SAYAJI HOTELS LTD.

Operates hotels across India under the Sayaji, Effotel by Sayaji, and The Forest Chapter by Sayaji brands, with FY26 standalone total income of ₹15,316.82 lakhs (up 8.2% YoY). The business is expanding through hotel management agreements — signing for a 108-room Effotel in Varanasi, a 63-room Effotel in Nashik, and a 20+ room "The Forest Chapter" property in Tadoba, Chandrapur. During FY26, the Sayaji Baroda hotel moved from a lease to a management fee model (effective October 2025), and the Sayaji Raipur hotel lease was terminated, generating an exceptional item of ₹1,111.70 lakhs. The company also took a 26% equity stake in Avanir Wellness Resorts, a joint venture developing a wellness centre in Nava Raipur. Standalone PAT was ₹1,108.82 lakhs (up 8.6% YoY), but consolidated results showed a loss of ₹631.78 lakhs, driven by a ₹1,755.31 lakh share of loss from associate United Foodbrands (formerly Barbeque-Nation Hospitality). The cost structure is dominated by other operating expenses (31.8% of revenue) and employee costs (27.9% of revenue), with depreciation at 17.4% reflecting its asset-heavy operations. Capex ran at 22.4% of revenue, indicating continued investment in expansion.