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View Promises →Apeejay Surrendra Park Hotels Limited — Q4 FY26
Apeejay Surrendra Park Hotels reported Q4 FY26 consolidated revenue of ₹184 crore (+4% YoY) and EBITDA of ₹53 crore (margin 28.85%).
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Apeejay Surrendra Park Hotels reported Q4 FY26 consolidated revenue of ₹184 crore (+4% YoY) and EBITDA of ₹53 crore (margin 28.85%). PAT stood at ₹12 crore (margin 6.44%). Full-year revenue crossed ₹700 crore for the first time, growing 12% YoY, with EBITDA margin of 30.82%. Occupancy remained industry-leading at 91%, while ARR grew 3% YoY to ₹9,165. Performance was impacted by Middle East tensions causing cancellations in Delhi and Hyderabad, but domestic demand stayed robust. Management guided for 12 new hotels (472 keys) in FY27, targeting 6,635 keys by FY30. Flurries plans 30 new outlets in 10 months. Risks include geopolitical disruptions and execution delays in expansion.
अपीजय सुरेंद्र पार्क होटल्स ने चौथी तिमाही में ₹184 करोड़ की कमाई की, जो पिछले साल से 4% ज़्यादा है। कंपनी ने ₹53 करोड़ का EBITDA कमाया (मुनाफ़ा 28.85%) और ₹12 करोड़ का शुद्ध लाभ (6.44% मार्जिन) हुआ। पूरे साल की कमाई पहली बार ₹700 करोड़ पार कर गई, जो 12% बढ़ी। होटलों में 91% कमरे भरे रहे, और कमरे की औसत कीमत ₹9,165 रही। मिडिल ईस्ट तनाव के कारण दिल्ली और हैदराबाद में बुकिंग रद्द हुई, लेकिन देश में मांग मज़बूत रही। कंपनी अगले साल 12 नए होटल खोलने की योजना बना रही है और 2030 तक 6,635 कमरे चाहती है। फ्लरीज़ ब्रांड 10 महीने में 30 नए आउटलेट खोलेगा। जोखिमों में भू-राजनीतिक समस्याएँ और विस्तार में देरी शामिल हैं।
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Geopolitical disruptions impacting travel
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Read Transcript →Quarter Snapshot
Occupancy
91%
Flat YoY
Full-year occupancy remained at 91%, with Park Kolkata achieving 100% occupancy for the quarter and year.
ARR
₹9,165
+3% YoY
Average room rate for Q4 FY26 grew 3% year-on-year, reflecting pricing strength despite disruptions.
RevPAR
₹8,149
+7% YoY (full year)
Full-year RevPAR grew 7% to ₹7,584; Q4 RevPAR remained resilient at ₹8,149.
Flurries Revenue Growth
29%
+29% YoY
Flurries delivered 29% revenue growth in FY26, with plans to add 30+ outlets in 10 months.
What Changed vs Last Quarter
NEW
12 new hotels (472 keys) in FY27
Management plans to add 12 hotels totaling 472 keys in FY27, with 8 under asset-light model, taking total keys past 3,000.
NEW
6,635 keys by FY30
Target to double hotel count from 42 to 85 and keys from 2,677 to 6,635 by FY30, with 2x growth in owned and 3x in asset-light.
NEW
Flurries: 30+ new outlets in 10 months
Flurries plans to add more than 30 outlets over the next 10 months, entering NCR (8 outlets), Pune (5), and Bangalore (4).
NEW
EM Bypass cash flow improvement of ₹70 crore
From sale of service apartments at EM Bypass Kolkata, management expects additional cash flow improvement of close to ₹70 crore during FY27.
DROPPED
Q4 FY26 hotel additions: 234 keys
Six hotels totaling 234 keys to open in Q4 FY26 across Vizag, Darjeeling, Katra, Kochi, Kalpa, and Dharamshala.
DROPPED
FY27 hotel additions: 438 keys
Plan to add 438 keys in FY27, taking total room count to 3,219 with 56 hotels.
DROPPED
Flurries store target: 120 by FY26 end, 150-160 by FY27
Flurries to reach 120 stores by end of FY26 and 150-160 stores by FY27, with focus on cafe formats.
DROPPED
Flurries revenue target: ₹500 crore in 3-4 years
Management reiterated long-term revenue target of ₹500 crore for Flurries over the next 3-4 years.
NEW RISK
Geopolitical disruptions impacting travel
Middle East tensions caused significant cancellations in Delhi and Hyderabad, affecting Q4 ARR growth. Recovery is underway but remains uncertain.
NEW RISK
Execution delays in expansion projects
Vishakapatnam hotel timeline pushed to early 2030 from early 2029 due to environmental clearance delays. Other projects may face similar risks.
NEW RISK
Flurries expansion model change risk
Flurries shifted from central kitchen to outsourced manufacturing, raising concerns about quality consistency and brand differentiation.
NEW RISK
High leverage from capex pipeline
Total capex requirement of ~₹1,500 crore over 5 years, partly funded by debt, could pressure interest costs if cash flows from apartment sales fall short.
RISK GONE
F&B retail slowdown impacting Flurries store additions
Management acknowledged a general slowdown in F&B retail, with competitors shutting stores, leading to calibrated store additions.
RISK GONE
Project timeline delays due to FSI re-evaluations
Multiple projects (Pune, Juu, Navi Mumbai) faced delays as management re-evaluated FSI to maximize value, pushing timelines.
RISK GONE
Capital allocation trade-off between hotel expansion and Flurries
Management cited capital allocation towards hotel acquisitions as a reason for slower Flurries store additions, raising concerns about resource prioritization.
Fast read
Guidance and risk preview
Management plans to add 12 hotels totaling 472 keys in FY27, with 8 under asset-light model, taking total keys past 3,000.
Middle East tensions caused significant cancellations in Delhi and Hyderabad, affecting Q4 ARR growth.
View Risks →