SAMHI Hotels (SAMHI) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 saw asset income of INR 296 crore, up 10% year-on-year, with RevPAR up 15.1% and total income rising 9.3% to ₹2,987mn, driven by strong demand and portfolio expansion.

• Consolidated EBITDA reached INR 113 crore (₹1,132.28mn), up 25% year-on-year, with margins at 37.9%; PAT turned positive at ₹228mn, including a one-time non-cash refinancing impact.

• ACIC portfolio revenue was flat year-on-year due to transition to managed model, but EBITDA margin expanded by 300 bps to 39.4%.

• Net debt stood at INR 2,060 crore, with a cost of debt at 9.4%; Net Debt/EBITDA improved to 4.3x.

• Board approved unaudited results for Q3 FY25 and expanded group structure with acquisition of Innmar Tourism and Hotels Private Limited.

Financial highlights

• Asset EBITDA for the quarter was INR 122 crore, up 13% year-on-year; asset EBITDA margin improved to 41.2%.

• Consolidated revenue from operations for Q3 FY25 was INR 2,957.66 million, up from INR 2,678.34 million in Q3 FY24.

• PAT for Q3 FY25 was ₹228mn, compared to a loss of ₹744mn in Q3 FY24, reflecting a turnaround.

• F&B revenue grew 5% year-on-year; venue revenue up 13%, but specialty restaurant income remained flat.

• Holiday Inn Express Greater Noida saw ADR double post-rebranding, with Q4 seasonally strong.

Outlook and guidance

• Focus for ACIC portfolio in FY 2026 will shift to market penetration and revenue growth after transition completion.

• Confident in achieving 4.5x net debt/EBITDA by FY 2025 and 3.5x by FY 2026, with further deleveraging possible via asset recycling.

• Expect 9%-11% revenue growth in ACIC for FY 2026 as rate mix improves.

• Inventory expansion of 700+ rooms and new F&B outlets planned through renovations, rebranding, and new developments.

• Embedded 35% revenue growth over three years from portfolio transformation, excluding market growth.