Introduction
Hotel Polo Towers Limited, a well-known hospitality group in Northeast India, has filed its Draft Red Herring Prospectus (DRHP) with SEBI, signaling plans to tap into the capital market. The company, known for its upscale and boutique hotel brands across the region, has been expanding aggressively with multiple ongoing and upcoming projects. This filing has generated interest among investors tracking upcoming unlisted shares in India and exploring investment opportunities in unlisted companies.
India’s hospitality and tourism sector is witnessing strong post-pandemic recovery, and Hotel Polo Towers’ SEBI filing underscores the rising momentum in the unlisted share ecosystem. The proposed IPO, with proceeds allocated toward expansion, upgradation, and debt repayment, is a notable step in the company’s growth trajectory.
About the Company
Incorporated in 1986 and headquartered in Shillong, Meghalaya, Hotel Polo Towers Limited (formerly Hotel Polo Towers Private Limited) is a prominent player in the hospitality industry, especially across Northeast India. The company operates under brands like Polo Towers, Max Hotels, and the newly introduced Chapter Hotels by Polo—each catering to different market segments from midscale to upscale leisure experiences
Hotel Polo Towers pioneered the development of upscale hotels in Northeast India when the region’s hospitality infrastructure was limited. As of March 31, 2025, the group is the largest hotel chain in Northeast India by the number of hotels and the third-largest by room count, operating 256 rooms across multiple locations. The company’s properties include Hotel Polo Towers Shillong, Polo Orchid Hotel Tura, Hotel Polo Towers Agartala, and the Polo Floatel in Kolkata, among others
The company’s promoters—Kishan Tibrewalla, Prem Tibrewalla, Deval Tibrewalla, and Kishan Tibrewalla HUF—collectively hold 99.99% of its equity share capital. Deval Tibrewalla serves as one of the key managerial personnel, steering the group’s modernisation and expansion strategies
Financial Overview
Hotel Polo Towers Limited’s restated consolidated financial statements highlight consistent business growth supported by strategic investments and strong asset management. While the detailed revenue and profit figures are partially redacted, key financial indicators from FY23 to FY25 reflect operational strength and prudent debt management.
Year-on-Year Financials
| Metric | FY2023 (₹ Cr) | FY2024 (₹ Cr) | FY2025 (₹ Cr) | YoY Growth (%) |
|---|---|---|---|---|
| Revenue | Not disclosed | Not disclosed | Not disclosed | – |
| EBITDA | Not disclosed | Not disclosed | 55.13 | – |
| PAT | 13.13 | 22.09 | 22.09 | 68% |
| AUM (₹ Cr) | 86.61 | 103.23 | 113.00 | 31% |
| Net Profit Margin | 15.01% | 17.87% | 17.87% | +2.86% |
Comparison Table: Hotel Polo Towers vs. Industry Peers
| Company | Revenue FY25 (₹ Cr) | EBITDA FY25 (₹ Cr) | PAT FY25 (₹ Cr) | Net Margin (%) |
|---|---|---|---|---|
| Hotel Polo Towers Ltd | Not disclosed | 55.13 | 22.09 | 17.87% |
| Indian Hotels Co. Ltd (Taj) | 6,949 | 1,562 | 1,259 | 18.1% |
| Lemon Tree Hotels Ltd | 1,040 | 446 | 228 | 21.9% |
| Chalet Hotels Ltd | 1,309 | 550 | 289 | 22.1% |
The above comparison highlights that while Hotel Polo Towers Limited operates on a smaller scale compared to national hospitality chains, its profit margins are in line with industry averages. This reinforces the company’s financial discipline and operational efficiency despite operating primarily in Tier-II and Tier-III markets.
Market Position & Opportunities
Hotel Polo Towers Group (PTG) operates across leisure and business destinations in India’s Northeast and East regions. It has become synonymous with hospitality excellence in emerging Tier-II and Tier-III cities—an underpenetrated market with growing potential.
- Competitive Edge: PTG is the largest hotel chain in Northeast India by property count and enjoys first-mover advantage in markets like Shillong, Agartala, and Tura.
- Brand Reputation: The company’s “Polo Towers” brand commands strong recall among business and leisure travelers, while the “Chapter Hotels” line targets boutique and upscale customers.
- Expansion Plans: Five new hotels (541 rooms) are under development, including locations in Kohima, Dimapur, Shillong, and Cherrapunjee. Several properties are also undergoing upgradation, including Polo Towers Agartala and Shillong
The hospitality sector’s revival, along with increased regional tourism and infrastructure growth, positions Hotel Polo Towers to capture the rising demand for quality accommodations in Northeast India.
Risks & Challenges
The SEBI filing outlines several key risks:
- Operational Risks: Dependence on tourism trends, seasonality, and regional connectivity.
- Financial Risks: Exposure to borrowings—₹362.96 million of IPO proceeds are earmarked for debt repayment
- Regulatory Risks: Compliance with hospitality, GST, and environmental regulations.
- Subsidiary Dependence: A large portion of assets and profits are tied to subsidiaries such as HPT Orchid Resort and Manor Floatel Limited.
Investment Insights
From an investment standpoint, Hotel Polo Towers offers exposure to the fast-growing hospitality segment in India’s Northeast. The proposed IPO aims to strengthen balance sheets, expand room inventory, and modernize key assets—all of which are likely to enhance profitability and valuation multiples.
The company’s focus on diversified brands and regional dominance makes it a strong contender among upcoming unlisted shares in India. However, investors should weigh the cyclical nature of tourism and potential regulatory changes before investing.
Hotel Polo Towers Limited Unlisted Share Price & Market Trends
As of now, Hotel Polo Towers Limited unlisted share price is not publicly disclosed in the SEBI filing. However, interest from retail and HNI investors is expected to rise as the company progresses toward listing. The broader market for investment opportunities in unlisted companies remains vibrant, particularly in consumer-facing sectors like hospitality and travel.
Given the sector’s improving margins and increasing investor appetite for regional brands, Hotel Polo Towers may attract significant pre-IPO demand.
Conclusion
Hotel Polo Towers Limited’s SEBI filing highlights a strong regional brand evolving into a pan-India hospitality player. The combination of experienced promoters, consistent financial management, and expansion plans positions the company favorably among investors seeking exposure to the tourism sector.
As with all unlisted opportunities, investors are advised to track further disclosures, valuation updates, and pre-IPO activity. Stay tuned to Unlisted Radar for regular updates on Hotel Polo Towers Limited and other promising unlisted shares in India.
FAQs
How to buy Hotel Polo Towers Limited unlisted shares?
Investors can purchase shares through trusted unlisted share platforms or SEBI-registered brokers dealing in pre-IPO securities.
Is Hotel Polo Towers Limited a good investment before IPO?
The company has strong brand equity and growth prospects; however, investors should evaluate financials and sector risks before investing.
What are the risks of investing in Hotel Polo Towers Limited unlisted shares?
Risks include tourism dependency, regulatory exposure, and financial leverage.
Which brokers deal in Hotel Polo Towers Limited unlisted shares?
Various reputed brokers and platforms in India offer access to unlisted shares; always verify SEBI registration before transacting.
How does Hotel Polo Towers compare with competitors?
Hotel Polo Towers holds a leadership position in Northeast India, competing primarily with regional hospitality chains and emerging boutique brands in the upscale segment.