Excluding GST slab change, consolidated EBITDA grew 19.2% YoY, indicating strong operating momentum for SAMHI
SAMHI Hotels has announced its unaudited Standalone and Consolidated results for the quarter and nine months ended 31 December 2025.
For Q3 FY26, SAMHI reported RevPAR at Rs. 5,643, up 13.3% YoY, with occupancy at 73%. Total income for the quarter stood at Rs. 3,419 Mn, up 16.2% YoY, while EBITDA was Rs. 1,263 Mn, up 13.2% YoY. The company said the consolidated EBITDA margin was impacted by about 2.0% due to a change in GST slab; excluding this impact, consolidated EBITDA grew 19.2% YoY, indicating strong operating momentum. The quarter included an exceptional item of Rs. 11 Mn as a one-time impact linked to the implementation of ‘New Labor Codes’. PAT for Q3 FY26 was Rs. 481 Mn, up 111.3% YoY.
For 9M FY26, SAMHI posted RevPAR growth of 11.7% YoY, with occupancy at 74%. Total income for the nine months was Rs. 9,255 Mn, up 13.5% YoY, while EBITDA rose to Rs. 3,424 Mn, up 15.2% YoY. PAT for 9M FY26 stood at Rs. 1,671 Mn, up 321.7% YoY.
In its consolidated financial highlights (Rs. Mn), SAMHI reported Total Income of 3,419 in Q3 FY26 versus 2,941 in Q3 FY25 (+16.2% YoY), and 9,255 in 9M FY26 versus 8,152 in 9M FY25 (+13.5% YoY). Consolidated EBITDA was 1,263 in Q3 FY26 versus 1,115 in Q3 FY25 (+13.2% YoY), and 3,424 in 9M FY26 versus 2,973 in 9M FY25 (+15.2% YoY). EBITDA margin stood at 36.9% in Q3 FY26 versus 37.9% in Q3 FY25, and 37.0% in 9M FY26 versus 36.5% in 9M FY25.
PBT (before exceptional items) rose to 562 in Q3 FY26 from 228 in Q3 FY25 (+146.4% YoY) and to 1,203 in 9M FY26 from 420 in 9M FY25 (+186.2% YoY). Exceptional items were (11) in Q3 FY26 and 830 in 9M FY26. Profit/(Loss) from discontinued operations was – in Q3 FY26 versus (4) in Q3 FY25, and (55) in 9M FY26 versus (39) in 9M FY25. PBT was 551 in Q3 FY26 versus 224 in Q3 FY25, and 1,978 in 9M FY26 versus 381 in 9M FY25.
PAT was 481 in Q3 FY26 versus 228 in Q3 FY25 (+111.3% YoY), and 1,671 in 9M FY26 versus 396 in 9M FY25 (+321.7% YoY). PAT attributable to SAMHI was 396 in Q3 FY26 versus 228 in Q3 FY25, and 1,493 in 9M FY26 versus 396 in 9M FY25. Minority interest accounted for 85 in Q3 FY26 and 178 in 9M FY26.
The company noted that figures for Q3 FY26, Q3 FY25, 9M FY26, 9M FY25 and FY5 have been adjusted for Caspia Delhi, as the asset has been recognised under “discontinued operation”. It added that RevPAR and EBITDA disclosures are on a same-store basis, excluding assets such as Four Points by Sheraton, Chennai OMR (sold Feb’25), Trinity (acquired Oct’24), Caspia Delhi (sold Aug’25), HIEX Greater Noida (reopened Dec’24), HIEX Kolkata (opened May’25) and Sheraton Commercial. The company also clarified that EBITDA YoY is shown post GST change implementation, following GST amendments changing the slab from 12% with Input Tax Credit (ITC) to 5% without ITC.
On the debt profile (Rs. Mn), SAMHI reported net debt of 14,503 as on Dec 31, 2025, compared to 13,700 as on Sep 30, 2025 and 19,669 as on Mar 31, 2025. TTM EBITDA (excluding ESOP and one-time expenses) was reported at 4,818 (Dec 31, 2025), 4,702 (Sep 30, 2025) and 4,434 (Mar 31, 2025), with Caspia Delhi EBITDA excluded on a TTM basis. Net debt to EBITDA stood at 3.0x (Dec 31, 2025), 2.9x (Sep 30, 2025) and 4.4x (Mar 31, 2025).
Interest rate was 8.3% as on 31 December 2025 (including upfront fee amortisation), compared to 8.5% (Sep 30, 2025) and 9.2% (Mar 31, 2025). Annualised interest cost was approximately ~1,250 for Dec 31, 2025 and Sep 30, 2025, versus ~1,900 as on Mar 31, 2025, excluding non-cash finance cost items.
Commenting on the performance, Ashish Jakhanwala, Chairman & Managing Director, SAMHI Hotels, 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.”
He added, “During the quarter total revenue growth was ~16.2% YoY with a consol. EBITDA growth of 19.2% over same period last year, 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 has resulted in EBIDTA growth moderating to 13.2% YoY. While GST changes had a near-term impact on margins, the overall reduction is expected to structurally support demand over the long term.”
Ashish Jakhanwala also stated, “With continued growth in EBITDA and reduction in finance costs, we witnessed ~2.5x growth in PBT for the quarter. We are pleased to report a PAT of ~ Rs. 481mn for the quarter, which is 111.3% growth over same period last year. For the nine months FY2026, total revenue growth was 13.5% and consol. EBITDA growth of 15.2% over same period last year. With this we set a strong foundation for the performance in remainder of FY2026 and position us for sustained growth in FY2027.”
Continuing, “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 as envisaged. We made significant progress on the on-going growth projects during the quarter. Work on the W-Hyderabad, Westin Bengaluru and other initiatives continue to execute as planned. Backed with a robust pipeline of growth initiatives, sustained same-store growth within our forecast (~9%-11% CAGR) and strong free cash generation from operations, we are confident of SAMHI’s growth trajectory and its ability to sustainably compound long-term value for our shareholders”
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