Advani Hotels & Resorts (India) Ltd has filed a complaint with the Securities and Exchange Board of India (SEBI) against InfinHub Market Technologies FZ-LLC, alleging serious violations of research analyst regulations and the publication of factually incorrect financial data. The complaint accuses InfinHub, which operates the website MarketsMojo, of acting as a research entity without the necessary registration and disseminating misleading information that distorts valuations and erodes market integrity. The company has urged SEBI to pass a cease and desist order and initiate enforcement proceedings against the foreign entity.

The complaint highlights that InfinHub systematically publishes articles containing financial data and investment recommendations on Indian securities, which qualify as research reports under the SEBI (Research Analysts) Regulations, 2014. However, InfinHub has not disclosed any registration status or an agreement with a SEBI-registered research analyst, as mandated by Regulation 4 of the regulations. Advani Hotels argues that InfinHub is flouting these mandates by issuing reports from outside India without clarity on registration or compliance.

Advani Hotels pointed out specific instances of inaccurate data published on MarketsMojo. An article dated May 26, 2026, stated the company's dividend payout ratio was 133.34%, whereas the actual ratio for the financial year 2025–2026 is approximately 70%. The company noted that this error had previously been flagged in November 2025. Additionally, the article mentioned an interest coverage ratio of 27.15x, which the company described as wholly inaccurate since it has no long-term debt and only minimal short-term borrowings with negligible interest expense.

The complaint also draws attention to inconsistent investment recommendations issued by MarketsMojo within short time intervals. On May 26, 2026, the platform published a "Good" rating at 8:00 AM IST, which was changed to a "Hold" rating 45 minutes later. Similarly, on June 2, 2026, an "Attractive" rating was assigned, only to be changed to a "Sell" rating two days later on June 4, 2026. Advani Hotels stated that such contradictory recommendations are confusing and have the potential to mislead retail investors.

Further, the company alleged that MarketsMojo used contextually irrelevant historical data to cast it in a negative light. Articles published in November 2025 compared the company's performance in 2025 with data from 2008 and 2010, periods when the company had different business operations, including the Airport Plaza flight kitchen and a stake in a subsidiary. Advani Hotels argued that there is no legitimate analytical basis for comparing current performance with such remote and non-comparable periods.

In its communication to SEBI, Advani Hotels requested the regulator to verify if InfinHub has entered into an agreement with a registered research analyst and to immediately direct InfinHub to cease and desist from publishing research reports on Indian securities. The company also sought enforcement proceedings under the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, including the imposition of penalties and disgorgement of illicit gains.

Advani Hotels & Resorts (India) Limited adopted valuations for its Caravela Beach Resort Goa asset and the Caravela brand following a Board meeting on June 12, 2026. The Board selected the lower of two independent valuation reports, setting the asset value at ₹828.50 crore on an as-is-where-is basis and the brand value at ₹81.88 crore. These valuations exclude the market value of additional FSI and liquid fund reserves.

The Board considered reports from Whitestone Valuers and Consultants Private Limited and ANVI Technical Advisors India Private Limited. The valuations were conducted as on March 31, 2026, for the operating business undertaking of the resort and the associated brand. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For the Asset, the Board adopted the valuation by Whitestone of ₹828.50 crores on an as-is-where-is basis, which was lower than ANVI's valuation. For the scenario considering the Asset with a new Banquet space under construction being completed and operational, the Board adopted Whitestone's valuation of ₹982.00 crores, again the lower of the two. For the 'Caravela' brand, the Board adopted the valuation by ANVI of ₹81.88 crores, which was lower than Whitestone's estimate.

The adopted valuations for the Asset under different scenarios do not include the Market Value of the permissible additional FSI, valued at ₹33.28 crores by Whitestone and ₹40.06 crores by ANVI as on the Valuation Date. They also do not include liquid fund reserves and fixed deposits of ₹57.18 crores held by the company as on March 31, 2026.

Whitestone utilized the Discounted Cashflow method under the Income Approach, estimating a pre-tax discount rate of 12%. ANVI also employed the Income Approach using the Discounted Cashflow method, estimating a discount rate of 13.39% per the CAPM Model. Both valuers referenced the 2025 transaction of the Hilton Goa Resort in Candolim for benchmarking EV/EBITDA multiples.

The valuation of the Caravela brand was conducted using the Relief from Royalty Method under the Income Approach. ANVI assumed a royalty rate of 6% on revenue and a discount rate (WACC) of 11.12%. Whitestone also used the Relief from Royalty Method, analyzing the EBITDA and PE ratios of listed hospitality companies to determine the brand's fair value.