Opening Hook
While the world obsessed over India–Pakistan border headlines, SAMHI Hotels was battling its own war—empty hotel rooms in May. But just when analysts sharpened their red pens, June bounced back stronger than April, proving that hotel demand has shorter memory than Twitter trends. The headline? Total income up 13% YoY to ₹287 cr, EBITDA up 19% to ₹106 cr, and PAT tripled to ₹19.2 cr (Q1 FY26 results). That’s not “adjusted hospitality math,” that’s the strongest Q1 start SAMHI has ever had. And here’s why it matters now: a balance sheet once tagged as weak is now upgraded by ICRA to ‘A (Positive)’. Stick around—things get spicier two scrolls down.
At a Glance
- RevPAR ₹4,760 (+10% YoY) – May flopped, but June got the bookings back
- Revenue ₹287 cr (+13% YoY) – guests didn’t just eat breakfast, they stayed the night
- EBITDA ₹106 cr (+19% YoY) – cost discipline served hotter than the buffet
- PAT ₹19.2 cr (3x YoY) – first time profit didn’t need an asterisk
- Net debt ₹1,434 cr → ₹1,370 cr – post Caspia Delhi exit, leverage ratio now ~3x
- ICRA upgrade: A- → A (Positive) – credit rating finally matches the hospitality smile
Management’s Key Commentary
Ashish Jakhanwala (MD & CEO):
“May was soft due to geopolitical events, but June bounced back to April levels.”
→ Translation: Border tensions cancelled conferences faster than Zoom could replace them.
“Capital recycling core to strategy; sold Caspia Delhi for ₹65 cr.”
→ Translation: Weak hotels out, W Hyderabad in.
“1,000 rooms under rebranding/redevelopment, including W Hyderabad & Westin Bangalore.”
→ Translation: SAMHI is quietly morphing into India’s Marriott sidekick.
Rajat Mehra (CFO):
“Revenue ₹287 cr, EBITDA ₹106 cr, margin ~37%.”
→ Translation: Even with May chaos, 1 in every 3 rupees dropped to the bottom line.
“Finance costs down 30%, from ₹195 cr → ₹135 cr; blended cost of debt now 8.5%.”
→ Translation: GIC’s cheque reduced bankers’ bargaining power.
“Target 8.1% cost of funds by FY27.”
→ Translation: Hotels may be luxury, debt is now budget-friendly.
On F&B drag:
“Corporate events/MICE took a hit, but upgrades at Hyatt Gurgaon, Sheraton Hyd & Hyatt Pune to push growth back to 10–11% in H2.”
→ Translation: Fixing
