Date: 03 November 2026

Financial Performance Overview

SAMHI Hotels Limited reported unaudited financial results for Q2 FY27 and H1 FY27, showing strong revenue growth and improved operational metrics.

Q2 FY27 Key Highlights

  • Strong same-store revenue growth of +12.6% YoY, exceeding long-term guidance of 9-11%
  • Occupancy level at 78.6% (up from 75.0% in Q2 FY26)
  • RevPAR growth of +14.3% YoY led by +9.2% ARR growth
  • Flow through of incremental EBITDA to incremental Revenue stood at ~57%
  • Domestic travellers constituted ~80% of total room nights sold
  • Total Revenue growth of +15.6% YoY
  • Comparable EBITDA growth of +21.3% YoY excluding GST regulation change impact
  • Consolidated EBITDA margin of 39.1% (ex-GST impact); reported margins at 36.1% due to 300 bps dilution from GST impact
  • PBT (ex-exceptional items) at ₹534 Mn (+39.9% YoY)
  • PAT (ex-exceptional items) at ₹372 Mn (+136.9% YoY)
  • Reported PAT includes exceptional gain of ₹39 Mn in Q2FY27 and ₹841 Mn in Q2FY26
  • Free Cash Flow at ₹827 Mn
  • Effective Interest Rate at 7.8% (~300 bps lower than IPO)
  • Net Debt-to-EBITDA at ~3.1x (~2.2x on Operating Assets)

Consolidated Financial Highlights (₹ Mn)

| Metric | Q2FY27 | Q2FY26 | YoY % | H1FY27 | H1FY26 | YoY % | FY26 |

| Total Income | 3,427 | 2,963 | +15.6% | 6,510 | 5,836 | +11.5% | 12,790 |

| Consolidated EBITDA | 1,238 | 1,105 | +12.0% | 2,251 | 2,161 | +4.2% | 4,626 |

| EBITDA Margin | 36.1% | 37.3% | | 34.6% | 37.0% | | 36.2% |

| PBT (before exceptional items) | 534 | 382 | +39.9% | 862 | 641 | +34.5% | 1,650 |

| Exceptional Items | 39 | 841 | | 39 | 841 | | 1,075 |

| Profit/(Loss) from discontinued operations | | (26) | | | (55) | | (55) |

| PBT | 573 | 1,197 | -52.1% | 900 | 1,428 | -37.0% | 2,671 |

| PAT | 411 | 998 | -58.8% | 660 | 1,190 | -44.6% | 5,665 |

| Attributable to SAMHI | 335 | 924 | | 518 | 1,097 | | 5,030 |

| Attributable to Minority Interest | 75 | 74 | | 142 | 93 | | 636 |

Debt Profile (₹ Mn)

| Metric | Sep 30, 2026 | Mar 31, 2026 | Mar 31, 2025 | Sep 30, 2023 |

| Net Debt | 14,579 | 14,507 | 19,669 | 17,974 |

| TTM EBITDA | 4,777 | 4,721 | 4,434 | 3,398 |

| Net Debt: EBITDA | 3.1x | 3.1x | 4.4x | 5.3x |

| Net Debt: EBITDA (Adjusted for Growth Capital) | 2.2x | 2.4x | 2.4x | |

| Interest Rate | 7.8% | 7.9% | 9.2% | 10.8% |

| Net Annualised Interest Run Rate | 1,250 | 1,270 | 1,900 | 2,400 |

Management Commentary

Mr. Ashish Jakhanwala, MD & CEO, commented on the strong operating environment with occupancy close to 80% and RevPAR growth of about 14%. Domestic travellers accounted for about 80% of room nights sold, proving more resilient amid geopolitical instability.

The company is building for the future with a pipeline of approximately 1,700 new rooms through FY2031, including the W Hotel in Hyderabad opening next fiscal year. The company adds assets only in core markets at a discount to replacement cost.

The modest investment in RARE, together with ongoing discussions on a partnership with Marriott, will help build a strong platform in experience-led leisure across the region with limited capital exposure.

Outlook

The company expects H2 FY27 to be operationally stronger. Incremental EBITDA is expected to translate into free cash flow, with interest outflows remaining stable. This should enable funding future growth investments through internal cash generation, supporting disproportionate improvement in free cash flow generation.

Sustainability Initiatives

The company released its first Sustainability Report for FY2025-26, covering 31 hotels and 4,899 rooms across 11 states. The report highlights improvements in energy efficiency, waste reduction and renewable energy usage. The company will establish quantified targets across key sustainability parameters with clear baselines.

Additional Notes

  • H1FY26 includes ~₹91mn of one-time other income from subsidiary capital restructuring related to GIC transaction
  • EBITDA includes GST - input tax credit (ITC) impact of ~₹103mn in Q2FY27 and ~₹194mn in H1FY27
  • H1FY26 included ~₹21mn of one-time GIC transaction expenses
  • Exceptional items include gain on sale of Hosur land (₹39mn in Q2FY27) and reversal of impairment (Navi Mumbai land - ₹696mn) and gain on sale of Caspia, Delhi (₹145mn) in Q2FY26
  • Profit/Loss from discontinued operations represents Caspia Delhi
  • TTM EBITDA excludes Caspia Delhi EBITDA and excludes ESOP & One-time Expenses
  • Growth capital allocated toward W (HITEC Hyd.), Westin Bglr., HRP Apartments, Sheraton Rooms & Apartments, HIEX (Wht. Bglr.), Westin Navi Mumbai and other capital expenditure
  • Net annualized interest rate does not include non-cash finance cost items
  • 8.0% net annualized interest rate factored in estimate due to recent RBI policy rate increase