitive tool: Travel platforms are increasingly deploying AI for search, customer support, pricing and personalised recommendations. MakeMyTrip, for example, reported significant use of its AI travel assistant during FY26.
4. Latest Funding & Valuation
| Particular | Details |
|---|---|
| Proposed IPO Size | Up to ₹6,650 Cr |
| Issue Type | 100% Fresh Issue |
| Planned Debt Repayment / Prepayment | ~₹4,987.5 Cr |
| Offer for Sale | Nil |
| Latest Transaction-Based Valuation | Not disclosed in the latest IPO filing |
The proposed IPO is therefore primarily a capital-raising and deleveraging event, rather than an existing-shareholder exit. Existing major shareholders are not proposing an OFS in the updated structure.
5. Peer Comparison
A peer comparison is relevant because OYO operates at the intersection of hospitality, online travel and accommodation technology. The closest listed businesses differ in their exact models, so the comparison is primarily on scale and profitability.
| Metric – FY26 | Oravel Stays / OYO | Thomas Cook India | ixigo |
|---|---|---|---|
| Revenue / Revenue from Operations (₹ Cr) | 9,357.98 | 8,398.17 | 1,228.00 |
| PAT (₹ Cr) | 994.18 | 220.48 | 71.40 |
| PAT Margin | 10.62% | 2.63% | 5.81% |
| Primary Business | Hotels, accommodation & travel platform | Travel, forex & hospitality | Online travel platform |
| International Exposure | High | High | Primarily India-focused |
| Key FY26 Development | Global expansion + IPO preparation | Integrated travel expansion | Growth across flights, buses & hotels |
Thomas Cook India reported FY26 consolidated revenue of ₹8,398.17 Cr and PAT of ₹220.48 Cr, while ixigo reported FY26 revenue of ₹1,228 Cr and PAT of ₹71.4 Cr.
Important: OYO's FY26 PAT is not directly comparable with peers because its reported profit includes the ₹595.25 Cr tax benefit. Its PBT of ₹398.93 Cr provides a more conservative view of pre-tax profitability.
Key Takeaways
OYO delivered a strong FY26 operating improvement, with revenue up nearly 50% and EBITDA up more than 140%.
The business has transformed from an India-focused budget-hotel platform into a global accommodation and travel ecosystem, supported by G6 Hospitality and its international portfolio.
The proposed ₹6,650 Cr IPO, with approximately ₹4,987.5 Cr earmarked for debt repayment, is a major part of the company's current financial strategy.
The biggest financial point to track is earnings quality: FY26 PAT was boosted by a large tax benefit, while finance costs remain substantial.
Going forward, key areas to monitor are deleveraging, integration of international acquisitions, sustainability of EBITDA margins, hotel/storefront growth and conversion of the global scale into recurring profitability.
Financial Charts of Oravel Stays Ltd. (OYO Rooms)
Balance Sheet of Oravel Stays Ltd. (OYO Rooms)
Profit and Loss of Oravel Stays Ltd. (OYO Rooms)
Ancillary of Oravel Stays Ltd. (OYO Rooms)
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Oravel Stays Ltd. (OYO Rooms)
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How to buy Oravel Stays Ltd. (OYO Rooms)?
Below are three ways through which you can purchase Oravel Stays Ltd. (OYO Rooms):
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Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Oravel Stays Ltd. (OYO Rooms)?
Below are three ways through which you can sell Oravel Stays Ltd. (OYO Rooms):
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Oravel Stays Ltd. (OYO Rooms), please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Oravel Stays Ltd. (OYO Rooms)?
We provide a two way quote on all the shares we deal in. Your buy price for Oravel Stays Ltd. (OYO Rooms) is ₹21.5 and your sell price for Oravel Stays Ltd. (OYO Rooms) is ₹20. The price is based on our estimates and market conditions.
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What is the lock-in period of Oravel Stays Ltd. (OYO Rooms)?
The lock-in period for Oravel Stays Ltd. (OYO Rooms) varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Oravel Stays Ltd. (OYO Rooms)
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Oravel Stays Ltd. (OYO Rooms)
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Oravel Stays Ltd. (OYO Rooms) price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Oravel Stays Ltd. (OYO Rooms). The price is also determined from the most recent funding round for Oravel Stays Ltd. (OYO Rooms). This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Oravel Stays Ltd. (OYO Rooms)?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Oravel Stays Ltd. (OYO Rooms) with us kindly click here.
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What are the financials of Oravel Stays Ltd. (OYO Rooms)?
The financials of Oravel Stays Ltd. (OYO Rooms) which includes the P/L of Oravel Stays Ltd. (OYO Rooms) and the Balance Sheet of Oravel Stays Ltd. (OYO Rooms) is in the financials section (Click on link).
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Where can I find the annual report of Oravel Stays Ltd. (OYO Rooms)?
The annual report of Oravel Stays Ltd. (OYO Rooms) is available in the annual report section (Click on link).
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Is buying Oravel Stays Ltd. (OYO Rooms) legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Oravel Stays Ltd. (OYO Rooms)?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Oravel Stays Ltd. (OYO Rooms) and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Oravel Stays Ltd. (OYO Rooms) once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Oravel Stays Ltd. (OYO Rooms)?
At Altius Investech, our approach to sourcing Oravel Stays Ltd. (OYO Rooms) unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Oravel Stays Ltd. (OYO Rooms) unlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Oravel Stays Ltd. (OYO Rooms) from its platform?
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With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
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