Apeejay Surrendra Park Hotels Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,152 Cr
- P/E
- 33.44
- ROE
- 5.17%
- PEG
- 2.77
- Price to sales
- 2.99
- Debt to equity
- 0.28
- 52W high / low
- ₹151 / ₹95.7
- Sales growth (5Y)
- 31.65%
- EBITDA margin
- 30.57%
- Net profit margin
- 9.60%
- Promoter holding
- 68.21%
- Sales (last year)
- ₹718 Cr
Incorporated in 1987, Apeejay Surrendra Park Hotels Ltd is in the business of providing Hospitality and Yacht on hire[1]
Guidance scorecard · Q1 FY27 call
What Apeejay Surrend.'s management guided
and where it ranks in Leisure Services
Leisure Services
RevenueQ1 FY27 call
10–20%- Revenue for Q1 FY27 grew by 8% year-on-year to INR 167 crores; consolidated revenue was up 10% to INR 172 crores.
- EBITDA grew by 3% year-on-year in Q1 FY27; consolidated EBITDA grew by 8%.
- Expect stabilization and high performance from new hotels in Calcutta, Vishakhapatnam, Juhu, and Pune by 2030, boosting revenues.
- Expansion plans include doubling hotels from 42 to 87 with 6,719 keys by 2030, driven by asset-light models.
- Flurys brand targeting growth from 111 outlets to 400 outlets by 2030.
- Food & Beverage (F&B) contributes 43% of total revenue and is expected to grow, especially in new markets like Juhu.
2 more points from Apeejay Surrend.'s call on revenue
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MarginsQ1 FY27 call
FlatSee what Apeejay Surrend. said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Total CAPEX planned over 4-5 years: approximately INR 1,140 crore for hotel projects (Pune - 200 rooms, Navi Mumbai - 250 rooms, Vizag - 100 rooms, EM Bypass - 220 rooms, Jaipur - 150 rooms) at around INR 1.2 crore per room.
- Additional acquisition and renovation costs: Zillion acquisition (~INR 210 crore), Juhu renovation (~INR 80 crore), Kochi acquisition (~INR 64 crore); totaling about INR 350 crore.
- EM Bypass project funding of approx. INR 350 crore is tied up.
- Operational CAPEX of INR 40 crore per year for 4-5 years plus INR 40 crore per annum for Flurys expansion, targeting 400 outlets by FY30-31.
- Overall CAPEX net of EM Bypass funding around INR 1,500 crore; company plans to finance approx. INR 1,300 crore through EBITDA, with potential additional financing (~INR 100-200 crore) if needed due to low net debt-to-EBITDA ratio.
2 more points from Apeejay Surrend.'s call on capex
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FundraisingQ1 FY27 call
PlannedSee what Apeejay Surrend. said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- EM Bypass Hotel and Residential project in Kolkata: 33 of 69 apartments sold, expected cash flows of Rs. 70-80 crores during the year, with Rs. 21 crores already received.
- Plans to double hotels from 42 to 87 by 2030, increasing keys from 2,667 to 6,719, including both owned and asset-light models.
- Flurys expansion: Currently at 111 outlets with plans to reach 140 outlets by year-end and 400 outlets by 2030.
2 more points from Apeejay Surrend.'s call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Leisure Services
on management's own guidance
- Jubilant Foodworks LtdGood growth2
- Landmark Global Learning LtdGood growth1
- Le Travenues Technology LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Leisure Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Landmark Global Learning Ltd | 20–40% | Up 2%+ | ₹21 Cr | — |
| 2 | Jubilant Foodworks Ltd | 20–40% | Flat | ₹27,579 Cr | 72.4 |
| 3 | Le Travenues Technology Ltd | 20–40% | Flat | ₹6,423 Cr | 54.1 |
| 4 | 20–40% | Flat | ₹6,285 Cr | 2553.3 | |
| 5 | 20–40% | Flat | ₹4,827 Cr | 20.4 | |
| 6 | 20–40% | Flat | ₹2,741 Cr | 215.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Leisure Services rankingFinancials of Apeejay Surrend.
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Apeejay Surrend.
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 139 | 125 | 130 | 152 | 146 | 130 | 137 | 172 | 167 | 148 | 159 | 188 | 171 |
| Expenses + | 94 | 87 | 87 | 99 | 97 | 92 | 97 | 110 | 107 | 103 | 112 | 120 | 122 |
| Operating Profit | 45 | 38 | 43 | 54 | 49 | 38 | 40 | 62 | 60 | 45 | 47 | 67 | 50 |
| OPM % | 32% | 30% | 33% | 35% | 33% | 29% | 29% | 36% | 36% | 30% | 30% | 36% | 29% |
| Other Income + | -1 | 1 | 6 | 4 | 4 | 4 | 16 | 2 | 4 | 3 | 1 | 1 | -0 |
| Interest | 12 | 16 | 17 | 18 | 15 | 4 | 3 | 6 | 5 | 6 | 6 | 8 | 7 |
| Depreciation | 16 | 11 | 12 | 14 | 12 | 13 | 13 | 14 | 19 | 17 | 16 | 18 | 17 |
| Profit before tax | 16 | 11 | 21 | 27 | 26 | 24 | 39 | 45 | 40 | 26 | 27 | 42 | 26 |
| Tax % | 26% | 32% | 32% | 3% | 30% | 108% | 29% | 29% | 31% | 34% | 42% | 42% | 49% |
| Net Profit + | 12 | 8 | 14 | 26 | 18 | -2 | 27 | 32 | 27 | 17 | 16 | 25 | 13 |
| EPS in Rs | 0.68 | 0.44 | 0.81 | 1.48 | 0.85 | -0.09 | 1.29 | 1.50 | 1.28 | 0.80 | 0.73 | 1.16 | 0.61 |
Financials of Apeejay Surrend.
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 416 | 415 | 175 | 243 | 492 | 555 | 605 | 669 |
| Expenses + | 334 | 333 | 159 | 199 | 332 | 370 | 409 | 459 |
| Operating Profit | 82 | 82 | 15 | 44 | 160 | 186 | 197 | 209 |
| OPM % | 20% | 20% | 9% | 18% | 32% | 33% | 32% | 31% |
| Other Income + | 10 | 11 | -9 | 10 | 14 | 13 | 25 | 5 |
| Interest | 50 | 51 | 56 | 59 | 62 | 65 | 15 | 26 |
| Depreciation | 30 | 33 | 36 | 38 | 47 | 48 | 59 | 68 |
| Profit before tax | 13 | 8 | -85 | -43 | 64 | 85 | 148 | 121 |
| Tax % | 19% | -195% | -12% | -31% | 26% | 22% | 43% | 42% |
| Net Profit + | 11 | 23 | -75 | -30 | 48 | 66 | 85 | 70 |
| EPS in Rs | 6.08 | 1.34 | -4.29 | -1.71 | 2.73 | 3.08 | 3.98 | 3.29 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 13% | 0% |
Financials of Apeejay Surrend.
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 21 | 21 | 21 |
| Reserves | 571 | 593 | 519 | 490 | 536 | 1,172 | 1,259 | 1,322 |
| Borrowings + | 441 | 552 | 608 | 646 | 610 | 93 | 158 | 263 |
| Other Liabilities + | 134 | 160 | 121 | 106 | 181 | 168 | 204 | 280 |
| Total Liabilities | 1,163 | 1,323 | 1,265 | 1,259 | 1,345 | 1,454 | 1,642 | 1,886 |
| Fixed Assets + | 1,065 | 1,163 | 1,146 | 1,131 | 1,182 | 1,205 | 1,191 | 1,222 |
| CWIP | 31 | 28 | 27 | 29 | 32 | 41 | 54 | 79 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 54 | 283 |
| Other Assets + | 67 | 131 | 92 | 100 | 132 | 209 | 343 | 302 |
| Total Assets | 1,163 | 1,323 | 1,265 | 1,259 | 1,345 | 1,454 | 1,642 | 1,886 |
Financials of Apeejay Surrend.
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 102 | 100 | 26 | 53 | 172 | 162 | 152 | |
| Cash from Investing Activity + | -60 | -97 | -24 | -19 | -41 | -103 | -185 | |
| Cash from Financing Activity + | -47 | 3 | -5 | -34 | -124 | -36 | 6 | |
| Net Cash Flow | -4 | 6 | -3 | -0 | 7 | 23 | -27 | |
| Free Cash Flow | 66 | 37 | -14 | 30 | 134 | 61 | 56 | |
| CFO/OP | 128% | 118% | 169% | 126% | 105% | 95% | 92% |
Financials of Apeejay Surrend.
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 18 | 37 | 26 | 18 | 21 | 21 | 22 |
| Inventory Days | 73 | 103 | 476 | |||||
| Days Payable | 217 | 398 | 187 | |||||
| Cash Conversion Cycle | -121 | 18 | 37 | -269 | 18 | 21 | 21 | 311 |
| Working Capital Days | -122 | -116 | -308 | -260 | -105 | -41 | 21 | 44 |
| ROCE % | 6% | -1% | 1% | 11% | 12% | 12% | 10% |
Guidance history
How Apeejay Surrend.'s guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
11 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −32.4% | 20% |
| Last 6 months | −17.2% | 24% |
| Last 3 months | −16.7% | 25% |
The price is 54.7% below its all-time high of ₹222.6 (23 Feb 2024). Stocks more than 20% below their peak have their score halved, so 22 became 11.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Apeejay Surrend.: 0.4 × 20 + 0.4 × 24 + 0.2 × 25 = 22, halved to 11 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Apeejay Surrend.'s management said in earlier quarters
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