SAMHI
Micro CapSamhi Hotels Limited
Consumer
SAMHI Hotels Limited owns and operates hotels in India, primarily in the upscale and upper-upscale segments. The company partners with global hotel operators and is focused on expanding its portfolio, deleveraging its balance sheet, and enhancing free cash flow generation.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +8% YoY · PAT +767% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹345 Cr | +8.2% | +2.1% |
| EBITDA | ₹112 Cr | -8.2% | -8.2% |
| Operating margin | 32.0% | -600 bps | -400 bps |
| PAT | ₹399 Cr | +767.4% | +731.3% |
| PAT margin | 115.7% | +10123 bps | +10145 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 PBT nearly doubled to INR 165 crores (89% YoY growth) on 12.3% revenue growth to INR 1,279 crores, meeting guidance despite multiple disruptions. Net debt-to-EBITDA reduced to 3x.
SAMHI delivered on its FY26 revenue growth and deleveraging commitments despite significant external disruptions. Strong PBT growth and substantial debt reduction are positive. The company's focus on compounding free cash flow and expanding its pipeline without incremental leverage supports the long-term thesis.
GIC platform for upscale hotels
Formally launched, committing approximately INR 750 crores for a 35% minority stake in a 1,000-room platform. INR 600 crores already received.
Partnership with Ingka Centers
Signed for a 162-room upscale hotel at Sector 51 Noida, structured as a long-term variable lease, strengthening Delhi NCR presence.
Navi Mumbai project resolution
Resolved litigation and announced development of a 700-room combination of Westin and Fairfield by Marriott, with potential revenue of INR 325 crores.
Entry into experiential leisure segment
Acquired 70% stake in RARE India, a curated platform of 73 hotels and 1,000 rooms, under discussion for affiliation with Marriott Bonvoy.
HITEC City Hyderabad
New opening expected at the end of FY27.
Tribute portfolio at Bangalore Whitefield
New opening expected at the end of FY28.
Westin at Bangalore Whitefield, Ingka Noida, new Marriott Sriperumbudur Chennai
New openings expected in FY29 and FY30.
Marriott Hotel in Sriperumbudur
Board approval sought for a 135-room Marriott Hotel, where an existing Fairfield by Marriott has achieved over 30% ROCE.
Commercial demand in core markets
Anchored FY26 revenue growth, with Bangalore, Hyderabad, Pune, and Delhi NCR contributing 76% of asset income.
GIC capital infusion
Deployed for deleveraging, reducing net debt by INR 516 crores and finance costs sharply from INR 225 crores (FY25) to INR 171 crores (FY26).
Rapidly expanding experiential leisure segment
RARE India acquisition provides capital-efficient entry into this growing market.
Geopolitical and natural disruptions
India-Pakistan conflict (May), severe monsoons/flooding (August), airline disruption (December), and Middle East conflict (March, ongoing) compressed FY26 revenue by INR 45-52 crores.
GST regulatory change
Moving hotel slab from 12% with input credit to 5% without, impacted H2 FY26 consolidated EBITDA by approximately INR 14 crores.
Pre-opening expenses and FF&E upgrades
Q4 EBITDA was impacted by pre-opening expenses for new inventory and INR 5 crores funded for FF&E product upgrades.
Geopolitical conflicts
The Middle East conflict continues to impact revenue, diluting full quarter growth in Q4 FY26 and expected to impact Q1 FY27.
Regulatory changes
GST changes resulted in a permanent reduction in margins for rooms selling below INR 7,500, impacting H2 FY26 EBITDA.
Construction delays for pipeline projects
Potential spillover risk for projects in the pipeline, though management states separate operating and growth teams mitigate this.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
FY26 results are primarily compared Year-on-Year to assess achievement of annual targets and overall business growth. Q4 results are also compared Year-on-Year, but management highlights sequential impacts of specific events (e.g., Middle East conflict in March) that affected quarterly performance.
Same-store RevPAR growth
9.5% for FY26; 6.4% for Q4 FY26.
Consolidated EBITDA
INR 463 crores for FY26 (up 8.8% YoY reported); INR 120 crores for Q4 FY26 (6% below last year). Adjusted FY26 EBITDA growth would be 19-20%.
EBITDA Margin
36.2% for FY26. Adjusted for GST impact, it would have been circa 13% YoY growth. Adjusted FY26 margins would be 38% plus.
Net Debt-to-EBITDA
Approximately 3x at FY26 end, down from INR 1,967 crores (FY25) to INR 1,450 crores (FY26).
FY27 outlook for revenue and margins
Confident of delivering 9-11% same-store revenue growth with healthy margin expansion, with GST impact normalizing from Q3 FY27.
Deleveraging target
Aims to continue deleveraging towards a medium to long-term net debt-to-EBITDA target of approximately 2.5x.
Capital allocation strategy
Allocating free cash flow to deleveraging, fully funding INR 2,200 crores capex for existing pipeline, and retaining surplus for tactical M&A and variable leases.
Shareholder returns
As free cash flow compounds beyond growth requirements, the Board intends to evaluate disciplined mechanisms to return capital directly to shareholders.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Same-store revenue growth | 9.5% (FY26), 6.4% (Q4 FY26). QTD Q1 FY27 tracking double-digit growth. | Consistent double-digit growth in FY27, especially as the Middle East conflict impact subsides. |
| Net Debt-to-EBITDA | 3x at FY26 end. | Progress towards the medium to long-term target of approximately 2.5x. |
| EBITDA Margin | 36.2% (FY26 reported), adjusted 38% plus. | Maintenance of 38%+ margin at a group level, especially with new upscale inventory. |
| New project commissioning and pipeline execution | HITEC City Hyderabad (end FY27), Tribute Bangalore (end FY28), Westin Bangalore, Ingka Noida, Marriott Sriperumbudur (FY29, FY30). | Timely execution and ramp-up of revenue from the committed pipeline projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -6.8% / mo
Technical chart
SAMHIweekly · 1Y-28.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 48.
- SMA20 falling (~7.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 35% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.8%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 90.9%.
Main drags
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
- Cash flow is weaker at 9/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 80th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 80th pctile, median 67 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸6 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 8.60
- P/B
- 1.62
- EV/EBITDA
- 9.68
- Market Cap
- 3545.00Cr
Profitability
- ROE
- 24.80%
- ROCE
- 8.92%
- ROA
- 12.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 0.85
- Interest Coverage
- 2.52×
- Altman Z
- 2.39
- Book Value
- 98.20
Cash Flow
- FCF Yield
- 5.84%
- FCF Positive Y
- 7/5
- OCF
- 407.00 Cr
- EPS TTM
- 22.64
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.