SAMHI Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹338 Cr
verified against source
Revenue YoY
16.2%
reported change
EBITDA
₹126 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
Samhi Hotels delivered a resilient Q3 FY26 with total income of 342 crores (up 16.2% YoY), despite December disruptions from an airline crisis and GST regulatory changes. EBITDA grew 13.2% YoY to 126 crores (or 19.2% excluding the ~6.7 crore GST headwind), with margin contracting 100bps to 36.9%. PAT stood at 48 crores (39.6 crores attributable to shareholders). The portfolio demonstrated strong pricing power with same-store RevPAR growth of 13% YoY, driven by 15.9% ADR growth offsetting a 1.6pp occupancy decline. Management reiterated confidence in sustaining double-digit RevPAR growth, with FY27 benefiting from fully-ramped new inventory (Kolkata, Whitefield, Sheraton Hyderabad) and continued demand compression in core business travel markets. The 3,000 crore revenue target by FY30 remains achievable assuming 9-11% same-store growth. Key risks include GST margin headwinds persisting 1-2 more quarters and execution timelines on the 1,900-room pipeline across W Hyderabad and Western Bangalore.
Colored figures show movement against the previous available record.
Guidance to track
- FY27 will benefit from full-year contribution of newly operational hotels including Kolkata, Whitefield Bangalore, Sheraton Hyderabad (42 rooms), and Holiday Express properties. Trinity Bangalore expected to start outperforming through FY27.
- Management maintains confidence in sustaining double-digit RevPAR growth in Q4 despite high base, and long-term same-store revenue growth target of 9-11% CAGR for next 3-5 years.
- Revenue target of ~3,000 crore by FY30 based on 9-11% same-store growth and incremental revenues from already-invested growth initiatives. Does not factor in any new acquisitions.
- Net debt reduction guidance of ~300 crore from internal cash flows by FY30 remains intact despite incremental investment commitments (Navi Mumbai extension payments). GIC to invest additional 150 crore over next 2-2.5 years.
Risks flagged
- The GST regulatory change removing ITC on rooms priced below Rs 7,500 created a 6.7 crore EBITDA headwind in Q3 and will impact margins by 150-200bps for next 1-2 quarters. Pass-through to customers is already happening via daily pricing, but reported margins will take time to normalize.
- December saw a 3-week wipeout (vs typical 10-day expectation) due to the largest Indian airline's operational challenges. This disrupted upscale segment particularly with group/MICE cancellations and caused ~10% slip in incremental flowthrough (45% vs expected 55-60%).
- Analyst raised concerns about design-stage status of planned greenfield projects and ability to execute within 2-2.5 year timelines. Management clarified W Hyderabad has on-site work underway and Western Bangalore has completed demolition/site leveling, but Financial District Hyderabad and Navi Mumbai remain in design phase.
- Management acknowledged 1-2 hotels where recycling opportunities exist, but no definitive agreements or decisions have been made. Previously guided 135 crore asset recycling pending execution remains unresolved with 12-18 month timeline mentioned.
Key quotes
- The revenue growth in the midscale segment which has the highest impact of GST also showed a revenue growth of 16% and 14% respectively. The alignment needs to happen in the reporting. The actual number continues to be reasonably strong especially given December was almost a 3-week wipeout.
- Hotels which have an average rate of 13,000 rupees are already priced for 20,000 rupees in the month of February. The dependence on the locked-in RFP prices for the year and its impact on the average reported room rate is kind of diminishing every year. We're not worried.
- We are sitting in a very comfortable situation and most of our current discussions on pipelines are all variable leases which do not require us to put cash up for acquiring an asset. It only requires us to do investment on fit outs.
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