Samhi Hotels Limited — Q4 FY25 earnings call

Revenue

• Additional Revenue from Trinity Hotel (Whitefield Bangalore) Revenue · FY25 average room rate basis (annual run rate) · High confidence INR 180 crores to INR 200 crores

  On current average rates, we expect this hotel to operate at about INR50 lakh to INR55 lakh per revenue range. So we are looking at an additional INR180 crores to INR200 crores of revenue from this asset on FY '25 average room rate basis.

  — Ashish Jakhanwala

• Additional Total Revenue from Hyderabad Hi-tech City W Hotel Revenue · FY25 room basis (annual run rate) · High confidence INR 100 crores

  with revenues per key upwards of INR60 lakhs, which will add another INR100 crores of total revenue on an FY '25 room basis for this hotel.

  — Ashish Jakhanwala

• F&B growth Revenue · Medium confidence Double digits

  The F&B growth should grow in double digits, right? So that the dilutive effect is not so large.

  — Ashish Jakhanwala

• Total revenue growth (Pune Four Points to Courtyard conversion) Revenue · Post conversion (expected by Q1 FY27) · High confidence 20-25%

  In Four Points Pune to Courtyard, our expectation, and we have said it earlier, it's about 20%, 25% total revenue growth.

  — Ashish Jakhanwala

• Total revenue and RevPAR growth (Jaipur Four Points to Tribute conversion) Revenue · Post conversion (Jaipur renovation April-August 2026) · High confidence Upwards of 30%

  There, we expect the total revenue and RevPAR growth to be upwards of 30% change.

  — Ashish Jakhanwala

• Same-store hotels total revenue growth Revenue · Sustainable long-term growth · Medium confidence Early double digits

  So for the same set of hotels, we expect the total revenue growth to remain in the early double digits, right? We've been saying it for the last several quarters, but market has been supporting a higher growth, but we maintain that for a sustainable long-term growth for same set of hotels should be a total revenue growth of early double-digits, right?

  — Ashish Jakhanwala

Profitability

• ESOP costs Profitability · FY26 · High confidence INR 10 crores

  Previously INR 18 crores → INR 10 crores

  ESOP costs stood at INR 18 crores for the year, which will reduce to INR 10 crores in FY '26 and will stabilize at that level.

  — Rajat Mehra

• Reversal of Navi Mumbai impairment Profitability · Next quarter or 2 (post confirmation) · Medium confidence INR 76 crores

  When we get the favorable order, the entire amount will actually be reversed. There cannot be any partial reversal. It's a very binary situation. Once the order is there in our hand, which will be favorable since our discussions as of now. There will be a complete reversal of INR76 crores in our balance sheet and the P&L.

  — Ashish Jakhanwala

• Potential impairment reversals (beyond Navi Mumbai) Profitability · Over the course of the next few quarters · Medium confidence INR 50 crores, INR 60 crores

  you're potentially still talking about INR 50 crores, INR 60 crores of impairment reversals to happen over the course of the next few quarters.

  — Ashish Jakhanwala

• Interest costs Profitability · Next year (FY26) · Medium confidence INR 140 crores

  I think you've indicated that interest costs, your projection is INR 140 crores for next year.

  — Nirvana Laha

Capacity

• Pune Four Points renovation completion Capacity · By same time next year (Q1 FY27) · High confidence Fully renovated and rebranded

  So we expect that by the same time next year, we would have the hotel fully renovated and rebranded to Courtyard by Marriot.

  — Ashish Jakhanwala

• Jaipur Four Points renovation period Capacity · 2026 · High confidence April 2026 to August 2026

  So the Jaipur renovation will really happen between, I would say, April 2026 and I would say around August of 2026.

  — Ashish Jakhanwala

• Sheraton Hyderabad & Hyatt Regency Pune additional rooms operational Capacity · Starting H2 FY26 (+/- a month) · High confidence Operational

  We expect them to be operational in at least starting of H2 plus/minus a month, depending on the final consent that we would require.

  — Ashish Jakhanwala

Capex

• Ballroom renovation capex (Sheraton & Hyatt Regency) Capex · High confidence INR 5 crores

  The ballroom renovation actually is a low capex, it's about INR5 crores between the two renovations.

  — Ashish Jakhanwala

• Total capital expenditure Capex · FY26 · High confidence INR 175 crores to INR 200 crores

  Overall, we do expect about INR 175 crores to INR 200 crores of capital expenditure during the fiscal year FY '26 of which INR 50 crores will be contributed by GIC in the specific Bangalore asset and about, let say, INR 125-odd crores would be spent by us from our own cash flows.

  — Ashish Jakhanwala

• Growth capital expenditure Capex · FY26 · High confidence INR 125 crores to INR 150 crores

  And our current estimate is that we need about INR 125 crores to INR 150 crores for growth capital expenditure

  — Ashish Jakhanwala

• Maintenance capital expenditure Capex · FY26 · High confidence INR 20 crores

  and about additionally INR 20 crores of maintenance capital expenditure.

  — Ashish Jakhanwala

Margin

• EBITDA margin (after corporate G&A) Margin · Annualized basis (next 4-6 quarters) · Medium confidence 40.5%

  EBITDA has reached about 43% for the quarter after accounting for net corporate G&A is about 40.5%. We expect this to be a trend we should see on an annualized basis going forward^⏳.

  — Ashish Jakhanwala

Cash Flow

• Free cash before capex Cash Flow · Next year (FY26) · Medium confidence INR 360-odd crores

  So you would expect about let say INR 360-odd crores of free cash.

  — Ashish Jakhanwala