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Q3 FY26
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9M FY26
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New Delhi, 29th January 2026: SAMHI Hotels Limited a prominent branded hotel ownership and asset management platform in India, announced its unaudited Standalone and Consolidated results for the quarter and nine months ended 31st December 2025.
Key Highlights for Q3 FY26:
- RevPAR1 at Rs. 5,643 up 13.3% YoY
- Occupancy stood at 73% for Q3FY26
- Total Income for the quarter was Rs. 3,419 Mn up 16.2% YoY
- EBITDA2 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, Consol. 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:
- RevPAR1 up 11.7% YoY
- Occupancy stood at 74% for 9MFY26
- Total Income for the nine months was Rs. 9,255 Mn up 13.5% YoY
- EBITDA2 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:
Q3FY26 | Q3FY25 | YoY% | 9MFY26 | 9MFY25 | YoY% | |
Total Income | 3,419 | 2,941 | +16.2% | 9,255 | 8,152 | +13.5% |
Consolidated EBITDA2 | 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 Q3FY26, Q3FY25, 9MFY26, 9MFY25 and FY5 have been adjusted for Caspia Delhi as the asset has been recognized under “discontinued operation”
1 Based on same store, i.e., excludes the Four Points by Sheraton, Chennai OMR sold in Feb’25, Trinity acquired in Oct’24, Caspia Delhi sold in Aug’25, HIEX Greater Noida reopened in Dec’24, HIEX Kolkata opened in May’25 and Sheraton Commercial
2 Due to GST amendments i.e. change in GST slab from 12% with Input Tax Credit (ITC) to 5% without ITC, EBITDA YoY shown here is post GST change implementation
Dec 31, 2025 | Sep 30, 2025 | Mar 31, 2025 | |
Net Debt | 14,503 | 13,700 | 19,669 |
TTM EBITDA1 | 4,8184 | 4,7024 | 4,434 |
Net Debt : EBITDA | 3.0x | 2.9x | 4.4x |
Interest Rate | 8.3%2 | 8.5% | 9.2% |
Annualised Interest Cost3 | ~1,250 | ~1,250 | ~1,900 |
1 Excluding ESOP & One-time Expenses
2 As on 31st December 2025. Please note that interest rate includes the upfront fee which is amortized over the estimated repayment period
3 Does not include non-cash finance cost items such as interest on lease, EIR, etc. which are charged to P&L
4 Excludes Caspia Delhi EBITDA on TTM basis
Commenting on the performance,Mr. 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 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.
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.
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”
About SAMHI Hotels Ltd.
SAMHI is a prominent branded hotel ownership and asset management platform in India with an institutional ownership model, experienced leadership and professional management team. SAMHI has long-term management arrangements with three of the established and well recognized global hotel operators, namely, Marriott, IHG and Hyatt. SAMHI has a portfolio of 31 operating hotels comprising 4,904 keys and has a diverse geographic presence in 14 cities across India, including National Capital Region (NCR), Bengaluru, Hyderabad, Chennai and Pune.