SAMHI Hotels Ltd.

SAMHI

Sector: Hotels
Qtr Score Rank 45 / 57 (Top 23 percentile)Growth Score Rank 24 / 51 (Top 55 percentile)

Quarterly Score

↔ Trend: Stable
Sentiment stable - Recent avg: 8.13, Historical avg: 8.22

Showing the latest 12 quarterly points (newest to oldest).

Score context (latest 12 quarters)

Q2FY24
8.0

No additional context available.

Q3FY24
8.0

No additional context available.

Q4FY24
7.5

No additional context available.

Q2FY25
8.5

No additional context available.

Q3FY25
8.5

No additional context available.

Q4 FY2025
8.8

Strong visibility into FY26/27 growth: Trinity Whitefield conversion expected to add INR 180-200 Cr in revenue; Hyderabad W-brand conversion to add INR 100 Cr (H2 FY27); 300+ new Holiday Inn Express rooms are now operational and will contribute to FY26 growth.

Rationale

  • Material fundamental inflection point reached with the first full year of PAT profitability (INR 86 Cr) and healthy 18% YoY revenue growth (INR 1,150 Cr).
  • Significant balance sheet strengthening via GIC partnership (INR 750 Cr capital commitment), reducing Net Debt/EBITDA from pre-IPO highs to 3.2x (and 2.7x for operating assets).
Q1 FY2026
8.8

Management targets 9-11% same-store growth and expects total revenue to reach INR 1,500 cr (40% increase from FY25) once the current pipeline is operational, even without further RevPAR increases. Expected investable surplus of INR 1,700 cr over 5 years.

Rationale

  • Strong financial performance with total income growing 13% YoY to INR 287 cr and EBITDA growing 19% YoY to INR 106 cr, indicating healthy operating leverage.
  • Significant capital structure improvement: Net debt reduced to ~INR 1,370 cr (post-Caspia sale) with Net Debt/EBITDA at 3.0x, and a 30% reduction in annual interest outflow from INR 195 cr to INR 135 cr.
Q2 FY2026
7.8

Maintained long-term RevPAR CAGR guidance of 9-11% for 3-5 years. Management expects H2 FY26 to be significantly stronger than H1 due to seasonality and favorable demand-supply dynamics in core markets (Bangalore, Hyderabad, Pune). 1,500+ rooms are currently under active development/rebranding.

Rationale

  • Delivered healthy financial growth with Total Income up 11% YoY (INR 296 Cr) and EBITDA increasing 14% YoY (INR 110 Cr), outperforming revenue growth and signaling operating leverage.
  • Material improvement in balance sheet strength; Net Debt/EBITDA reduced to 2.9x (2.4x on operating assets) and average interest costs fell to 8.5% following a credit rating upgrade to A+.
Q3 FY2026Latest
7.8

Maintained long-term revenue target of INR 3,000 Cr by 2030; Q4 FY26 momentum expected to be strong driven by event demand (World Cup) and February business compression.

Rationale

  • Strong top-line momentum with total income growing 16.2% YoY (INR 342 Cr) and same-store RevPAR increasing 13% YoY to INR 5,643, driven by a 15.9% ADR growth.
  • Significant improvement in the bottom line and capital structure; finance costs declined 33% YoY (INR 40 Cr vs INR 60 Cr), while net debt to EBITDA remains stable at 3.0x despite ongoing expansion capex.

Future Growth Prospects

Growth score: 8.5Visibility: 8%Updated: 19 Feb 2026, 03:07 pm

Catalysts (next 12-24 months)

Total triggers: 5Visible per view: 1 / 2 / 3Slides: 5

Swipe or use arrows to browse all triggers.

capacityDec 2026 (Q4 FY27)Impact: revenueQty: 170 rooms

W, HITEC City, Hyderabad opening

• Q3 FY26 · concall · Our W Hyderabad in HITEC City, a 170-room luxury development under W Hotel brand is progressing as planned... We are targeting a December 2026 opening.

Show evidence (2)

• FY27 · ppt · W, HITEC City, Hyderabad (170 rooms) New Opening

capacityFY29Impact: revenueQty: 220 rooms

Westin, Whitefield, Bangalore new block development

• Q3 FY26 · concall · In Bangalore, the demolition and preconstruction activities for the 220 rooms Westin block in Whitefield Bangalore has commenced.

Show evidence (2)

• Under Renovation & Development · ppt · Westin, Whitefield, Bangalore (142 rooms renovation & 220 new rooms)

rebrandingBy end of March (Q4 FY26)Impact: arrQty: 142 rooms

Trinity Whitefield Bangalore rebranding & renovation

• Q3 FY26 · concall · the Trinity Hotel in Bangalore, which we had acquired last year, has really ramped up well. We expect that to start kind of outperforming through FY '27.

Show evidence (2)

• Q3 FY26 · concall · We are going to complete a very small refurb program between now and March end, which is about INR 23 crores, INR 24 crores.

capacityFY29Impact: revenueQty: 260 rooms

New Mid-scale asset, Financial District, Hyderabad

• FY29 · ppt · Mid-scale asset, Financial District, Hyderabad New Opening (260 rooms)

Show evidence (2)

• Q3 FY26 · concall · a 260-room mid-scale hotel under a long-term variable lease in Hyderabad Financial District... minimises upfront capital and shortens the capex to revenue cycle.

capacityFY30+Impact: revenueQty: 700 rooms

Westin & Fairfield by Marriott, Navi Mumbai development

• Q3 FY26 · concall · landmark dual-branded hotel development in Navi Mumbai, which will redefine both Navi Mumbai's skyline and also SAMHI's future... comprised of around 400 rooms with a potential to expand to 700 rooms.

Show evidence (2)

• FY30+ · ppt · Westin & Fairfield by Marriott, Navi Mumbai New Opening (~700 rooms)

Variant perception

Non-consensus view
Consensus

Management believes short-term GST-related margin impact is offset by long-term sales volume gains from increased affordability, especially in mid-scale.

Upside
  • Dynamic repricing on compressed demand days yields high rates, reducing dependence on fixed RFP prices.
Show more (1)
  • Capital-efficient variable leases are funded by internal cash flows, minimizing balance sheet pressure for growth.
Downside
  • Underestimation of new hotel supply in Navi Mumbai, despite airport development, leading to pricing pressure.
Show more (1)
  • Vulnerability to unforeseen event risks (e.g., monsoons, terror attacks) can cause sudden demand wipeouts.
base case75% conf
Growth: 13

Quick takeaway

Consistent same-store RevPAR growth between 9-11% CAGR in next 3-5 years.

Risk watch: Short-term GST impact on mid-scale margins due to ITC removal.

Show details (2 drivers, 2 risks)

Drivers

  • Consistent same-store RevPAR growth between 9-11% CAGR in next 3-5 years.
  • Incremental 1,450 rooms from development/rebranding contributing to revenue.

Risks

  • Short-term GST impact on mid-scale margins due to ITC removal.
  • Unexpected external disruptions (e.g., airline crises) affecting December-like periods.
upside case85% conf
Growth: 16

Quick takeaway

Faster-than-expected ramp-up and outperformance of new upscale assets like W Hyderabad.

Risk watch: Delays in project commissioning or slower-than-anticipated market absorption.

Show details (2 drivers, 2 risks)

Drivers

  • Faster-than-expected ramp-up and outperformance of new upscale assets like W Hyderabad.
  • Increased sales volumes in mid-scale segment due to hotels becoming more affordable post-GST.

Risks

  • Delays in project commissioning or slower-than-anticipated market absorption.
  • Intensified competitive supply entering key micro-markets.
downside case50% conf
Growth: 9

Quick takeaway

Persistent external disruptions impacting corporate travel and MICE segments.

Risk watch: Inability to fully offset GST impact on margins through pricing power or volume growth.

Show details (2 drivers, 2 risks)

Drivers

  • Persistent external disruptions impacting corporate travel and MICE segments.
  • Slower-than-projected economic growth affecting discretionary spending.

Risks

  • Inability to fully offset GST impact on margins through pricing power or volume growth.
  • Cost overruns or prolonged delays in ongoing development projects.

Story of the Stock - Top Strategies

Latest Fiscal Years: FY26Top strategies (ranks 1-3) per year
Curated from latest transcripts
Fiscal YearFY26
#1Impact: HIGH

Navi Mumbai Dual-Branded Hotel Development

Adds ~400 rooms in Phase I, potential to expand to ~700 rooms, becoming SAMHI's largest hotel asset.

Phase 1 with ~400 rooms; potential to expand to ~700 rooms.
Show more

SAMHI's entry into the Mumbai metropolitan region with a landmark dual-branded hotel (Westin and Fairfield by Marriott) near the Navi Mumbai International Airport.

Impact: 700 rooms

Evidence

SAMHI's largest hotel by room count, with ~400 rooms in Phase 1 and potential to expand to ~700 rooms.
Strategic for several reasons: first presence in Mumbai metropolitan region, filling a key gap in portfolio.
Cost to complete Phase 1 is about INR 650 crores, with capex staggered over 3-4 years.
#2Impact: HIGH

Hyderabad Financial District Mid-Scale Hotel

Secures a 260-room mid-scale hotel under a long-term variable lease, increasing market share in a prominent office market.

Expected to be operational in 36-42 months.
Show more

SAMHI's third property in the Hyderabad Financial District, a long-term variable lease for a mid-scale hotel.

Impact: 260 rooms

Evidence

Signing of a 260-room mid-scale hotel under a long-term variable lease in Hyderabad Financial District.
SAMHI's third property in the precinct, alongside Sheraton and Fairfield by Marriott.
Capital efficient structure, minimizing upfront capital and shortening the capex to revenue cycle.
#3Impact: HIGH

W Hyderabad Development

Adds a 170-room luxury development under the W Hotel brand, elevating ARR profile and augmenting same-store growth.

Targeting December 2026 opening.
Show more

A 170-room luxury development in HITEC City, Hyderabad, under the W Hotel brand.

Impact: 170 rooms

Evidence

W Hyderabad in HITEC City, a 170-room luxury development under W Hotel brand is progressing as planned.
Design development is in final stages, building modifications are underway and mockup rooms will commence in Q4 FY26.
Once operational, W Hyderabad will elevate ARR profile and significantly augment same-store growth.

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