Hotels & Restaurants · SAMHI
Hotels
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We continue to prefer SAMHI Hotels as our top pick within our coverage universe, with a target price of INR 220 based on 11x 1HFY29E EV/EBITDA.
We cut our EBITDA estimates by 3%/5% for FY27E/FY28E as we realign our margin assumptions, factoring in near-term ARR pressure arising from lower share of higher-paying international travellers and loss of input tax credit (ITC). We maintain BUY with a TP of INR201.
SAMHI Hotels reported 1QFY27 revenue above expectations driven by occupancy-led RevPAR expansion, though ADR growth remained subdued and margins were impacted by higher GST expenses; we maintain our BUY rating with a revised target price of INR 220.
SAMHI delivered a resilient Q1FY27, with healthy comparable revenue and EBITDA growth despite geopolitical headwinds and GST-related margin pressure. We maintain a Positive stance and expect an upside of 25% in the next 12 months.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
