SAMHI Hotels: Business Overview & Financial Analysis

SAMHI Hotels is an institutional hotel ownership and asset-management platform focused primarily on business hotels in major Indian commercial markets. Its strategy combines acquisition-led growth, asset repositioning, partnerships with global hotel operators, and selective development. The portfolio spans mid-scale, upper mid-scale and upscale hotels, while the RARE India investment adds an asset-light experiential leisure platform.

SAMHI Hotels Portfolio and Operating Scale (Q1 FY27)

SAMHI Hotels entered Q1 FY27 with a diversified operating portfolio concentrated in business and technology hubs such as Bengaluru, Hyderabad, Pune, Gurugram, Ahmedabad and Chennai. Global hotel brands provide distribution, loyalty programmes and operating capabilities across the portfolio.

• Operating portfolio: 31 hotels with 4,899 rooms. 
• Upper Upscale & Upscale: 5 hotels with 1,123 rooms.
• Upper Mid-scale: 14 hotels with 2,047 rooms.
• Mid-scale: 12 hotels with 1,729 rooms.
• Marriott-operated assets: Contributed around 67% of Q1 FY27 asset income.
• Hyatt-operated assets: Contributed around 16% of asset income.
• IHG-operated assets: Contributed around 17% of asset income.

The existing portfolio is positioned across multiple hotel segments and operators, reducing dependence on a single brand while retaining significant exposure to large global distribution platforms.

SAMHI Hotels Occupancy, ARR and RevPAR (Q1 FY27)

Hotel operating performance remained strong despite disruption to international travel from the Middle East conflict. Higher occupancy was the main driver of Q1 growth, while domestic travellers provided greater demand resilience.

• Same-store occupancy: 79.3% compared with 74.2% in Q1 FY26. 
• Same-store RevPAR: Rs 5,219, up 9.6% YoY. 
• Domestic travellers: Accounted for around 81% of room nights versus 78% a year earlier.
• High-occupancy days: 36% of Q1 FY27 days recorded occupancy above 90%. 
• Upper Upscale & Upscale occupancy: 78%, with ARR of Rs 10,494 and RevPAR of Rs 8,229.
• Upper Mid-scale occupancy: 78%, with ARR of Rs 6,552 and RevPAR of Rs 5,131.
• Mid-scale occupancy: 81%, with ARR of Rs 3,755 and RevPAR of Rs 3,052.

The occupancy profile indicates high utilisation across all three hotel categories. Management expects a better mix of international guests and increasing upscale inventory to provide additional room-rate opportunities over time. 

SAMHI Hotels Segment Revenue Mix (Q1 FY27)

Upper Mid-scale remained the largest revenue contributor in Q1 FY27, closely followed by Upper Upscale & Upscale. The portfolio is being progressively repositioned towards higher-priced upscale inventory.

• Upper Upscale & Upscale: 41% of Q1 FY27 total income.
• Upper Mid-scale: 42% of total income.
• Mid-scale: 17% of total income. 
• Upper Upscale & Upscale Q1 revenue: Around Rs 123.9 crore.
• Upper Mid-scale Q1 revenue: Around Rs 129.8 crore.
• Mid-scale Q1 revenue: Around Rs 51.7 crore.
• Upscale portfolio target: Ongoing rebranding and new developments are expected to increase the upscale revenue share from around 41% to approximately 60% by FY30.

This mix shift is important because the upscale segment generates materially higher revenue per room than the company's mid-scale and upper mid-scale portfolio.

SAMHI Hotels Development and Rebranding Pipeline (Q1 FY27)

SAMHI Hotels has a secured pipeline of large hotels and asset conversions across major commercial markets. The disclosed ownership pipeline comprises 1,669 additional rooms, alongside the rebranding of 473 existing rooms into higher hotel categories.

• W, HITEC City, Hyderabad: Around 170 rooms.
• Westin, Whitefield, Bengaluru: 220 new rooms.
• Financial District, Hyderabad: Around 260-room mid-scale hotel.
• Westin & Fairfield, Navi Mumbai: Around 700 rooms combined.
• Marriott, Sriperumbudur, Chennai: Around 135 rooms.
• Upper Upscale Hotel, Noida Sector 51: Around 162 rooms.
• Hyatt Regency, Pune: 22 additional apartments in pre-opening.
• Rebranding: Four Points Pune, Trinity Bengaluru and Four Points Jaipur together represent 473 rooms being repositioned towards upscale brands.

The Q1 presentation initially indicated a Q4 FY27 opening for W Hyderabad. Management subsequently said on the earnings call that regulatory approvals could shift full availability to the second half of FY28/Calendar 2027, making execution timelines an important metric to monitor.

SAMHI Hotels RARE India Leisure Platform (Q1 FY27)

The RARE India investment expands SAMHI Hotels beyond urban business hotels into boutique and experiential leisure without requiring ownership of the entire hotel inventory. The platform is intended to generate fee income and selective investment opportunities.

• RARE portfolio: 75 hotels with 1,046 rooms.
• Geographic reach: 15 Indian states across India, Nepal and Bhutan.
• Business model: Primarily asset-light, with revenue from hotel-partner fees and selected incentive fees.
• Marriott integration: More than 40 hotels had agreed to participate in the proposed Outdoor Collection by Marriott Bonvoy.
• Pilot properties: 15 hotels were shortlisted for integration during H2 FY27.
• Selective ownership: SAMHI x RARE may invest in individual properties where existing owners seek succession or an exit.
• First such investment: Itmenaan Estate in Uttarakhand was acquired for around Rs 12 crore, with plans to expand from 8 rooms to around 15-20 rooms. 

RARE gives the group an additional leisure-growth channel with substantially lower capital requirements than building an owned hotel portfolio of similar size.

SAMHI Hotels Q1 FY27 Financial Performance

Reported financial performance was affected by comparison-base adjustments and a change in GST treatment. Management therefore also disclosed comparable figures to better represent underlying hotel performance.

• Total income: Rs 308.3 crore, up 7.3% YoY on a reported basis and 10.8% on a comparable basis. 
• Consolidated EBITDA: Rs 101.3 crore, down 4.1% on a reported basis but up 12.1% on a comparable basis.
• Reported EBITDA margin: 32.9% compared with 36.8% in Q1 FY26.
• PBT before exceptional items: Rs 32.7 crore, up 26.4% YoY.
• PAT: Rs 24.9 crore, up 29.7% YoY.
• Finance cost: Rs 37.7 crore, down 25.5% YoY.
• Free cash flow: Around Rs 61.9 crore.
• GST impact: Around Rs 9.2 crore of Q1 FY27 operating expenses arose from the shift from 12% GST with input tax credit to 5% without input tax credit. 

Underlying hotel EBITDA growth remained positive after adjusting for the GST change and one-time GIC-related items in the comparative quarter.

SAMHI Hotels FY26 Financial Base

FY26 provides the base for the current expansion cycle. Consolidated revenue and EBITDA reached their highest disclosed annual levels, although reported PAT included significant exceptional and non-cash tax effects.

• FY26 total income: Rs 1,279 crore.
• FY26 consolidated EBITDA: Rs 462.6 crore.
• FY26 EBITDA margin: 36.2%.
• PBT before exceptional items: Rs 165 crore.
• Reported PAT: Rs 566.5 crore. 
• Exceptional items: Included reversal of impairment and a gain on the sale of Caspia Delhi.
• Deferred tax asset: Approximately Rs 300 crore was recognised in FY26 based on improved profitability and visibility of future earnings.

Reported FY26 PAT is therefore not directly representative of recurring operating earnings, making EBITDA, PBT before exceptional items and cash generation more relevant measures of underlying performance.

SAMHI Hotels Debt and Balance Sheet (Q1 FY27)

Balance-sheet deleveraging has been a major focus since the IPO. The group has reduced its effective borrowing cost substantially while continuing to deploy capital into its development pipeline.

• Net debt: Rs 1,492.8 crore as of 30 June 2026.
• Net debt-to-EBITDA: Around 3.2x.
• Operating-asset net debt-to-EBITDA: Around 2.4x after excluding capital deployed towards growth projects.
• Effective interest rate: 7.8%, around 300 bps below the level at the IPO.
• Annualised cash interest run-rate: Around Rs 124 crore.
• Credit rating: A+ with a stable outlook from both ICRA and CARE.

Management expects internal cash generation to fund a meaningful portion of committed growth expenditure while maintaining balance-sheet discipline.

SAMHI Hotels Management Commentary and Outlook (Q1 FY27)

Management's near-term priorities are centred on maximising existing hotel performance, completing the secured development pipeline, expanding the upscale mix and scaling RARE India without compromising the balance sheet.

• FY27 revenue: Q1 comparable growth of 10.8% was described as being in line with management's 9-11% growth framework. 
• Occupancy: Management expects occupancy to remain the stronger growth driver during H1 FY27.
• Room rates: A better domestic/international guest mix is expected to support rate growth during H2 FY27. 
• Operating margin: Q1 asset EBITDA margin excluding the GST impact was around 36%, with management seeing scope for improvement as upscale inventory rises. 
• Cash generation: Management reiterated a forecast of more than Rs 3,000 crore of cumulative cash flow from FY27 to FY31.
• Growth capex: The company expects internal cash generation to support its committed pipeline.
• Capital raise: An enabling resolution was proposed to preserve funding flexibility; management stated that the existing business was adequately capitalised at the time. 
• Long-term mix: New development and rebranding are intended to increase the contribution of higher-revenue upscale hotels.

The main indicators to track are occupancy, ARR and RevPAR, the upscale revenue mix, opening and rebranding timelines, RARE-Marriott integration, free cash flow and net debt-to-EBITDA.

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Sources & References

This company fact sheet has been prepared using the three filings provided for SAMHI Hotels together with the financial information available on Finology Ticker.

• SAMHI Hotels Integrated Annual Report FY 2025-26
• SAMHI Hotels Q1 FY27 Investor Presentation
• SAMHI Hotels Q1 FY27 Earnings Conference Call Transcript
• Finology Ticker - SAMHI Hotels Company Page

Disclaimer
The information presented above on SAMHI Hotels has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings, and the financial data available on Finology Ticker. Certain figures, classifications, or comparisons may vary due to differences in accounting policies, reporting methodologies, or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios, and disclosures available on the Finology Ticker SAMHI Hotels page before making any investment decision. Investments in the securities market are subject to market risks. Read all related documents carefully before investing.