Oravel Stays Limited (OYO Unlisted shares)
OYO Unlisted Shares (PRISM) — Price, ₹6,650 Cr IPO & FY26 Turnaround
After two withdrawn attempts, OYO’s parent — now renamed PRISM (formerly Oravel Stays Limited) — has filed its updated DRHP with SEBI for a ₹6,650 crore IPO. And this time the numbers behind the filing look very different. Here’s the honest, complete picture.
| OYO (PRISM) Unlisted Share | Details |
| Our Buy Price | ₹22 per share |
| Our Sell Price | ₹24 per share |
| Lot Size | 100 shares (min. investment ≈ ₹2,400) |
| ISIN | INE561T01021 |
| Entity | PRISM (formerly Oravel Stays Ltd), founded 2012 |
| Founder | Ritesh Agarwal |
| Key shareholders | SoftBank ~40.04%, RA Hospitality ~20.12%, Ritesh Agarwal ~6.59%, Microsoft, Airbnb, Peak XV |
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About PRISM (OYO)
PRISM operates one of the world’s largest hospitality technology platforms: 43 brands across 35+ countries, including OYO in India, Motel 6 and Studio 6 in North America (via the G6 Hospitality acquisition), Belvilla and DanCenter in Europe, plus Innov8 co-working and Weddingz.in. As of December 31, 2025, its network spanned roughly 24,300 hotels and over 1.24 lakh homes, serving 119 million+ unique customers since inception — with about 68% of bookings coming through its own channels.
The business has quietly globalised: over 84% of revenue now comes from outside India, with the US contributing ~27% and Europe ~24% in 9M FY26.
The FY26 Turnaround — In Numbers
| Particulars (Consolidated) | FY25 (full year) | 9M FY26 (Apr–Dec 2025) |
| Revenue from Operations | ₹6,259 Cr | ₹6,941 Cr |
| EBITDA | ₹953 Cr | ₹2,127 Cr |
| Profit After Tax | ₹245 Cr | ₹748 Cr |
Nine months of FY26 have already beaten the whole of FY25 on every line — revenue is past the full-year mark, EBITDA has more than doubled, and PAT is 3x FY25’s total. Founder Ritesh Agarwal has guided to ~₹1,100 crore PAT for the full FY26. Two engines drive this: the G6 acquisition (US GBV jumped to ₹12,022 crore in 9M FY26 from ₹4,713 crore in all of FY25) and India’s premium-isation, where company-serviced hotels grew from 1,053 to 1,573 in nine months. Note one accounting cushion: 9M FY26 profit included a deferred tax credit of ₹559 crore — look at pre-tax trends too.
The IPO — What’s Filed
- UDRHP filed with SEBI (June 2026) after SEBI approved the confidential filing of December 2025: a ₹6,650 crore, 100% fresh issue — no OFS. SoftBank, Microsoft, Airbnb and Ritesh Agarwal are NOT selling.
- ₹4,987.5 crore (~75%) of proceeds go to debt repayment — directly attacking the leverage that weighed on past attempts.
- A pre-IPO placement of up to ₹1,330 crore may reduce the issue size.
- Targeted valuation reported at $7–8 billion — a sharp reset from the $12 billion sought in 2021.
- This is the company’s third/fourth run at the market (2021 filed & withdrawn; 2023 confidential & withdrawn; 2025–26 current attempt).
Lock-in reminder: pre-IPO shares bought by retail/HNI investors carry a 6-month lock-in from the listing date.
Key Risks — the UDRHP Says It Plainly
- The Zostel dispute remains unresolved; an adverse outcome could force transfer of up to 7% of PRISM’s shareholding. Zostel has also approached SEBI over the updated DRHP’s disclosures.
- US litigation and an antitrust matter in India are disclosed risk factors, alongside a tax dispute involving shareholder SoftBank.
- Valuation history — the $12bn → $7–8bn reset shows how far sentiment can move; the final band may disappoint recent private buyers.
- Profit quality — part of 9M FY26 PAT came from a deferred tax credit; sustained operating profit must be proven.
- Past postponements — timelines in this story have slipped repeatedly; nothing is final until the RHP prices.
How to Buy or Sell OYO Unlisted Shares
Live quote → deal confirmation → KYC (PAN, CML, bank proof) → off-market demat transfer with prompt settlement. Full process: buy unlisted shares. Bought OYO in earlier ESOP or private rounds and want to exit before the lock-in debate? Sell unlisted shares — confidential quotes for employees and early investors.
FAQs — OYO Unlisted Shares
What is the OYO unlisted share price today?
We are buying at ₹22 and selling at ₹24 per share (lot of 100 — around ₹2,400 minimum, one of the most accessible entry points in the unlisted market). WhatsApp us for a live quote.
Is the OYO IPO confirmed?
PRISM has filed its updated DRHP with SEBI for a ₹6,650 crore fully fresh issue after receiving approval on its confidential filing. Dates and price band will come with the RHP; past attempts were withdrawn, so treat timing as indicative until then.
Is OYO profitable now?
Yes — 9M FY26 PAT was ₹748 crore versus ₹245 crore in all of FY25, helped by the G6 (Motel 6) acquisition and premium expansion, though a ₹559 crore deferred tax credit flattered the period.
Why is the OYO share price so low per share?
Per-share price reflects a very large share count, not company size — PRISM is targeting a $7–8 billion IPO valuation. Always evaluate the valuation, never the per-share number alone.
Related unlisted shares: InCred Holdings • Bira 91 • boAt (Imagine Marketing) • PharmEasy (API Holdings) • Lava International
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% |
