Samhi Hotels Q2 FY27 Results (NSE: SAMHI)

3 Nov 2026 · Analysis by Alpha Inflection

Signal: Margin pressure

The read

The operating trajectory remains constructive: revenue increased 15.6% YoY to 3,427 million, occupancy improved 360bps to 78.6% and RevPAR rose 14.3%, while EBITDA grew 12.0% to 1,238 million. However, reported EBITDA margin fell 120bps to 36.1% because of GST and PAT fell 58.8% to 411 million because Q2FY26 contained an 841 million exceptional gain; the key inflection is that same-store growth of 12.6% is above the 9-11% long-term guidance, with new inventory expected to provide an additional growth leg.

P&L walk

Revenue grew 15.6% YoY and EBITDA grew 12.0% YoY, with reported EBITDA margin contracting 120bps to 36.1% because of the 300bps GST impact; PAT fell 58.8% to 411 million as the prior-year quarter included an 841 million exceptional gain.

Key positives

• Same-store revenue grew 12.6% YoY, above the company's 9-11% long-term guidance, with total revenue up 15.6% to 3,427 million.
• Occupancy increased from 75.0% to 78.6% and RevPAR grew 14.3%, led by 9.2% ARR growth.
• Comparable EBITDA grew 21.3% YoY excluding the GST impact, versus reported EBITDA growth of 12.0%; EBITDA margin was 39.1% excluding GST versus 36.1% reported.
• Free cash flow was 827 million and net debt to EBITDA remained controlled at 3.1x, while the effective interest rate declined to 7.8%.

Key concerns

• Reported EBITDA margin contracted 120bps YoY to 36.1% because of the GST impact, showing that operating momentum has not yet fully translated into reported margins.
• Reported PAT fell 58.8% YoY to 411 million despite 15.6% revenue growth because the prior-year quarter benefited from an 841 million exceptional gain.
• Net debt remained elevated at 14,579 million, equivalent to 3.1x TTM EBITDA, leaving execution and cash-flow conversion important as the growth pipeline expands.

View original filing

Research and educational content only. Not investment advice.