Apeejay Surrendra Park posts 8.1% Q1 revenue growth; Flurys to add 30 outlets

Apeejay Surrendra Park Hotels reported Q1 FY27 revenue of ₹166.8 crore and 92% occupancy. Its Flurys bakery chain, now at 111 outlets, plans 30 more openings this year, while the hotel group targets 6,719 keys by FY2030.

— Source published Wed, 19 Aug, 2026, 10:00 IST · First seen Wed, 19 Aug, 2026, 12:01 IST · Source ET Hospitality

What happened

Apeejay Surrendra Park Hotels reported Q1 FY27 revenue of INR 166.8 crore and 92% occupancy, while expanding through acquisitions. Its Flurys bakery chain has

Key facts

  • Q1 FY27 revenue from operations: INR 166.8 crore, up 8.1%
  • Q1 FY27 EBITDA: INR 47 crore, up 3.3% YoY
  • Q1 FY27 PAT: INR 11.5 crore
  • Q1 FY26 revenue: INR 154.3 crore
  • Q1 FY26 PAT: INR 13.4 crore
  • Occupancy: 92%
  • 42 operational hotels and 2,677 keys
  • 45 hotels and 4,042 keys under development
  • Total planned inventory: 6,719 keys by FY2030
  • Flurys operates 111 outlets
  • Flurys targets 30 new outlets this year

Why this matters

Apeejay Surrendra Park’s aggressive pipeline—30 Flurys outlets this year and hotel capacity targeted at 6,719 keys by FY2030—could create partnership, franchising, real-estate and acquisition opportunities.

What to watch

  • Actual number and geography of Flurys openings versus the 30-outlet plan.
  • Flurys same-store sales growth, average bill value and delivery-channel mix.
  • EBITDA margin movement as expansion costs and input prices rise.
  • Occupancy, ARR and RevPAR trends after the reported 92% occupancy level.
  • Lease commitments, capital expenditure and debt changes tied to retail and hotel expansion.
  • Progress toward the 6,719-key FY2030 target, including management contracts, acquisitions and new hotel launches.
  • Prioritize new Flurys stores in high-footfall transit hubs, malls, affluent residential catchments and cities where The Park hotel presence can aid brand launch.
  • Build central-kitchen, cold-chain and procurement capacity ahead of the 30-store rollout to protect product consistency and gross margins.
  • Use loyalty, delivery platforms and hotel guest cross-promotions to raise repeat purchases and improve new-store ramp-up.
  • Maintain asset-light hotel growth where possible as the group progresses toward its FY2030 target of 6,719 keys.
  • Disclose Flurys same-store sales, mature-store margins and outlet payback periods to demonstrate that expansion is value-accretive.