Apeejay Surrendra Park Hotels Ltd(PARKHOTELS)

NSE: PARKHOTELSBSE: 544111

₹ 95.5-4.88%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,038 crWebsite: www.theparkhotels.comUpdated: 24 Oct 2026

About

Apeejay Surrendra Park Hotels Ltd (ASPHL) is India's eighth-largest asset-owning hotel chain and a pioneer in the luxury boutique segment, operating five hospitality brands alongside the Flurys café chain. The company holds an ICRA A+ Stable credit rating.^[1]

Business segments

Hospitality was the only reported segment in FY26, at 99.8% of revenue.^[2]
Segment revenue in FY25: Hospitality Rs 631.97 crore and Others (yacht on hire) Rs 1.05 crore, vs Rs 577.97 crore and Rs 1.07 crore in FY24.^[1][3]
F&B (including hotels and Flurys) contributed approximately 43% of consolidated revenue in Q1 FY27, unchanged from Q1 FY26.^[4]

Brands and portfolio

Five hospitality brands: THE Park Hotels, THE Park Collection, Zone by The Park, Zone Connect by The Park, and an economy motel brand.^[1]
As of FY25: THE Park Hotels 8 hotels, 1,221 keys; THE Park Collection 5 hotels, 114 keys; Zone by The Park 10 hotels, 539 keys; Zone Connect 12 hotels, 520 keys; economy motel 4 hotels, 23 keys.^[1]
Ran Baas, The Palace joined Relais & Châteaux in FY25, recording an ARR of ₹24,000 in Q4 FY25.^[1]
Flurys had 111 operational outlets as of Q1 FY27, up from 100 at FY25 end and 82 at FY24 end, across café, restaurant and kiosk formats.^[4][3]
Flurys outlets are concentrated in West Bengal (77 of 100 as of FY25), with presence in Maharashtra, Delhi NCR, Telangana, Odisha and Madhya Pradesh.^[1]

Room inventory and ownership mix

Total operational portfolio as of Q1 FY27: 42 hotels with 2,677 keys.^[4]
By ownership as of FY25: 7 owned hotels (1,101 keys), 22 managed (999 keys), 6 leased (294 keys); total 35 hotels, 2,394 keys.^[1]
Development pipeline: 31 hotels with 3,009 keys as of FY25, vs 23 hotels with 2,385 keys as of FY24.^[1][3]

Key operating metrics

Q1 FY27 occupancy 92% (matching Q1 FY26); ARR ₹7,459 (vs ₹9,310 in Q1 FY26); RevPAR ₹6,858.^[4]
FY26 owned-hotel ARR ₹8,304, occupancy 91%, RevPAR ₹7,584; management claims the highest occupancy and RevPAR in India's upper-upscale segment.^[5]
Five-year RevPAR CAGR of 28% through FY26.^[5]
Flurys total income ₹261 Mn in Q1 FY27 vs ₹160 Mn in Q1 FY26; FY26 ₹829 Mn vs ₹643 Mn in FY25.^[4]
Net debt to equity 0.12x and net debt to EBITDA 0.70x as of Q1 FY27.^[4]

Expansion and capex

FY27 plan: 12 hotels and 472 keys to be added, taking the portfolio from 2,677 to 3,149 keys across 54 hotels by end FY27.^[4]
FY30 target: 87 hotels and 6,719 keys (approximately 2× owned, 3×+ asset-light).^[4]
Pune Shivaji Nagar: FSI raised from 2.5 lakh sqft to 6.72 lakh sqft; 2.5 lakh sqft for a 200-room hotel and 4+ lakh sqft residential, completion targeted early 2030.^[4]
Park Mumbai Juhu (78 rooms): BMC NOC obtained; launch targeted October 2027.^[4]
Vizag 100-room expansion: project launch August 2026, completion targeted early 2030.^[4]
Capex was Rs 282.31 crore in FY25 vs Rs 94.43 crore earlier; FY27 guidance ₹200 - 250 Cr and about ₹1,500 Cr net over 4 - 5 years.^[1][4]

Flurys expansion

Flurys at 111 outlets as of Q1 FY27; target 140 outlets by end FY27 and 400 by FY30.^[4]
First standalone Flurys café outside West Bengal opened in Gurugram after Q1 FY27; Delhi NCR outlets planned at Green Park (Sep 2026) and Greater Kailash 2 (Oct 2026).^[4]
National tie-ups in pipeline with Adani airports, Phoenix Mills, DLF and PVR (near deal for 10 PVR outlets).^[4]

Recent developments

October 2026: launched Zone Connect by The Park in Visakhapatnam (52 keys, Beach Road), its second hotel in the city, under agreement with Hema Abodes Private Limited.^[6]
September 2026: signed a management agreement for a 63-key Zone Connect by The Park in Bharatpur, Rajasthan.^[7]
Malabar House Fort Kochi (17 keys) acquisition expected to complete October - November 2026.^[4]
Shifted to the new income tax regime in Q1 FY27 with a one-time deferred tax provision of ₹2.2 Cr; effective tax rate expected at 30 - 35% from Q2 FY27.^[4]
IPO raised INR 920 crore including a INR 600 crore fresh issue; INR 550 crore was used to repay long-term debt (FY24).^[3]
ICRA reaffirmed the credit rating at [ICRA] A+ Stable.^[1]

Market Cap

₹2,038 Cr

High / Low

₹153 / 95

Stock P/E

39.1

Price / Book

151.6

Book Value

₹1

EPS

₹0.0

No. of Shares

21.34 Cr

ROCE

0.2%

ROE

0.1%

OPM

20.9%

Debt / Equity

0.19

Sales

₹7 Cr

Net Profit

₹1 Cr

Promoter holding

68.2%

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Apeejay Surrendra Park Hotels Ltd(PARKHOTELS)

About

Business segments

Brands and portfolio

Room inventory and ownership mix

Key operating metrics

Expansion and capex

Flurys expansion

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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