Any current/future new fundraising through debt or equity?

SAMHI Hotels Limited is adequately funded for current and planned investments, including ongoing and future cash flows. No new acquisitions are currently envisaged; growth is driven through same-store revenue growth and existing growth initiatives. The company is comfortable with its balance sheet, maintaining a net debt-to-EBITDA ratio around 3x. Incremental investments, such as the INR 150 crores pending from GIC over the next 2 to 2.5 years, will further support cash flow. Variable leases are primarily used for growth, requiring limited upfront capital and mitigating pressure on the balance

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

Significant committed capex is focused on large projects like Westin Bangalore and Navi Mumbai, with bulk of capex expected to ramp up from FY '28/'29. Investment pending from GIC of INR 150 crores over the next 2 to 2.5 years will add to free cash flow. Pipeline discussions mainly involve variable leases, which require investment primarily in fit-outs rather than full asset acquisition, minimizing balance sheet pressure. Variable leases allow growth without significant upfront capital, with partners investing majority of capital before fit-outs. Limited asset recycling opportunities c

Future growth expectations in sales/revenue/volumes?

Targeting revenue of INR 3,000 crores by FY 2030, approximately 2.4x the current run rate (Page 18-19). Same-store revenue is expected to grow at a compound annual growth rate (CAGR) of 9%-11% (Page 19). Incremental revenues will come from growth initiatives already invested in, without relying on new acquisitions (Page 19). Operating leverage and stable interest costs imply free cash flow growth will outpace revenue growth (Page 19). Strong net office absorption in core markets, e.g., Bangalore at 12 million sq. ft. over 9 months, supports confidence in growth trajectory (Page 20). Addition o

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

SAMHI Hotels targets INR 3,000 crores revenue by FY '30, about 2.4x current run rate. Same-store revenue expected to grow at 9%-11% CAGR over the next 3-5 years. EBITDA growth outpaces revenue growth due to operating leverage; recent EBITDA growth (before GST) at 19%. Free cash flow stood at INR 300 crores TTM, expected to grow more than revenue due to stable interest costs and leverage. Total EBITDA accumulation projected at INR 3,000-3,500 crores in next 4-5 years. Growth driven by upscale, upper-upscale segment and additions such as Westin Bangalore and Westin Hyderabad. No reliance on new

Current/ Expected Orderbook/ Pending Orders?

SAMHI Hotels Limited has a significant pipeline of expansion with around 1,900+ rooms expected to come up by FY '30 (Page 17). The company continues to have an actionable pipeline of available leases, which primarily involve variable leases, reducing the need for upfront capital investment (Page 17). No definitive agreements or decisions on asset recycling yet, though some opportunities remain, with a timeline of 12 to 18 months for execution (Page 16). Large committed capex mainly involves Westin Bangalore and Navi Mumbai projects, with major capex bulk starting FY '28-'29 (Page 18). Incremen

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Samhi Hotels LtdQ4 FY27Leisure Services

Samhi Hotels Ltd Q4 FY27 Earnings Call Analysis

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

Price: ₹175P/E: 21.0Market Cap: ₹3.3K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Targeting revenue of INR 3,000 crores by FY 2030, approximately 2.4x the current run rate (Page 18-19).
→Same-store revenue is expected to grow at a compound annual growth rate (CAGR) of 9%-11% (Page 19).
→Incremental revenues will come from growth initiatives already invested in, without relying on new acquisitions (Page 19).
→Operating leverage and stable interest costs imply free cash flow growth will outpace revenue growth (Page 19).
→Strong net office absorption in core markets, e.g., Bangalore at 12 million sq. ft. over 9 months, supports confidence in growth trajectory (Page 20).
→Addition of new assets like Westin Hyderabad and Westin Bangalore aids maintaining growth momentum (Page 19).

Margin guidance

Category 3

→SAMHI Hotels targets INR 3,000 crores revenue by FY '30, about 2.4x current run rate.
→Same-store revenue expected to grow at 9%-11% CAGR over the next 3-5 years.
→EBITDA growth outpaces revenue growth due to operating leverage; recent EBITDA growth (before GST) at 19%.
→Free cash flow stood at INR 300 crores TTM, expected to grow more than revenue due to stable interest costs and leverage.
→Total EBITDA accumulation projected at INR 3,000-3,500 crores in next 4-5 years.
→Growth driven by upscale, upper-upscale segment and additions such as Westin Bangalore and Westin Hyderabad.
→No reliance on new acquisitions; growth led by current assets and pipeline mainly structured as variable leases.
→RevPAR (Revenue per available room) expected to sustain high single-digit to low double-digit growth (7%-11%).

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Fundraise plans

→SAMHI Hotels Limited is adequately funded for current and planned investments, including ongoing and future cash flows.
→No new acquisitions are currently envisaged; growth is driven through same-store revenue growth and existing growth initiatives.
→The company is comfortable with its balance sheet, maintaining a net debt-to-EBITDA ratio around 3x.
→Incremental investments, such as the INR 150 crores pending from GIC over the next 2 to 2.5 years, will further support cash flow.
→Variable leases are primarily used for growth, requiring limited upfront capital and mitigating pressure on the balance sheet.
→Management indicates no immediate need for new debt or equity fundraising, focusing on internal accruals and limited asset recycling.
→Capex cycles for large projects will bulk up starting FY 28-29, which will be managed through existing funding and operational cash flow.

Order book

→SAMHI Hotels Limited has a significant pipeline of expansion with around 1,900+ rooms expected to come up by FY '30 (Page 17).
→The company continues to have an actionable pipeline of available leases, which primarily involve variable leases, reducing the need for upfront capital investment (Page 17).
→No definitive agreements or decisions on asset recycling yet, though some opportunities remain, with a timeline of 12 to 18 months for execution (Page 16).
→Large committed capex mainly involves Westin Bangalore and Navi Mumbai projects, with major capex bulk starting FY '28-'29 (Page 18).
→Incremental INR 150 crores investment pending from GIC over the next 2 to 2.5 years, adding to free cash flow to support growth and orders (Page 18).

Capex plans

Yes

→Significant committed capex is focused on large projects like Westin Bangalore and Navi Mumbai, with bulk of capex expected to ramp up from FY '28/'29.
→Investment pending from GIC of INR 150 crores over the next 2 to 2.5 years will add to free cash flow.
→Pipeline discussions mainly involve variable leases, which require investment primarily in fit-outs rather than full asset acquisition, minimizing balance sheet pressure.
→Variable leases allow growth without significant upfront capital, with partners investing majority of capital before fit-outs.
→Limited asset recycling opportunities considered for some capital generation.
→No new acquisitions are envisaged in revenue targets, growth is mainly organic with 9-11% same-store revenue CAGR.
→Overall, capital strategy is balanced to maintain debt levels while funding growth and optimizing cash flow.

How does Samhi Hotels Ltd rank vs peers in Leisure Services?

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1Samhi Hotels Ltd

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