Sayaji Hotels posts ₹4.83 Cr Q2FY27 loss as bar licence suspension hits revenue, margins

Sayaji Hotels (Indore) swung to a standalone net loss of ₹4.83 Cr in Q2 FY27 (quarter ended September 30, 2026), reversing a ₹1.58 Cr profit in Q1 FY27 and a ₹0.18 Cr profit in the year-ago quarter. Revenue from operations fell 8.9% YoY to ₹19.18 Cr and 27.7% sequentially from Q1's ₹26.52 Cr, while the operating margin collapsed to -14.0% from +15.1% a year earlier and +17.9% in the prior quarter — net margin fell from +0.83% YoY and +5.91% QoQ to -24.97%. Other expenses were the sharpest mover on the cost side, more than doubling sequentially to ₹2.48 Cr and nearly quadrupling YoY from ₹0.62 Cr, even as food & beverage costs eased and employee costs rose only modestly. The quarter coincided with a food-safety inspection at the Indore property around August 20, 2026 that led to a partial FSSAI licence suspension (order dated August 21) and a state excise bar-licence suspension from August 23 — both tied, per our event records and external reporting, to hygiene violations found during the inspection; the company subsequently obtained a Madhya Pradesh High Court stay against the action. The filing itself carries no management press release or commentary linking the loss to this disruption, and the company has issued no prior guidance to measure the quarter against, so vsGuidance is unknown. There is no analyst coverage of the stock (zero consensus estimates found in a search), so the print cannot be benchmarked against Street expectations either. Separately, finance costs rose to ₹1.67 Cr as non-current borrowings nearly doubled to ₹162.88 Cr from ₹94.09 Cr, funding a capex ramp that took capital work-in-progress to ₹206.38 Cr from ₹111.66 Cr — a tax credit of ₹0.91 Cr on the ₹5.74 Cr pre-tax loss partly cushioned the bottom line.