Apeejay Surrendra Park Hotels Ltd

Financial Performance

• Q1 FY27 operating revenue Rs.167 cr, up 8% YoY.
• Consolidated revenue Rs.172 cr, up 10% YoY.
• Q1 EBITDA Rs.47 cr, up 3%; margin 28.12%.
• Consolidated EBITDA Rs.52 cr, up 8%.
• PAT Rs.12 cr; PAT margin ~7%.
• Occupancy 92%; RevPAR leadership in upper-upscale.
• F&B contribution ~43% of quarterly revenue.
• Debt/equity 0.12; net debt/EBITDA 0.70.

Operations & Portfolio

• EM Bypass Kolkata: 33 apartments sold; cash flow ₹70–₹80 cr this year; ₹21 cr received.
• EM Bypass Calcutta: 218 hotel rooms, 69 service apartments; 33 sold; avg ₹20,633/sq ft; completion early 2030.
• Park Mumbai at Juhu: 78-room project; design phase complete; launch targeted Oct 2027.
• Vizag: 100-room hotel; on-site; launch this month; completion by early 2030.
• Kochi acquisition: Malabar House, 17 keys; expected completion Oct–Nov 2026.
• Pune FSI up to 6.7 lakh sq ft; 2.5 lakh for hotel, 4 lakh+ for residential.
• 12 hotels/472 keys pipeline for this year; 42 hotels/2,677 keys to 3,149 keys by FY27 end.
• SAP S/4HANA for Finance implemented to strengthen controls and reporting.

Capex & Projects

• Total capex ~₹1,500 crore over 4–5 years; EM Bypass funding ~₹350 crore.
• Funding planned: EM Bypass ~₹350 crore; Juhu financing line tied up.
• Near-term capex this year: ₹200–₹250 crore.
• Flurys expansion: target 140 outlets by year-end; 400 outlets by 2030.
• Kochi acquisition (JLL/Zillion) ₹64 crore; Pune land/FSi enhancement.
• EM Bypass sales cash flows improve overall liquidity and ROCE trajectory.

Q&A Highlights

• Occupancy of 92% remains; ADR growth expected to be high single-digit as BRICS Summit and weddings rise.
• All-India ADR growth ~6%; Delhi strong; Mumbai down ~3.5%; Hyderabad ~>12% domestic traffic soft.
• Flurys: 111 outlets now; plan 29 more this year to reach 140; 400 by 2030; multiple tie-ups.
• EM Bypass service apartments projected cash flows: ₹70 cr this year, ₹120 cr next year, ₹300–325 cr overall for the project.
• PAT impact due to higher finance costs; tax regime shift to lower rates anticipated starting next quarter.
• New hotels stabilize faster in high-potential markets (Mumbai/Pune within 1 year); Calcutta/Vishakhapatnam 2–3 years.

Guidance & Outlook

• Ambition to reach >6,000 keys by FY2030; selective markets; asset-light expansion.
• 87 hotels and 6,719 keys target by end-FY27; 3,149 keys by FY27 end; 472-key pipeline this year.
• Flurys to 400 outlets by 2030; 100-year plan to 100 outlets in West Bengal.

Q1 FY27 highlights

• Q1 FY27 results for quarter ended June 30, 2026 released.
• Revenue from operations ₹166.8 crore, up 8.1% YoY.
• Operating EBITDA ₹47 crore, up 3.3% YoY.
• PAT ₹11.5 crore.
• Occupancy 92%, highest in India; RevPAR leadership in upper-upscale.
• 42 hotels, 2,677 keys operational; 45 under development (4,042 keys); total 6,719 keys planned by FY2030.
• Expanded portfolio via acquisition of Zillion Hotels, Fisherman's Grove Resorts, and Thali Hotels.
• Flurys operates 111 outlets; plans 30 openings this year.
• Expansion into Tier II/III cities continues; strong development pipeline across NCR and Kerala.
• Record sale of service apartments at EM Bypass Kolkata improved cash flows.

Meeting Details

• Date: August 17, 2026; conference call (virtual) for Q1 results.

Participants

• Key company participants: Company Secretary and Compliance Officer.

Purpose

• Share audio recording of investor/analyst conference call on Q1 results.

Additional Notes

• Audio recording uploaded on company website.

Business Overview

• Leading hospitality group with hotels, F&B, and entertainment assets across India.

Operational & Financial Highlights

• Q1-FY27 revenue from operations INR 1,668 Mn; YoY +8.1%.
• Total EBITDA INR 517 Mn; EBITDA margin 30.13%.
• PAT INR 115 Mn; PAT margin 6.70%.
• Occupancy 92%; Diluted EPS INR 0.54.
• EM Bypass Kolkata residential: 32 of 69 apartments sold; Q1 collections INR 213 Mn.
• The Park Mumbai project ready for launch.
• ARR INR 7,459; Net debt to equity 0.12x.
• 5-year CAGR: Revenue 32%, RevPAR 28%.

Business overview

• Apeejay Surrendra Park Hotels operates hotels, F&B, and entertainment across India.
• Four hotel brands and 100+ premium F&B outlets including Flurys.
• Pursues asset-light growth with Zone by The Park and NOR1 upselling.
• Development pipeline includes hotel, residential, and mixed-use projects.

Operational highlights

• Occupancy at 92% in Q1-FY27, highest in India.
• EM Bypass Kolkata residential project: 32 of 69 apartments sold; Q1 collections ₹213 Mn.
• Park Mumbai project ready for launch.
• SAP S/4HANA Finance implemented for better controls.

Financial performance

• Revenue from operations ₹1,668 Mn, up 8.1% YoY.
• Total revenue ₹1,716 Mn; EBITDA ₹517 Mn; Operating EBITDA ₹469 Mn.
• PAT ₹115 Mn; PAT margin 6.70%; diluted EPS ₹0.54.
• Occupancy 92%; 5-year RevPAR CAGR 28%.

Strategic priorities & outlook

• Target 6,000+ keys by FY30; asset-light expansion.
• Maintain occupancy leadership; expand in upper midscale segment.
• Monetize real estate via ownership of prime assets.
• Leverage NOR1 AI upsell to personalize guest experiences.
• Second-phase EM Bypass launch planned for Diwali 2026.

Governance & leadership

• Mr. Vijay Dewan serves as Managing Director.

Q1 2026 results

• Unaudited Q1 2026 consolidated/standalone results published; Revenue 166.78 cr; PAT 11.49 cr; Board approved Aug 14.

Financial results

• Approved unaudited standalone and consolidated results for the quarter ended 30 June 2026.
• ARC reviewed; Board approved the results on 14 August 2026.
• Statutory auditors issued an unmodified conclusion on the standalone and consolidated results.

Tax regime change

• During the quarter, opted for new tax regime under the Income Tax Act; impact reflected in tax expense.

Investee stake acquisition

• Acquired a further 12% stake in Zillion Hotels and Resorts Pvt. Ltd. for INR 29.3 crore.
• No change in control.

Meeting Details

• Date: Aug 17, 2026; Time: 04:00 PM IST; Format: virtual investor conference call.

Participants

• Chairperson and Executive Director
• Managing Director
• SVP Finance and CFO

Purpose

• Discuss Q1FY27 results and future outlook.
• Earnings conference call for results and guidance.

Additional Notes

• Details of the call will be posted on the company's website.

Meeting Details

• Board meeting scheduled for August 14, 2026; time and venue not disclosed.

Key Agenda Items

• Approve Limited Review financial results for Q1 ended June 30, 2026.

Other Notes

• Trading window for designated persons and their immediate relatives remains closed until August 16, 2026.