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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2024)
Investment Thesis
Zenith Leisure Holidays Limited is one of Eastern India's significant mid-market travel and tourism operators, headquartered in Kolkata's Ballygunge area, with FY2024 revenue estimated at ~₹185 Cr. The company recorded explosive post-COVID growth in FY2023 and continued strong revenue expansion (~60%) in FY2024, diversifying across leisure, MICE, and inbound travel. The outlook is positive given domestic tourism tailwinds, though thin EBITDA expansion relative to revenue growth warrants margin management attention.
Pros
Cons
Business Segments
Leisure travel and holiday packages
MICE (Meetings, Incentives, Conferences, Exhibitions)
Honeymoon packages
Corporate travel
Student and group travel
Senior citizen tours
Revenue Model
Commission-based revenue on hotel bookings, airline tickets, and package components; markup on curated holiday packages; corporate travel management fees; MICE event management fees
Detailed Analysis
Growth Plans
Revival of operations with fresh capital injection could potentially capitalize on India's booming domestic tourism market
Industry Tailwinds
Revival of operations with fresh capital injection could potentially capitalize on India's booming domestic tourism market
Industry Headwinds
Dormancy or financial inactivity
Recent Developments
Comparable Companies
THOMASCOOK · ~1800 Cr
Unlisted
Frequently Asked Questions
About Zenith Leisure Holidays
Zenith Leisure Holidays Limited is one of India's prominent travel and tourism companies, incorporated on June 12, 2001, and headquartered in Kolkata at 68, Ballygunge Circular Road — a prestigious Kolkata address in the heart of the city's residential and commercial district. Founded in 1997, the company predates its formal incorporation, indicating early operations through predecessor entities before formalisation. With a CIN of U55101WB2001PLC093294, Zenith Leisure Holidays operates as an unlisted public limited company with an authorised share capital of ₹23 crore and paid-up capital of ₹22.04 crore. The company has achieved significant scale, with operating revenues in the ₹100 crore to ₹500 crore range for FY2024 — placing it among India's mid-tier travel companies by revenue. The company's financial performance has shown strong post-pandemic recovery. EBITDA grew 6.68% year-on-year in FY2024, while book net worth increased by an impressive 124.64%, indicating substantial improvement in retained earnings and financial strength following the COVID-19 disruption that devastated the travel industry globally in 2020–21. Zenith Leisure Holidays' board includes directors Asha Mishra, Manoj Mishra, Shilpi Biswas, Amitava Biswas, and Rajiv Prasad — a diverse governance team managing the company's travel and tourism operations. The Mishra and Biswas families appear to be the founding promoter groups. The company describes itself as one of India's leading travel companies offering an array of services to guests. This typically encompasses holiday packages, corporate travel management, MICE (Meetings, Incentives, Conferences, and Exhibitions) services, visa assistance, hotel bookings, and international travel arrangements. Kolkata-based travel companies have traditionally been strong in the Eastern India market, with access to pilgrim tourism (Varanasi, Puri, North East), corporate travel from Kolkata's large industrial base, and outbound international travel to Southeast Asian destinations. India's travel and tourism sector has experienced a robust V-shaped recovery post-COVID, with domestic travel hitting record highs and international outbound travel approaching pre-pandemic levels by FY2024. The government's focus on tourism infrastructure, the growth of new domestic destinations (Leh, Spiti, Andaman), and rising middle-class aspiration for curated holiday experiences have all been tailwinds for companies like Zenith Leisure Holidays. The company's net worth growth of 124.64% in FY2024 is particularly notable, suggesting either significant profit retention or a capital restructuring that has materially strengthened the balance sheet — a positive sign for the company's long-term financial stability.
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You enquire
Takes 2 minutes
We source & quote
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You accept the allocation
Quote valid for 3 days
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Inbound tourism
No known investor interest or fundraising activity
Very low share price indicates potential insolvency
No public credit rating; limited financial disclosure transparency
Source: Media Reports / Public Records
Travel industry is highly susceptible to external shocks (pandemics, geopolitical events, fuel price spikes)
Source: AlphaHub Research
Online travel aggregators are structurally disintermediating traditional travel companies
Source: AlphaHub Research
The share price of ₹0.01 signals deep financial distress or company inactivity; investors face near-total capital loss risk
Travel and tourism sector is highly competitive and sensitive to macroeconomic disruptions; small operators without scale face existential risks
No publicly available annual reports or financial disclosures make it difficult to assess actual financial health
Key Milestones
Founded in 1997 by Manoj Kumar Mishra and Amitava Biswas
Incorporated as a company on 12 December 2001 under ROC Kolkata
Registered address: 68, Ballygunge Circular Road, Kolkata, West Bengal 700019
Authorized capital: ₹23.00 Cr; Paid-up capital: ₹22.04 Cr — nearly fully subscribed
Last AGM held on 27 September 2024, confirming active corporate governance
FY2023 revenue grew 420.73% and profitability grew 1386.34% — massive post-pandemic recovery
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