Larisa Hotels & Resorts Limited - Luxury and Nature, a Growing Business Story

Larisa Hotels & Resorts Limited is one of the fastest growing boutique hotel brands in India and has recently made its foray into the public markets. The brand is also known for its picturesque vacations in Goa, Manali, Shimla and Mussoorie. Headquartered in West Bengal, the company was founded in 1986 and takes its name from the Lahaul dialect, where “Larisa” translates to “Above the Mountains and Earth” – a fitting epithet for a brand that’s all about luxury immersion in nature.

A Rapidly Growing Portfolio

Larisa opened its first 11-key facility in Mussoorie in 2019 and has grown rapidly. The company has 715 keys across 25 locations in nine states, under three brands—Larisa, AM Hotel Kollection and 8fold by Larisa, according to its Draft Red Herring Prospectus (DRHP). In November 2024, this footprint was significantly increased with the acquisition of 22 managed hotels and the AM Hotel Kollection brand. The company is also developing 10 more properties adding 291 keys including developments in Nubra Valley, Kanha National Park and Lucknow.

The Larisa Resort & Spa in Ashwem, LaRiSa Resort in Morjim (Goa), LarisaResort in Manali on the Beas River, 8fold by Larisain Shimla and LarisaResort in Mussoorie at 2140 mtr overlooking the Doon Valley still remain popular resorts with the visitors. The company employs an asset-light model of leasehold, revenue-share, managed properties and sales and marketing in an effort to achieve capital-efficient growth.

The Economic Outlook

Larisa filed DRHP with BSE SME platform on December 31, 2025. On April 5, 2026 the exchange approved issue of upto 36,72,000 equity shares (face value of Rs.10 each). The price range and final IPO dates are not disclosed.

Restated consolidated financials show total income of 18.69 crore in FY23, 21.49 crore in FY24 and 24.90 crore in FY25. EBITDA was ₹8.48 crore against ₹5.31 crore in FY25. EBITDA margin was 34.53% and PAT margin was 16.27%. Profit after tax jumped from a measly ₹0.06 crore in FY23 to ₹2.09 crore in FY24 and ₹4.00 crore in FY25. The net worth was ₹15.25 crore as on March 2025, with RoNW of 38.41% and debt-to-equity ratio of 0.82. Overall Revenue for Q1 FY26 (June’25) stood at ₹7.19 crore with PAT of ₹0.91 crore.

The net proceeds from the IPO will be used for general corporate purposes, a loan to a subsidiary for construction of a hotel (₹15 crore) and capital expenditure for modernization and expansion of hotel properties (₹15.98 crore). The company’s promoter Priya Thakur currently holds 76.98% of the pre-issue. 

Why it is important

Larisa is a place travelers can always count on for nature-forward luxury with attentive care; reviews often praise the hotel’s cleanliness, friendly staff, and excellent food. It’s a capital-efficient, fast-growing hospitality platform that is tapping into India’s boom in domestic and international travel, investors see it. 

Frequently Asked Questions

1. LarisaHotels & Resorts Ltd.
The company is an Indian hospitality company which manages boutique hotels, resorts and villas across the country under the brands Larisa, AM Hotel Kollection, and 8 fold by LaRiSa.

2. Where are Larisa resorts located?
Along with a large collection of 25 properties across 9 states, Ashwem and Morjim (Goa), Manali, Shimla and Mussoorie are popular leisure destinations.

3. Is LarisaHotels & Resorts a listed company?
Not just yet. The company filed DRHP for SME IPO on BSE SME platform and got the permission from the exchange in April 2026. IPO date and price band yet to be announced 

4. How much money did Larisa earn in FY25?
For the year ended March 31, 2025 total income was ₹ 24.90 crores and profit after tax was ₹ 4.00 crores.

5. What will the IPO money be used for?
Mostly capital expenditures for general company reasons, a loan to a subsidiary for building and the renovation and expansion of hotel properties.

 6. Can you book the Larisa resorts directly?
Yes, you can book all properties on the official LaRiSa website, usually at lower prices than third party sites.