Samhi Hotels Q1 FY27 Results (NSE: SAMHI)
Signal: Margin expansion
The read
The operating trajectory remains constructive with revenue up 12.1% YoY to 30520 million and EBITDA margin recovering to 33.2% after two quarters of contraction, but PAT fell 3.9% to 1825 million and the proposed 750-crore capital raise plus acquisitions mark a more aggressive, potentially dilutive expansion phase.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,052 Cr | +12.1% | -11.5% |
| EBIT | ₹704.2 Cr | N/A | |
| Net profit | ₹182.5 Cr | -3.9% | |
| EPS | ₹1.12 | +43.6% | |
| EBIT margin | 33.2% |
P&L walk
Consolidated revenue increased to 30520 million, +12.1% YoY but -11.5% QoQ, while EBITDA margin improved to 33.2% from 32.0% YoY; PAT declined 3.9% to 1825 million, so the operating recovery did not fully translate into profit growth.
Segments
The company reports one operating segment, developing and running hotels; the material divergence is basis-driven, with consolidated PAT of 1825 million versus standalone PAT of 12.18 million, confirming that earnings sit primarily in subsidiaries.
Key positives
- Consolidated revenue reached 30520 million, +12.1% YoY, despite sequential decline from 34500 million in Q4FY26.
- EBITDA margin improved to 33.2%, approximately 120bps above the 32.0% level in the recent prior-quarter series and reversing the Q3-Q4FY26 contraction.
- The company is expanding its platform through the proposed acquisition of 100% of Itmenaan Lodges for INR 12,00,00,000, with total approved investment not exceeding INR 25,00,00,000.
- The board approved a fund-raising resolution of up to INR 750,00,00,000 to support room additions, acquisitions and balance-sheet flexibility.
Key concerns
- PAT declined 3.9% YoY to 1825 million even as revenue grew 12.1%, showing incomplete conversion of operating growth into bottom-line growth.
- EPS of INR 1.12 grew 43.6% while PAT declined 3.9%, creating a material PAT-to-EPS divergence that requires monitoring for share-count or minority-interest effects.
- The proposed fund raise of up to INR 750,00,00,000 could create dilution, with timing and terms dependent on market conditions and shareholder approvals.
- The proposed Itmenaan Estate investment of up to INR 25,00,00,000 is sizable relative to the target's FY2025-26 total income of INR 69,76,266, increasing execution and return-on-investment risk.
Research and educational content only. Not investment advice.