OYO Unlisted Shares: What the Turnaround Numbers Show
· 4 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
OYO's unlisted shares have fallen from ₹55+ to ₹21–27, even as the company posted its first profitable year in FY24 and accelerated that growth into FY25. This deep-dive analysis covers OYO's business model, audited financials, IPO timeline, SoftBank complications, and the full risk matrix — giving unlisted share investors the framework they need to decide for themselves.
What the Turnaround Numbers Show
By Team BuyUnlistedShares
1: The Business — What OYO Actually Does Today
OYO is not the highly aggressive, money-losing platform that it used to be from 2016 to 2020. OYO has been completely transformed in terms of both its business model and financial structure. Getting a sense of where OYO currently stands, not where it was at its best, is where an objective assessment needs to begin.
The Platform Model
OYO functions as a two-sided tech platform. On the supplier side, OYO collaborates with independent, unbranded hotel proprietors known as Patrons, providing them with technology infrastructure, revenue management services, dynamic pricing software, and distribution capabilities via the OYO booking portal. On the customer side, OYO provides consumers with standardized accommodation services within each price segment.
OYO does not have physical ownership of the assets it hosts on its platform. The business generates revenue mainly from commission fees and technology service charges from its Patron base. The benefit of such a business model is minimal capital requirements.
Portfolio Premiumisation
OYO has purposely moved up the value chain ladder. The Palette Resorts range is geared towards high-end leisure customers, whereas the PRISM brand, which is currently repositioned as the parent brand of Oravel Stays, represents a wider move away from budget hotels. The company has increased its total number of hotels to 18,103 as of March 2024, from 12,938 in the previous year, with the latest batch featuring better-quality, high ADR hotels.
2: The Financials — A Real Turnaround, With Important Caveats
The Three-Year Financial Arc
The headline story is clear: OYO turned PAT-positive in FY24 after years of losses, and FY25 saw net profit grow approximately 172% year-on-year to ~₹623 crore. Adjusted EBITDA reached ~₹1,132 crore in FY25, reflecting 10 consecutive EBITDA-positive quarters — a milestone that management has highlighted as evidence of structural, not cyclical, improvement.
Composition of the Numbers
This is not all cash. A part of net profits made during FY24 were derived from non-operating activities – fair value gains and debt restructuring. Operating free cash flow improved during the period in question; however, the numbers are still not backed up by an independent audit of a DRHP level.
Revenues have stayed at roughly the same level during FY23 and FY24 and then started growing again in FY25. There is an intentional strategy involved here: OYO decided to reduce the size of its Patron network and get rid of those hotels that had a lower quality, which meant short-term revenue losses in return for better financial performance in the future.
The Debt Question
OYO carried significant debt from its hyper-growth phase. The company has actively managed this — buying back $195 million of debt and working to extend maturities to 2029. At ~14% interest rates on the remaining obligations, debt service continues to consume a material share of operating profit. The debt position remains a risk factor.
3: The Unlisted Share Market — What the Price History Tells You
Understanding where OYO's unlisted share price has traded — and why it has moved — is essential context for any investor considering a position today.
The Price Journey
As seen from the chart above, prices in the unlisted market moved with company events. The rise to ₹55-67 in late 2025 came alongside IPO expectations and the news that the company would become PAT-positive. When the IPO was deferred because of opposition from SoftBank and concerns regarding filing of DRHP, there was a swift correction in the unlisted prices.
Here lies the major risk with the OYO unlisted stock. It is extremely event-dependent. In case of any further delays in the IPO, the unlisted shares could remain difficult to sell.
4: The IPO Question — What Is Actually Happening?
An analysis of the OYO unlisted shares would be incomplete without taking into consideration the status of the upcoming IPO of the same.
A Timeline of Delays
In March 2023, OYO registered a pre-filed DRHP with SEBI, aiming at an IPO size of about ₹8,430 crore and valued at ~$12 billion. However, that IPO did not happen. In late 2025, there was news of another DRHP registration in the name of OYO with an aim to go public at a valuation of $7 to 8 billion in early 2026. According to reports in May 2026, this IPO plan has been further delayed as well. The company's largest institutional investor, Softbank, allegedly is unable to align with the proposed time frame and valuation of the IPO.
Promoter Activity
Founder Ritesh Agarwal has acquired almost ₹550 crore worth of OYO shares at around ₹42.60 per piece.
5: Summary of Figures
Valuation Figures
At around ₹21–27 per share, OYO is valued at around $1.8-$2.0 billion, compared with its $7–8 billion IPO valuation goal and its last valuation of $2.37 billion from the Series G down round in August 2024.
Risk Factors
OYO has been announcing its IPO since 2021 and has not listed yet. There is no certainty that the company will go public even in 2026 or 2027, let alone later.
OYO has reported two consecutive years of EBITDA profitability and a single year of net income.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
