SAMHI Hotels eyes FY28 growth inflection as W, Westin and Marriott projects open
SAMHI Hotels says new openings including W Hyderabad, Westin Bengaluru and Marriott Indore will begin contributing from FY28, supporting a return to high-teen growth. The operator reported Q1 revenue of ₹305 crore and has approval to raise up to ₹750 crore in equity.
What happened
Samhi Hotels · SAMHI Hotels expects new openings including W Hyderabad, Westin Bengaluru and Marriott Indore to restart high-teen growth from FY28. It reported
Key facts
- FY28
- FY31
- ₹176.25
- more than 19%
- ₹305 crore Q1 revenue
- ₹24 crore Q1 profit after tax
- 32.2% margin
- 9-11% same-store revenue growth
- around 3 percentage points incremental growth
- 79% Q1 occupancy
- up to ₹750 crore capital raise
- around ₹1,500 crore net debt
- 3x EBITDA net-debt target
- 2.5x EBITDA medium-term leverage target
Why this matters
SAMHI’s branded luxury and upper-upscale pipeline signals a partnership-led expansion strategy that could strengthen its platform for further hotel acquisitions or development deals.
What to watch
- Confirmed opening and soft-launch dates for W Hyderabad, Westin Bengaluru and Marriott Indore.
- Equity issuance price, investor participation, dilution level and stated allocation between debt repayment and growth capex.
- Quarterly RevPAR, ADR and occupancy trends in Bengaluru, Hyderabad and Indore.
- Pre-opening expense trajectory and EBITDA-margin guidance.
- Construction completion, operator handover and regulatory approval milestones.
- Corporate travel demand, convention/event calendars and competing premium-hotel supply additions in the three markets.
- Net debt, interest cost and refinancing progress following the capital raise.
- Finalize the ₹750 crore equity-raise structure, with investor focus on dilution, use of proceeds and debt-reduction allocation.
- Prioritize pre-opening sales, corporate account contracts and loyalty-program distribution for W Hyderabad, Westin Bengaluru and Marriott Indore.
- Phase hiring, procurement and launch marketing to protect margins during the ramp-up period.
- Use improved capital flexibility to refinance higher-cost debt and evaluate asset-light management or conversion opportunities rather than only owned-hotel expansion.
- Provide market-by-market opening dates, room counts, expected stabilization periods and RevPAR guidance to substantiate the FY28 high-teen growth target.