SAMHI Q1FY27: consolidated PAT up 29.7% YoY to ₹24.9 Cr as deleveraging lifts margins

SAMHI Hotels' consolidated (primary) revenue for Q1 FY27 (quarter ended 30 June 2026) came in at ₹305.2 Cr, up 12.1% YoY from ₹272.2 Cr, while consolidated PAT rose a sharper 29.7% YoY to ₹24.9 Cr from ₹19.2 Cr — profit growing faster than the topline. Neither the current nor the year-ago quarter carries exceptional items, so this YoY comparison is clean and needs no adjustment. Sequentially, both revenue (-11.5%) and PAT (-93.8%) look far lower against Q4 FY26 (₹344.9 Cr / ₹399.4 Cr), but that read is misleading: Q1 is hotels' seasonally weakest quarter ahead of the festive/wedding season that lifts Q3-Q4, and Q4 FY26's consolidated PAT was inflated by a roughly ₹330 Cr one-off deferred-tax credit plus a ₹24.5 Cr exceptional gain, neither of which recurs. The QoQ drop should not be read as an operating slowdown. The margin story is mixed by line: operating margin (EBITDA/revenue) eased slightly to 32.2% from 33.25% a year ago, but net margin expanded to 8.09% from 6.69% as finance costs fell 25.5% YoY to ₹37.7 Cr (from ₹50.6 Cr) — direct evidence of the deleveraging management flagged on the May 2026 call, where it committed to bringing net debt/EBITDA to 2.5x within 12-18 months and pointed to FCF generation above ₹300 Cr annually. Management issues no explicit quarterly guidance, but against its FY27 same-store revenue growth target of 9-11%, the reported 12.1% YoY growth sits at or above that range — though the comparison isn't clean, since a 55% partnership interest in RARE India was consolidated into the group only from 22 April 2026, adding an inorganic contribution this quarter that a true same-store number would exclude. No specific street/consensus estimate for this quarter's print turned up in search, so vsStreet is unknown. Standalone (parent-only) results diverge sharply from the group picture and shouldn't be read as a proxy for it: standalone PAT was just ₹1.2 Cr this quarter versus ₹45.9 Cr a year ago, but that year-ago figure was inflated by a ₹97.5 Cr one-off gain on sale of investment at the parent level that gets eliminated on consolidation — standalone excludes almost all actual hotel operations, which sit in subsidiaries. Also on results day, the Board approved raising authorised share capital to ₹29 Cr, an enabling resolution to raise up to ₹750 Cr via equity/convertible instruments, and a ₹12 Cr all-cash acquisition of Itmenaan Lodges (owner of the Itmenaan Estate boutique hotel in Uttarakhand, under the RARE India umbrella), targeted for completion by 30 August 2026 — consistent with management's stated capital-efficient growth and tactical M&A approach.