NSE: SAYAJIHOTL · BSE: 523710
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel operations (rooms, food & beverage, banquets), Management and operating fees. Mid-sized Indian hotel operator, asset-heavy on owned/leased properties and shifting partly to asset-light management contracts.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 163 | 266 | 112 | 138 | 149 |
| EBITDA (ex other income) | 91 | 78 | 37 | 36 | 50 |
| margin % | 55.8 | 29.3 | 33.2 | 25.8 | 33.6 |
| Owners' profit | 33 | 35 | 14 | 2 | (6) |
| EPS, as reported (₹) | 18.18 | 19.35 | 8.18 | 1.18 | 3.61 |
| ROE % · ROCE % | 15.4 · 22.6 | 14.1 · 18.9 | 9.0 · 14.8 | 1.3 · 8.2 | (4.1) · 10.6 |
| Debt / equity (x) | 0.23 | 0.09 | 0.00 | 0.20 | 0.28 |
| Cash from operations | 34 | 38 | 47 | 28 | 44 |
| Capex | (1) | (4) | (1) | (40) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28 | 28 | 43 | 40 | 36 | 32 | 44 | 38 |
| Profit before tax | 4 | 1 | 7 | 2 | (0) | (4) | 6 | 14 |
| Net profit | 1 | (1) | 6 | (4) | (5) | (10) | 3 | 6 |
| EPS (₹) | 0.72 | (0.74) | 3.64 | 2.44 | (2.93) | (5.62) | 1.49 | 3.46 |
Exhibit 3: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 3.4 | 1.3 | 266 of 347 | 23% |
| ROCE | 5.5 | 3.6 | 175 of 413 | 58% |
| ROE | (4.1) | 3.4 | 317 of 372 | 15% |
| Debt / Equity | 0.3 | 0.1 | 220 of 346 | 37% |
| EBITDA margin | 65.1 | 9.8 | 47 of 341 | 87% |
| Revenue growth | (5.1) | 9.2 | 209 of 333 | 37% |
| Profit growth | 241.6 | 7.9 | 50 of 369 | 87% |
| Market cap | 534 | 46 | 79 of 425 | 82% |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA Certificate under SEBI Reg 74(5) for Q2 FY27 filed | compliance | minimal | — | — |
| 30 Sept 2026 · Non-Executive Director Mohammed Yusuf Abdul Razak Dhanani resigns from Sayaji Hotels | management changes | medium | — | — |
| 28 Sept 2026 · Trading Window to Close from Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 4 Sept 2026 · Sayaji Hotels 43rd AGM: All 3 resolutions passed with 100% approval | compliance | minimal | — | — |
| 4 Sept 2026 · 43rd AGM held; 3 ordinary resolutions tabled | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Sayaji Hotels signs management deal for new 80-key hotel in Bhavnagar | business updates | medium | — | — |
| 18 Aug 2026 · Sayaji Hotels sends AGM notice letters to shareholders without registered email | compliance | minimal | — | — |
| 13 Aug 2026 · Intimation of newspaper publication of "Post Dispatch Notice of 43rd Annual General Meeting of the Company". | compliance | minimal | — | — |
| 11 Aug 2026 · Sayaji Hotels submits FY26 Annual Report; AGM on 4 Sep 2026 | results | high | — | — |
| 7 Aug 2026 · Sayaji Hotels publishes 43rd AGM notice in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.