Samhi Hotels Limited (SAMHI)
Micro CapConsumer stocks · Micro cap · NSE
SAMHI Hotels Ltd. is India's largest owner of multi-branded hotel rooms, acquiring and building hotels and partnering with global brands. It also holds a majority stake in RARE India, an asset-light brand and distribution platform for experiential leisure resorts. The portfolio spans 38 hotels, 6,500+ rooms across 12 brands in 14 cities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +12% YoY · PAT +32% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹305 Cr | +12.1% | -11.6% |
| EBITDA | ₹98 Cr | +8.9% | -12.5% |
| Operating margin | 32.0% | -100 bps | +0 bps |
| PAT | ₹25 Cr | +31.6% | -93.7% |
| PAT margin | 8.2% | +121 bps | -10745 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 Income grew +12.3% YoY to 12,790mn, exceeding guidance. Consolidated EBITDA rose +8.8% YoY to 4,626mn (+13.0% excl. GST impact). Q4FY26 EBITDA declined -6.0% YoY due to business disruptions and GST changes, despite +9.3% YoY income growth.
SAMHI delivered on its Net Debt-to-EBITDA target of ~3.0x and exceeded income growth guidance for FY26 despite significant business disruptions and GST changes. Strategic investments in new developments and the RARE India acquisition position the company for future growth, though Q4 performance was notably impacted by external factors.
Revenue share by segment (Q4FY26)
Latest issuer-disclosed distribution across 3 reported categories.
New Hotel Developments
PositiveAdded four strategically significant hotel developments, including Navi Mumbai (~700 rooms), Hyderabad (~260 rooms), Noida (~162 rooms), and Chennai (~135 rooms).
Experiential Leisure Segment Entry
PositiveAcquired 70% stake in RARE India (73 hotels, 1,015 rooms) with proposed affiliation under Outdoor Collection by Marriott Bonvoy for global distribution.
Balance Sheet Strength & Capital Allocation
PositiveNet Debt to EBITDA at ~3.0x. ~ 9,600mn unlocked through asset recycling and GIC infusion, funding growth and deleveraging.
Portfolio Rebranding/Renovations
PositiveOn-going rebranding/renovations to increase Upscale share of revenues from ~43% to ~60% upon completion of committed projects.
W, HITEC City, Hyderabad
170 rooms, under fit-out, opening Q4 FY27. Potential revenue ~ 1,500mn.
Westin & Fairfield, Navi Mumbai
700 rooms (350 Westin, 350 Fairfield), under design, opening FY31. Potential revenue ~ 3,250mn.
Upper Upscale Hotel, Noida
162 rooms, under design, opening FY30. Variable lease model. Potential revenue ~ 900mn.
Marriott, Sriperumbudur, Chennai
135 rooms, under design, opening FY30. Alongside existing Fairfield by Marriott. Potential revenue ~ 1,000mn.
Institutional Investor Partnership
PositiveGIC invested ~ 6,000mn (with 1,500mn committed) for 35% minority stake in ~1,000 rooms, validating asset quality.
Robust Commercial Activity
PositiveNet absorption of ~58 million sqft of commercial space in FY26 across key markets, driving demand for business hotels.
Experiential Leisure Growth
PositiveStructural tailwind in leisure and experiential travel is among the most durable growth themes in Indian hospitality.
Multiple Business Disruptions
NegativeEstimated ~ 440-520mn revenue loss in FY26 due to India-Pakistan conflict, monsoon, airline crisis, and Middle East conflict. Q4 most impacted.
GST Change Impact
NegativeShift from 12% with ITC to 5% without input credit compressed reported EBITDA growth by ~420 bps for FY26 (~ 180mn impact). Q4 most hit.
Geopolitical Impact on Q4
NegativeOnset of Middle East conflict in March '26 led to inbound foreign FIT cancellations, airline crew/MENA contract disruptions, and MICE deferrals.
Geopolitical Instability
HighMiddle East conflict and India-Pakistan conflict caused significant revenue loss and disruptions, highlighting vulnerability to external events.
Regulatory Changes
MediumGST change significantly impacted reported EBITDA and margins, indicating sensitivity to policy shifts.
Project Execution Risk
MediumRoom counts in under development assets may vary based on final plan and statutory approvals.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual performance and growth trends, especially for a business with potential seasonality. QoQ is important to understand sequential momentum, the immediate impact of disruptions, and the ramp-up of new assets or renovations.
Total Income Growth
Positive+12.3% YoY to 12,790mn in FY26, exceeding guided 9-11% range. Potential ~16-17% ex-disruptions.
Consolidated EBITDA Growth
Mixed+8.8% YoY to 4,626mn in FY26. +13.0% YoY excluding GST impact. Q4FY26 EBITDA -6.0% YoY.
Same-store RevPAR
Positive5,365 in FY26, +9.5% YoY. Q4FY26 RevPAR 6,041, +4.1% YoY, impacted by March disruptions.
Effective Interest Rate
PositiveReduced to 7.9% in FY26, ~290bps lower since IPO.
Stronger Position for FY27
PositiveSAMHI enters FY2027 with a stronger balance sheet, larger and more diversified portfolio, institutional co-investor, and clear roadmap.
Capital Recycling Playbook
PositiveCapital recycling is an established part of our playbook, not opportunistic. Identified further candidates to maximize returns, accelerate deleveraging, and fund growth.
Future Free Cash Flow Compounding
PositiveLower debt, reduced interest rates, and strong EBITDA growth will lead to materially higher future free cash flows to fund growth pipeline.
Shareholder Returns
PositiveAs free cash flow compounds beyond committed growth, the Board intends to evaluate disciplined mechanisms to return capital directly to shareholders.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt-to-EBITDA | ~3.0x (FY26) | ~2.5x target in medium-to-long term. |
| Income Growth | +12.3% YoY (FY26) | 9-11% from same-store growth and impact of new openings (excl. Navi Mumbai). |
| Upscale Segment Revenue Share | 43% (Q4FY26) | Increase to ~60% upon completion of committed projects. |
| RARE India Portfolio Growth | 73 hotels, 1,015 rooms (grew by 6 hotels in past two months) | Successful integration with Outdoor Collection by Marriott Bonvoy and continued portfolio expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
36BearishSMA20 -8.5% / mo · MACD −
Technical chart
SAMHIdaily · 1Y · AUTO+1.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.3% over last month) — short-term momentum negative.
- RSI(14) at 35 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 30% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 82 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 82 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.0%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 80.6%.
Main drags
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Quality is weaker at 14/20; verify the latest quarterly trend.
- Cash flow is weaker at 9/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 92nd percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 92nd pctile, median 66 · Micro: 79th pctile, median 73
57 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.1%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.15
- P/B
- 1.57
- EV/EBITDA
- 9.31
- Market Cap
- 3424.00Cr
Profitability
- ROE
- 24.50%
- ROCE
- 8.90%
- ROA
- 13.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 49.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 46.00%
Balance Sheet
- Debt/Equity
- 0.85
- Interest Coverage
- 2.78×
- Altman Z
- 2.44
- Book Value
- 98.20
Cash Flow
- FCF Yield
- 6.05%
- FCF Positive Y
- 7/5
- OCF
- 407.00 Cr
- EPS TTM
- 22.71
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.