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Revenue
₹184 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
₹53 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to add 12 hotels totaling 472 keys in FY27, with 8 under asset-light model, taking total keys past 3,000.
- 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.
- Flurries plans to add more than 30 outlets over the next 10 months, entering NCR (8 outlets), Pune (5), and Bangalore (4).
- From sale of service apartments at EM Bypass Kolkata, management expects additional cash flow improvement of close to ₹70 crore during FY27.
Risks flagged
- Middle East tensions caused significant cancellations in Delhi and Hyderabad, affecting Q4 ARR growth. Recovery is underway but remains uncertain.
- Vishakapatnam hotel timeline pushed to early 2030 from early 2029 due to environmental clearance delays. Other projects may face similar risks.
- Flurries shifted from central kitchen to outsourced manufacturing, raising concerns about quality consistency and brand differentiation.
- 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.
Key quotes
- The 12% growth considering the fact that there were two disruptions has been very good.
- We have dropped the idea of making a central kitchen at New Delhi. We are going to be outsourcing the manufacturing of the products to a vendor.
- It's time to invest in Kolkata. It's time to buy Kolkata.
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