1.At a Glance
Samhi Hotels has pulled off what many hospitality players only dream of — turning big, ugly losses into profit headlines. Q1 FY26 sawPAT up 354% YoY, EBITDA margins at a plush36.8%, and a368% jump in quarterly net profitversus the previous year’s sleepy performance. Of course, before you pack your bags for Goa, remember: debt remains the “loyal guest” that refuses to check out, and the stock still trades at4.3× book value.
2.Introduction
Samhi isn’t just running hotels; it’s running a high-stakes property rehab clinic. Their specialty? Buying tired-looking hotels, giving them a five-star corporate scrub, and then letting Marriott, IHG, or Hyatt slap their brands on the doors.
The past five years were a roller-coaster of losses, pandemic shutdowns, and balance-sheet CPR sessions. But FY25–26 is where they’re starting to look more like a business and less like a rescue mission.
3.Business Model (WTF Do They Even Do?)
Samhi is anacquisition-led branded hotel owner & asset manager. They own 32 hotels (4,948 rooms) in 14 cities, focusing on high-demand, business-heavy micro-markets. They don’t run the hotels themselves — instead, Marriott, IHG, or Hyatt manage the day-to-day while Samhi collects the revenues (and headaches).
4.Financials Overview
| Metric | Latest Qtr (Q1 FY26) | YoY Qtr (Q1 FY25) | Prev Qtr (Q4 FY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 272.21 | 239.99 | 319.00 | 13.4% | -14.7% |
| EBITDA (₹ Cr) | 100.20* | 80.00* | 122.00 | ~25% | -18.0% |
| PAT (₹ Cr) | 19.22 | 4.15 | 46.00 | 362.9% | -58.2% |
| EPS (₹) | 0.78 | 0.17 | 2.07 | 358.8% | -62.3% |
*EBITDA is approximated from margins; company reports 36.8% margin.
Annualised EPS = ₹0.78 × 4 =
₹3.12 → P/E ~ 71× at CMP — though hospitality P/Es are more “hope-pricing” than reality.
5.Valuation (Fair Value RANGE only)
Method 1: P/E Approach
- Industry forward P/E range: 35–50×.
- On annualised EPS ₹3.12 → FV range ₹109 – ₹156.
Method 2: EV/EBITDA
- Annualised EBITDA ≈ ₹400 Cr; industry range 14–18× EV/EBITDA.
- EV range ≈ ₹5,600 – ₹7,200 Cr → Per share FV ≈ ₹170 – ₹220.
Method 3: DCF(assuming 10% revenue CAGR, 10% WACC, modest capex): ₹160 – ₹210.
Educational FV Range:₹160 – ₹210(For learning purposes only. If you start valuing hotels on P/E alone, I have a bridge in Mumbai to sell you.)
6.What’s Cooking – News, Triggers, Drama
- Q1 FY26:PAT +354%, margin expansion, but QoQ softness post-season.
- Asset Sale:Hotel “Caspia” sold for ₹65 Cr (1.74% of net worth) — shedding lower-yield assets to free capital.
