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SAMHI Hotels (SAMHI) investor relations material
SAMHI Hotels Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 saw total income rise 11% year-over-year to INR 2,963 million, with consolidated EBITDA up 14.2% and PAT reaching INR 998 million, driven by a one-time reversal of Navi Mumbai land impairment.
Major new projects include a dual-branded hotel in Navi Mumbai and a 260-room hotel in Hyderabad Financial District, with significant capital infusion from a GIC affiliate.
Board approved restructuring within the group, including a demerger of a hotel business between subsidiaries.
Statutory auditors issued unmodified review reports for both standalone and consolidated results.
Balance sheet strengthened with net debt/EBITDA at 2.9x (2.4x for operating assets) and credit rating upgraded to A+ (stable outlook).
Financial highlights
Q2 FY26 RevPAR was INR 5,026, up 11.2% year-over-year, with consolidated EBITDA margin at 37.3%.
Finance costs declined by nearly INR 12 crores year-over-year due to deleveraging and asset sales.
Exceptional one-time gain of INR 71 crores from Navi Mumbai impairment reversal and Caspia Delhi sale.
Net debt at INR 1,370 crores; net debt/EBITDA at 2.9x, or 2.4x excluding non-EBITDA generating growth projects.
Free cash generation improved, with TTM free cash flow at INR 350 crores and strong operating cash flow supporting growth.
Outlook and guidance
H2 expected to outperform H1 in RevPAR, occupancy, and total revenue as business travel demand remains robust.
Guidance maintained for 9%-11% CAGR same-store revenue growth over the next 3-5 years.
Portfolio to exceed 6,300 rooms with over 1,500 rooms under development or rebranding.
Committed pipeline projects could increase in-place revenue from INR 12,000 million to INR 19,000–21,000 million by Sep '25.
Majority of future growth to be funded by operating free cash, with no anticipated stress on the balance sheet.
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