Any current/future new fundraising through debt or equity?

There is no explicit mention of current or planned equity fundraising in the transcript. Management mentions inorganic growth options including acquisitions and leases but does not specify associated fundraising. The company reported a notable reduction in interest costs following debt repayment, implying focus on debt reduction. Management expects cash flows from apartment sales in upcoming years to keep the company net cash positive during development. No direct comments were made on raising fresh debt or equity in the immediate future. CAPEX guidance remains in the range of Rs. 150-160 cror

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

CAPEX guidance for FY25 remains in the range of Rs. 150 crore to Rs. 160 crore. Significant ongoing developments include: - Mega project at Kolkata's EM Bypass with 250 hotel rooms and 100 apartments, expected to generate substantial cash flow (~Rs. 100 crore/year for three years starting next financial year). - New hotels under development: The Park Pune (200 rooms, opening April 2027), The Park Vizag (additional 100 rooms, October 2027), and The Park EM Bypass Kolkata (April 2028). Plan to open about 160 rooms in H2 FY25, including leased properties like the Ran Baas Palace (35 rooms) an

Future growth expectations in sales/revenue/volumes?

Flurys business is expected to grow at 40% by the end of FY25. Expansion plans target increasing Flurys outlets from around 100 to 350 over the next five years, adding 40 to 50 outlets annually. Each mature Flurys store aims to reach Rs. 1 crore in annual revenue. Overall hospitality business expects sustained double-digit growth in revenues supported by high occupancy and ARR growth. ARR growth is expected to exceed 10% in H2 FY25, backed by renovated rooms, new luxury properties, festive/wedding seasons, and strong demand-supply dynamics. Hotel inventory is planned to more than double from 2

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

The company expects sustained double-digit growth in business in upcoming quarters. Flurys business projected to grow at 40% by end of FY25, with mature stores targeting Rs. 1 crore annual revenue. EBITDA margins in Flurys expected to be 18% to 22% as the mix shifts towards cafes and tearooms. Overall Q2 FY25 PAT grew by 80% YoY, boosted by lower interest costs and higher revenues. Earnings per share rose 47% from Rs. 0.85 to Rs. 1.15. ARR (Average Room Rate) growth expected to exceed 10% in H2 FY25. ROCE expected to increase from current 12.5% to over 20% in the coming years due to expansion

Current/ Expected Orderbook/ Pending Orders?

The company currently operates 34 hotels with 2,410 keys. Plans to more than double the number of keys to 5,048 over the next five years. Within this expansion, 830 keys will be built on owned land parcels. Several projects are underway including: - A 200-room hotel in Pune expected to open in April 2027. - An additional 100 rooms at The Park Vizag planned for October 2027. - The Park EM Bypass Kolkata with 250 rooms and 100 apartments, expected by April 2028. Development includes a mixed-use project at Kolkata's EM Bypass, expected to generate substantial cash flow. Around 160 rooms sch

Apeejay Surrend.Q2 FY25Leisure Services

Apeejay Surrend. Q2 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

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Flurys business is expected to grow at 40% by the end of FY25.
Expansion plans target increasing Flurys outlets from around 100 to 350 over the next five years, adding 40 to 50 outlets annually.
Each mature Flurys store aims to reach Rs. 1 crore in annual revenue.
Overall hospitality business expects sustained double-digit growth in revenues supported by high occupancy and ARR growth.
ARR growth is expected to exceed 10% in H2 FY25, backed by renovated rooms, new luxury properties, festive/wedding seasons, and strong demand-supply dynamics.
Hotel inventory is planned to more than double from 2,410 keys to 5,048 keys over the next five years, driving volume growth.
Expansion includes organic growth augmented by inorganic opportunities through acquisitions and leases, enhancing revenue streams.

Margin guidance

Category 3

The company expects sustained double-digit growth in business in upcoming quarters.
Flurys business projected to grow at 40% by end of FY25, with mature stores targeting Rs. 1 crore annual revenue.
EBITDA margins in Flurys expected to be 18% to 22% as the mix shifts towards cafes and tearooms.
Overall Q2 FY25 PAT grew by 80% YoY, boosted by lower interest costs and higher revenues.
Earnings per share rose 47% from Rs. 0.85 to Rs. 1.15.
ARR (Average Room Rate) growth expected to exceed 10% in H2 FY25.
ROCE expected to increase from current 12.5% to over 20% in the coming years due to expansion and renovation.
Growth driven by expansion of hotel portfolio (doubling keys from 2,410 to 5,048 in 5 years) and F&B segment growth.
Margin improvements from operational efficiencies and carefully selected new locations.

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

Fundraise plans

There is no explicit mention of current or planned equity fundraising in the transcript.
Management mentions inorganic growth options including acquisitions and leases but does not specify associated fundraising.
The company reported a notable reduction in interest costs following debt repayment, implying focus on debt reduction.
Management expects cash flows from apartment sales in upcoming years to keep the company net cash positive during development.
No direct comments were made on raising fresh debt or equity in the immediate future.
CAPEX guidance remains in the range of Rs. 150-160 crore for FY25, funded likely from internal accruals and asset sales.
Overall, no explicit plans for new debt or equity fundraising were disclosed during this call.

Order book

The company currently operates 34 hotels with 2,410 keys.
Plans to more than double the number of keys to 5,048 over the next five years.
Within this expansion, 830 keys will be built on owned land parcels.
Several projects are underway including:
- A 200-room hotel in Pune expected to open in April 2027.
- An additional 100 rooms at The Park Vizag planned for October 2027.
- The Park EM Bypass Kolkata with 250 rooms and 100 apartments, expected by April 2028.
Development includes a mixed-use project at Kolkata's EM Bypass, expected to generate substantial cash flow.
Around 160 rooms scheduled to open in H2 FY25, including properties at Ran Baas The Palace, Zone Connect Prayagraj, Ranthambore, and Jaisalmer.
In addition to owned properties, the company is pursuing lease and acquisition opportunities, e.g., Ranthambore property (50 rooms on lease) to open Dec/Jan.
The company plans significant expansion in Flurys outlets with 250 new stores targeted over five years.

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

Capex plans

Yes

CAPEX guidance for FY25 remains in the range of Rs. 150 crore to Rs. 160 crore.
Significant ongoing developments include:
- Mega project at Kolkata's EM Bypass with 250 hotel rooms and 100 apartments, expected to generate substantial cash flow (~Rs. 100 crore/year for three years starting next financial year).
- New hotels under development: The Park Pune (200 rooms, opening April 2027), The Park Vizag (additional 100 rooms, October 2027), and The Park EM Bypass Kolkata (April 2028).
Plan to open about 160 rooms in H2 FY25, including leased properties like the Ran Baas Palace (35 rooms) and Ranthambore (50 rooms).
The company aims to more than double its inventory over the next five years, growing from 2,410 keys to 5,048 keys.
Exploring inorganic opportunities including acquisitions and leases (e.g., Ranthambore lease concluded). Discussions ongoing but details confidential.

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Apeejay Surrend. Q2 FY25 Earnings Call Analysis

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