Occupancy is saving the quarter—but the ADR alarm should not be ignored
Reported profit jumped 29.7%, but the lift came from falling finance costs, not from stronger hotel operations. Same-store revenue grew 9.1%, within guidance, but only because occupancy gains (+510 bps) masked stalled pricing power (ADR +2.6%).
9.1%
vs. 9–11% guided
₹24.9 Cr
+29.7% YoY
+12.1%
ex GST impact and one-times
+2.6–2.7%
Softest in 2 quarters
Samhi Hotels delivered its ninth consecutive year of profitable growth, and on the surface the quarter looks clean: revenue is up 12.1%, profit is up 29.7%, same-store growth hit the 9–11% guidance band. But the composition tells a story the headline masks. Occupancy rose 510 basis points to 79.3%, domestic resilience held at 82% of room nights, yet average daily rates grew only 2.6–2.7%—the softest growth in two quarters. The 29.7% PAT jump came not from operating strength, but from a 25.5% drop in finance costs as the company deleveraged. Strip that out, and the organic operational quarter is respectable, not exceptional.
What the numbers actually say
Revenue of ₹305.2 Cr posted 12.1% YoY growth, but that includes a ₹9.3 Cr one-time other income item in Q1 FY26 (a GIC revaluation gain). On a comparable basis—same hotels, same accounting—the growth was 10.8%, still solid. EBITDA reported down 4% YoY, the victim of a ₹9.2 Cr negative swing from the GST regime change (moving from 12% with input tax credit to 5% without, on midscale properties priced below ₹7,500 per night). That regime shift hit only Q1; it will continue through Q2, then ease from Q3 onward as prior-year comparisons normalize. Adjusted for this one-time, comparable EBITDA grew 12.1%—a healthy 120 basis points of operational leverage on a 10.8% top-line gain.
Where the PAT lift came from
The 29.7% profit growth is real, but its source matters. Finance costs fell 25.5% to ₹37.7 Cr as the company reduced net debt and locked in an effective rate of 7.8% (300 basis points below the IPO rate). This deleveraging is genuine progress—it reflects disciplined capex and cash generation—but it is a balance-sheet story, not an operating-leverage story. On a comparable operating basis (stripping the GST impact), EBITDA grew 12.1%. Pre-tax profit (PBT) rose 26.4%, closely tracking the EBITDA growth plus the finance-cost benefit. Net profit of ₹24.9 Cr thus delivers +29.7% YoY, hitting the upper range of what the operational quarter would have supported.
The rate growth alarm
The single biggest tell in this quarter is that ADR growth has stalled. Across the portfolio, average daily rates rose only 2.6–2.7%—the softest in two quarters (Q4 FY26 was flat). This is not a revenue-management choice; it is a market reality driven by the West Asia geopolitical crisis, which hollowed out international business travel into India. International arrivals, which typically command a 10–20% premium on rates and 15–20% on food and beverage, contracted to 18% of room nights (from 22% prior year). The portfolio responded by filling rooms with domestic travelers—who are more price-sensitive—and achieved a 510 basis point occupancy gain. But this is a near-term cushion, not a sustainable growth model. F&B revenue, which typically comes disproportionately from international guests, grew only 3.7% despite room revenue growing 14%. Management flagged that international premium will recover as geopolitical tensions ease (July data, per the call, showed rate growth re-accelerating), but one month does not a trend make.
What changed on this call
Net debt-to-EBITDA target extended from 12–18 months to FY28
ADR growth decelerated: double-digit (historical) → 2.6–2.7% (Q1)
RARE leisure platform capital commitment grew to ₹60 Cr (₹47 Cr + Itmenaan Estate ₹12 Cr)
On leverage, the prior FY26 call guided for 2.5x net debt-to-EBITDA within 12–18 months. Today, at 3.2x trailing (2.4x on an operating-assets basis), management revised the target to FY28—more honest, though a pushback from the prior implied timeline. The company maintains that stable net debt plus EBITDA growth will get there, and the math works if EBITDA reaches ~₹550 Cr annualized by FY28 (currently ~₹400 Cr annualized, a ~37% growth requirement). That is achievable if same-store growth holds 9–11% and the upscale mix shift (from 40% today to 60% by FY30) materializes, but it assumes H2 rate recovery and project execution.
The bull and bear case
The bull-bear ledger
Occupancy 79.3% (+510 bps) demonstrates portfolio strength
Domestic resilience at 82% of room nights cushions rate softness
Finance costs down 25.5%; effective rate 7.8% below IPO
Same-store revenue growth 9.1% vs. 9–11% guidance—delivered as promised
1,660-room pipeline and upscale mix shift (to 60% by FY30) structurally accretive
ADR growth 2.6–2.7% is the softest in two quarters; rate recovery uncertain
International mix down to 18%; premium 10–20% on rates, 15–20% F&B lost
F&B +3.7% vs. room +14%; blended yield compression evident
GST headwind ₹9.2 Cr Q1, continues Q2, eases Q3 onward
Net debt-to-EBITDA 3.2x; FY28 target requires ~37% EBITDA growth
RARE economics unproven; ₹60 Cr invested, targeting ₹35–40 Cr EBITDA in 2 years
Navi Mumbai groundbreaking slipped to Apr 2027; regulatory approval risk
Risks, ranked by severity to a holder
International travel disruption persists
HighWest Asia crisis unresolved; if business travel stays depressed, ADR growth stays capped at 2–3%. F&B upside muted. Rate recovery deferred to late FY28 or FY29.
GST margin headwind in H1
HighMidscale portfolio (23% of revenue) hit ₹9.2 Cr in Q1; continues Q2, eases Q3. Near-term EBITDA margin pressure despite operational leverage upside.
Leverage at 3.2x; FY28 target credible but tight
Medium-HighRequires ~37% annualized EBITDA growth. Achievable if same-store growth holds 9–11% and upscale mix shift executes, but zero margin for error on FY28 capex or macro shock.
Project execution and regulatory delays
HighNavi Mumbai (largest, dual-branded, ~550 rooms) groundbreaking slipped to Apr 2027 (3–4 yr delivery). Regulatory approval risk; statutory approvals pending. W Hyderabad on track for S2 FY28, but execution risk remains.
RARE economics early-stage and unproven
Medium₹60 Cr invested (₹47 Cr platform, ₹12 Cr Itmenaan), targeting ₹35–40 Cr EBITDA in 2 years. Only 40/75 hotels on Marriott (53%); model depends on platform growth and hoteliers' compliance. Commission-based revenue scales with bookings, not guaranteed.
Equity dilution overhang (₹750 Cr enabling resolution)
MediumAnnual enabling resolution creates uncertainty on dilution timing and magnitude. Management frames as optionality, but precedent in capital-intensive sectors suggests large raises possible. No detail on equity/debt mix.
How the street is positioned
The stock's price action tells its own story. At ₹163.37, it trades 24.82% below its all-time high of ₹217.3, below its 20-day, 50-day, and 200-day moving averages (at ₹172.34, ₹171.83, and ₹170.25 respectively). RSI of 34.1 signals neither oversold nor overbought—the market has simply repriced the stock as a steady-growth story, not a re-rating story. The post-result price action was unambiguous: the stock fell 5.47% on day 1 of the result announcement, faded slightly to −2.99% by day 3, then slumped to −6.54% by day 5. That move did not bounce back. Foreign institutional investors hold 44.62% of the stock (up 33 basis points QoQ) and domestic institutions 17.35% (up 96 basis points), suggesting no panic selling, but neither are they adding aggressively. The narrative has shifted from 'growth re-rating' to 'execution and de-risking'—a longer holding period, not a faster payoff.
What to watch next
1 · Q2 FY27 rate trajectory (early Oct 2026 result)
GST YoY comparison normalizes; international mix should show early recovery. ADR growth re-acceleration (back toward 5–7%?) is the bell-ringer for rate-recovery confidence. If ADR stays sub-3%, the thesis risks re-rating lower.
2 · W Hyderabad opening and margin accretion (targeted S2 FY28)
First upscale opening post-mix-shift strategy. If it opens and delivers 70%+ occupancy with ADR >₹10,000, the 60% upscale portfolio thesis gains credibility. If opening slips or margins disappoint, the FY28 leverage target becomes harder.
3 · Navi Mumbai groundbreaking and regulatory timeline (Apr 2027 targeted)
Flagship capital-intensive project. If groundbreaking holds and statutory approvals progress (first set expected in coming months), confidence in the 1,660-room pipeline execution rises. Any delay pushes 2,500-room portfolio aspirations to post-FY30.
Samhi Hotels delivered a steady quarter—same-store guidance hit, occupancy resilient, finance costs down. But the composition signals headwinds: ADR growth has stalled, international travel remains disrupted, and the GST margin hit continues through H1. The multi-year thesis (9–11% growth, 2.5x leverage by FY28, upscale mix shift to 60%) is intact, but the near-term proof points are deferred to H2 and FY28.
The stock at ₹163.37, down 24.82% from ATH, is not a screaming buy—it is a show-me story. Buyers need to see rate recovery (July one month is insufficient) and project execution (Navi Mumbai, W Hyderabad). The number to track from here is the comparable EBITDA run-rate and occupancy on a reported basis. If comparable EBITDA reaches ~₹400 Cr by year-end (sustaining 12%+ growth), and occupancy stays above 78%, the FY28 leverage target becomes credible. Until then, this is a Hold for existing holders and a bounce-trade opportunity for new ones, not a conviction long.
SAMHI Q1FY27: consolidated PAT up 29.7% YoY to ₹24.9 Cr as deleveraging lifts margins
PAT +29.72% YoY · revenue +12.12% · margins expanding
₹305.21 Cr
+12.12% YoY
₹24.93 Cr
+29.72% YoY
8.09%
+1.4pp YoY
₹1.12
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.
Q1 FY-2027 vs prior quarters
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.
The stock went into the print at ₹181.68, up 2.1% over the past month of trading.
SAMHI Hotels projects 9-11% same-store revenue growth for FY27, building on a strong FY26 performance despite significant headwinds. The company maintains its long-term commitment to a net debt-to-EBITDA ratio of 2.5x, aiming to achieve this within 12-18 months. Management is confident in a robust free cash flow genera
— This quarter: met
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.
W1
Net debt/EBITDA progress toward management's 2.5x target (12-18 month window from the May 2026 call) — finance costs already down 25.5% YoY this quarter
W2
FY27 same-store revenue growth tracking against the guided 9-11% range once RARE India's inorganic contribution can be isolated
W3
Completion of the Itmenaan Lodges acquisition (targeted 30 August 2026, ₹12 Cr) and use of proceeds from the proposed ₹750 Cr fund-raise
Occupancy resilient, but rate growth muted; FY28 targets push back
The verdict, the claims that held up, the sharpest analyst exchanges, and the risks — the earnings call, decoded from the transcript.
Hold
confidence 7/10
Grade A
Hit 9-11% same-store guidance with 9.1% delivery; finance costs down 25.5%; maintained long-term guidance despite headwinds. Track record intact.
Cautiously Optimistic
next 1–2 quarters
Optimistic
multi-year
Delivered on same-store growth (9.1% vs. 9-11% guide), but rate growth stalled (2.6-2.7%) as international travel remained disrupted. Occupancy strength (79.3%) and domestic resilience (82% mix) have cushioned top-line, but F&B weakness (3.7%) and GST headwinds (₹9.2 Cr Q1 impact) compress margins near-term. Management realistic on macro, confident on multi-year trajectory; FY28 leverage target more credible than FY27.
₹305.2 Cr
Revenue · +12.1% YoY₹24.9 Cr
Reported PAT · +29.7% YoYCompressing
Margins · vs guidance: CorroboratedDid the claims hold up?
Same-store RevPAR growth 9.6% YoY within 9-11% guidance
METDelivered 9.1% comparable same-store revenue growth (call states same-store RevPAR 9.6%)
Comparable revenue growth 10.8% excluding one-time items
METDelivered revenue 305.2 Cr +12.1% YoY; call adjusts for Rs. 9.3 Cr one-time other income Q1 FY26
Finance costs declined 25.5% to Rs. 37.7 Cr driving PBT +26.4%
METDelivered PAT +29.7% YoY; call shows PBT +26.4% pre-tax, consistent with deleveraging progress
ADR flat last quarter, only 2.6-2.7% this quarter, lowest in two quarters
METInternational arrivals disrupted by West Asia crisis; domestic mix up to 82%; rate recovery deferred
Reported EBITDA down 4% YoY but comparable basis healthy 12.1%
METReported EBITDA-negative margin impact from Rs. 9.2 Cr GST regime change (12% ITC → 5% no ITC), verified
Earnings quality
What changed since the last call
Leverage target timeline extended
DowngradePrior: 2.5x net debt-to-EBITDA within 12-18 months (from FY26 call). Now: FY28 (next year). Current 3.2x trailing, 2.4x operating basis.
ADR growth deceleration
DowngradeQ4 FY26 flat, Q1 FY27 +2.6-2.7% vs. historical double-digit; West Asia crisis hollowed international premium (10-20% on rates)
RARE capital commitment confirmed
NewRs. 47 Cr invested (disclosed new: Itmenaan +Rs. 12 Cr estate = Rs. 60 Cr total); targeting Rs. 35-40 Cr EBITDA in 2 yr with 5x ROCE potential
Cash generation path reaffirmed
NeutralRs. 3,000 Cr cumulative FCF FY27-31 (management clarified Rs. 3,000 not Rs. 2,000); funds committed pipeline + optionality via Rs. 750 Cr enabling resolution
The Q&A
Analysts pressed ADR softness, GST impact, fundraise rationale, RARE ROI, Navi Mumbai delays. Management held firm on occupancy resilience (79%), domestic strength (82%), H2 rate recovery (July early data positive), and multi-year path. No major concessions; acknowledged macro uncertainty but did not project recovery timeline.
RARE capital allocation — Karan Khanna, Ambit Capital
AnsweredRARE asset-light; incremental capital negligible. Total allocation stays ~10-12% zip code. Value creation disproportionate; arbitrage in capital vs. room rates (experiences/distribution-driven).
FY27 growth composition — Karan Khanna, Ambit Capital
PartialH1 occupancy-driven, H2 rebalances domestic/international for rate recovery. July stronger; seeing rate growth now. But one month not representative.
RARE Marriott uptake — Jinesh Joshi, Prabhudas Lilladher
AnsweredSign-ups ahead of expectation. Pace constrained by prior platform contracts (10-12 hotels), property reviews, licensing. No issue with hoteliers.
Fundraise rationale — Jinesh Joshi, Prabhudas Lilladher
AnsweredBoard optionality for uncertainties (geopolitical shocks, unexpected M&A). Financial discipline + balance sheet strength non-negotiable. Precedent in capital-intensive sectors.
ADR softness analysis — Vikas Ahuja, Antique Stock Broking
Answered79% occupancy is strong, not soft. West Asia crisis disrupted international (10-15% premium lost). Focus on same-store revenue, not ADR alone. H2 rate recovery expected as crisis stabilizes.
F&B revenue decline — Vaibhav Muley, Haitong India Securities
AnsweredInternational mix down (78-79% to 80-83% domestic). Restaurant renovation in Bangalore. Event cancellations moved to July-Aug. Will recover as events pick pace and mix rebalances.
GIC partnership scope — Vaibhav Muley, Haitong India Securities
AnsweredGIC has 35% right in new upscale post-JV agreement. Navi Mumbai, W Hyderabad 100% SAMHI (seeded prior to GIC JV). IKEA-Ingka Noida only opportunity signed since GIC deal.
Segment-wise rate dynamics — Shrinjana Mittal, MS Capital
PartialRaw ARR flat 3.5-4% across all segments. Midscale outperformed on RevPAR (+13.7%) due to 81.3% occupancy vs. upscale 78.4%. Upscale recovering; Q2+ trends 'far ahead' of Q1.
GST impact clarity — Shrinjana Mittal, MS Capital
AnsweredMidscale volume-driven Q1-Q2; GST impact larger. Q3 onward equalizes YoY (prior also bears 5% regime). But H2 impact <H1. Closer to 2% expected.
RARE revenue model — Karan Gupta, Asit C Mehta Investment
AnsweredFee/commission on bookings. Some hotels offer extended agreements (revenue share model). Fee income recognised as SAMHI revenue. Hotel owner keeps room revenue. Commission on booking channels.
RARE margin and ROI — Karan Gupta, Asit C Mehta Investment
AnsweredStabilized: Rs. 100-120 Cr topline, ~35% margin (EBITDA Rs. 35-40 Cr), 100% NOI yield on Rs. 47 Cr investment in ~2 years. Core ROCE ~18-19%; asset-light should be 2-3x, targeting 50-55%.
RARE ROCE potential — Viraj Mahadevia, Moneygrow Asset
AnsweredNot double; should do ~5x. Rs. 47 Cr invested earning Rs. 35-40 Cr EBITDA, minimal depreciation/finance cost; 95% flow-through to PBT. Expecting 50-55% ROCE.
EBITDA bridge disconnect — Viraj Mahadevia, Moneygrow Asset
AnsweredQ1 FY26 had Rs. 9 Cr other income (GIC revaluation). Rs. 9.2 Cr GST impact Q1. Comparable basis shows revenue +11%, EBITDA +12.5%. Q2 eliminates one-time, Q3 eliminates GST; will normalize.
Net debt-to-EBITDA trajectory — Viraj Mahadevia, Moneygrow Asset
AnsweredNo. Target is FY28, not FY27. Driven by stable net debt + EBITDA growth. More credible timeline given current 3.2x.
Enabling resolution investor concerns — Bharat Gianani, MC Research
PartialPrecedent in capital-intensive sectors; protects optionality. Cannot disclose mix (enabling only, not deliberated). Focus on balance sheet discipline, opportunities via distressed acquisitions.
M&A economics post-peak — Bharat Gianani, MC Research
AnsweredTarget operational distress deals (renovation, rebranding, management turnaround). Even in peak cycles, Bangalore Whitefield, Hyderabad, Noida opportunities found. ROCE discipline maintained.
Navi Mumbai project status — Ashish, Leo Capital
AnsweredAll prior issues fully resolved. Statutory approvals progressing (first set in coming months). Design development next quarter. Groundbreaking 1st Apr 2027. Delivery 3-4 years. Capital ramp FY29-30 (FY28 small).
Guidance
FY27 same-store revenue growth 9-11%
HighDelivered 9.1% comparable growth Q1. Reaffirmed on call. Headwinds (West Asia, ADR softness) acknowledged but domestic resilience (82% mix, 79% occupancy) supportive. H2 rate recovery expected as international stabilizes.
1,660 rooms across 7 new hotels committed pipeline
MediumW Hyderabad S2 FY28, Courtyard Pune back-office renovation ongoing, Navi Mumbai groundbreaking Apr 2027 (3-4 yr delivery, capex ramp FY29-30). Regulatory/execution risk flagged.
EBITDA margin 'significantly improving' multi-year
MediumNear-term: GST headwind ~Rs. 9.2 Cr Q1, continues H1 (lesser), eases Q3. Upscale mix shift (60% by FY30) immune to GST (5% rate); midscale gets hit. Comparable EBITDA +12.1% on operational leverage.
OPM 32.2% delivered (NPM 8.1%)
HighReasonable given financing costs. Multi-year leverage to 2.5x will reduce finance burden. New upscale hotels higher-margin; portfolio mix shift accretive.
Rs. 3,000 Cr cumulative FCF FY27-31 to fund growth CAPEX + deleveraging
HighRs. 300+ Cr annual FCF target (internal accrual-funded). Navi Mumbai (largest project, dual-branded, 3-4 yr delivery) capex-heavy FY29-30 (post-RCC structure); FY28 capex small. Committed pipeline Rs. 1,660 rooms.
Risks the call surfaced
International travel disruption
HighWest Asia geopolitical crisis reduced international arrivals; international travelers premium 10-20% on rates, 15-20% on F&B. International mix fell from ~22% to ~18% room nights. ADR growth stalled at 2.6-2.7%.
GST regime headwind
HighGST regime changed from 12% with input tax credit to 5% without ITC on rooms ≤₹7,500/night. Midscale (23% of revenue) disproportionately hit. Rs. 9.2 Cr negative impact Q1; continues Q2, eases from Q3 (prior-year comparison normalizes).
Leverage trajectory
MediumNet debt-to-EBITDA at 3.2x (trailing 12M) vs. 2.5x target. Management clarified target pushed to FY28 (not FY27). Requires Rs. 550 Cr annualized EBITDA run-rate to hit target; currently Rs. 100 Cr quarterly (~Rs. 400 Cr annualized), needs ~37.5% growth.
Project execution & regulatory delays
HighNavi Mumbai (flagship dual-branded project, 3-4 yr delivery) groundbreaking slipped to Apr 2027 (from 'end of FY27'). Regulatory approvals remain risk; first set expected in coming months. W Hyderabad S2 FY28; Courtyard Pune renovation ongoing. Capex ramp concentrated FY29-30.
RARE early-stage economics
MediumRARE invested Rs. 47 Cr (now Rs. 60 Cr with Itmenaan), targeting Rs. 35-40 Cr EBITDA in next 2 years. Portfolio of 75 hotels with 40 on Marriott Outdoor Collection; only 53% enrolled. Model depends on commission income + fee expansion. Hotels operate at Rs. 15K-70K ARR; occupancy 25-75%; heterogeneous.
Equity dilution overhang
MediumRs. 750 Cr enabling resolution passed; management signals annual practice going forward. Overhang of dilution unnerves investors. GIC platform (35% right on new upscale) + enabling resolution together create unclear capital allocation path. Promoter holding slightly lower.
Management
Score 7/10. Transparent on headwinds (West Asia, ADR softness, GST impact). Candid about leverage target timeline (pushed to FY28). Good granularity on segment performance, RARE model, project status. Evasive on fundraise mix (equity/debt) and exact RARE capital % (defended 10-12% threshold). Hit 9-11% same-store growth Q1 (9.1% delivered) despite disruptions. Finance costs down 25.5%; maintained credit rating A+ stable. Executed RARE expansion (66→75 hotels), Marriott partnership (40/75 enrolled). Navi Mumbai on track (groundbreaking Apr 2027). Track record A-grade.
1 · Q2 FY27
GST YoY comparison normalizes; W Asia stabilization may unlock rate growth
2 · Q3/Q4 FY27
GST impact eases (prior period also bears same regime); margin recovery visible
3 · Q2+ FY28
W Hyderabad opens (S2 FY28, post-June 2028); upscale mix shift accretive to margins
Management realistic on macro, confident on multi-year trajectory; FY28 leverage target more credible than FY27.