SAMHI Hotels (SAMHI) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 same-store revenue grew 12.6% YoY, ahead of 9%-11% long-term guidance; occupancy was 78.6%, up from 75% a year earlier.

• Same-store RevPAR rose 14.3% to ₹5,746, supported by 9.2% ARR growth.

• H1 was described as reassuring, with management expecting stronger Q3 and Q4; new hotels and RARE fee income are expected to add growth from FY28.

• Growth plans include 1,669 secured new rooms, 473 rooms being rebranded and an asset-light leisure platform of ~70 hotels.

Financial highlights

• Q2 total income was ₹3,427mn, up 15.6% YoY; consolidated revenue was ₹3,380.70mn versus ₹2,929.74mn. H1 total income was ₹6,510mn.

• Q2 consolidated EBITDA was ₹1,237.86mn, up 12.0%; excluding the ~₹103mn GST input-credit impact, EBITDA was ₹1,338mn, up 21.3%.

• Q2 PBT before exceptional items rose 39.9% to ₹534.32mn; PAT was ₹410.77mn versus ₹997.95mn a year earlier, which included exceptional gains.

• H1 EBITDA was ₹2,250.91mn, up 4.2% reported and 17.0% comparable; H1 PBT before exceptional items rose 34.5% to ₹861.65mn and PAT was ₹660.04mn.

• Q2 EPS was ₹1.85 basic and ₹1.84 diluted; H1 EPS was ₹2.97 basic and ₹2.96 diluted.

Outlook and guidance

• Management expects Q3 and Q4 RevPAR growth of 14%-15%, driven by 10%-11% rate growth and improved capacity utilization; same-store total revenue growth is modeled at 13%-14%.

• Same-store revenue guidance remains 9%-11%; with new inventory, management targets a return to high-teens revenue growth, potentially early 20s.

• H2 EBITDA growth is expected in the high teens; management expects each successive quarter to exceed the prior quarter, while noting external-event volatility.

• W Hyderabad is targeted to open in Q2 FY28; FY29 is expected to be its stabilized year.

• RARE’s first Outdoor Collection hotels are planned to go live in December; FY28 revenue is expected at ₹15 crore-₹20 crore, with fee income and profit ramping from that year.