Sayaji Hotels Q1 FY27 Results (NSE: SAYAJIHOTL)
Signal: Loss reversed
The read
The operating inflection is real but not yet clean: EBITDA margin expanded to 32.6%, the second consecutive YoY margin-expansion quarter, while revenue fell 43.7% YoY because lease-model revenue went to nil; consolidated PAT of ₹29.69 lakh depended heavily on ₹300.10 lakh of related-party asset-sale profit and ₹91.82 lakh of associate income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹20 Cr | -43.7% | -46.9% |
| EBIT | ₹2.23 Cr | N/A | |
| Net profit | ₹0.3 Cr | 105.8% | |
| EPS | ₹0.17 | 105.8% | |
| EBIT margin | 32.6% |
P&L walk
Revenue declined to ₹2,000.27 lakh, -43.7% YoY and -46.9% QoQ, as lease-model revenue fell to nil; EBITDA margin nevertheless expanded to 32.6% from 9.99% YoY, while PAT of ₹29.69 lakh was supported by ₹300.10 lakh of profit on an asset sale and ₹91.82 lakh of associate profit.
Segments
The company reports only one operating segment, Hoteliering; the key consolidated uplift came from the associate's ₹91.82 lakh profit, which explains the gap between consolidated PAT of ₹29.69 lakh and standalone loss of ₹65.28 lakh.
Key positives
- EBITDA margin expanded to 32.6%, up 2261bps YoY and 1326bps QoQ, after Q4FY26's 1200bps YoY expansion.
- Finance costs declined 23.4% YoY to ₹258.94 lakh and 26.2% QoQ, improving the operating-to-PBT conversion.
- The business generated ₹108.39 lakh of management-fee income while lease-model revenue fell to nil, showing progress in the disclosed shift toward management agreements.
Key concerns
- Revenue fell 43.7% YoY to ₹2,000.27 lakh and 46.9% QoQ because lease-model revenue declined from ₹1,911.54 lakh to nil; the filing says current and prior revenue and expense figures are not strictly comparable.
- Consolidated PAT of ₹29.69 lakh includes ₹300.10 lakh profit on sale of assets to related party Vicon Imperial, making reported profit materially dependent on a non-operating item.
- Standalone operations remained loss-making at ₹65.28 lakh despite a 32.7% EBITDA margin; the consolidated profit was rescued by ₹91.82 lakh of associate income.
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