SAMHI Q4 FY2026: Growth Through Disruptions, Cash Flow Turns Real

FY2026 total income was ₹12,790 million (₹1,279.0 crore) and consolidated EBITDA was ₹4,626 million (₹462.6 crore).

Management attributed the Q4 EBITDA decline to a higher GST impact due to more room nights sold below ₹7,500, some FF&E expensed through the P&L and year-end reconciliations/pre-opening expenses, and a March disruption linked to the Middle East conflict.

The presentation states free cash flow post interest of about ₹3,000 million (₹300 crore) for FY2026. The company defines Free Cash Flow as EBITDA minus Lease Minimum Guarantee minus cash interest.

The presentation describes a ~₹7,500 million commitment for a 35% minority stake in a ~1,000-room platform. The concall states ~₹600 crore has been received and the balance ~₹150 crore could come over the next two years aligned with development capex for the Westin-Tribute Bangalore project.

The presentation highlights W Hyderabad (170 rooms, opening Q4 FY27), Westin and Tribute Bangalore Whitefield (opening FY29-30), a 260-room mid-scale hotel in Hyderabad Financial District (opening FY29-30), a 162-room Noida hotel (opening FY30), Marriott and Fairfield Chennai additions (opening FY30), and Westin and Fairfield Navi Mumbai (700 rooms, opening FY31).

For Q4 FY2026, the presentation reports revenue contribution of 43% from Upper Upscale and Upscale, 41% from Upper Mid-scale, and 16% from Mid-scale.