Apeejay Surrendra Park Hotels Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 6 Aug 2026 | Leisure Services | Market Cap: ₹2.5K Cr
ASPHL expects sustained double-digit growth in revenue, targeting higher mid-teens growth (above 15%) in FY26 and beyond. The company expects sustained double-digit growth in the quarters ahead, with FY26 likely to see higher mid-teens growth, potentially ahead of 15% (ARR and overall revenue growth). - Profit Before Tax (PBT) is projected in the range of Rs.
From Apeejay Surrendra Park Hotels Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹116
Market Cap
₹2.5K Cr
P/E Ratio
39.0
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Compare Apeejay Surrendra Park Hotels Ltd against every Leisure Services company this quarter on revenue, margins and earnings-call signals.
Apeejay Surrendra Park Hotels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹171 Cr, net profit ₹13 Cr.
Full financials →📊 Revenue & Sales Performance
- →ASPHL expects sustained double-digit growth in revenue, targeting higher mid-teens growth (above 15%) in FY26 and beyond.
- →Flurys café and restaurant segment aims for mature stores to achieve annual revenues of Rs. 1 crore, with plans to grow from 100 to 200 outlets by FY27.
- →Over the next two years, the Flurys brand plans rapid expansion, especially in North India, supported by a new large central commissary.
- →ASPHL will add approximately 830 owned hotel keys over 5 years, including 200 rooms in Pune, 250 in Kolkata, 170 in Navi Mumbai, 150 in Jaipur, and 100 in Vizag.
- →Management contracts will add roughly 300 keys annually for the next 5 years, targeting growth across North India's tier-2 cities and existing markets.
- →Service apartment sales at Kolkata's EM Bypass project are expected to add Rs. 100 crore annually to cash flow for 3 years.
- →Overall, the company anticipates strong revenue growth driven by new properties, F&B expansion, and operational efficiencies.
📈 Profitability & Margins
- →The company expects sustained double-digit growth in the quarters ahead, with FY26 likely to see higher mid-teens growth, potentially ahead of 15% (ARR and overall revenue growth).
- →Profit Before Tax (PBT) is projected in the range of Rs. 100 crore to Rs. 120 crore for the current year, benefiting from a reduction in interest costs.
- →Operational EBITDA growth was already 11% YoY in Q3 FY25 with steady margins at around 36%, expected to continue improving with capacity additions and efficiencies.
- →Normalized PAT showed 17.3% YoY growth in Q3 FY25, indicating strong profitability momentum.
- →Expansion of owned hotels (830 keys over next 5 years) and management contracts (adding roughly 300 keys annually) will drive revenue and earnings growth.
- →Flurys brand's rapid expansion (aiming for 200 stores by FY27) and increased maturity of stores will contribute positively to earnings and margins.
- →Cash flow improvements expected from apartment sales and new projects will support growth without increasing borrowing costs.
🏗️ Capital Expenditure Plans
- →Current FY25 Q4 CAPEX plan is approximately Rs. 30 crore.
- →FY26 CAPEX outlay expected between Rs. 150 crore to Rs. 170 crore.
- →Capex funded through internal accruals plus Rs. 100 crore cash inflow from EM Bypass apartment sales.
- →Major projects include:
- → - 200-room hotel opening in Pune (FY27).
- → - 100-room hotel in Vizag (FY27).
- → - Kolkata EM Bypass project with 250 rooms (FY28).
- → - Navi Mumbai expansion adding 170 rooms (total 250 keys).
- → - Jaipur hotel with 150 keys (FY29).
- →Joint development with Ambuja Neotia Group for serviced apartments at EM Bypass, generating Rs. 100 crore cash flow annually for 3 years.
- →New large central commissary (20,000 sq ft) in Delhi NCR for Flurys to support rapid North India expansion.
- →Evaluating inorganic growth opportunities alongside organic expansion.
💰 Fundraising & Capital Structure
- →No significant new borrowing costs are expected for the next year despite several projects lined up, as the company anticipates strong cash EBITDA generation. (Atul Khosla)
- →Project CAPEX for the next financial year is estimated at Rs. 150-170 crore, expected to be funded through internal accruals and Rs. 100 crore cash inflow from the EM Bypass project. (Atul Khosla)
- →The company currently holds Rs. 40 crore in mutual funds from surplus liquidity after project CAPEX payments, indicating strong liquidity and no immediate need for external fundraising. (Atul Khosla)
- →While inorganic opportunities are being evaluated, no explicit current plans for equity or debt fundraising have been mentioned; updates will be provided as opportunities materialize. (Vijay Dewan)
📋 Order Book & Pipeline
- →The company currently has ongoing projects with about 830 owned keys under development across multiple locations: Pune (200 keys), Kolkata (250 keys), Vizag (100 keys), Navi Mumbai (170 keys), and Jaipur (150 keys).
- →For management contracts, ASPHL plans to add roughly 300 keys annually and aims to double its managed rooms from the current 1,050 keys over the next 5 years.
- →New store expansion for Flurys brand includes 14 stores opening shortly and a plan to add around 40 stores in the coming year.
- →Over the next two years, approximately 40 new stores will open in Delhi, plus another 40-50 stores across North India's tier-2 cities such as Chandigarh, Lucknow, Ludhiana, and Jaipur.
- →Total store count expected to cross 200 for Flurys by FY27, which will be a milestone for evaluating future growth options.
Key Metrics
Frequently Asked Questions
What were Apeejay Surrendra Park Hotels Ltd Q3 FY25 results?
ASPHL expects sustained double-digit growth in revenue, targeting higher mid-teens growth (above 15%) in FY26 and beyond. The company expects sustained double-digit growth in the quarters ahead, with FY26 likely to see higher mid-teens growth, potentially ahead of 15% (ARR and overall revenue growth). - Profit Before Tax (PBT) is projected in the range of Rs.
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?
Current FY25 Q4 CAPEX plan is approximately Rs.
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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.