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%).
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
59%Questions answered2Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why did ADR decline sequentially and grow only 3% YoY? Were there cancellations?
Asked by Arjuna Guri, IDBI Capital
Acknowledged cancellations but did not quantify impact on ADR or provide specific numbers.
no specific ADR numbers givenno quantification of cancellation impact
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Question
So, I have got three questions. Firstly on the hotel side so this ADR has been uh you know uh has shown some decline over sequential quarter as well as on y there was just 3% growth so how we should read these numbers where there's some cancellation during Q4 which led to this degrowth
Management (likely CEO or senior executive)
so yes you are right uh there have been uh cancellations because of the uh geopolitical situation and uh the war in the Middle East. Large significant cancellations did take place in Delhi as well as in Hyderabad. But uh things have uh stabilized now and we expect uh the the conditions to further improve starting now
Partial answer
High priority
Why did full-year revenue growth miss the guided mid-teens?
Asked by Arjuna Guri, IDBI Capital
Explained miss by citing two disruptions but did not quantify their impact on revenue.
no specific revenue numbersattributed to external factors without quantification
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Question
So even on full year earlier you know you had guided mid- teens kind of growth uh on top line uh but somewhere we're at 12%. So is that um is that you know we need to really work on uh some uh red part part or what is really missing that we missed out on that 15% mark sir.
Management
So 12% considering there were two uh two disruptions one would say two disruptions have taken place uh during the course of the year one is the disruption which took place because of operation Sindur which happened in quarter one and the second disruption has taken place because of the war in the Middle East
Partial answer
Medium priority
Why is Flurys outlet count lower than guided? What are expansion plans?
Asked by Arjuna Guri, IDBI Capital
Provided new expansion targets but did not explain why previous guidance was not met.
did not address why previous guidance was missedno explanation for lower count
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Question
And the second question is on furries. Uh so the total number at the end of FI26 obviously lower compared to what we guided before. So uh is that are there any uh you know challenges on the expansion uh what we didn't en uh earlier or what are the achievable expansion plans for next two years?
Management
So right now the the way the expansion is being planned we plan to add we are at 110 outlets right we are definitely uh going to add 30 more outlets during the course of the next 10 months and this expansion is going to happen largely in Delhi where we plan to add eight loud lists and then in Punea we plan to add uh five outlets
Partial answer
Medium priority
What are key growth drivers given high occupancy? How is 100% occupancy calculated for Kolkata?
Asked by Malak
Answered growth drivers but avoided explaining the calculation of 100% occupancy.
did not provide calculation methodology for occupancydeflected to ARR focus
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Question
Yeah, I have a couple of questions. What are the key growth drivers going forward given our high occupancy levels and the meaning and calculation of 100% occupancy for Kolkata hotel?
Management
uh the focus is going to be uh on ARR. We we we are during the course of the year uh going to be carrying out uh room renovations uh across our properties. We are going to be renovating at Chennai, Bangalore, Kolkata, Vishaka Patnham.
Answered
Medium priority
What is the outlook for Kolkata market given government change?
Asked by Suman Kumar, Motila Luswal Financial Services
Provided specific supply numbers and positive outlook with government change.
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Question
Yeah. Hi. uh can you talk on uh the Kolkata market outlook uh when we when we when we have seen uh change in uh the the government and the the government this government is aggressive for the economic development and uh we have a good presence in Kolkata market and also in the vicinity so what's your view on that and our outlook for Kolkata market
Management
Kolkata has at the moment a very limited supply. At the moment it only has 5,000 101 keys and uh roughly about uh over the next 5 years uh very limited supplies coming in about 172 keys are expected in Kolkata over the next five years.
Partial answer
Low priority
What is the retention policy after cancellations in March?
Asked by Anime Jen, Dalang Rocha
Described general actions but did not provide specific retention policy or metrics.
no specific retention metricsvague on policy details
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Question
Hello. Thank you for the opportunity. So I want to ask about what our uh retention policy because we have seen cancellation in the March. So what about our retention policy? How did we retain?
Management
So we have uh further you know strengthened our uh sales and marketing. We are pushing revenues through our uh through uh our constant communication uh with our uh 2 lak 50,000 uh loyalty members and we are of course aggressively there in the market to capture every part of the business which is available.
Answered
Medium priority
Can you provide ARR and occupancy for Ranbasa Palace and Lotus Palace?
Asked by Anime Jen, Dalang Rocha
Provided specific ARR and occupancy numbers for both properties.
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Question
So my question is uh can you provide the uh performance in the rand palace and the lotus palace about their ARR and their occupancy rate currently?
Management
the runbasa palace completed uh last year uh with an occupancy ARR of 30 thou 31,000 plus and an arr of approximately 20% and uh at the chattinard hotel the Lotus Palace Chattinard we had ARR of about 12,000 and an occupancy rate of about 30%.
Evasive
Medium priority
Can you provide Flurys Q4 and FY26 revenue?
Asked by Anime Jen, Dalang Rocha
Refused to provide specific revenue numbers, only gave a growth percentage.
declined to share segment numbersonly gave growth percentage
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Question
And one last question is can you provide the uh flurry uh a in quarter 4 and by 26 both
Management
uh we do not uh share uh the segment uh analysis but uh fluies is a profitable business it has grown by 29% on the top line
Answered
Medium priority
Are you lacking in execution for Flurys? Why drop central kitchen?
Asked by Ano Kasha, A3 Capital
Clearly explained the change in strategy from central kitchen to outsourcing.
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Question
Hello. Uh I am audible. Yes, you're audible. Good afternoon Mr. sir at uh last time I uh I think in last call or last last we mentioned that you are setting up a central kitchen ready for the operations of flurry. So right now sir do don't you think we are like uh lacking in the execution part when it comes to flurry?
Management
So uh this we definitely said but uh uh we have re-imagined uh uh the business in totality. We have dropped the idea of making uh central kitchen at New Delhi. We are going to be outsourcing uh uh the manufacturing of the products to to a vendor
Evasive
High priority
How much ARR headroom in Kolkata given 100% occupancy?
Asked by Jedi Tapara, High Securities
Did not quantify ARR headroom; instead discussed TrevPAR and qualitative strengths.
no specific ARR headroom estimatedeflected to TrevPAR and qualitative factors
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Question
Uh yeah, thank you for the opportunity to sir. My question is regarding the AR which you mentioned that which will be your prime focus and specifically for the Kolata market. So the occupancy currently is almost 100%. So how much uh uh like headroom do you see in like uh increase in AR which we can expect in coming few years because the occupancy is almost 100%
Management
firstly things are changing in Kolkata with the change in government and then This hotel is very unique. It is um considering that it has u only 149 rooms. It has in the central business district the T repar which is the total repar per available room which is close to 24,000 rupees which is the highest in the business district.
Partial answer
Medium priority
How will you keep interest cost under control with capital intensive plans?
Asked by Hariki Kumar, Individual Investor
Stated current interest rate but did not provide a detailed plan for future control.
no detailed planonly mentioned current rate
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Question
Yeah I have two questions sir. one regarding this uh the capital intensive work we are going for the next two to three year like how do we plan to keep the interest cost under control sir
Mr. Kosla (CFO)
Our entrance cost at present is 8 35% which is uh the MCLR of the bank. So at restricted to remain under that level only one is that so interest cost remains under control.
Answered
High priority
Why is Malabar House acquisition delayed? Why is Vishakapatnam hotel timeline pushed to 2030?
Asked by Janesh Toshi, PL Capital
Provided specific reasons for delays: bank permission for Malabar House, environmental clearance for Vishakapatnam.
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Question
On uh slide 11, we have stated that we plan to come up with a new old hotel in FI27. Uh I believe it is uh Malabar House. But I guess we have also completed the acquisition of uh lake webinar in December 25. Uh so the question is are we not uh planning to launch uh the same hotel in FI27. So that is one and uh secondly also in terms of uh timelines in the last quarter PPT uh we had stated that Wise Hotel is about to begin operations in early 2029 and now the timeline has been rescheduled uh to early 2030.
Management
So Malabar House the process of acquisition is currently uh the agreement has been signed. It got signed in December, January uh last year uh in December but the process is uh is still going on because it has uh an external payment for which bank permission has been sought.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Full year revenue growth 12% | 12% | 4% | Overstated vs filing |
| Flurys top line growth 29% | 29% | 4% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.