Apeejay Surrendra Park Hotels Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 6 Aug 2026 | Leisure Services | Market Cap: ₹2.5K Cr

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.

Price

₹116

Market Cap

₹2.5K Cr

P/E Ratio

39.0

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Apeejay Surrendra Park Hotels Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹171 Cr, net profit ₹13 Cr.

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📊 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.
→Strong growth in key metro and leisure markets where ASPHL operates is expected to continue.
→EBITDA margins are also expected to improve by approximately 100 basis points year-on-year, supporting profitable growth.

📈 Profitability & Margins

→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.
→EBITDA margins for mature Flurys café stores are around 12% annually post-lease expenses, with expected improvements ahead.
→The company aims for steady double-digit revenue growth driven by hotel and F&B expansions, organic growth capabilities, and asset-light strategies adding over 400 rooms in FY '26.
→Flurys brand revenue grew 22% with plans to expand cafes rapidly; Flurys EBITDA margin is in high single digits with expectations of further improvement.
→Strong organics growth driven by AI-driven revenue management systems (Nor1) and enhanced customer experience upselling will support profitability.
→The overall outlook indicates sustained growth with better quarter 3 and 4 performance expected, supported by industry tailwinds like weddings, events, and international concerts.
→The Park is committed to delivering continuous improvements in profitability and growth on both organic and inorganic fronts.

See what Apeejay Surrendra Park Hotels Ltd said on profitability & margins — free account, 30 seconds.

🏗️ 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.
→Expanding lease and asset-light model, adding 144 lease keys in FY26, targeting 500 keys addition annually with 20-25% in lease model.
→Flurys outlet expansion adjusted to 30 outlets in FY26, with sustained growth plans towards 200 outlets by FY27-'28.

💰 Fundraising & Capital Structure

→The company has taken a line of credit of INR 105 crore for the acquisition of Zillion Hotels & Resorts from ICICI Bank.
→Total investment towards acquisition includes INR 130 crore, split as INR 80 crore on line of credit and INR 50 crore on equity.
→The net debt currently stands at INR 132 crore but is expected to move towards neutral by year-end.
→Management did not explicitly mention any new or upcoming fundraising through additional debt or equity in the transcript.
→The focus seems to be on organic growth and acquisitions funded through existing credit lines and internal resources.
→No specific guidance or announcement was made regarding future debt or equity fundraising.

See what Apeejay Surrendra Park Hotels Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 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.
→The company is focused on expanding through acquisition selectively, along with significant development on its existing land bank with 15 lakh square feet of embedded FSI.
→Completion of ongoing projects and acquisitions remain on track to meet growth targets.

Key Metrics

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Frequently Asked Questions

What were Apeejay Surrendra Park Hotels Ltd Q2 FY26 results?

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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.