Whalesbook
So basically, SAMHI Hotels ne fiscal year 2026 ekdum zabardast tareeke se khatam kiya hai. Profit after tax mein 5.6 guna ka jump aaya, jo pahunch gaya ₹5,665 million par. Aur income ki baat karein toh woh 12.3% badhi, ho gayi ₹12,790 million, jo company ke revenue guidance se bhi upar hai. Isi khabar pe stock Friday ko 2.35% tez ho gaya tha.
Abhi profit toh bahut achha hai, lekin ek choti si baat investors ko pakad rahi hai. EBITDA margins thoda kam ho gaye hain, 36.2% par aa gaye hain 37.3% se year-over-year. Iska reason GST adjustments bataya ja raha hai. Agar yeh adjustments nahi hote, toh EBITDA growth 13% aur dikhta. Par room occupancy 74% par stable rahi aur RevPAR (Revenue per available room) 9.5% badh kar ₹5,365 ho gaya. Company ki market cap abhi ₹3,332 crore hai aur P/E ratio 5.69 chal raha hai.
SAMHI Hotels abhi aggressive expansion mode mein hai. Unhone 4 naye hotel projects add kiye hain, ek Navi Mumbai mein bhi aa raha hai. Uske alawa, unhone RARE India mein 70% stake kharid li hai, jo 73 heritage aur boutique properties manage karti hai. Isse woh niche markets ko target karne wale hain. Plus, Singapore ke GIC ne bhi ₹6,000 million invest kiye hain 35% stake ke liye ek sub-platform mein jisme lagbhag 1,000 rooms hain.
Is saari growth aur expansion ke chakkar mein, company ka net debt badh kar ₹14,507 million ho gaya hai March 31, 2026 tak. Is wajah se net debt-to-EBITDA ratio 3.1x ho gaya, jo September 2025 mein 2.9x tha. Achhi baat ye hai ki borrowing costs kam hue hain, interest rate 7.9% ho gaya hai 9.2% se.
Abhi jo ye leverage badha hai, woh ek bada risk hai, especially agar earnings kam ho gayi ya interest rates badh gaye. Margin compression, tax adjustments ke baad bhi, operational costs aur regulations ke prati company ki sensitivity dikhata hai. Competition ki baat karein toh ITC Hotels jaise players, jo ek badi group ka hissa hain, unke paas zyada financial flexibility aur pricing power ho sakti hai.
Expansion aur acquisitions achhe hain, par ye cheezein thoda complex bhi ho jaati hain. RARE India acquisition ka success company ke liye bahut important hoga. Aage chal kar, SAMHI Hotels ko apne naye assets ko integrate karna aur debt manage karna hoga. Investors ab RevPAR growth, occupancy, aur margin sustainability par nazar rakhenge.