Samhi Hotels Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Samhi Hotels Ltd filed with BSE on 10 Aug 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
SAMHI Hotels reported Q1 FY27 total income of Rs. 308.3 crores, up 7.3% year-on-year on a reported basis and 10.8% on a comparable basis after adjusting for a one-time item in the prior year base. Same-store RevPAR grew 9.6% year-on-year with portfolio occupancy at 79.3%, while reported EBITDA declined 4% year-on-year but grew 12.1% on a comparable basis after adjusting for GST regime changes. Management also discussed the RARE India leisure platform, growth pipeline across Hyderabad, Bangalore, Chennai, Noida and Navi Mumbai, and an enabling resolution for a capital raise of Rs. 750 crore.
Numbers mentioned
Total income: Rs. 308.3 crores (Q1 FY27)
p. 4
“Total income for Q1 FY2027 was Rs. 308.3 crores, which was on a reported basis up 7.3% on a year-on-year basis.”
Rajat Mehra, page 4 of the filed PDF · View the filing
Comparable revenue growth: 10.8% (Q1 FY27)
p. 4
“Therefore, on a comparable revenue growth basis, we were up 10.8%.”
Rajat Mehra, page 4 of the filed PDF · View the filing
Reported EBITDA growth: down 4% year-on-year, 12.1% comparable (Q1 FY27)
p. 4
“Therefore, while we reported our EBITDA, which was lower by 4% on a year-on-year basis, the same on a comparable basis was healthy at about 12.1%.”
Rajat Mehra, page 4 of the filed PDF · View the filing
Finance costs: Rs. 37.7 crores (Q1 FY27)
p. 4
“Finance costs for the quarter declined by 25.5% on a year-on-year basis to Rs. 37.7 crores, resulting in a PBT of Rs. 32.7 croes, up by 26.4% over the same period last year.”
Rajat Mehra, page 4 of the filed PDF · View the filing
Net debt: approximately Rs. 1,490 crores (as on June 30th, 2026)
p. 4
“Net debt as on June 30th, 2026, was approximately Rs. 1,490 crores.”
Rajat Mehra, page 4 of the filed PDF · View the filing
Net debt-to-EBITDA: approximately 3.2x trailing 12-month, approximately 2.4x for operating assets (trailing 12 months)
p. 4
“Our net debt-to-EBITDA stood at approximately 3.2x on a trailing 12-month basis and approximately 2.4x for operating”
Rajat Mehra, page 4 of the filed PDF · View the filing
Effective interest rate: 7.8%
p. 5
“Our cffective interest rate is at 7.8%,”
Rajat Mehra, page 5 of the filed PDF · View the filing
Same-store RevPAR growth: 9.6% (Q1 FY27)
p. 4
“Same-store RevPAR grew 9.6% year-on-year to approximately Rs. 5,220, with portfolio occupancy at 79.3%, which was up from 74.2% in the year-ago quarter.”
Ashish Jakhanwala, page 4 of the filed PDF · View the filing
Domestic traveler share of room nights: 82% (Q1 FY27)
p. 4
“Domestic travelers now make up 82% of the room nights we sold, up from 78% a year ago.”
Ashish Jakhanwala, page 4 of the filed PDF · View the filing
Days with occupancy above 90%: 36% (Q1 FY27)
p. 4
“36% of the days in the quarter saw occupancy in excess of 90%, which tells us underlying demand compression is intact even with softer international business.”
Ashish Jakhanwala, page 4 of the filed PDF · View the filing
RARE portfolio size: 75 hotels with 1,046 rooms across 15 states
p. 6
“The RARE portfolio now stands at 75 hotels with 1,046 rooms across 15 states.”
Ashish Jakhanwala, page 6 of the filed PDF · View the filing
F&B revenue growth: around 3.5%-4% (Q1 FY27)
p. 13
“So, combination of these three has led to around a 3.5%-4% F&B growth against the 9%-10%.”
Ashish Jakhanwala, page 13 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.
Cumulative cash flow generation — more than Rs. 3,000 crores · FY2027 - FY2031
stated firmly by Rajat Mehra
p. 5
“We remain firm on the trajectory outlined last year with the forceast to gencrate a cumulative cash flow of more than Rs. 3,000 crores (incorrectly mentioned Rs.2000 Crores on the call) over a period of FY2027 - FY2031.”
Rajat Mehra, page 5 of the filed PDF · View the filing
Long-term revenue growth — 9%-11% · long-term
stated firmly by Ashish Jakhanwala
p. 5
“has remained within our cxpected long-term revenue growth forecast of 9%- 11%, even with repeated headwinds.”
Ashish Jakhanwala, page 5 of the filed PDF · View the filing
Upscale share of revenue — approximately 60% · Financial Year 2030
stated firmly by Ashish Jakhanwala
p. 5
“And our upscale share of revenue moves from approximately 40%- 41% today to approximately 60% by Financial Year 2030.”
Ashish Jakhanwala, page 5 of the filed PDF · View the filing
RARE capital allocation as share of total capital — in the zip code of 10%-12%
stated as an aspiration by Ashish Jakhanwala
p. 7
“I think we need to be clear that the amount of capital they will suck up today and in the fsture may not really pass the zip code of around 10%-12%.”
Ashish Jakhanwala, page 7 of the filed PDF · View the filing
W Hyderabad opening — fully operational · second half of FY 2028
stated conditionally by Ashish Jakhanwala
p. 14
“We would like to be alittle cautious and say that we will make sure that that hotel s available for operations in sccond half of FY28 or Calendar Year 2027.”
Ashish Jakhanwala, page 14 of the filed PDF · View the filing
Courtyard Pune renovation start — public area and guest rooms renovations · around April of 2027
stated firmly by Ashish Jakhanwala
p. 14
“So, while we arc doing the back-end renovation, we have strategically deferred the public area and guest rooms renovations for now; which wWe now plan to start around April of 2027.”
Ashish Jakhanwala, page 14 of the filed PDF · View the filing
Net debt-to-EBITDA target — 2.4x-2.5x · FY 2028
stated firmly by Ashish Jakhanwala
p. 18
“No. We didn't say 2.5x by end of FY 2027. We think we will get there by FY 2028, both because of EBITDA.”
Ashish Jakhanwala, page 18 of the filed PDF · View the filing
RARE portfolio EBITDA — about Rs. 35 crore-Rs. 40 crore · next year and a half, two years
stated conditionally by Ashish Jakhanwala
p. 16
“I think, bad highlighted our margin profile around 35% because there is a cost towards Marioft distribution.”
Ashish Jakhanwala, page 16 of the filed PDF · View the filing
RARE portfolio return on capital employed — 50%-55%
stated as an aspiration by Ashish Jakhanwala
p. 17
“So, we clearly expect this portfolio to deliver 50%-55% return on capital employed, largely because of how it's constructed.”
Ashish Jakhanwala, page 17 of the filed PDF · View the filing
Navi Mumbai project ground-breaking — 1st April 2027 · FY2028
stated firmly by Ashish Jakhanwala
p. 20
“Ashish, we were originally planning to be on-site, hit the ground by end of this fiscal year. Let's assume to be on the safe side, 1% April 2027 is when we hit the ground.”
Ashish Jakhanwala, page 20 of the filed PDF · View the filing
Navi Mumbai project delivery timeline — three to four years
stated firmly by Ashish Jakhanwala
p. 20
“Honestly, I would give curselves between three years to four years to deliver this hotel, given the size and the scale.”
Ashish Jakhanwala, page 20 of the filed PDF · View the filing
Revenue multiplication — 2.5x, from Rs. 1,200 crores to Rs. 3,000 crores
stated as an aspiration by Ashish Jakhanwala
p. 20
“we remain fairly excited about the fact that SAMHI is destined to at least multiply its revenue by 2.5x, which s the path we have given of going from Rs. 1,200 crores to Rs. 3,000 crores.”
Ashish Jakhanwala, page 20 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 said incremental capital in RARE is negligible and expects it to remain a small portion of capital allocation, in the zip code of 10-12%, while creating disproportionate value.
Answered by Ashish Jakhanwala
Asked by Karan Khanna: How is management thinking about Leisure/RARE as part of the 2030 portfolio outlook, and what is the capital allocation strategy?
p. 7
“I think we need to be clear that the amount of capital they will suck up today and in the fsture may not really pass the zip code of around 10%-12%.”
Ashish Jakhanwala, page 7 of the filed PDF · View the filing
Management said the first half will be occupancy-driven and July has shown strength with rate growth starting to appear.
Answered by Ashish Jakhanwala
Asked by Karan Khanna: How is FY2027 revenue growth structured between rate and occupancy, and how is July trending?
p. 8
“I can assure you that July is trending far ahead of where we ended the previous quatter.”
Ashish Jakhanwala, page 8 of the filed PDF · View the filing
Management said sign-ups exceeded expectations and delays relate to existing contracts on other platforms and process/time needed for onboarding.
Answered by Ashish Jakhanwala
Asked by Jinesh Joshi: Why have only about 40 of 75 RARE hotels signed up for the Marriott Outdoor Collection program?
p. 8
“So, Jinesh, actually, the sign-ups are far ahead of our own expectation when we had done the transaction.”
Ashish Jakhanwala, page 8 of the filed PDF · View the filing
Management said the resolution is to keep the Board prepared to act quickly on unknown risks or opportunities while maintaining balance sheet discipline.
Answered by Ashish Jakhanwala
Asked by Jinesh Joshi: Why take an enabling resolution for Rs 750 crore given limited near-term funding needs?
p. 9
“Now as and when such problems or opportunities arise, Jinesh, we just want the Board to be capable to take their decisions in time.”
Ashish Jakhanwala, page 9 of the filed PDF · View the filing
Management attributed softer rate growth to the West Asia crisis disrupting international travel, while emphasizing total revenue growth remained in the 9-11% guided range.
Answered by Ashish Jakhanwala
Asked by Vikas Ahuja: Why has ADR growth slowed and is occupancy being boosted at the expense of rate?
p. 10
“Two, you are absolutely right. The last quarters, the West Asia crisis, which has then led to disruption in intermational business travel or international inbound travel, is leading to the rate growth being slightly soft.”
Ashish Jakhanwala, page 10 of the filed PDF · View the filing
Management clarified the resolution covers all instruments and is meant to allow flexibility to respond to unknown problems or opportunities without compromising balance sheet strength.
Answered by Ashish Jakhanwala
Asked by Vikas Ahuja: Why raise equity rather than debt given the enabling resolution?
p. 11
“Enabling resolution is for almost everything. I will repeat that it just an cnabling resolution to allow the Board to act in time.”
Ashish Jakhanwala, page 11 of the filed PDF · View the filing
Management explained mid-scale outperformed due to strong occupancy gains, while average room rates were similar across segments.
Answered by Ashish Jakhanwala
Asked by Shrinjana Mittal: Why did upper upscale RevPAR growth underperform mid-scale this quarter?
p. 12
“But what you saw is that the mid-scale outperformed the broader upscale because of the RevPAR growth of 13.7%.”
Ashish Jakhanwala, page 12 of the filed PDF · View the filing
Management cited a shift toward domestic travelers who spend less on F&B, a Bangalore restaurant renovation, and event cancellations linked to the West Asia crisis.
Answered by Ashish Jakhanwala
Asked by Vaibhav Muley: Why did F&B revenue growth slow this quarter?
p. 13
“So, combination of these three has led to around a 3.5%-4% F&B growth against the 9%-10%.”
Ashish Jakhanwala, page 13 of the filed PDF · View the filing
Management confirmed these two projects are not included in the GIC arrangement and remain wholly owned by SAMHI.
Answered by Ashish Jakhanwala
Asked by Vaibhav Muley: Does the GIC joint venture's right to participate include the Navi Mumbai and W Hyderabad projects?
p. 14
“No. Those are opportunities which were seeded prior to the GIC joint venture. So, both Navi Mumbai and W Hyderabad are currently and proposed to be owned 100% by SAMHL”
Ashish Jakhanwala, page 14 of the filed PDF · View the filing
Management said RARE could deliver roughly 5x SAMHI's consolidated ROCE, driven by its asset-light structure.
Answered by Ashish Jakhanwala
Asked by Viraj Mahadevia: What return on capital employed can RARE achieve compared to SAMHI's consolidated ROCE?
p. 17
“So, Viraj, not double. It should do probably 5x.”
Ashish Jakhanwala, page 17 of the filed PDF · View the filing
Management attributed the disconnect to a one-time other income item in the prior year base and a GST-related expense impact in the current year.
Answered by Ashish Jakhanwala
Asked by Viraj Mahadevia: Why did EBITDA decline year-on-year despite revenue growth and PBT growth of 25%?
p. 17
“This quarter, we tried kind of giving a bridge on Slide #21 (incorrectly mentioned slide#30 on the call), Quarter 1 FY 26, Rs. 9 crore of other income, which really which was not an operating income, which came to us because of the GIC transaction where an instrument got revalucd.”
Ashish Jakhanwala, page 17 of the filed PDF · View the filing
Management said such provisions are common for capital-intensive businesses and that mix/structure cannot be answered until the Board actually deliberates a specific need.
Answered by Ashish Jakhanwala
Asked by Bharat Gianani: Does taking an enabling resolution every year create investor overhang, and what would the equity/debt mix be if utilized?
p. 19
“I cannot answer about the mix because as I said, this is an enabling resolution. We have not really done any work or met investors or deliberated about all of that.”
Ashish Jakhanwala, page 19 of the filed PDF · View the filing
Management said all prior issues are resolved, statutory approvals are progressing, and major capital deployment will begin in FY2029-FY2030 during finishing and engineering installation phases.
Answered by Ashish Jakhanwala
Asked by Ashish (Leo Capital): What is the status and timeline for the Navi Mumbai project, and when will major capital investment begin?
p. 20
“The main part of capital investment in this project will start in FY 2029, FY 2030, which is when we head into finishing and engineering installations.”
Ashish Jakhanwala, page 20 of the filed PDF · View the filing
Risks flagged
Geopolitical escalation and Gulf carrier limitations disrupted aviation passenger traffic early in the quarter
p. 3
“On aviation, passenger traffic did dip carly in the quarter as the geopolitical situation escalated, and more so because of the limitations of the Gulf carricrs.”
Ashish Jakhanwala, page 3 of the filed PDF · View the filing
West Asia crisis disrupted international business travel and softened rate growth
p. 10
“The last quarters, the West Asia crisis, which has then led to disruption in intermational business travel or international inbound travel, is leading to the rate growth being slightly soft.”
Ashish Jakhanwala, page 10 of the filed PDF · View the filing
Event cancellations at hotels due to the West Asia crisis
p. 13
“Third, we had some event cancellations on account of the West Asia crisis.”
Ashish Jakhanwala, page 13 of the filed PDF · View the filing
External environment uncertainty including repeated unexpected disruptions over the past year
p. 9
“Number one is that in starting last year with Operation Sindhoor, IndiGo crisis, Middle East crisis, every quarter we have seen something that would have been termed as unpleasant, would have been termed as unexpected.”
Ashish Jakhanwala, page 9 of the filed PDF · View the filing
Regulatory approval and licensing delays could affect project timelines
p. 14
“We have always scen surprises come our way in terms of regulatory approvals and licenses.”
Ashish Jakhanwala, page 14 of the filed PDF · View the filing
GST regime change increases cost impact on midscale rooms
p. 4
“Operating expenses in Q1 FY2026 include an approximate impact of Rs. 9.2 crores from the change in the GST regime from 12% with the input tax credit to 5% without the input tax credit.”
Rajat Mehra, page 4 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.