SAMHI RevPAR rose 14.3% in Q2FY27 while metro air traffic fell

SAMHI’s same-store revenue per available room, or RevPAR, rose 14.3% year on year to Rs 5,746 in Q2FY27, while airline passengers across 10 tracked metro cities fell 4.1% to 67 million. Upper upscale and upscale hotels led SAMHI’s segment growth with a 19.8% RevPAR increase and accounted for 42% of Q2FY27 segment revenue.

How did SAMHI’s same-store RevPAR perform in Q2FY27?

SAMHI’s same-store RevPAR increased to Rs 5,746 in Q2FY27 from Rs 5,026 in Q2FY26, a 14.3% year-on-year rise. RevPAR measures room revenue per available room. It was also higher than Rs 5,219 in Q1FY27, although the presentation reports the 14.3% comparison against Q2FY26.

The Q2FY27 same-store perimeter excludes Trinity, acquired in October 2024; Holiday Inn Express Greater Noida, reopened in December 2024; and Caspia Delhi, where operations were discontinued. SAMHI’s historical series also uses changing same-store exclusions for acquisitions, openings, renovations and discontinued assets, which limits direct comparability across all prior quarters.

SAMHI’s reported RevPAR rose from Rs 3,782 in Q2FY24 to Rs 4,529 in Q2FY25 and Rs 5,746 in Q2FY27. The Q2FY27 figure remained below Rs 6,041 in Q4FY26, while exceeding the Rs 5,643 reported in Q3FY26.

Which SAMHI hotel segments drove RevPAR growth?

SAMHI’s upper upscale and upscale segment recorded the fastest Q2FY27 RevPAR growth at 19.8% year on year, followed by mid-scale at 18.8% and upper mid-scale at 7.6%. Upper upscale and upscale contributed 42% of Q2FY27 segment revenue, upper mid-scale contributed 41%, and mid-scale contributed 17%.

The upper upscale and upscale portfolio had five hotels and 1,123 rooms in Q2FY27. It reported same-store occupancy of 80%, an average room rate, or ARR, of Rs 11,923 and RevPAR of Rs 9,503. SAMHI describes this segment as serving high-end business travellers with extensive dining and social or meeting venues.

Mid-scale comprised 12 hotels and 1,729 rooms, compared with 14 hotels and 2,047 rooms in upper mid-scale. Mid-scale reported the highest occupancy among the three groups at 81%, alongside an ARR of Rs 4,068 and RevPAR of Rs 3,292. Upper mid-scale recorded 76% occupancy, ARR of Rs 7,156 and RevPAR of Rs 5,442.

How did lower air traffic compare with SAMHI’s hotel results?

Air passenger traffic across the 10 metro cities tracked by SAMHI declined 4.1% year on year to 67 million in Q2FY27 from 70 million in Q2FY26, while SAMHI’s same-store RevPAR rose 14.3%. The presentation attributes the aviation trend to reduced airline supply, high fuel prices and Indian rupee depreciation, but does not quantify a direct effect on SAMHI’s hotel demand.

Traffic varied by city in Q2FY27. Delhi passenger traffic increased 4.1% year on year and Pune rose 2.6%, while Mumbai declined 2.5%, Bangalore fell 3.8% and Hyderabad fell 11.2%. Chennai declined 11.9%, Ahmedabad 12.5%, Goa 13.2% and Kolkata 13.3%.

SAMHI’s commercial-office indicators showed growth in some key markets. Bangalore’s net office absorption rose to 4.1 million square feet in Q2FY27 from 3.5 million square feet in Q2FY26, while Hyderabad increased to 3.8 million square feet from 1.6 million square feet. SAMHI said Bangalore, Hyderabad, Pune and Delhi National Capital Region accounted for more than 80% of leasing activity, especially from global capability centres.

How did RevPAR growth affect SAMHI’s income and EBITDA?

SAMHI’s Q2FY27 asset income rose 15.5% year on year to Rs 338.4 crore from Rs 292.9 crore in Q2FY26. Same-store assets added Rs 35.5 crore, representing 12.6% growth, while new openings added Rs 10.1 crore. Management said the same-store income growth exceeded its long-term guidance range of 9% to 11%.

Total income reached Rs 342.7 crore in Q2FY27, including Rs 4.2 crore of corporate income, and increased 15.6% year on year. The income bridge records no rounded loss from sold or discontinued operations. Its same-store definition excludes Trinity, Holiday Inn Express Greater Noida, Holiday Inn Express Kolkata and Sheraton Commercial.

SAMHI’s consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 12.0% year on year to Rs 123.8 crore in Q2FY27. Asset EBITDA was Rs 131.2 crore after a Rs 9.2 crore goods and services tax, or GST, impact, producing a 38.8% asset EBITDA margin; consolidated EBITDA margin was 36.1% after Rs 7.4 crore of net corporate general and administrative expense, including employee stock-option costs.

What could change SAMHI’s segment mix in future?

SAMHI plans to increase its upscale share from about 41% to about 60% by FY2030 through rebranding and renovations. The plan covers 4,899 current operational rooms, rebranding of 473 rooms and 1,669 rooms of additions through expansions and new openings. SAMHI said this programme is intended to support overall revenue per key.

The disclosed FY27 projects include 22 apartments at Hyatt Regency Pune, in pre-opening, and 217 rooms at Courtyard by Marriott Pune, a rebranding from Four Points by Sheraton that is under fit-out. The FY28 schedule includes 170 rooms at W, HITEC City, Hyderabad, where construction is complete while mechanical, electrical and plumbing work and fit-out remain under progress, plus 142 rooms at Tribute Portfolio by Marriott, Whitefield, Bangalore.

SAMHI’s FY29 list includes a 220-room Westin Whitefield, Bangalore, and a 260-room mid-scale Financial District, Hyderabad hotel. For FY30 and later, the plan lists about 350 rooms each at Westin Navi Mumbai and Fairfield by Marriott Navi Mumbai, 162 rooms in Noida and 135 rooms at Marriott Sriperumbudur, Chennai. The presentation says the final room count for W, HITEC City, Hyderabad may vary with the final brand and plan.

Conclusion

SAMHI’s Q2FY27 operating data shows RevPAR growth of 14.3% to Rs 5,746 alongside 12.6% same-store asset-income growth and 12.0% consolidated EBITDA growth, despite a 4.1% decline in metro airline passengers. The revenue mix placed 42% of segment revenue in upper upscale and upscale hotels, where RevPAR rose 19.8%, while mid-scale recorded 18.8% growth and the highest segment occupancy of 81%.

The next disclosed milestones are the FY27 Hyatt Regency Pune and Courtyard by Marriott Pune projects, followed by W, HITEC City, Hyderabad in FY28. SAMHI’s stated FY2030 objective is to lift upscale share from about 41% to about 60%, while leisure-segment data remains pending integration of the RARE x Outdoor Collection by Marriott Bonvoy platform.