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Revenue
₹200 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹71 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
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Guidance to track
- Six hotels totaling 234 keys to open in Q4 FY26 across Vizag, Darjeeling, Katra, Kochi, Kalpa, and Dharamshala.
- Plan to add 438 keys in FY27, taking total room count to 3,219 with 56 hotels.
- Flurries to reach 120 stores by end of FY26 and 150-160 stores by FY27, with focus on cafe formats.
- Management reiterated long-term revenue target of ₹500 crore for Flurries over the next 3-4 years.
Risks flagged
- Management acknowledged a general slowdown in F&B retail, with competitors shutting stores, leading to calibrated store additions.
- Multiple projects (Pune, Juu, Navi Mumbai) faced delays as management re-evaluated FSI to maximize value, pushing timelines.
- Management cited capital allocation towards hotel acquisitions as a reason for slower Flurries store additions, raising concerns about resource prioritization.
Key quotes
- We delivered our best Q3 performance with consolidated revenues crossing 200 crores for the first time reflecting disciplined execution across the markets in which we operate.
- The sale of these service residences over the next three years will add 300 to 350 crores in cash flow and will further strengthen the balance sheet of APJs in the park hotels.
- Our focus during this quarter and as well as in quarter 4 has been more on revenue growth rather than on store growth and revenue profitability.
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