Apeejay Surrendra Park Hotels Ltd
Apeejay Surrendra Park Hotels Q3 FY26 Results Summary
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
ASPHL aims to sustain growth with a focus on revenue and profitability rather than just expansion, particularly in the Flurys brand. ASPHL delivered its best-ever Q3 FY26 with consolidated revenues crossing INR 200 crore and EBITDA of INR 71 crore, up 12.8% on a 9-month basis.
From Apeejay Surrendra Park Hotels Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- ASPHL aims to sustain growth with a focus on revenue and profitability rather than just expansion, particularly in the Flurys brand.
- Flurys plans to grow store count from 120 to 150-160 by FY27 and reach 200 stores by 2028, targeting 450-500 stores by FY29-30.
- The company expects strong revenue growth, with Flurys achieving 9% same-store growth and 33% growth over the first nine months of FY26.
- Hotel revenue growth is supported by new openings—234 keys in Q4 FY26 and 438 keys planned in FY26-27—bringing total keys to 3,219 across 56 hotels.
- Expanding internationally recognized luxury properties like Ran Baas Palace, Malabar House, and Bombay hotel to significantly boost sales.
- EBITDA margin of 35.3% in Q3 FY26 supported by occupancy of 90%, reflecting pricing discipline and resilient demand.
- Overall, the company targets INR 500 crore revenue for Flurys over 3-4 years and expects continued strong growth in core hospitality operations.
Profitability & Margins
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Capital Expenditure Plans
- Planned capex for next 3 years is approximately INR 950 crore for new hotels (Pune 200 rooms, Mumbai 250, Vizag 100, EM Bypass 250, Jaipur 150).
- Additional INR 330 crore for acquisition and renovation (Kochi acquisition and Zillion hotel).
- Total projected capex including operational upkeep (INR 40 crore/year) and Flurys expansion (~INR 180-200 crore over 5 years) totals about INR 1,570 crore.
- Monetization of EM Bypass (sale of apartments) expected to generate INR 350 crore over 3 years aiding cash flow.
- Pune project reimagined with increased FSI (from 2.5 lakhs to 6.72 lakhs sq. ft.) to include residential/commercial options, potentially generating cash inflows.
- Capex prioritizes hotel acquisition/expansion (Juhu Mumbai, Malabar House Fort Kochi, Purity Vembanad).
- Renovation plans include ~100 rooms across properties annually; major focus on F&B upgrades in Delhi and Chennai.
- Capital allocation currently favors hotel expansion over F&B retail (Flurys).
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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
See what Apeejay Surrendra Park Hotels Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
Apeejay Surrendra Park Hotels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: 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 Surrendra Park Hotels Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Apeejay Surrendra Park Hotels Ltd Q3 FY26 results?
ASPHL aims to sustain growth with a focus on revenue and profitability rather than just expansion, particularly in the Flurys brand. ASPHL delivered its best-ever Q3 FY26 with consolidated revenues crossing INR 200 crore and EBITDA of INR 71 crore, up 12.8% on a 9-month basis.
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?
Planned capex for next 3 years is approximately INR 950 crore for new hotels (Pune 200 rooms, Mumbai 250, Vizag 100, EM Bypass 250, Jaipur 150). - Additional INR 330 crore for acquisition and renovation (Kochi acquisition and Zillion hotel). - Total projected capex including operational upkeep (INR 40 crore/year) and Flurys expansion (~INR 180-200 crore over 5 years) totals about INR 1,570 crore. - Monetization of EM Bypass (sale of apartments) expected to generate INR 350 crore over 3 years aiding cash flow. - Pune project reimagined with increased FSI (from 2.5 lakhs to 6.72 lakhs sq.
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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.