Samhi Hotels (SAMHI IN) – Q1FY27 Result Update – Resilient RevPAR; margin pressures persist – BUY
Published on 05 Aug 2026
We cut our EBITDA estimates by 3%/5% for FY27E/FY28E as we realign our margin assumptions, factoring in near-term ARR pressure arising from lower share of higher-paying international travellers and loss of input tax credit (ITC). Despite the Middle East conflict, SAMHI IN delivered a resilient operating performance, with same-store RevPAR growth of 9.6%, led by expansion in occupancy to 79.3%. Led by same-store revenue growth of ~9-11%, addition of ~170 keys at Hyderabad and incremental contribution from the asset-light RARE India platform, we expect revenue CAGR of 15% over FY26-FY28E, with EBITDA margin of 35.9%/37.8% in FY27E/FY28E, respectively. SAMHI IN trades at an attractive valuation of 12.3x/10.1x our FY27E/FY28E EBITDA estimates (adjusted for minority interest in the JV platform with GIC). We maintain BUY with a TP of INR201 (10.5x FY28E EBITDA; no change in target multiple).
