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F&B retail slowdown impacting Flurries store additions
View Risks →Apeejay Surrendra Park Hotels Limited — Q3 FY26
Apeejay Surrendra Park Hotels delivered its best-ever Q3 with consolidated revenue crossing ₹200 crore for the first time, supported by industry-leading occupancy of 90% and ARR growth of 11% YoY.
bullish
high
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Apeejay Surrendra Park Hotels delivered its best-ever Q3 with consolidated revenue crossing ₹200 crore for the first time, supported by industry-leading occupancy of 90% and ARR growth of 11% YoY. EBITDA margin stood at 35.3%, reflecting pricing discipline and strong demand across business and leisure segments. The company launched the Park Unison service residences in Kolkata, expected to generate ₹300-350 crore cash flow over three years. Expansion remains on track with 672 keys to be added over 14 months, including 234 keys in Q4 FY26. Flurries posted 19% revenue growth, with 104 outlets and plans to reach 120 by year-end. Key risks include potential slowdown in F&B retail impacting Flurries store additions and delays in project timelines due to FSI re-evaluations.
अपीजय सुरेंद्र पार्क होटल्स ने अपनी अब तक की सबसे अच्छी तिमाही दर्ज की। पहली बार कंपनी की कुल आमदनी ₹200 करोड़ से अधिक हुई। होटलों में 90% कमरे भरे रहे, जो उद्योग में सबसे अधिक है। कमरे के किराए में पिछले साल से 11% की बढ़ोतरी हुई। कंपनी ने 35.3% का मुनाफा कमाया, जो अच्छी कीमत और मांग को दिखाता है। कोलकाता में 'पार्क यूनिसन' नाम से नई सर्विस रेजिडेंस शुरू की गई, जिससे तीन साल में ₹300-350 करोड़ की नकदी आने की उम्मीद है। कंपनी अगले 14 महीनों में 672 नए कमरे जोड़ेगी। फ्लुरीज ने 19% ज्यादा कमाई की और 104 दुकानों से बढ़कर साल के अंत तक 120 तक पहुंचने की योजना है। मुख्य जोखिम: खाने-पीने की दुकानों की धीमी बिक्री और निर्माण में देरी।
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Occupancy
90%
N/A
Industry-leading occupancy across portfolio; Park Kolkata achieved 100% occupancy.
ARR Growth
11%
+11% YoY
Average room rate improved year-on-year, supported by pricing discipline and demand.
RevPAR Growth
9%
+9% YoY
Revenue per available room grew, reflecting both occupancy and ARR gains.
Flurries Revenue Growth
19%
+19% YoY
Flurries brand recorded healthy topline growth; single-day sales hit ₹1 crore on Dec 24.
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Guidance and risk preview
Six hotels totaling 234 keys to open in Q4 FY26 across Vizag, Darjeeling, Katra, Kochi, Kalpa, and Dharamshala.
Management acknowledged a general slowdown in F&B retail, with competitors shutting stores, leading to calibrated store additions.
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