SAMHI Hotels Q2 FY26 results: net profit ₹99.80 crore vs ₹12.62 crore, revenue up 10.3%

How did SAMHI Hotels perform in Q2 FY26?

SAMHI Hotels reported consolidated revenue of ₹292.97 crore in Q2 FY26, up 10.3% from ₹265.54 crore in Q2 FY25 and 7.6% from ₹272.21 crore in Q1 FY26. EBITDA rose to ₹107.14 crore from ₹92.17 crore a year ago and ₹90.50 crore in the previous quarter, while the margin was 36.6%, compared with 34.7% and 33.2%.

Consolidated profit before tax was ₹122.33 crore, up ₹110.13 crore from Q2 FY25 and ₹96.42 crore from Q1 FY26. Net profit was ₹99.80 crore, compared with ₹12.62 crore and ₹19.22 crore, respectively, while EPS was ₹4.51 against ₹0.57 and ₹0.87. On the standalone basis, revenue was ₹35.11 crore, down 13.0%, while PAT was ₹89.91 crore against ₹2.91 crore before in the year-ago quarter.

What changed in SAMHI Hotels' costs and profit?

Total expenses were ₹258.15 crore, down ₹0.20 crore from Q2 FY25, even as cost of materials rose ₹2.56 crore to ₹22.31 crore, employee cost increased ₹3.14 crore to ₹48.96 crore, depreciation rose ₹0.78 crore to ₹29.61 crore and other expenses increased ₹6.77 crore to ₹114.57 crore. Finance costs fell ₹13.45 crore to ₹42.70 crore.

Other income declined ₹1.65 crore to ₹3.36 crore from ₹5.01 crore in Q2 FY25. The quarter included an exceptional gain of ₹84.15 crore, against no exceptional item in the year-ago quarter. Tax was ₹19.91 crore, compared with ₹0.42 crore in Q2 FY25, while profit before tax rose ₹110.13 crore to ₹122.33 crore.

Against Q1 FY26, finance costs were lower by ₹7.92 crore and total expenses fell ₹3.24 crore. Other income was lower by ₹11.73 crore, while tax was higher by ₹16.04 crore and the exceptional gain was ₹84.15 crore, against no exceptional item in Q1 FY26. The filing stated that the Navi Mumbai land impairment reversal contributed to the quarterly profit.

How did the first half of FY26 go?

In H1 FY26, revenue was ₹565.18 crore, up 9.7% from ₹515.43 crore in H1 FY25, while total income rose 10.7% to ₹583.63 crore from ₹527.36 crore. Profit before tax increased from ₹15.68 crore to ₹148.24 crore.

PAT for the first half was ₹119.01 crore, up from ₹16.85 crore, while EPS increased from ₹0.77 to ₹5.38. The investor presentation attributed part of the result to the Navi Mumbai land impairment reversal and stated that H1 FY26 EBITDA growth was 16.3%.

What do the balance sheet and cash flow show?

Total assets increased to ₹3,842.49 crore as on 30 September 2025 from ₹3,667.29 crore as on 31 March 2025. Total equity rose to ₹1,834.20 crore from ₹1,142.05 crore, while borrowings fell to ₹1,610.67 crore from ₹2,128.48 crore and cash increased to ₹96.33 crore from ₹63.38 crore.

Inventories were ₹3.63 crore, trade receivables were ₹70.79 crore and trade payables were ₹94.99 crore as on 30 September 2025, against ₹4.15 crore, ₹67.33 crore and ₹95.44 crore respectively on 31 March 2025. Operating cash flow in H1 FY26 was ₹165.64 crore, compared with ₹121.55 crore in H1 FY25.

Investing cash flow was negative ₹8.90 crore, compared with negative ₹23.76 crore a year earlier, while financing cash flow was negative ₹123.79 crore against negative ₹35.46 crore. Capital expenditure was ₹94.55 crore, compared with ₹68.58 crore in H1 FY25, and closing cash in the earlier period was ₹194.70 crore.

How has SAMHI Hotels done over the last 8 quarters?

Revenue reached its highest point in the series in Q4 FY25 at ₹318.81 crore and its lowest at ₹249.89 crore in Q1 FY25. It fell to ₹272.21 crore in Q1 FY26 before rising to ₹292.97 crore in Q2 FY26; revenue has risen year on year in each of the last six quarters.

Net profit was at a loss of ₹74.42 crore in Q3 FY24 and at its highest level in Q2 FY26 at ₹99.80 crore, after ₹19.22 crore in Q1 FY26. EBITDA margin bottomed at 30.6% in Q4 FY24, peaked at 38.1% in Q4 FY25 and eased to 33.2% in Q1 FY26 before recovering to 36.6% in Q2 FY26. Profit has risen year on year in each of the last three quarters.

What else did the company announce?

SAMHI Hotels said the development period for its Navi Mumbai land had been extended by the Maharashtra Industrial Development Corporation. The company proposed a dual-branded Westin and Fairfield by Marriott hotel with about 400 rooms in Phase I and potential expansion to about 700 rooms, subject to definitive agreements.

The company also said it would extend corporate guarantees, non-disposal undertakings and pledges over securities held in wholly owned subsidiaries for IndusInd Bank credit facilities aggregating up to ₹380 crore. The filing said there was no impact of the proposed arrangements on the company.

The board approved the unaudited standalone and consolidated results for the quarter and six months ended 30 September 2025. It also approved transferring the Fairfield by Marriott, Hyderabad undertaking from Duet India Hotels (Hyderabad) to Caspia Hotels through the National Company Law Tribunal demerger route. No dividend, fund raise or appointment was disclosed in the cited filings.

What did SAMHI Hotels' management say?

Management said same-store RevPAR was ₹5,026, up 11.2% year on year, and maintained guidance for 9-11% same-store RevPAR CAGR over the next 3-5 years. It also maintained 17-18% total revenue CAGR over 3-5 years, including rebranded and renovated hotels, but said this had not yet been recomputed for Navi Mumbai.

Management said the Navi Mumbai project would include about 400 rooms in Phase I with potential expansion to about 700 rooms. It estimated Phase I capex at about ₹650 crore, the total project at about ₹1,000 crore, with capex staggered over 3-4 years, and conservative full-asset EBITDA potential of ₹180-185 crore by 2030 if 2025 RevPAR levels were frozen.

Management said net debt to EBITDA was 2.9x, or 2.4x adjusted for growth capex, and the credit rating had been upgraded to A+ with a stable outlook. It maintained a short-term net debt to EBITDA target of about 3x and a mid-term target of 2.5x, and said refinancing was under way to reduce the 8.5% blended debt cost, with the latest refinancing at 7.9%.

Management identified risks from potential supply additions in the Navi Mumbai Airport precinct, macro shocks, capital concentration in upscale assets and interest-rate volatility. It said 55-60% of debt was repo-linked and reiterated a variable-lease model, while also noting that land acquisition was not part of its business plan.

How did SAMHI Hotels shares react?

SAMHI Hotels filed the results after market hours on 28 October 2025. The stock was down 1.3% after five minutes, 1.5% after 15 minutes and 2.0% after 30 minutes. It closed 2.9% lower on the reaction day from the previous close.

By the next day's close, the stock was down 2.1% from its pre-results close, and by the fifth session it was down 5.8%. The Hotels & Resorts sector median was up 0.3% on the reaction day, down 0.1% by the next day and down 2.5% by the fifth session. SAMHI Hotels therefore underperformed the sector by 3.2 percentage points on the reaction day, 2.0 percentage points by the next day and 3.3 percentage points by the fifth session.

Earlier reaction-day moves were negative on six occasions: 7.6% on 13 August 2025, 0.3% on 29 May 2025, 4.5% on 29 January 2025, 1.5% on 8 November 2024, 0.7% on 2 August 2024 and 4.2% on 29 May 2024.

How did other Hotels & Resorts companies do?

Fifty Hotels & Resorts companies were compared, and their median revenue growth was 1.9%. Of the peers compared, 33 grew revenue slower than SAMHI Hotels and 17 grew faster than the company. Twenty-three peers reported higher profit, while profit was compared across 52 companies.