Samhi Hotels announced its unaudited Standalone and Consolidated results for the quarter and nine months ended 31st December 2025.
Key Highlights for Q3 FY26
- RevPAR at Rs. 5,643 up 13.3% YoY
- Occupancy stood at 73% for Q3 FY26
- Total Income for the quarter was Rs. 3,419 Mn up 16.2% YoY
- EBITDA for the quarter was Rs. 1,263 Mn up 13.2% YoY
- Consolidated EBITDA margin impacted by ~2.0% due to change in GST slab. Excluding this impact, Consolidated EBITDA grew by 19.2% YoY underscoring strong operating momentum
- Exceptional Item includes one-time impact of Rs. 11 Mn due to implementation of ‘New Labor Codes’
- PAT stood at Rs. 481 Mn up 111.3% YoY
Key Highlights for 9M FY26
- RevPAR up 11.7% YoY
- Occupancy stood at 74% for 9M FY26
- Total Income for the nine months was Rs. 9,255 Mn up 13.5% YoY
- EBITDA for the nine months was Rs. 3,424 Mn up 15.2% YoY
- PAT stood at Rs. 1,671 Mn up 321.7% YoY
Consolidated Financial Highlights
(In Rs. Mn)
| Metric | Q3 FY26 | Q3 FY25 | YoY % | 9M FY26 | 9M FY25 | YoY % |
|---|---|---|---|---|---|---|
| Total Income | 3,419 | 2,941 | +16.2% | 9,255 | 8,152 | +13.5% |
| Consolidated EBITDA | 1,263 | 1,115 | +13.2% | 3,424 | 2,973 | +15.2% |
| EBITDA Margin % | 36.9% | 37.9% | 37.0% | 36.5% | ||
| PBT (before exceptional items) | 562 | 228 | +146.4% | 1,203 | 420 | +186.2% |
| Exceptional Items | (11) | — | 830 | — | ||
| Profit/(Loss) from discontinued operations | — | (4) | (55) | (39) | ||
| PBT | 551 | 224 | 1,978 | 381 | ||
| PAT | 481 | 228 | +111.3% | 1,671 | 396 | +321.7% |
| Attributable to SAMHI | 396 | 228 | 1,493 | 396 | ||
| Attributable to Minority Interest | 85 | — | 178 | — |
* Please note that all figures for Q3 FY26, Q3 FY25, 9M FY26 and 9M FY25 have been adjusted for Caspia Delhi as the asset has been recognized under “discontinued operation.”
1 Based on same store, excluding select sold/acquired/opened assets.
2 EBITDA shown post GST slab change implementation.
Debt Profile
(In Rs. Mn)
| Metric | Dec 31, 2025 | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|---|
| Net Debt | 14,503 | 13,700 | 19,669 |
| TTM EBITDA | 4,818 | 4,702 | 4,434 |
| Net Debt : EBITDA | 3.0x | 2.9x | 4.4x |
| Interest Rate | 8.3% | 8.5% | 9.2% |
| Annualised Interest Cost | ~1,250 | ~1,250 | ~1,900 |
1 Excluding ESOP & one-time expenses
2 Includes amortised upfront fee
3 Excludes non-cash finance costs
4 Excludes Caspia Delhi EBITDA on TTM basis
Management Commentary
Commenting on the performance, Ashish Jakhanwala, Chairman & Managing Director, Samhi Hotels Ltd., said: “We are pleased to announce results for quarter and nine months ending 31st December 2025, along with key developments across our portfolio. Our operating performance continued to be resilient, with same-store RevPAR growth of ~13.3% YoY despite the disruptions caused from a crisis at India’s largest carrier airline in December 2025. During the quarter total revenue growth was ~16.2% YoY with a consolidated EBITDA growth of 19.2% prior to accounting for impact of new GST regulations, indicating strong flowthrough. The new GST regulations removing input tax credit for hotels with rates less than Rs. 7,500 moderated EBITDA growth to 13.2% YoY. While GST changes had a near-term impact on margins, the reduction is expected to structurally support demand over the long term. With continued growth in EBITDA and reduction in finance costs, we witnessed ~2.5x growth in PBT. We are pleased to report a PAT of ~Rs. 481 Mn for the quarter. For nine months FY26, total revenue growth was 13.5% with consolidated EBITDA growth of 15.2%. Importantly, we generated ~Rs. 300 crores of surplus cash on a trailing twelve-month basis, reinforcing our financial strength and providing adequate internal accruals to fund ongoing and planned growth initiatives. We made significant progress on ongoing growth projects. Work on W-Hyderabad, Westin Bengaluru and other initiatives continues as planned. Backed by a robust pipeline, sustained same-store growth (~9–11% CAGR) and strong free cash generation, we are confident of SAMHI’s growth trajectory and its ability to sustainably compound long-term value for shareholders.”
