Sayaji Hotels (Indore) Q2 FY27 results: net loss of ₹4.83 crore vs ₹0.18 crore profit, revenue down 8.9%

How did Sayaji Hotels (Indore) perform in Q2 FY27?

Sayaji Hotels (Indore) Limited reported standalone revenue of ₹19.18 crore in Q2 FY27, down 8.9% from ₹21.06 crore in Q2 FY26 and down 27.7% from ₹26.52 crore in Q1 FY27. Total income was ₹19.34 crore, compared with ₹21.20 crore a year earlier and ₹26.74 crore in the previous quarter. The reported results are standalone; the filing did not give consolidated figures for the quarter.

EBITDA was a loss of ₹2.69 crore in Q2 FY27, against ₹3.19 crore in Q2 FY26 and ₹4.76 crore in Q1 FY27. The EBITDA margin fell to -14.0% from 15.1% a year earlier and 17.9% in the previous quarter. Profit before tax was a loss of ₹5.74 crore, against ₹0.16 crore in Q2 FY26 and ₹2.02 crore in Q1 FY27.

The company reported a net loss of ₹4.83 crore in Q2 FY27, compared with a net profit of ₹0.18 crore in Q2 FY26 and ₹1.58 crore in Q1 FY27. Basic EPS was ₹15.86, against ₹0.58 in Q2 FY26 and ₹5.19 in Q1 FY27. The net loss margin was -25.2%, compared with 0.8% a year earlier.

What changed in Sayaji Hotels (Indore)'s costs and profit?

Total expenses rose 19.2% to ₹25.08 crore in Q2 FY27 from ₹21.04 crore in Q2 FY26. Employee cost increased by ₹1.46 crore, or 20.2%, to ₹8.67 crore, while other expenses rose by ₹2.60 crore, or 36.0%, to ₹9.83 crore. Finance costs increased by ₹13% to ₹1.67 crore, while depreciation declined by ₹8% to ₹1.54 crore. Cost of materials declined by ₹6% to ₹3.37 crore.

Other income was ₹0.16 crore, up ₹0.02 crore from ₹0.14 crore in Q2 FY26. There was no exceptional item in Q2 FY27. Tax expense was ₹0.91 crore, compared with ₹0.01 crore in Q2 FY26, and the filing reported a loss before tax of ₹5.74 crore. The filing did not state a reason for the increase in employee cost or other expenses.

Against Q1 FY27, total expenses increased by ₹0.36 crore, or 1.5%, to ₹25.08 crore. Employee cost rose by ₹0.45 crore, or 5.5%, to ₹8.67 crore, other expenses rose by ₹0.87 crore, or 9.7%, to ₹9.83 crore, and finance costs rose by ₹0.21 crore, or 14.4%, to ₹1.67 crore. Other income fell by ₹0.06 crore, or 27.3%, to ₹0.16 crore, and there was no exceptional item.

How did the first half of FY27 go?

In the first half of FY27, standalone revenue was ₹45.70 crore, up from ₹44.82 crore in H1 FY26, while total income was ₹46.08 crore compared with ₹45.22 crore. Revenue growth was 2.0%, and total income growth was 1.9%.

Profit before tax moved from ₹2.61 crore in H1 FY26 to a loss of ₹3.72 crore in H1 FY27. Net profit moved from ₹1.96 crore to a net loss of ₹3.25 crore, while EPS moved from ₹6.44 to ₹10.67.

What do the balance sheet and cash flow show?

Total assets increased to ₹336.0 crore at 30 September 2026 from ₹225.46 crore at 31 March 2026. Total equity was ₹66.83 crore, compared with ₹70.18 crore, while borrowings increased to ₹193.37 crore from ₹108.73 crore. Cash was ₹3.99 crore, compared with ₹0.71 crore. Inventories were ₹3.25 crore, trade receivables were ₹4.03 crore and trade payables were ₹2.53 crore.

In H1 FY27, operating cash flow was ₹23.08 crore, against ₹7.18 crore in H1 FY26. Investing cash flow was a negative ₹101.82 crore compared with a negative ₹28.61 crore, while financing cash flow was ₹82.01 crore compared with ₹24.46 crore. Capital expenditure was ₹96.37 crore, compared with ₹22.2 crore in the earlier year.

How has Sayaji Hotels (Indore) done over the last 8 quarters?

Revenue reached its highest level in Q3 FY26 at ₹32.13 crore and its lowest in Q2 FY27 at ₹19.18 crore. EBITDA margin peaked at 34.1% in Q3 FY26 and fell to -14.0% in Q2 FY27, after 17.9% in Q1 FY27. Net profit was highest at ₹5.87 crore in Q3 FY26 and the company reported a net loss of ₹4.83 crore in Q2 FY27.

The quarterly pattern shows revenue and profit falling from Q3 FY26 through Q2 FY27, following a Q4 FY26 revenue of ₹29.60 crore and net profit of ₹0.18 crore. In Q1 FY27, revenue was ₹26.52 crore, net profit was ₹1.58 crore and the EBITDA margin was 17.9%.

What else did the company announce?

The board approved the unaudited financial results and limited review report for the quarter and half-year ended 30 September 2026. It appointed Azhar Yusuf Dhanani as an additional non-executive, non-independent director with effect from 28 October 2026, subject to members’ approval within three months.

The board also approved the draft notice of a postal ballot, the appointment of a scrutinizer for e-voting and the cut-off date for the postal ballot and e-voting. The Nomination and Remuneration Committee was reconstituted, with Abhay Chintaman Chaudhari as chairman and Azhar Yusuf Dhanani as a member.

What did the auditors point out?

K.L. Vyas & Company issued a limited review report for the quarter and half-year ended 30 September 2026. The review was substantially less in scope than an audit and did not enable the reviewers to obtain assurance that they would become aware of all significant matters that might be identified in an audit; accordingly, they did not express an audit opinion.

The report included an emphasis of matter concerning the leasehold land of the Indore hotel. The lease was cancelled by the Indore Development Authority, the company filed a revision writ appeal, and the High Court has granted a stay on eviction proceedings; the company continues to prepare the accounts on a going-concern basis. The report stated that its opinion was not modified in respect of this matter. It also drew attention to the demerger and ongoing lease litigation, including stamp duty that had not been adjudicated or provided in the books, and said the opinion was not modified in respect of that matter. Nothing came to the reviewers’ attention that caused them to believe the statement had not disclosed required information or contained a material misstatement.

How did Sayaji Hotels (Indore) shares react?

The results were filed after market hours. From the price when the filing appeared, the stock was up 5.3% after 5 minutes, 5.3% after 15 minutes and 5.3% after 30 minutes. On the reaction day, the stock closed unchanged from the previous close of ₹1,230.0, while the Hotels & Resorts industry median moved up 0.9%; the stock therefore underperformed the sector by 0.9 percentage points.

Earlier results-day reactions included a 0.1% fall on 30 July 2026, a 4.3% rise on 5 February 2026, a 5.0% fall on 24 May 2025 and a 0.0% move on 18 May 2024. The available reaction data did not provide a move for the next day or five days after this result.

How did other Hotels & Resorts companies do?

Twenty other Hotels & Resorts companies had filed for the quarter. Their median revenue growth was 12.4%; two peers grew more slowly than Sayaji Hotels (Indore), while 18 grew more quickly. Among the 19 peers for which profit was compared, 13 reported higher profit.

Sayaji Hotels (Indore)’s own revenue declined 8.9% in Q2 FY27, while the peer group’s median revenue growth was 12.4%. The peer figures are based on filings available as of 4 November 2026.