Samhi Hotels Q2 Revenue Rises 15.6% to ₹338 Crore as Same-Store Growth Beats Guidance

Key numbers

Q2 Revenue	₹338.07 CrUp 15.4% YoY
Net Profit	₹33.55 CrAttributed to owners
Market Cap	₹3,424.12 CrHotels Sector
Day RSI	53.26Neutral Zone

Key highlights

• Revenue from operations grew 15.6% YoY to ₹338.07 crore for the quarter ended September 2026
• Same-store revenue growth of 12.6% exceeded the long-term guidance range of 9% to 11%
• Revenue per Available Room (RevPAR) increased 14%, driven by a 9% rise in average rates
• Portfolio occupancy stood at 78.6%, with 37% of nights in the quarter effectively sold out at above 90% occupancy
• Comparable EBITDA margin improved to 39.1% after adjusting for GST regulation impacts
• Net debt reduced by ₹35 crore during the quarter to ₹1,458 crore, with a long-term target of 2.5x leverage

Strong Corporate Demand Drives Revenue and Occupancy

Samhi Hotels reported a significant operational uptick in Q2 FY27, with portfolio occupancy rising to 78.6% from 75% in the previous year. The growth was primarily led by robust corporate activity in Bangalore and Hyderabad, where office space absorption reached 7.9 million square feet during the quarter. This demand surge allowed the company to achieve 14% RevPAR growth, comprising a 9% increase in average daily rates and 3.6 percentage points gain in occupancy.

Management noted that domestic travelers accounted for 80% of room nights, reflecting strong local demand from GCCs and industrial parks surrounding their assets.

Upcoming Assets to Shift Portfolio Mix Towards Upscale

• The 170-room W Hyderabad in HITEC City is in the final stages of construction with an opening target of Q2 FY28
• W Hyderabad is expected to add approximately 10% to the company's FY27 revenue base upon stabilization
• Construction for the Westin and Tribute portfolio in Whitefield, Bangalore, has progressed from excavation to basement stages
• A 162-room upscale hotel at Noida's IKEA Center is advancing with second-floor slab completion
• The company aims for the upscale and upper-upscale segments to contribute 60% of total income by FY30, up from the current 42%

Deleveraging Targets and Asset Monetization

The company continues its focus on strengthening the balance sheet, reducing net debt by ₹35 crore during the quarter despite ongoing growth investments. Management reiterated its commitment to reaching a net debt-to-EBITDA ratio of 2.5x, possibly by FY28. To accelerate this, Samhi has identified two small non-core hotels for monetization, with an estimated realization value of ₹200 crore to ₹230 crore.

Additionally, the company expects to recognize approximately ₹100 crore in deferred tax assets in Q4 FY27, which is anticipated to have a positive impact on reported net profit figures.

Management Outlook on Premiumization

By FY30, we expect upper and upper upscale to rise from 42% of our income to about 60%. This is important because if you see the last six months, the EBITDA performance of our upscale hotel was almost 800 basis points ahead of the broader portfolio.

What to watch next

• Integration of Rare India partners with Marriott Bonvoy distribution scheduled for December 2026
• Recognition of approximately ₹100 crore in deferred tax assets expected in Q4 FY27
• Commercial opening of the flagship W Hyderabad (HITEC City) targeted for Q2 FY28
• Execution of non-core asset sales for ₹200-230 crore over the next 12-18 months

“Our same store revenue grew by 12.6%. This is ahead of our long-term guidance of 9% to 11%. Revpar growth for the same store hotels was up about 14%.”

“The deferred tax recognition which is still left for us to take in the P&L is roughly around 100 odd crores put together. And we expect that to be taken in our P&L in the Q4.”

Samhi Hotels · financial snapshot

Share price	₹153.99
Market capitalisation	₹3,424.12 Cr
Revenue (annual)	₹1,247.80 Cr
Net profit (annual)	₹502.99 Cr
Revenue (latest quarter)	₹338.07 Cr+10.77% vs previous quarter
Net profit (latest quarter)	₹33.55 Cr+83.82% vs previous quarter
P/E (TTM)	7.69×Sector 44.75×
Promoter holding	0%0.00% QoQ
FII holding	48.32%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.