SAMHI Hotels (SAMHI) Q2 25/26 earnings summary

Executive summary

• Achieved strong operating performance in Q2 and H1 FY26, with total income rising 11% year-over-year to INR 2,963 million and consolidated EBITDA up 14.2%, driven by operational growth and a one-time reversal of Navi Mumbai land impairment.

• Major expansion projects include a dual-branded hotel in Navi Mumbai and a new 260-room hotel in Hyderabad's Financial District under a variable lease model.

• Portfolio now covers India's five largest office markets, with over 1,500 rooms under development or rebranding, targeting over 6,300 rooms.

• Board approved restructuring within the group, including a demerger of a hotel business between subsidiaries.

• Statutory auditors issued unmodified review reports for both standalone and consolidated results.

Financial highlights

• Q2 FY26 RevPAR grew 11.2% year-over-year to INR 5,026; total income reached INR 2,963 million (+11% YoY); consolidated EBITDA was INR 1,105 million (+14.2% YoY); PAT was INR 997.95 million, including exceptional gains.

• H1 FY26 total income was INR 5,836 million (+12% YoY); EBITDA was INR 2,161 million (+16.3% YoY); PAT was INR 1,190 million (+606.3% YoY).

• Net debt reduced to INR 1,370 crores, with net debt-to-EBITDA at 2.9x; adjusted for growth projects, it stands at 2.4x.

• Interest cost decreased to 8.5%, with further reductions expected from refinancing.

• Exceptional gains from sale of business undertaking and reversal of impairment losses significantly boosted profits.

Outlook and guidance

• H2 expected to outperform H1 in RevPAR, occupancy, and total revenue, driven by robust demand and limited new supply in key markets.

• Maintains 9%-11% CAGR guidance for same-store revenue growth over the next 3-5 years.

• Upscale segment share to rise to 60% of portfolio, with significant revenue impact from new developments.

• Targeting 17%-18% overall revenue CAGR over 3-5 years, factoring in rebranding and renovations.

• New investments and capital infusions, including from GIC affiliate, expected to support growth.