<p>我们应该关注哪些早期趋势，以识别可能在长期内增值的股票？首先，我们希望识别出不断增长的资本回报率（ROCE），然后再加上不断增加的资本投入基础。这表明它是一个复利机器，能够持续将收益再投资于业务中并产生更高的回报。然而，在调查了 <strong>Kamat Hotels (India)</strong>（NSE:KAMATHOTEL）后，我们认为其当前趋势并不符合多倍增长股的特征。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
<h2>理解资本回报率（ROCE）</h2>
<p>对于那些不太了解的人，ROCE 是公司年度税前利润（其回报）相对于业务中投入资本的衡量标准。分析师使用这个公式来计算 Kamat Hotels (India) 的 ROCE：</p>
<p><strong>资本回报率 = 息税前利润（EBIT）÷（总资产 - 流动负债）</strong></p>
<p>0.12 = ₹731m ÷ (₹6.7b - ₹767m) <em>(基于截至 2025 年 9 月的过去十二个月数据)</em>。</p>
<p>因此，<strong>Kamat Hotels (India) 的 ROCE 为 12%。</strong> 从绝对值来看，这是一个令人满意的回报，但与酒店行业平均水平 8.2% 相比，表现更佳。</p>
<p>查看我们对 Kamat Hotels (India) 的最新分析</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/20346347-roce-1-dark-2/1769227013386?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/20346347-roce-1-dark-2/1769227013386"/></p>
<p>NSEI:KAMATHOTEL 资本回报率 2026 年 1 月 24 日</p>
<p>虽然过去的表现并不能代表未来，但了解公司历史表现是有帮助的，这就是我们上面提供这张图表的原因。如果您想深入了解历史收益，请查看这些 <strong>免费</strong> 图表，详细说明 Kamat Hotels (India) 的收入和现金流表现。</p>
<h2>ROCE 的趋势</h2>
<p>就 Kamat Hotels (India) 的历史 ROCE 变动而言，趋势并不理想。大约五年前，资本回报率为 29%，但此后已降至 12%。然而，Kamat Hotels (India) 似乎正在进行长期增长的再投资，因为尽管投入资本有所增加，但公司在过去 12 个月的销售额变化不大。从现在开始，值得关注公司的收益，以查看这些投资是否最终会对底线产生贡献。</p>
<p>相关的是，Kamat Hotels (India) 已将其流动负债降至总资产的 12%。考虑到之前是 85%，这一比例的巨大下降解释了 ROCE 的下降。实际上，这意味着他们的供应商或短期债权人对业务的资助减少，这降低了某些风险因素。有些人可能会认为这降低了公司产生 ROCE 的效率，因为现在更多的运营资金是用自有资金来支持的。</p>
<h2>总结</h2>
<p>综合来看，尽管我们对 Kamat Hotels (India) 在自身业务上的再投资感到有些鼓舞，但我们意识到回报正在缩减。投资者必须认为未来会有更好的表现，因为该股票在过去五年中为持有者带来了 486% 的收益。最终，如果基本趋势持续下去，我们不会对其未来成为多倍增长股抱有太大期望。</p>
<p>还有一点需要注意，我们已识别出 <strong>2 个警示信号</strong> 与 Kamat Hotels (India) 相关，理解这些信号应成为您投资过程的一部分。</p>
<p>虽然 Kamat Hotels (India) 的回报并不是最高的，但请查看这份 <strong>免费</strong> 的公司名单，这些公司在股本回报率上表现优异且资产负债表稳健。</p>

BEDZ

NDIA

印度 MSCI ETF - iShares

<p>Kamat Hotels (India) (NSE:KAMATHOTEL) 的资本回报率 (ROCE) 为 12%，高于酒店行业平均水平 8.2%。然而，其 ROCE 从五年前的 29% 下降，引发了对其长期增长潜力的担忧。公司已显著减少了流动负债，这可能会影响其产生 ROCE 的效率。尽管过去五年股东收益增长了 486%，但该股票未来可能不会成为多倍收益股。投资者应注意与公司相关的两个警示信号</p>

<p>What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing <em>return</em> on capital employed (ROCE) and then alongside that, an ever-increasing <em>base</em> of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after investigating <strong>Kamat Hotels (India)</strong> (NSE:KAMATHOTEL), we don't think it's current trends fit the mold of a multi-bagger.</p>
<div class="lb-trans"><p>我们应该关注哪些早期趋势，以识别可能在长期内增值的股票？首先，我们希望识别出不断增长的资本回报率（ROCE），然后再加上不断增加的资本投入基础。这表明它是一个复利机器，能够持续将收益再投资于业务中并产生更高的回报。然而，在调查了 <strong>Kamat Hotels (India)</strong>（NSE:KAMATHOTEL）后，我们认为其当前趋势并不符合多倍增长股的特征。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
</div><h2>Understanding Return On Capital Employed (ROCE)</h2>
<div class="lb-trans"><h2>理解资本回报率（ROCE）</h2>
</div><p>For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Kamat Hotels (India):</p>
<div class="lb-trans"><p>对于那些不太了解的人，ROCE 是公司年度税前利润（其回报）相对于业务中投入资本的衡量标准。分析师使用这个公式来计算 Kamat Hotels (India) 的 ROCE：</p>
</div><p><strong>Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)</strong></p>
<div class="lb-trans"><p><strong>资本回报率 = 息税前利润（EBIT）÷（总资产 - 流动负债）</strong></p>
</div><p>0.12 = ₹731m ÷ (₹6.7b - ₹767m) <em>(Based on the trailing twelve months to September 2025)</em>.</p>
<div class="lb-trans"><p>0.12 = ₹731m ÷ (₹6.7b - ₹767m) <em>(基于截至 2025 年 9 月的过去十二个月数据)</em>。</p>
</div><p>Thus, <strong>Kamat Hotels (India) has an ROCE of 12%.</strong> In absolute terms, that's a satisfactory return, but compared to the Hospitality industry average of 8.2% it's much better.</p>
<div class="lb-trans"><p>因此，<strong>Kamat Hotels (India) 的 ROCE 为 12%。</strong> 从绝对值来看，这是一个令人满意的回报，但与酒店行业平均水平 8.2% 相比，表现更佳。</p>
</div><p>See our latest analysis for Kamat Hotels (India)</p>
<div class="lb-trans"><p>查看我们对 Kamat Hotels (India) 的最新分析</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/20346347-roce-1-dark-2/1769227013386" alt="" original-src="https://images.simplywall.st/asset/chart/20346347-roce-1-dark-2/1769227013386"/></p>
<p>NSEI:KAMATHOTEL Return on Capital Employed January 24th 2026</p>
<div class="lb-trans"><p>NSEI:KAMATHOTEL 资本回报率 2026 年 1 月 24 日</p>
</div><p>While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings , check out these <strong>free</strong> graphs detailing revenue and cash flow performance of Kamat Hotels (India).</p>
<div class="lb-trans"><p>虽然过去的表现并不能代表未来，但了解公司历史表现是有帮助的，这就是我们上面提供这张图表的原因。如果您想深入了解历史收益，请查看这些 <strong>免费</strong> 图表，详细说明 Kamat Hotels (India) 的收入和现金流表现。</p>
</div><h2>The Trend Of ROCE</h2>
<div class="lb-trans"><h2>ROCE 的趋势</h2>
</div><p>In terms of Kamat Hotels (India)'s historical ROCE movements, the trend isn't fantastic. Around five years ago the returns on capital were 29%, but since then they've fallen to 12%. However it looks like Kamat Hotels (India) might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.</p>
<div class="lb-trans"><p>就 Kamat Hotels (India) 的历史 ROCE 变动而言，趋势并不理想。大约五年前，资本回报率为 29%，但此后已降至 12%。然而，Kamat Hotels (India) 似乎正在进行长期增长的再投资，因为尽管投入资本有所增加，但公司在过去 12 个月的销售额变化不大。从现在开始，值得关注公司的收益，以查看这些投资是否最终会对底线产生贡献。</p>
</div><p>On a related note, Kamat Hotels (India) has decreased its current liabilities to 12% of total assets. Considering it used to be 85%, that's a huge drop in that ratio and it would explain the decline in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.</p>
<div class="lb-trans"><p>相关的是，Kamat Hotels (India) 已将其流动负债降至总资产的 12%。考虑到之前是 85%，这一比例的巨大下降解释了 ROCE 的下降。实际上，这意味着他们的供应商或短期债权人对业务的资助减少，这降低了某些风险因素。有些人可能会认为这降低了公司产生 ROCE 的效率，因为现在更多的运营资金是用自有资金来支持的。</p>
</div><h2>The Bottom Line</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>Bringing it all together, while we're somewhat encouraged by Kamat Hotels (India)'s reinvestment in its own business, we're aware that returns are shrinking. Investors must think there's better things to come because the stock has knocked it out of the park, delivering a 486% gain to shareholders who have held over the last five years. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.</p>
<div class="lb-trans"><p>综合来看，尽管我们对 Kamat Hotels (India) 在自身业务上的再投资感到有些鼓舞，但我们意识到回报正在缩减。投资者必须认为未来会有更好的表现，因为该股票在过去五年中为持有者带来了 486% 的收益。最终，如果基本趋势持续下去，我们不会对其未来成为多倍增长股抱有太大期望。</p>
</div><p>One more thing to note, we've identified <strong>2 warning signs</strong> with Kamat Hotels (India) and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>还有一点需要注意，我们已识别出 <strong>2 个警示信号</strong> 与 Kamat Hotels (India) 相关，理解这些信号应成为您投资过程的一部分。</p>
</div><p>While Kamat Hotels (India) isn't earning the highest return, check out this <strong>free</strong> list of companies that are earning high returns on equity with solid balance sheets.</p>
<div class="lb-trans"><p>虽然 Kamat Hotels (India) 的回报并不是最高的，但请查看这份 <strong>免费</strong> 的公司名单，这些公司在股本回报率上表现优异且资产负债表稳健。</p>
</div>

对 Kamat Hotels (India) (NSE:KAMATHOTEL) 及其资本回报率要保持警惕