Any current/future new fundraising through debt or equity?

Apeejay Surrendra Park Hotels Limited plans to remain debt-free and net cash positive on a year-on-year basis, as stated by Vijay Dewan and Atul Khosla. The company intends to fund growth and CAPEX requirements (around Rs. 600 to Rs. 650 crore net cash needed over coming years) mainly through internal accruals. They will maintain lines of credit available to manage time gaps and to accelerate project progress but do not currently plan to raise significant new debt. Discussions for inorganic growth are ongoing, and announcements may be made in upcoming quarters, but no specific equity fundraisi

Any current/future capex/capital investment/strategic investment?

Annual CAPEX for Flurys expansion is about Rs. 35 crore, opening 35-40 outlets yearly, aiming for 175-200 outlets in 4-5 years. Total CAPEX for next 5 years, including 800 room additions and Flurys expansion, estimated around Rs. 900 crore, with Rs. 300 crore from EM Bypass apartment sales reducing net CAPEX to about Rs. 600-650 crore. Upcoming owned hotel projects: - Pune: 200 rooms, Rs. 200 crore, ready by FY27 - Vizag: 100 rooms, Rs. 100 crore, ready by FY28 - EM Bypass Kolkata: Mixed-use development with hotel and 100 apartments, ready by FY29; construction to start next ye

Future growth expectations in sales/revenue/volumes?

Flurys business is growing rapidly, with 17% YoY topline growth and plans to open 40-50 new outlets annually over the next five years, aiming for 120 outlets by the end of FY25. Flurys is expected to remain about 10% of ASPHL's topline and deliver around 20% EBITDA margins. ASPHL plans to nearly double hotel inventory from 2,395 to 4,845 keys over five years by adding 24 new hotels. New luxury properties like The Palace Chettinad and Ran Baas Palace at Patiala will boost ARR and EBITDA margins significantly. Construction of large new hotels in Pune (200 rooms), Vizag (100 rooms), and Kolkata E

Future growth expectations in earnings/operating earnings/profits/EPS?

ASPHL expects sustained double-digit revenue growth driven by new hotel openings, robust occupancy (~94%), and ARR growth in the high double digits. Flurys business is rapidly expanding, targeting 40-50 new outlets annually with a current margin of ~20%, expected to remain strong and contribute ~10% to topline without diluting overall EBITDA margins (~35%). EBITDA margins are expected to improve further in coming quarters due to operational efficiencies and growth in luxury segment ratios. New luxury properties (Palace Chettinad and Ran Baas Palace) will boost ARR and margins significantly. CA

Apeejay Surrend.Q1 FY25Leisure Services

Apeejay Surrend. Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹105.37P/E: 34.9Market Cap: ₹2.2K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Flurys business is growing rapidly, with 17% YoY topline growth and plans to open 40-50 new outlets annually over the next five years, aiming for 120 outlets by the end of FY25.
Flurys is expected to remain about 10% of ASPHL's topline and deliver around 20% EBITDA margins.
ASPHL plans to nearly double hotel inventory from 2,395 to 4,845 keys over five years by adding 24 new hotels.
New luxury properties like The Palace Chettinad and Ran Baas Palace at Patiala will boost ARR and EBITDA margins significantly.
Construction of large new hotels in Pune (200 rooms), Vizag (100 rooms), and Kolkata EM Bypass (250 rooms) is underway with openings planned between FY27-FY29.
Overall, ASPHL expects sustained double-digit ARR growth driven by demand-supply imbalance in key markets.
Management foresees continued top-line and EBITDA growth aided by renovations, new openings, and strong occupancy (~94%).

Margin guidance

Category 3

ASPHL expects sustained double-digit revenue growth driven by new hotel openings, robust occupancy (~94%), and ARR growth in the high double digits.
Flurys business is rapidly expanding, targeting 40-50 new outlets annually with a current margin of ~20%, expected to remain strong and contribute ~10% to topline without diluting overall EBITDA margins (~35%).
EBITDA margins are expected to improve further in coming quarters due to operational efficiencies and growth in luxury segment ratios.
New luxury properties (Palace Chettinad and Ran Baas Palace) will boost ARR and margins significantly.
CAPEX of Rs. 150-180 crore per annum planned mainly for asset-light model hotel expansions and Flurys outlets; overall net cash positive and debt-free stance maintained.
PAT saw strong YoY growth; normalized PAT up 115% YoY in Q1 FY25.
Credit rating upgraded to ‘A+ Stable’ supports faster growth trajectory.
Overall, earnings, operating profits, and EPS are expected to improve steadily with balanced growth across hotel and F&B segments.

See what Apeejay Surrend. management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Apeejay Surrendra Park Hotels Limited plans to remain debt-free and net cash positive on a year-on-year basis, as stated by Vijay Dewan and Atul Khosla.
The company intends to fund growth and CAPEX requirements (around Rs. 600 to Rs. 650 crore net cash needed over coming years) mainly through internal accruals.
They will maintain lines of credit available to manage time gaps and to accelerate project progress but do not currently plan to raise significant new debt.
Discussions for inorganic growth are ongoing, and announcements may be made in upcoming quarters, but no specific equity fundraising was mentioned.
The company has a strong credit rating (A+ Stable by ICRA) and a robust balance sheet to support growth without relying heavily on external debt or equity issuance.

Order book

- The transcript does not explicitly mention a current or expected order book or pending orders in typical manufacturing or project terms. - However, it discusses a strong pipeline of hotel projects and expansion plans: - Operates 33 hotels now with 2,395 keys. - Plans to add 24 more hotels with 2,450 keys over next five years, nearly doubling inventory to 57 hotels with 4,845 keys. - Six hotels totaling 215 rooms planned to open in the current year. - Various ongoing and upcoming construction projects: Park Pune (200 rooms, FY27), Park Vizag expansion (100 rooms, FY28), Kolkata EM Bypass hotel and apartments project. - Flurys F&B expansion: - Opened 10 new outlets since April 2024. - Plan to reach 100 outlets by September 2024 and 120 by financial year-end. - Targeting 40-50 new outlets annually over the next 5 years. - Discussions ongoing for inorganic growth (potential acquisitions), with announcements expected in coming quarters. No specific orderbook figures are provided but significant development pipeline and growth plans represent the "pending orders" or commitments.

See what Apeejay Surrend. management said on order book — free account, 30 seconds.

Capex plans

Yes

Annual CAPEX for Flurys expansion is about Rs. 35 crore, opening 35-40 outlets yearly, aiming for 175-200 outlets in 4-5 years.
Total CAPEX for next 5 years, including 800 room additions and Flurys expansion, estimated around Rs. 900 crore, with Rs. 300 crore from EM Bypass apartment sales reducing net CAPEX to about Rs. 600-650 crore.
Upcoming owned hotel projects:
- Pune: 200 rooms, Rs. 200 crore, ready by FY27
- Vizag: 100 rooms, Rs. 100 crore, ready by FY28
- EM Bypass Kolkata: Mixed-use development with hotel and 100 apartments, ready by FY29; construction to start next year
- Jaipur: 100 rooms with large banqueting facilities in development
Renovation: 10% of inventory annually, e.g., 56 rooms upgraded at Park New Delhi this year
Strategy aims to remain debt-free, fund projects through internal accruals and maintain net cash positive status.

Track Apeejay Surrend. — get its next earnings analysis in your feed

How does Apeejay Surrend. rank vs peers in Leisure Services?

Pro feature

ThisApeejay Surrend.

Rev 3Mar 3

See where Apeejay Surrend. sits in Leisure ServicesSee which companies these are, and every other name in the sector.Open rankings

How does Apeejay Surrend. rank in Leisure Services?

Compare Apeejay Surrend. against every Leisure Services company (Q1 FY25) on revenue, margins and earnings-call signals.

View Leisure Services leaderboard →

What Apeejay Surrend.'s management said in earlier quarters

Others in Leisure Services this season

Delta Corp (Q2 FY27)
For the quarter ended 30th September 2026, consolidated net sales/revenue from operations was ₹159.34 crores, down from ₹182.76 crores in the same quarter last…
Le Travenues Technology Ltd (Q2 FY27)
Gross Transaction Value (GTV): ₹5,304.47 crores, up 22% YoY . Key investor presentation takeaways from Le Travenues Technology Ltd's Q2 FY27 investor presentati
Ventive Hospitality Ltd (Q2 FY26)
Direct booking channels growing, especially in India (currently 60% of sales) and Maldives, enhancing margins and revenues. Key concall takeaways from Ventive…
Imagicaaworld Entertainment Ltd (Q2 FY26)
41.8 Cr, up 4.6% from Rs. Key investor presentation takeaways from Imagicaaworld Entertainment Ltd's Q2 FY26 investor presentation — and how it ranks against se

Compare:vs Indian Hotels Co Ltd vs Indian Railway Catering & Tourism Corporation Ltd vs ITC Hotels

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Apeejay Surrend. Q1 FY25 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does Apeejay Surrend. rank in Leisure Services?

Continue your research

What Apeejay Surrend.'s management said in earlier quarters

Others in Leisure Services this season