SAMHI Hotels targets ₹3,000 crore topline by FY30

Growth target: from ₹1,200 crore to ₹3,000 crore

SAMHI Hotels Ltd. has outlined an ambition to more than double its topline to ₹3,000 crore from a current base of about ₹1,200 crore. The growth plan is tied to adding new hotel inventory and improving performance at existing properties. Management has pointed to Hyderabad and Bengaluru as key markets where additional rooms are expected to come online. Alongside owned and leased city hotels, SAMHI is also building an “asset-light” leisure platform through its investment in Rare India. The stated topline target has been referenced as a multi-year objective, and in the earnings call transcript it is positioned as a FY30 goal. The company’s strategy combines scale in business markets with curated leisure stays, with an emphasis on premium inventory.

Where the growth is expected to come from

The company has linked the next phase of growth to two levers: new inventory and same-store growth. Management has spoken about expecting 9% to 10% same-store growth as new inventory comes into play, and separately referenced 9% to 11% same-store growth expectations over the next few years. On capacity addition, SAMHI’s plan includes about 1,450 new rooms, along with premium hotel launches. The company already operates 7,500+ rooms across India, giving it a meaningful base to scale. The focus on Hyderabad and Bengaluru suggests a concentration on large corporate travel markets where occupancy and rate cycles can be stronger when supply is absorbed.

Q3 FY26 call context: operating momentum and portfolio shift

An earnings call transcript described a period of “strong operating performance” with a 16% year-on-year revenue increase, while also noting external disruptions affecting the sector. The same transcript highlighted a strategic shift toward upscale and upper-upscale assets, with major projects in Hyderabad and Bengaluru flagged as primary drivers for the longer-term revenue ambition. In a separate excerpt, revenue was described as rising 16.2% to cross ₹342 crore. While the article material does not reconcile timelines across these figures, the common thread is management’s emphasis on improving operating performance while expanding the portfolio mix toward premium categories.

Rare India deal: 70% majority stake and what it adds

SAMHI announced that its board approved the acquisition of a 70% majority stake in Rare India (RARE), described as one of India’s earliest and largest platforms of heritage hotels, retreats, and experiential stays. The transaction includes a commitment expected to be about ₹47 crore, comprising a primary infusion into Rare India and a small component for purchasing shares from existing holders. Other references in the material describe the stake purchase as being for ₹45 crore, and management commentary also mentioned paying ₹45 to ₹47 crore. Rare India’s network is described as 70 boutique hotels across 15 states, plus presence in Nepal and Bhutan.

Rare India revenue base and targets mentioned by management

In the call excerpts, management stated that Rare India was “currently doing” around ₹3 crore in revenue at the time of discussion. Management also pointed to revenue potential of about ₹90 to ₹100 crore in the medium term. Separately, the same discussion referenced ₹120 to ₹150 crore as a “near-term target” in the context of distribution and the platform’s expansion, while also noting that the number of hotels and rooms on the platform was expected to double over time. The transcript further suggested that the “asset-light” leisure vertical could remain a small share of the overall business, with management indicating it may not be more than 5% in FY30 and that even ₹150 to ₹225 crore would be under 10% of a ₹3,000 crore topline.

Revenue and EBITDA markers shown in company material

The article text includes multiple numeric markers for revenue and profitability across different periods and formats:

• FY25 profit is stated at ₹85.5 crore, compared with a ₹338 crore loss in FY24.
• A planning slide in the material shows “FY25 Actual” revenue at ₹1,150 crore, with “Installed Capacity (FY25)” at ₹1,500 to ₹1,530 crore and a further step-up to ₹2,200 to ₹2,250 crore under “Market Growth & Margin Expansion.”
• Management commentary cited an EBITDA target of about ₹600 to ₹630 crore alongside growth assumptions.
• Another management estimate stated that, based on 9% to 11% same-store growth for 3 to 5 years plus committed new inventory (without additional acquisitions), total revenue could reach about ₹2,200 to ₹2,300 crore.

These data points collectively frame the company’s stated runway, but they also show that SAMHI has referenced more than one revenue figure depending on whether it is discussing current revenue, capacity, or longer-term targets.

Investible surplus and balance-sheet guidance

The same company material references an “investible surplus” of more than ₹1,700 crore over the next five years, described as surplus after funding committed capex for projects such as the W in Hyderabad, the Westin, and renovations. It also mentions a further ~₹200 crore expected from asset recycling. The intended use of this surplus was linked to “tactical M&A” and variable leases, along with evaluation of additional opportunities in core markets beyond already secured projects. Separately, management guidance referenced net-debt/EBITDA of 3x in the near term and 2.5x in the mid-term.

Valuation and FY28 scenario cited in the article

The article text also included a scenario statement that by FY28, SAMHI could plausibly deliver ₹1,800 to ₹2,000 crore in revenue and ₹650 to ₹750 crore in EBITDA. It added that the stock could trade at an EV/EBITDA multiple closer to peers instead of an 8x FY26E multiple cited as the current level. This is presented as a plausibility framing rather than a formal company guidance line in the provided material, but it adds a market-facing lens to the growth and margin narrative.

Key numbers at a glance

What the strategy means for investors and the sector

SAMHI’s plan is anchored in India’s hotel demand recovery narrative, but the operational blueprint in the provided text is specific: increase premium inventory in key cities, keep same-store growth in the high single digits, and build a parallel boutique distribution platform through Rare India. The Rare investment appears designed to capture leisure demand without adding heavy owned-room capital, while still leveraging SAMHI’s distribution and brand relationships. At the same time, the company’s internal projections highlight the importance of execution on committed projects, because the investible surplus calculations are described as being after funding those capex requirements. The net-debt/EBITDA targets of 3x near term and 2.5x mid-term also indicate that leverage discipline is part of the story being communicated.

Conclusion

SAMHI Hotels is positioning its next growth cycle around Hyderabad and Bengaluru expansions, steady same-store growth, and a new asset-light boutique platform via the 70% Rare India acquisition. The company has cited targets ranging from ₹2,200 to ₹2,300 crore revenue from committed growth, and an aspiration to reach ₹3,000 crore topline by FY30. Over the coming years, execution on new openings, integration of Rare India, and progress toward stated EBITDA targets of ₹600 to ₹630 crore will remain key reference points for the market.