Apeejay Surrendra Park Hotels Q1 Revenue Up 8.1% YoY

Apeejay Surrendra Park Hotels Limited – Investor Presentation Summary

Maintained industry-leading occupancy of 92% in Q1 FY27.
Operates across four hotel sub-brands: THE PARK Hotels (luxury/upscale), THE PARK Collection (boutique heritage), Zone by The Park (upper mid-scale), and Zone Connect by The Park (upper mid-scale).
Current portfolio consists of 16 properties with 674 keys; 16 properties with 1,066 keys are under development.
Owns 100+ premium restaurants, nightclubs, and bars, and the Flurys retail F&B brand with 111 cafés, kiosks, and restaurants.
Key drivers: Strong brand recognition, diversified lifestyle ecosystem, and focus on the asset-light managed model.

Revenue: ₹1,668 Mn
Operational EBITDA: ₹469 Mn
Total EBITDA: ₹517 Mn
PAT: ₹115 Mn
Diluted EPS: ₹0.54/Share
Operational EBITDA Margins: 28.12%
Total EBITDA Margins: 30.13%
PAT Margins: 6.70%
YoY comparison: Revenue up 8.1%, Operational EBITDA up 3.1%, PAT down 14.2%.
QoQ comparison: Revenue down 9.2% from Q4-FY26 (₹1,837 Mn), PAT down 3.4% from Q4-FY26 (₹119 Mn).
Drivers of performance: Revenue growth offset by a 16.6% YoY increase in depreciation and a 60.0% YoY increase in interest costs.
Key Risks: Not explicitly disclosed in the presentation.

Domestic vs Export/Regional Revenue: Not Specified
Regional Breakdown: A city-wise performance chart is referenced but specific figures are not provided in the text.

Capital Expenditure: Not Specified for the quarter. A large development pipeline is outlined.
Free Cash Flow: Not Specified
Operating Cash Flow: Not Specified
Net Debt Movement: Not Specified
Investment Rationale: Focus on capacity expansion and scaling an asset-light portfolio. Significant cash flow is expected from the EM Bypass, Kolkata residential project.

Targeting a portfolio of 87 hotels with 6,719 keys by FY30, up from 42 hotels and 2,677 keys currently.
The future portfolio mix is targeted as 2,112 Owned Keys, 483 Leased Keys, and 4,124 Managed Keys.
Leveraging NOR1's AI-driven upselling platform to enhance guest personalization.
Expected impact: Scalable growth through a predominantly managed and asset-light model.
Strategic Rationale: Expanding into faster-growing upper midscale segment and unlocking embedded real estate value.

Macro/Industry Trends: Positioned to benefit from India's long-term travel and lifestyle growth trends.
Impact on Company: The company's premium, experiential hospitality proposition is presented as resilient.

Strategic Outlook: Managing Director Vijay Dewan cited a "healthy momentum" and "resilience and strength of our business model" to start FY27.
FY Guidance: No explicit numerical guidance for revenue or margins was provided. The company is "firmly on a path of sustained growth."
Collections from the EM Bypass Kolkata residential project are expected to be approximately ₹800 million for the full year FY27.
Risks and Opportunities: Not explicitly detailed beyond the standard disclaimer about forward-looking statements.

EM Bypass, Kolkata Project: A mixed-use project with 69 apartments and 218 hotel rooms. 32 apartments (46%) are already booked.
Gross sale proceeds estimate for all units is ₹626.26 Cr. Expected cash flows: FY27 ₹80 Cr, FY28 ₹120 Cr, FY29 ₹110 Cr, FY30 ₹34 Cr. ASPHL has received ₹21.25 Cr so far.
The Park Mumbai Project: Ready for launch, featuring 250 hotel rooms on a 3.80 lac sqft area.