Samhi Q2 FY27: revenue +15% YoY, adjusted PAT +138% despite one-off-skewed PAT dip

Samhi Hotels' consolidated revenue rose 15.4% YoY to ₹338.1 Cr (and 10.8% QoQ) for the quarter ended September 2026. Reported consolidated PAT came in at ₹41.1 Cr, down 58.8% YoY from ₹99.8 Cr a year ago, but that year-ago base was itself inflated by a ₹84.15 Cr exceptional gain (sale of a business undertaking plus reversal of a right-of-use asset impairment) versus just a ₹3.88 Cr gain on a land-parcel sale this quarter. Stripping out both one-offs, adjusted PAT rose from roughly ₹15.6 Cr to ₹37.2 Cr, up about 138% YoY, and is up 64.8% sequentially from Q1 FY27's ₹24.9 Cr on a reported basis. The cleaner operating signal is pre-exceptional PBT, which grew 40.1% YoY (₹38.1 Cr to ₹53.4 Cr) on 15.4% revenue growth, pointing to real operating leverage rather than a one-off-driven print. EBITDA margin held broadly steady at 36.6%, down about 110 bps YoY from 37.7% but up roughly 240 bps from 34.2% in Q1 FY27 — so the YoY margin reading looks like compression only because last year's reported NPM (33.68%) was flattered by the exceptional gains; on a normalised basis the business is tracking sideways-to-better, not worse. Standalone (parent-only) results remain near breakeven at ₹0.17 Cr PAT, as expected given nearly all hotel assets and earnings sit in the 19 consolidated subsidiaries/JVs. No street estimates specific to this quarter were found — results were filed the same day the search was run, so a pre-result consensus PAT/revenue figure couldn't be located; vsStreet is marked unknown rather than guessed. On guidance, management had reaffirmed FY27 same-store revenue growth of 9-11% (9.1% delivered in Q1) and a net-debt/EBITDA path to 2.5x by FY28 from ~3.2x; this filing contains no MD&A or same-store/RevPAR disclosure to confirm the growth band for Q2 specifically, so that call stays unresolved. Net debt rose modestly to about ₹1,636.5 Cr from ₹1,549.4 Cr at FY26-end as capex continued (capital work-in-progress climbed to ₹219.2 Cr from ₹139.4 Cr, with ₹134.7 Cr spent on PP&E/CWIP in H1), consistent with the stated ₹3,000 Cr FY27-31 pipeline-funding plan but not yet showing deleveraging. No management press release or earnings-call commentary was available in this filing to quote directly. Corporate developments this quarter include Fidelity (FMR LLC/FIL Ltd) raising its stake to 5.06% in early September, with a further 2.10% filing logged on results day itself, alongside routine items (trading-window closure, an FY26 BRSR resubmission) that don't bear on the print. Going into Q3, the read-through is that this quarter's headline PAT decline is a base-effect artifact rather than a deterioration — underlying profitability and margins improved — but the market will likely need same-store RevPAR detail and leverage progress from the earnings call to validate the FY27 guidance band and the FY28 deleveraging path.