Sector: Hospitality Technology / Travel / Hotels & Vacation Rentals
Status: Active & Unlisted — IPO Process Underway
Company: Oravel Stays Limited
Brand / New Corporate Identity: PRISM
Flagship Brand: OYO
CIN: U63090GJ2012PLC107088
Incorporated: 2012
Founder & Group CEO: Ritesh Agarwal
Registered Office: Ahmedabad, Gujarat
Corporate Office: Gurugram, Haryana
Global Presence: 35+ countries

1. About the Company

PRISM, formerly known as Oravel Stays Limited, is the parent company of OYO and has evolved from an Indian budget-hotel aggregation platform into a global, technology-enabled hospitality company.

The company operates an asset-light technology platform connecting hotel owners, vacation-home operators and other accommodation providers with travellers.

Its technology stack covers:

Property onboarding
Distribution
Booking
Revenue management
Dynamic pricing
Customer acquisition
Payments
Customer support
Partner management
Analytics
Procurement

The company has increasingly moved away from the earlier minimum-guarantee-heavy model toward management, franchise and partner-led models, reducing the amount of capital required from the company to expand its network.

PRISM currently operates across more than 35 countries and has built a portfolio of brands spanning economy hotels, premium hotels, vacation homes, extended stays and travel services.

2. OYO → Oravel Stays → PRISM

There is often confusion between the three names.

Name	Meaning
OYO	Flagship consumer-facing hotel/hospitality brand
Oravel Stays Limited	Legal corporate entity
PRISM	New corporate identity / brand platform
PRISM IPO	Proposed IPO of Oravel Stays Limited

Oravel Stays announced the corporate rebranding to PRISM in September 2025, reflecting the company’s evolution beyond the original OYO hotel-booking business.

Therefore, for UnlistedCart, the security should be presented as:

PRISM (formerly Oravel Stays Limited) — Parent of OYO

3. Business Model

PRISM has evolved into a multi-vertical hospitality platform.

Vertical	Major Brands / Businesses
Economy Hotels	OYO, Collection O, Hotel O, Spot On
Premium / Mid-Market Hotels	Townhouse, Townhouse Oak, Palette
Luxury	Sunday
US Economy Hotels	Motel 6, Studio 6
Vacation Homes	Belvilla, DanCenter
Premium Urban Homes	CheckMyGuest
Extended Stay	Studio 6, SilverKey
Weddings	Weddingz.in
Corporate Travel	CheckIn For Business
Travel / Holidays	CheckIn Vacations
Listings	Hospitality listing/subscription businesses

The company describes PRISM as a technology platform spanning short stays, extended living, luxury escapes, workspaces, celebration spaces and vacation homes.

4. Global Scale

PRISM has developed a significant international footprint.

As of December 31, 2025, the company reported approximately:

24,303 hotels
124,668 homes
144,583 listings
14,937 India storefronts
Presence across 35+ countries
43 brands across its broader ecosystem

The company has also served more than 119 million unique customers since 2012.

The scale is particularly notable because the company operates a common technology backbone from India across multiple international markets.

5. G6 Hospitality — A Major Transformation

One of the most important strategic developments was PRISM’s acquisition of G6 Hospitality in the United States.

G6 operates the:

Motel 6
Studio 6

brands.

The acquisition gave PRISM a significant established US hospitality footprint.

In FY26, G6 generated approximately:

₹14,107 Cr Gross Booking Value

compared with approximately ₹3,529 Cr in FY25, reflecting the benefit of its first full year within the group.

PRISM says it integrated G6’s technology stack into its unified platform within approximately one year.

This is strategically important because it demonstrates that PRISM is increasingly becoming a global hospitality technology platform, rather than simply an Indian hotel aggregator.

6. FY26 Financial Performance

FY26 represented a major financial inflection point.

₹ Crore	FY25	FY26	Growth
Revenue from Operations	6,253	9,358	+49.7%
EBITDA	~953	2,594	>2x
PAT	245	994	~4.1x
Gross Booking Value	16,279	30,683	+88.5%
Operating Cash Flow	321	2,511	~7.8x

FY26 revenue from operations increased approximately 50%, while GBV nearly doubled.

This is a significant improvement compared with OYO’s historical financial profile.

7. Profitability — The Important Caveat

The headline FY26 PAT of:

₹994 Cr

looks extremely strong.

However, investors need to examine the quality of that profit.

FY26 included approximately:

₹595–678 Cr of deferred-tax benefit/credit

depending on the reporting presentation.

Profit before tax was approximately ₹399 Cr, meaning a substantial portion of the reported PAT came from a tax-related accounting benefit rather than operating earnings.

Therefore:

Reported PAT ≠ Normalised PAT

For valuation purposes, investors should pay more attention to:

EBITDA + operating cash flow + PBT + normalised PAT

rather than simply applying a P/E multiple to ₹994 Cr.

This is one of the most important analytical points in the PRISM story.

8. EBITDA Improvement

The company’s EBITDA increased from approximately:

₹953 Cr → ₹2,594 Cr

between FY25 and FY26.

That represents a dramatic improvement.

The EBITDA margin also expanded materially.

The improvement was supported by:

G6 acquisition
Higher business volumes
Premium hotels
Company-serviced hotels
Operating leverage
Technology integration
Improved property economics
Better pricing and revenue management

PRISM’s management has highlighted technology-led operating leverage and centralized operations from India as important drivers.

9. Gross Booking Value

GBV is one of the most important operating metrics for a hospitality marketplace.

FY26:

₹30,683 Cr

versus:

₹16,279 Cr in FY25

representing approximately 88.5% growth.

This growth was driven by:

G6
International hotels
Company-serviced hotels
Homes
Higher booking volumes
Premiumisation

The business is therefore scaling significantly faster than revenue.

10. Operating Cash Flow

This is another major positive.

Operating cash flow increased from:

₹321 Cr in FY25

to:

₹2,511 Cr in FY26

This is a substantial improvement in cash generation.

For a company that historically consumed significant cash, this is an important change in investment quality.

It suggests that the recent profitability improvement is increasingly being supported by actual operating cash generation.

11. India Business

India remains strategically important despite the growing international contribution.

PRISM has been expanding its company-serviced hotel model, where it has greater operational involvement than the traditional asset-light franchise/listing model.

Company-serviced hotel storefronts increased from:

1,053 in March 2025

to:

1,573 by December 2025

This model is being scaled through brands such as:

Sunday
Palette
Clubhouse
Townhouse
Townhouse Oak

The company-serviced hotel business generated approximately ₹1,346 Cr GBV in 9M FY26, compared with ₹818 Cr in FY25.

12. International Business

International markets have become a major growth engine.

For the nine months ended December 2025, approximately ₹5,814 Cr of revenue came from overseas markets.

The United States became particularly important following the G6 acquisition.

FY26 further strengthened this trend, with G6 becoming one of the largest contributors to group GBV.

Strategic implication

PRISM is no longer simply:

“India’s budget hotel company.”

It is increasingly:

A global hospitality technology and operating platform built from India.

13. Technology Advantage

PRISM operates a centralized technology ecosystem covering:

Booking
Pricing
Revenue management
Reservations
Customer support
Partner management
Marketing
Procurement
Finance

The company says this technology infrastructure runs across its global asset base.

This creates potential operating leverage because technology developed centrally in India can be deployed across multiple international markets without replicating the entire corporate infrastructure country by country.

14. Competitive Advantages

1. Technology Platform

The company has developed a sophisticated hospitality technology stack over more than a decade.

2. Global Brand Portfolio

The combination of OYO, Motel 6, Studio 6, Belvilla, Townhouse and Sunday provides exposure to different consumer segments.

3. Asset-Light Model

Property owners generally provide much of the physical capital.

4. Global Distribution

PRISM has access to a large global supply network.

5. Revenue Management

Dynamic pricing and technology-led revenue optimisation can improve property-level economics.

6. Centralised Operations

Large parts of technology, finance, customer support and operations are centralized in India.

7. Improving Cash Generation

FY26 operating cash flow of ₹2,511 Cr is a major positive.

15. Shareholding Pattern

The updated IPO documents show the following major shareholders on a fully diluted basis:

Shareholder	Approx. Stake
SVF India Holdings / SoftBank	40.04%
RA Hospitality Holdings	20.12%
Ritesh Agarwal — Direct	6.59%
Oravel Employee Welfare Trust	5.38%
Patient Capital	3.81%
Five Stars Capital	2.77%
Lightspeed	1.74%
A1 Holdings / Grab	1.62%
Airbnb	1.22%
Peak XV Partners	1.06%

Promoter group ownership was approximately 66.76% before the IPO.

A particularly important point:

SoftBank and Ritesh Agarwal are NOT selling shares in the proposed IPO.

The proposed issue is structured as a fresh issue rather than an OFS.

16. IPO Status — Major Catalyst

This is one of the strongest parts of the current PRISM story.

PRISM filed its Updated Draft Red Herring Prospectus-I (UDRHP-I) with SEBI on 30 June 2026.

Proposed IPO Size

Up to:

₹6,650 Cr

The IPO is proposed to consist entirely of a fresh issue.

There is currently no OFS component.

The company may also undertake a pre-IPO placement of up to:

₹1,330 Cr

If completed, that amount would reduce the eventual fresh issue size.

17. Use of IPO Proceeds

The largest proposed use of proceeds is debt reduction.

Approximately:

₹4,987.5 Cr

of the IPO proceeds is proposed to be used for repayment/prepayment of borrowings of the Singapore subsidiary.

The balance is intended for general corporate purposes.

Why this matters

This is potentially transformational.

Debt reduction could:

Reduce interest expense
Improve PAT
Strengthen the balance sheet
Improve credit metrics
Increase financial flexibility
Improve future cash generation

PRISM reportedly paid approximately ₹1,414 Cr in interest in FY26, making deleveraging particularly relevant.

18. Current Unlisted Share Price

As of 10 September 2026, current private-market references indicate approximately:

₹24.50/share

with reported recent range of roughly ₹23–₹54 over the past year.

The current indicative market capitalisation based on this reference is approximately:

₹38,881 Cr

according to current unlisted-market data.

Important

This is an indicative OTC/private-market price, not an exchange-traded price.

The actual executable price can vary depending on:

Quantity
Seller
Settlement terms
Share class
Transfer conditions
IPO expectations
Market demand

Therefore, ₹24.50 should be used as a working valuation reference, not a guaranteed transaction price.

19. Indicative Valuation

At approximately ₹24.50/share and current share count, the implied equity value is approximately:

₹38,900 Cr

Using FY26 reported PAT of ₹994 Cr:

Headline P/E ≈ 39x

However, this P/E is misleading because FY26 PAT benefited substantially from the deferred-tax credit.

Using approximately ₹399 Cr PBT as a rough normalised profitability reference:

Valuation / PBT ≈ 97x

This is not a conventional P/E, but it demonstrates why investors should not simply value PRISM at 39x earnings without adjusting for the tax benefit.

Valuation Snapshot

Parameter	Approx.
Current OTC Reference	₹24.50
Indicative Market Cap	~₹38,900 Cr
FY26 Revenue	₹9,358 Cr
FY26 EBITDA	₹2,594 Cr
FY26 PAT	₹994 Cr
FY26 PBT	~₹399 Cr
Headline P/E	~39x
Operating Cash Flow	₹2,511 Cr
IPO Size	Up to ₹6,650 Cr
Proposed Debt Repayment	~₹4,987.5 Cr

20. Historical Valuation Context

OYO’s valuation history has been extremely volatile.

The company had previously targeted a valuation of approximately:

$12 billion

during its earlier IPO attempt.

The current IPO process has been associated with a much lower valuation expectation, with reports indicating approximately $7–8 billion.

This reset is important.

It indicates that the company has moved away from the extremely high-growth, high-burn valuation narrative of 2021 and toward a more conventional:

profitability + cash flow + deleveraging + operating leverage

investment thesis.

21. Investment Positives

1. Major Financial Turnaround

Revenue has grown sharply while EBITDA and cash generation have improved substantially.

2. FY26 Operating Cash Flow

₹2,511 Cr operating cash flow is one of the strongest signals that the business model has matured.

3. Global Scale

35+ countries and more than 174,000 assets on the company’s current platform messaging demonstrate substantial international scale.

4. G6 Acquisition

Motel 6 and Studio 6 provide a large established US footprint and significantly increase PRISM’s global relevance.

5. Strong IPO Catalyst

The UDRHP has been filed with SEBI and the company has moved materially closer to listing.

6. Fresh Capital

Unlike an OFS-heavy IPO, the proposed issue sends the majority of proceeds to the company.

7. Debt Reduction

Nearly ₹5,000 Cr of proposed IPO proceeds could be directed toward debt repayment.

8. Technology-Led Operating Leverage

A centralized platform can potentially scale globally without proportionally increasing corporate overhead.

22. Key Risks

1. Debt

PRISM still carries substantial borrowings, largely related to the G6 acquisition.

Current reports indicate approximately ₹7,810 Cr of borrowings.

2. Interest Cost

FY26 finance costs were approximately ₹1,414 Cr.

Debt repayment is therefore critical to the future earnings profile.

3. Deferred-Tax Benefit

The FY26 ₹994 Cr PAT should not be treated entirely as recurring earnings.

A significant portion of the difference between PBT and PAT came from a deferred-tax credit.

4. International Exposure

International markets now contribute substantially to revenue.

Currency movements, geopolitical issues, tourism cycles, local regulation and macroeconomic conditions can therefore affect results.

5. Hospitality Cyclicality

Travel and hotel demand can weaken during:

Recessions
Geopolitical events
Pandemics
Airline disruptions
Economic slowdowns

6. Partner Dependence

The business relies on third-party hotel and property owners.

Failure to maintain partner relationships or adequate supply can affect platform performance.

7. Integration Risk

The company has acquired businesses such as G6 and other international hospitality/home platforms.

Integration, technology migration and operational alignment remain execution risks.

8. Competition

PRISM competes with:

Booking platforms
Online travel agencies
Hotel chains
Airbnb
Direct hotel websites
Regional hospitality platforms

23. What Has Changed in the OYO Story?

The old OYO story was:

Rapid expansion → heavy cash burn → minimum guarantees → losses → restructuring

The current PRISM story is increasingly:

Asset-light platform → management/franchise model → global scale → EBITDA growth → cash generation → debt reduction → IPO

This is a fundamentally different investment proposition.

That transformation is the primary reason PRISM deserves renewed attention.

24. What Investors Should Track

For FY27 and beyond, investors should monitor:

Revenue growth
GBV growth
EBITDA margin
Normalised PAT
Operating cash flow
Debt reduction
Interest expense
G6 performance
India company-serviced hotels
Homes segment growth
International revenue
Customer acquisition costs
Hotel-owner retention
IPO price band
Final IPO valuation

Most Important KPI

Normalised free cash flow after interest and debt reduction.

The company has already demonstrated that it can generate accounting profits.

The next question is whether it can sustainably generate high-quality free cash flow after servicing its debt.

25. Investment View

Global Hospitality Technology Platform — High-Potential Pre-IPO Opportunity

PRISM is one of the more interesting Indian pre-IPO stories because the business has undergone a substantial transformation.

It has moved from being primarily known as an aggressive budget-hotel aggregator to becoming a global technology-enabled hospitality platform with:

OYO + Motel 6 + Studio 6 + Belvilla + Sunday + Townhouse + Palette + vacation homes + corporate travel + technology infrastructure.

FY26 demonstrated strong momentum:

Revenue: ₹9,358 Cr
EBITDA: ₹2,594 Cr
GBV: ₹30,683 Cr
Operating Cash Flow: ₹2,511 Cr
Reported PAT: ₹994 Cr

The IPO is also materially more credible than OYO’s earlier attempts because the company is now profitable on an operating basis and generating significant cash.

However, investors must not overlook two issues:

1. FY26 PAT contains a substantial deferred-tax benefit.

2. The company still carries significant debt.

The proposed IPO addresses the second issue directly, with approximately ₹4,987.5 Cr earmarked for debt repayment.

26. Overall Assessment

Factor	Assessment
Business Transformation	⭐⭐⭐⭐⭐
Revenue Growth	⭐⭐⭐⭐⭐
EBITDA Growth	⭐⭐⭐⭐⭐
Global Scale	⭐⭐⭐⭐⭐
Cash Generation	⭐⭐⭐⭐⭐
Technology Platform	⭐⭐⭐⭐
IPO Visibility	⭐⭐⭐⭐⭐
Balance Sheet	⭐⭐⭐
Earnings Quality	⭐⭐⭐
Competitive Moat	⭐⭐⭐⭐
Current Valuation	⭐⭐⭐
Liquidity	⭐⭐
Overall Risk	Medium–High

27. Final Research View

PRISM is no longer the same OYO that investors saw during the 2021 IPO attempt.

The business has matured significantly.

The strongest evidence is the combination of:

₹9,358 Cr revenue + ₹2,594 Cr EBITDA + ₹2,511 Cr operating cash flow + ₹30,683 Cr GBV.

The proposed ₹6,650 Cr IPO, with nearly ₹5,000 Cr earmarked for debt repayment, could further strengthen the balance sheet and reduce interest costs.

At the current indicative unlisted price of around ₹24.50, the implied valuation is approximately ₹38,900 Cr.

That valuation is not obviously cheap when compared with reported FY26 earnings, particularly because of the deferred-tax benefit. But the valuation becomes more interesting if investors believe:

EBITDA can continue growing,
G6 can sustain strong economics,
debt falls materially after the IPO,
interest costs decline,
operating cash flow remains strong,
and PRISM sustains its global expansion without returning to the old cash-burning model.

Our View

Business Quality: Strong
Growth: Strong
Turnaround: Very Strong
Cash Flow: Strong
IPO Visibility: Very High
Debt: Key concern
Valuation: Reasonable-to-premium depending on IPO pricing
Risk: Medium–High
Long-Term Potential: Attractive

Recommended UnlistedCart Positioning

PRISM (OYO) — Global Hospitality Technology Platform | High-Visibility Pre-IPO Opportunity

This is a much stronger positioning than simply calling it “OYO Unlisted Shares.”

The company has formally filed its UDRHP with SEBI, making the IPO catalyst substantially more concrete than the earlier OYO attempts.

Disclaimer

This report is prepared for research and informational purposes only and does not constitute investment advice, an offer to buy or sell securities, or a guarantee of future returns. Unlisted-share prices are indicative OTC/private-market references and may differ materially from executable transaction prices. IPO filing/SEBI observations do not guarantee a particular IPO date, price or listing valuation. Investors should independently verify the latest UDRHP/RHP, financial statements, capital structure, share availability, transfer restrictions, taxation, debt position and final IPO terms before investing.

For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/