Unaudited Financial Results for the Quarter ended on September 30th, 2025
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Sayaji Hotels (Indore) Ltd reported Q2 FY26 revenue from operations of Rs. 21.06 crore, down slightly from Rs. 21.91 crore in Q2 FY25. For H1 FY26, revenue came in at Rs. 44.82 crore vs Rs. 45.96 crore last year, while profit after tax rose to Rs. 1.96 crore from Rs. 1.61 crore, a growth of about 22%. Q2 PAT turned positive at Rs. 17.68 lakh compared to a small loss of Rs. 2.25 lakh in the year-ago quarter. The board declared an interim dividend of Rs. 0.80 per equity share, with the record date set as November 20, 2025. The auditor flagged an Emphasis of Matter on the long-running dispute with the Indore Development Authority (IDA) over cancellation of the leasehold land for its Indore hotel, noting the company continues to prepare accounts on a going-concern basis. Capital work-in-progress rose sharply from Rs. 39.81 crore to Rs. 61.16 crore, with total borrowings climbing to about Rs. 56.37 crore, indicating heavy ongoing capex.
The interim dividend and improved H1 profitability are positives for shareholders, but the slight decline in revenue and the unresolved IDA lease dispute remain overhangs on the stock. The sharp jump in borrowings and capex signals aggressive expansion, which may pressure margins and debt servicing in the near term.