Samhi Hotels Ltd(SAMHI)

NSE: SAMHIBSE: 543984

₹ 153.2-0.42%refreshed 27 Oct, 11:44 am ISTMarket cap: ₹ 3,407 crWebsite: www.samhi.co.inUpdated: 27 Oct 2026

About

Samhi Hotels Ltd is an India-focused hotel owner-operator that acquires, develops and repositions business hotels under Marriott, Hyatt and other international brands. The company operates across upper upscale, upscale, upper mid-scale and mid-scale segments with total income of Rs. 1,279 crores in FY26. It entered the experiential leisure segment in FY26 through a 70% stake in RARE India, a platform of 75 small experience-led properties across India, Nepal and Bhutan.^[1]

Business segments

Upper upscale & upscale contributed ~41% of revenue in Q1 FY27, with RevPAR of Rs. 8,229 and ARR of Rs. 10,494 at 78.4% occupancy.^[2]
Upper mid-scale RevPAR was Rs. 5,131 in Q1 FY27, up 8.8% YoY.^[2]
Mid-scale segment contributed the balance, with RevPAR of Rs. 3,052 in Q1 FY27 at 81.3% occupancy, up from 73.8% in Q1 FY26.^[2]
RARE India leisure platform - 75 hotels, 1,046 rooms across 15 states and 3 countries - is a separate asset-light segment targeting Rs. 100-120 crores steady-state revenue at ~35% EBITDA margin.^[2]

Portfolio and brands

As of FY25, SAMHI owned 32 operating hotels with 4,948 keys across 14 key cities, one of India's largest multi-branded hotel owners by inventory.^[3]
FY25 portfolio: 5 Upper Upscale and Upscale hotels (1,086 rooms, +930 under development/rebranding), 15 Upper Mid-Scale (2,189 rooms, +86 under development) and 12 Mid-Scale hotels.^[3]
Hotels are run by global brand partners including Marriott, Hyatt and IHG; SAMHI says it is the largest owner of Fairfield by Marriott hotels in India (FY25).^[3]
Portfolio is targeted at 6,300+ rooms, with over 1,500 rooms under active development or rebranding as of Q2 FY26.^[4]
Variable leases are the main pipeline strategy; leasehold revenue targeted to grow to 20-25% of total revenues from 13% in FY25.^[4]

Footprint and distribution

As of FY25, hotels cover 45 defined micro-markets, with primary focus on Bangalore, Hyderabad, Pune and NCR.^[3]
All operations are in India across 11 states, with no international hotels in the core portfolio (FY25).^[3]
Most bookings come through brands' direct channels rather than third-party channels (FY25).^[3]
Domestic travelers were 82% of room nights sold in Q1 FY27, up from 78% in Q1 FY26.^[2]
SAMHI had 3,343 employees as of March 31, 2025, and runs an in-house asset-management platform, SiD (formerly Sam Intel), developed over 14 years.^[3]

Key operating metrics

Same-store RevPAR grew 9.6% YoY to Rs. 5,220 in Q1 FY27, with occupancy at 79.3%, up from 74.2% in Q1 FY26.^[2]
Mid-scale RevPAR growth led all segments at 13.7% YoY in Q1 FY27; upper upscale & upscale RevPAR grew 8.6% YoY.^[2]
36% of portfolio days recorded occupancy above 90% in Q1 FY27.^[2]
Same-store RevPAR grew 13% YoY to Rs. 5,643 in Q3 FY26, driven by ADR growth of 15.9% with occupancy broadly stable at 73%.^[5]
F&B revenue grew 3.7% YoY in Q1 FY27; same-store F&B grew 10% in Q3 FY26 as ballrooms at Hyatt Regency Pune and Sheraton Hyderabad opened.^[2]
ACIC portfolio same-store asset-level EBITDA margin was 40.3% in Q3 FY26 vs 40.1% for non-ACIC same-store hotels.^[5]

Expansion pipeline and capex

W Hyderabad (170 rooms) opening targeted for H2 FY28 / Calendar Year 2027, revised from Q4 FY27 due to regulatory approval delays.^[2]
Westin and Tribute Bangalore (362 rooms combined) targeted FY29-30; Noida upper upscale (162 rooms) FY30; Navi Mumbai (700 rooms) FY31.^[1]
Navi Mumbai dual-brand hotel (Westin + Fairfield, up to 700 rooms, ~Rs. 1,000 crores capex): ground-breaking targeted by April 1, 2027; major fit-out capex in FY29-FY30.^[2]
Total committed capex pipeline of ~Rs. 2,200 crores over ~5 years, funded from operating FCF and GIC capital.^[1]
FY27 capex allocated at about Rs. 250-270 crores, with ~Rs. 150 crores for W Hyderabad fit-out.^[1]
Board approval was sought in May 2026 for a Sriperumbudur Marriott (~135 rooms) alongside the existing Fairfield.^[1]
Upper upscale & upscale revenue share targeted to rise from ~41% in Q1 FY27 to ~60% by FY2030 via 1,059 new upscale rooms plus rebranding ~473 upper mid-scale rooms.^[2]

GIC platform and partnerships

GIC invested about Rs. 6,000mn for a 35% stake in a ~1,000-room upscale hotel platform; Rs. 600 crores of the Rs. 750 crore commitment received as of Q4 FY26.^[1]
Remaining Rs. 150 crores of GIC commitment due over ~2 years, tied to Westin-Tribute Bangalore capex milestones.^[1]
RARE India is Marriott's exclusive Outdoor Collection partner in India, Nepal, Sri Lanka and Bhutan; 40+ hotels agreed to join as of Q1 FY27.^[2]

Financing

Net debt was Rs. 14,928mn as of June 30, 2026, with net debt-to-EBITDA at 3.2x TTM and 2.4x on operating assets.^[2]
Effective interest rate reached 7.8% in Q1 FY27, about 300 basis points lower than at IPO.^[2]
Credit rating was upgraded to A+ stable as of Q2 FY26.^[4]

Recent developments

On 9 October 2026, subsidiary Duet India Hotels received a Commencement Certificate from MIDC for its hotel project on Plot D-236 & D-237, T.T.C. Industrial Area, Navi Mumbai.^[6]
15 RARE India pilot properties are targeted to go live on Marriott Bonvoy (Outdoor Collection) in H2 FY27.^[2]
Asset recycling of Rs. 200-250 crores over ~2 years through sale of non-core hotels targeted; 1-2 assets flagged for disposal within 12-18 months from Q3 FY26.^[1]
GST change (12% with ITC to 5% without ITC on rooms below Rs. 7,500) created a ~300 bps group EBITDA margin drag; YoY impact expected to normalize from Q3 FY27.^[1]

Market Cap

₹3,407 Cr

High / Low

₹216 / 127

Stock P/E

6.8

Price / Book

1.6

Book Value

₹98

EPS

₹22.6

No. of Shares

22.21 Cr

ROCE

9.0%

ROE

30.3%

OPM

26.3%

Debt / Equity

0.78

Sales

₹1,248 Cr

Net Profit

₹567 Cr

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