Apeejay Surrendra Park Hotels LimitedHospitality & TourismPARKHOTELS
Q1 FY27 concall · earnings callApeejay Surrendra Park Hotels Limited
The company delivered steady revenue growth and industry-leading occupancy despite geopolitical and air travel headwinds, while advancing a significant pipeline for long-term expansion.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Operating Revenue | ₹167 Cr | 8% | |
| EBITDA | ₹47 Cr | 3% | |
| EBITDA Margin | 28.12% | — | |
| Consolidated Revenue | ₹172 Cr | 10% | |
| Consolidated EBITDA | ₹52 Cr | 8% | |
| PAT | close to ₹12 Cr | -14% | |
| Occupancy | 92% | — | |
| Debt-to-Equity Ratio | 0.12 | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹177.49 Cr+11.7% YoY+25.4% QoQ | ₹32.16 Cr+17.3% YoY+20.2% QoQ | ₹1.51-3.8% YoY+20.8% QoQ |
| Q2 FY25 | ₹141.57 Cr— YoY+4.8% QoQ | ₹26.76 Cr— YoYTurned profitable QoQ | ₹1.25— YoYTurned positive QoQ |
| Q1 FY25 | ₹135.07 Cr— YoY-13.2% QoQ | ₹-1.91 Cr— YoYTurned loss-making QoQ | ₹-0.09— YoYTurned negative QoQ |
| Q4 FY24 | ₹155.68 Cr— YoY-2% QoQ | ₹18.43 Cr— YoY-32.8% QoQ | ₹1.02— YoY-35% QoQ |
| Q3 FY24 | ₹158.88 Cr— YoY— QoQ | ₹27.42 Cr— YoY— QoQ | ₹1.57— YoY— QoQ |
TL;DR
- Operating revenue grew 8% YoY to Rs 167 crores, with consolidated EBITDA up 8% to Rs 52 crores.
- Maintained India's leading occupancy position at 92% in the quarter.
- PAT declined 14% YoY due to higher finance costs and a deferred tax provision shift.
- Flurys brand expanded to 111 outlets, with plans to reach 140 by year-end and 400 by 2030.
- Pipeline of 12 hotels (472 keys) expected to bring total portfolio to 3,149 keys by end-FY27.
- Service apartment sales at EM Bypass project generated Rs 21 crores cash inflow, with more expected.
Said on the call
“Our longer-term ambition is to build a larger and more scalable hospitality platform with more than 6,000 keys by FY 2030.”
From the Q&A
| Topic | What management said |
|---|---|
| Occupancy and ADR Outlook | Management acknowledged 92% occupancy is near peak and expects ADR growth to improve to high single digits, driven by upcoming conferences (BRICS Summit, Aero Show, Bharat Mobility Expo) and 40 wedding dates. |
| Flurys Expansion Pace | Management detailed plans to add 29 outlets by year-end (total 140), including new locations in Pune, Mumbai, Hyderabad, and Delhi NCR, with longer-term target of 400 outlets by 2030. |
| Other Income Sustainability | CFO stated ~Rs 3.5-4 crores of other income per quarter is sustainable, mainly from mutual funds; MD added cash from EM Bypass sales will further increase other income. |
| New Property Stabilization | Management said new hotels typically take 2-3 years to stabilize, but location and high-potential markets (e.g., Mumbai, Pune, second Calcutta hotel) can reduce this to 1-1.5 years. |
| Mixed-Use Development Returns | Management sees service apartment sales model (as in EM Bypass) as a way to boost returns, expecting project to generate Rs 70-80 crores cash flow this year and help double the company's return on capital employed by 2030. |
| Capital Expenditure Guidance | CFO outlined a ~Rs 1,500 crore net capex plan over 4-5 years, with ~Rs 200-250 crore this year, to be funded by internal accruals (~Rs 1,300 crore) and low net debt-to-EBITDA; Rs 350 crore will come from EM Bypass funding. |
| PAT Decline and Finance Costs | CFO explained the 14% PAT decline was due to a ~Rs 2.5 crore increase in finance costs (for Zillion acquisition) and a deferred tax provision shift; tax rate will drop from ~35% to ~25% in future quarters under the new regime. |
Guidance
- Expect high single-digit ADR growth in coming quarters.
- Plan to add 29 Flurys outlets by year-end, taking total to 140.
- Pipeline of 12 hotels (472 keys) to be added in FY27, taking portfolio to 3,149 keys.
- Service apartment sales at EM Bypass project expected to bring Rs 70-80 crores cash flow this year.
- Target to double return on capital employed by FY2030.
- Tax rate to drop to ~25% in future quarters under new tax regime.
Source
Summary written from the transcript filed by Apeejay Surrendra Park Hotels Limited for the call held on 21 Aug 2026; published 21 Aug 2026, 23:30 IST.
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