SAMHI Hotels (SAMHI) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 delivered 10% year-on-year revenue growth to INR 2,987mn, with RevPAR up 15.1% and consolidated EBITDA rising 25% to INR 1,177mn, driven by strong demand, portfolio expansion, and operational efficiency.

• PAT reached INR 228mn, reversing a loss in Q3 FY24, aided by a one-time non-cash refinancing impact of INR 65mn.

• Net debt increased to INR 2,060 crore due to growth CapEx, with net debt/EBITDA at 4.3x, reflecting ongoing deleveraging.

• ACIC portfolio completed transition to managed model, with flat revenue but 10% EBITDA growth and 300 bps margin expansion.

• Board approved unaudited results for Q3 FY25 and expanded group structure with the acquisition of Innmar Tourism and Hotels Private Limited.

Financial highlights

• Consolidated revenue from operations for Q3 FY25 was INR 2,957.66 million, up 10% year-on-year; consolidated EBITDA at INR 1,177mn, up 25% year-on-year.

• Asset EBITDA margin improved to 41.2%; consolidated EBITDA margin at 37.9%.

• PAT for Q3 FY25 was INR 228mn, compared to a loss of INR 744mn in Q3 FY24.

• Depreciation stable at INR 29 crore; finance cost included a one-time non-cash write-off of INR 65mn due to refinancing.

• Exceptional items included impairment provisions and expected indemnity recovery linked to Navi Mumbai land parcel.

Outlook and guidance

• Focus on market penetration and revenue growth for ACIC portfolio in FY26, with 9%-11% revenue growth expected.

• Confident in achieving net debt/EBITDA of 4.5x by FY25-end and 3.5x by FY26, with further deleveraging via asset recycling.

• Inventory expansion of 700+ rooms and new F&B outlets planned through renovations, rebranding, and new developments.

• Embedded 35% revenue growth over three years from portfolio transformation, with potential for high single to double-digit annual growth.

• Management expects continued positive operating cash flows and compliance with financial covenants.