Apeejay Surrendra Park Hotels Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Apeejay Surrendra Park Hotels Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Apeejay Surrendra Park Hotels reported Q4 FY26 consolidated operating revenue of Rs 184 crore, up 4% year-on-year, with EBITDA of Rs 53 crore and PAT of Rs 12 crore, while full-year FY26 revenue crossed Rs 700 crore for the first time, growing 12% year-on-year. Management attributed softer ARR and RevPAR growth during the year to cancellations linked to the Middle East war and Operation Sindoor, particularly affecting Delhi and Hyderabad. The company also detailed its development pipeline including EM Bypass Kolkata apartment sales, Flurys expansion plans, and a target of over 6,000 keys by FY30.
Numbers mentioned
Consolidated operating revenue: 184 crores (Q4 FY26)
p. 3
“Consolidated operating revenue stood at 184 crores, up 4% year-on-year”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
EBITDA: INR 53 crores (Q4 FY26)
p. 3
“EBITDA stood at INR 53 crores, with an EBITDA margin of 28.85%.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
Profit after tax: 12 crores (Q4 FY26)
p. 3
“Profit after tax stood at 12 crores, with a PAT margin of 6.44%.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
ARR: INR 9,020 (Q4 FY26)
p. 3
“The ARR increased 3% on a year-toyear basis at INR 9,020, and RevPAR remained resilient at 8,149, despite a very high base.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
Consolidated operating revenue: 707 crores (FY26)
p. 3
“Consolidated operating revenue stood at 707 crores, registering a growth of 12% year-on-year”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
EBITDA: 218 crores (FY26)
p. 3
“EBITDA stood at 218 crores, with an EBITDA margin of 30.82%.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
Profit after tax: 66 crores (FY26)
p. 3
“Profit after tax stood at 66 crores, with a PAT margin of 9.21%.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
Occupancy: 91% (FY26)
p. 3
“Occupancy for the year remained strong at 91%, while ARR increased 9% year-on-year to 8,304.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
RevPAR: 7,584 (FY26)
p. 3
“RevPAR also grew 7% year-on-year to 7,584, reflecting continued pricing strength and healthy operating momentum across the portfolio.”
Mr. Vijay Dewan, page 3 of the filed PDF · View the filing
F&B revenue: INR 300 crores (FY26)
p. 4
“During FY26, F&B revenues crossed INR 300 crores and contributed approximately 43% of total revenues, supported by healthy traction across restaurants, nightlife, and experiential dining formats.”
Mr. Vijay Dewan, page 4 of the filed PDF · View the filing
Flurys revenue growth: 29% (FY26)
p. 4
“Flurys delivered robust revenue growth of 29% year-on-year during FY26, while continuing to deepen customer engagement across markets.”
Mr. Vijay Dewan, page 4 of the filed PDF · View the filing
EM Bypass apartment sales: 29 apartments sold at average Rs. 20,857 per square foot (FY26)
p. 5
“Out of the 34 apartments in the block, 29 have been sold at an average realization price of Rs. 20,857 per square foot.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Cash flow improvement from EM Bypass: over 11 crores (up to April 2026)
p. 5
“Cash flows have improved by over 11 crores up to April ‘26 on account of EM Bypass apartment sales.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Hotels launched: 7 hospitality properties adding 283 keys (FY26)
p. 5
“During FY26, we launched 7 hospitality properties adding 283 keys to our network, including three hotel launches during the quarter itself”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Interest cost: 8.35%
p. 14
“The interest cost at present is 8.35%, which is the MCLR of the bank.”
Mr. Atul Khosla, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Key count — surpassing 6,000 keys · FY30
stated as an aspiration by Ms. Priya Paul
p. 2
“with a clear target of surpassing 6,000 keys by FY30, we remain focused on maintaining industry-leading occupancy levels and enhancing profitability across our portfolio”
Ms. Priya Paul, page 2 of the filed PDF · View the filing
Flurys outlets — more than 30 outlets · next 10 months
stated firmly by Ms. Priya Paul
p. 4
“Flurys plans to add more than 30 outlets over the next 10 months.”
Ms. Priya Paul, page 4 of the filed PDF · View the filing
Flurys outlets in West Bengal — 100 outlets · centenary year in 2027
stated as an aspiration by Ms. Priya Paul
p. 4
“In preparation for its centenary year in 2027, it plans to reach 100 outlets in West Bengal alone.”
Ms. Priya Paul, page 4 of the filed PDF · View the filing
Hotel launches — 12 hotels totalling to 472 keys · FY27
stated firmly by Mr. Vijay Dewan
p. 5
“During FY27 we plan to add 12 hotels totalling to 472 keys, out of which 8 would be asset-light side of the model taking the total key count past the 3,000 keys by FY27.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Total hotels — 85 hotels, 6,635 keys · next four years
stated as an aspiration by Mr. Vijay Dewan
p. 5
“Over the next four years we plan to double the number of hotels from 42 hotels presently to 85 hotels and take the key count from 2,677 to 6,635.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Cash flow improvement from EM Bypass sales — close to 70 crores · during the course of this year
stated conditionally by Mr. Vijay Dewan
p. 5
“From EM Bypass sale, we expect additional cash flow improvement of close to 70 crores during the course of this year.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Park Mumbai Juhu project — completion targeted · March 2027
stated firmly by Mr. Vijay Dewan
p. 5
“We have also finalized the design for the Park Mumbai at Juhu, comprising now 78 rooms with project commencement planned in June ‘26 and completion targeted by about March ‘27.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Vizag project launch — project launch on ground · August 2026
stated firmly by Mr. Vijay Dewan
p. 5
“In Vizag, with the environment clearances now in place for the upcoming 100-room development, project launch is expected to be on ground in August of 2026.”
Mr. Vijay Dewan, page 5 of the filed PDF · View the filing
Flurys outlets — 140 outlets or a little bit more · next 10 months
stated firmly by Mr. Vijay Dewan
p. 6
“We plan to take it from current level of 110 to 140 outlets, or maybe a little bit more.”
Mr. Vijay Dewan, page 6 of the filed PDF · View the filing
Flurys outlets — 40 to 50 additional outlets · over the next four years to 2030
stated as an aspiration by Mr. Vijay Dewan
p. 6
“And then the plan remains to add 40 to 50 outlets of Flurys over the next four years to 2030.”
Mr. Vijay Dewan, page 6 of the filed PDF · View the filing
Patiala occupancy — close to about 50% · during the season of October to December
stated as an aspiration by Mr. Vijay Dewan
p. 10
“We expected Patiala - the occupancy to go close to about 50% which is going to be significant because that's the kind of occupancy at high ARR the leisure properties attain and that is considered to be very successful.”
Mr. Vijay Dewan, page 10 of the filed PDF · View the filing
West Bengal room count — doubled · next four years
stated as an aspiration by Mr. Vijay Dewan
p. 15
“So, it is a very strong presence in Bengal, and as we go along over the next four years, it will continue to be strong.”
Mr. Vijay Dewan, page 15 of the filed PDF · View the filing
Malabar House acquisition — acquisition to close · within the month of June
stated conditionally by Mr. Vijay Dewan
p. 16
“And we expect this acquisition to be actually concluded within the month of June.”
Mr. Vijay Dewan, page 16 of the filed PDF · View the filing
Vizag hotel opening — 2030
stated firmly by Mr. Vijay Dewan
p. 16
“we have given that timeline to open in 2030”
Mr. Vijay Dewan, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed it to cancellations from the geopolitical situation and the Middle East war, particularly in Delhi and Hyderabad, but said conditions have stabilized.
Answered by Mr. Vijay Dewan
Asked by Archana Gude: Why did ARR growth slow to just 3% year-on-year with sequential decline in Q4?
p. 6
“There have been cancellations because of the geopolitical situation and the war in the Middle East. Large significant cancellations did take place in Delhi as well as in Hyderabad.”
Mr. Vijay Dewan, page 6 of the filed PDF · View the filing
Management said two disruptions during the year, Operation Sindoor in Q1 and the Middle East war from late February, held back growth, and considered 12% a good outcome given these disruptions.
Answered by Mr. Vijay Dewan
Asked by Archana Gude: Why did full-year top-line growth come in at 12% versus earlier mid-teens guidance?
p. 6
“the 12% growth, considering the fact that there were two disruptions, has been very good”
Mr. Vijay Dewan, page 6 of the filed PDF · View the filing
Management said 30 more outlets will be added over the next 10 months, largely in Delhi, Pune, West Bengal, Hyderabad and Bangalore, and reaffirmed the ability to meet targets under new leadership.
Answered by Mr. Vijay Dewan
Asked by Archana Gude: Is Flurys' outlet count lower than earlier guided, and are there expansion challenges?
p. 7
“we are definitely going to add 30 more outlets during the course of the next 10 months”
Mr. Vijay Dewan, page 7 of the filed PDF · View the filing
Management explained that website availability can persist until midnight even when the hotel fills up, and that all rooms being occupied on all days is what defines the 100% occupancy metric.
Answered by Mr. Vijay Dewan
Asked by Malav: How is 100% occupancy at Park Calcutta calculated if the website shows rooms available?
p. 9
“It means that all the rooms are occupied on all days. 100% occupancy means all days and the hotel is full all the time.”
Mr. Vijay Dewan, page 9 of the filed PDF · View the filing
Management said Kolkata has limited supply growth ahead and viewed the change in government as positive for investment and stability in the region.
Answered by Mr. Vijay Dewan
Asked by Sumant Kumar: What is the outlook for the Kolkata market given the change in state government?
p. 8
“Calcutta has, at the moment, a very limited supply. At the moment it only has 5,101 keys, and roughly over the next five years, very limited supplies coming in.”
Mr. Vijay Dewan, page 8 of the filed PDF · View the filing
Management gave last year's ARR and occupancy figures for both properties and said both are expected to improve this year.
Answered by Mr. Vijay Dewan
Asked by Animesh Jain: What is the current performance of Ran Baas Palace and Lotus Palace Chettinad?
p. 10
“The Ran Baas Palace completed last year with an occupancy ARR of 31,000 plus and an ARR of approximately 20%.”
Mr. Vijay Dewan, page 10 of the filed PDF · View the filing
Management said the central kitchen idea was dropped in favor of outsourcing manufacturing to a vendor, which they said would enable faster expansion.
Answered by Mr. Vijay Dewan
Asked by Anuj Kashyap: Has the central kitchen plan for Flurys in Delhi been dropped, and is execution lagging?
p. 12
“We have dropped the idea of making a central kitchen at New Delhi. We are going to be outsourcing the manufacturing of the products to a vendor”
Mr. Vijay Dewan, page 12 of the filed PDF · View the filing
The CFO said interest cost is currently at the bank MCLR of 8.35% and that most of the roughly Rs 1,500 crore capital requirement will be funded through internal accruals.
Answered by Mr. Atul Khosla
Asked by Hari Kumar: How will the company manage interest costs given planned capital expenditure?
p. 14
“So, there is a 1500 crores demand, which is being funded mostly through internal accruals, even if I take 250 crores as an EBITDA projection for five years.”
Mr. Atul Khosla, page 14 of the filed PDF · View the filing
Management cited delay in obtaining environmental clearance as the reason, though it noted permissions are now largely in place and the project lacks a basement, which could speed construction.
Answered by Mr. Vijay Dewan
Asked by Jinesh Joshi: Why has the Vizag hotel timeline shifted from early 2029 to early 2030?
p. 17
“There has been a little bit of delay in getting the environmental clearance. But the environmental clearance, which is the most difficult permission in Vishakhapatnam, it got a little delayed, but now it is in place.”
Mr. Vijay Dewan, page 17 of the filed PDF · View the filing
Risks flagged
Geopolitical developments and disruptions in international travel flows affecting the hospitality sector
p. 2
“The sector witnessed periods of volatility driven by geopolitical developments, disruptions in international travel flows, intermittent supply side constraints including LPG shortages in select markets, inflationary pressures across operating costs and fluctuations in travel sentiment across certain regions.”
Ms. Priya Paul, page 2 of the filed PDF · View the filing
War and tension in the Middle East impacting profitability
p. 4
“Although profitability during the year was impacted by war and tension in the Middle East, higher depreciation and finance costs linked to ongoing expansion initiatives, the overall operating environment remained healthy, and demand trends across most of our key markets continued to be encouraging.”
Mr. Vijay Dewan, page 4 of the filed PDF · View the filing
Cancellations in Delhi and Hyderabad due to Middle East war
p. 6
“There have been cancellations because of the geopolitical situation and the war in the Middle East. Large significant cancellations did take place in Delhi as well as in Hyderabad.”
Mr. Vijay Dewan, page 6 of the filed PDF · View the filing
Operation Sindoor disruption in Q1 impacting growth
p. 6
“One is the disruption which took place because of Operation Sindoor which happened in”
Mr. Vijay Dewan, page 6 of the filed PDF · View the filing
Delay in environmental clearance affecting Vizag project timeline
p. 16
“There has been a slight delay. The permissions are not largely in our control.”
Mr. Vijay Dewan, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.