Apeejay Surrendra Park Hotels Ltd
Apeejay Surrendra Park Hotels Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
The domestic tourism industry is projected to grow at a 13.4% CAGR over the next five years, driving double-digit growth in hospitality demand. EBITDA margins are expected to improve by approximately 100 basis points year-on-year, with H2 margins higher than H1, continuing a positive trend seen previously.
From Apeejay Surrendra Park Hotels Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The domestic tourism industry is projected to grow at a 13.4% CAGR over the next five years, driving double-digit growth in hospitality demand.
- ASPHL expects demand to grow at about 10.5%, with supply rising at 8.4%, leading to a continued demand-supply mismatch supporting growth.
- The company foresees a super cycle of double-digit growth in revenues driven by strong economic growth and limited branded room supply.
- Flurys brand revenues grew 22% and the expansion of outlets (targeting 200 by FY '27) will further boost sales.
- Organic growth capabilities built around AI-driven revenue management and upselling (e.g., Nor1 software) will enhance revenue.
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Profitability & Margins
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Capital Expenditure Plans
- INR 52 crore allocated towards ongoing capex for Peak ASPHL.
- INR 130 crore invested for the acquisition of Zillion Hotels & Resorts at Juhu, including:
- INR 105 crore line of credit from ICICI Bank for Zillion acquisition.
- INR 80 crore towards takeover of creditors.
- INR 50 crore equity infusion.
- Plans to develop 15 lakh sq ft of embedded Floor Space Index (FSI) on owned land banks, including a 6 lakh sq ft prime site on EM Bypass, Kolkata, comprising residences and a 200-room hotel.
- Organic growth focused on enhancing IT infrastructure, revenue management systems (Nor1, Oracle-based AI software), and online platform upgrades to reduce commissions and improve margins.
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Top-ranked in Leisure Services
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The company currently has about 293 keys under development in the managed portfolio.
- They plan to add approximately 400 rooms in the second half of the fiscal year.
- Their goal is to add around 400 to 500 keys each year through organic and inorganic growth.
- On the lease model, 144 keys are expected to be added during the year across key locations such as Goa, Dharamshala, Manali, and Shimla.
- Additionally, 31 keys will be added on the ownership model, with the balance keys expected from asset-light models, totaling roughly 400 keys.
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Apeejay Surrendra Park Hotels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹171 Cr, net profit ₹13 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Apeejay Surrend.'s management said in earlier quarters
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Frequently Asked Questions
What were Apeejay Surrendra Park Hotels Ltd Q2 FY26 results?
The domestic tourism industry is projected to grow at a 13.4% CAGR over the next five years, driving double-digit growth in hospitality demand. EBITDA margins are expected to improve by approximately 100 basis points year-on-year, with H2 margins higher than H1, continuing a positive trend seen previously.
What is Apeejay Surrendra Park Hotels Ltd share price analysis?
Apeejay Surrendra Park Hotels Ltd currently shows a neutral. The stock trades at a P/E of 39.0 with a market cap of ₹2,511 Cr. Investors should review the full earnings analysis for detailed insights.
Is Apeejay Surrendra Park Hotels Ltd planning capital expenditure?
INR 52 crore allocated towards ongoing capex for Peak ASPHL.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.