Samhi Hotels (SAMHI IN) – Q2FY27 Result Update – 2HFY27E looks promising – BUY
Published on 05 Nov 2026
SAMHI IN’s operational performance was broadly in-line with our estimate with EBITDA margin of 35.3% (PLe 34.6%) led by 14.3% growth in same-store RevPAR to INR5,746. 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 14% over FY26-FY29E with EBITDA margin of 35.8%/37.0%/37.8% in FY27E/FY28E/FY29E, respectively. SAMHI IN trades at an attractive valuation of 9.0x/8.3x our FY28E/FY29E EBITDA estimates (adjusted for minority interest in the JV platform with GIC). We maintain BUY with a TP of INR212 (10.5x Sep-28E EBITDA; no change in target multiple).
