SAMHI Hotels released its Investor Presentation for the conference held on February 25, 2026. The presentation outlines a strategy focused on programmatic value creation in under-appreciated assets, leveraging partnerships with global brands like Marriott and IHG. Key highlights include achieving a Target Portfolio ROCE of 15%+ and generating an Investible Surplus of ₹9,000mn+ over the next five years to fund growth through tactical M&A and long-term leases.
Company Overview and Presenters
SAMHI Hotels, the largest owner of multi-branded hotel rooms in India, presented its strategic outlook. The presentation was delivered by key personnel including Ashish Jakhanwala (Founder, MD & CEO), Nakul Manaktala (VP – Investments), and Simran Mittal (AVP – Investments).
What SAMHI Does: Scale and Partnerships
The company operates as the largest owner of multi-branded hotel rooms in India, partnering with global brands for distribution. As of the reporting period, SAMHI boasts 36 hotels and 6,300+ rooms across 14 cities, operating under 11 brands. The firm emphasizes four core differentiators: ability to work with institutional capital, acquisition/turnaround experience, dominant share with leading operators (Marriott and IHG), and an analytical asset management approach using proprietary tools like “SID”.
Financial History and Leverage
SAMHI highlights a strong growth trajectory in Total Income, increasing from ₹10mn in FY11 to a projected ₹11,500mn in FY25, reflecting strategic partnerships with entities like Goldman Sachs, IFC, and GIC. Strong financial fundamentals show a TTM Dec ’25 Revenue of ₹12,491mn and EBITDA of ₹4,686mn. The company maintains high-quality, long-term leverage with a Credit Rating of A+, an average interest rate of 8.3%, and a Net Debt/EBITDA of ~3.0x.
Programmatic Value Creation Strategy
Value is created through three primary means in under-appreciated assets:
- High Potential Location: Choosing micro-markets with long-term demand and high barriers to new supply.
- Product Upgradation and Reconfiguration: Allowing for better pricing, higher efficiency, and targeting superior brands.
- Strong Brand Relationships: Ensuring the highest brand fit for the product.
The current portfolio is diversified across price points:
- Mid-scale: 13 hotels, 1,989 rooms.
- Upper Mid-scale: 15 hotels, 2,010 rooms.
- Upper Upscale & Upscale: 11 hotels, 2,378 rooms.
Path to Delivering Mid-Teen ROCE (FY2026 – FY2030)
SAMHI has set a Target Portfolio ROCE of 15%+, aiming for a consolidated 11% ROCE in Dec ’25. The path involves four segments:
- Mature Assets (~46% Capital Employed): Targeting 18.0–19.0% ROCE.
- ACIC Portfolio (~30% Capital Employed): Targeting stabilization to 6.0–7.0% ROCE.
- Pending Turnaround (~9% Capital Employed): Targeting 4.5–5.5% ROCE via corrective interventions.
- Growth (~16% Capital Employed): Targeting 0.0–1.5% ROCE initially on new projects, with a goal of mid-teen ROCEs eventually.
Growth Levers Over the Next 5 Years
The company forecasts an assumed 13–15% p.a. Revenue Growth CAGR from FY2026 to FY2030, resulting in an expected Investible Surplus of ₹9,000mn+ over the five years. This will be funded by EBITDA (₹35,500mn in the period) minus fixed costs and committed Capex (₹18,300mn).
The growth levers are:
- Same Store Assets: Leveraging the in-place inventory of ~4,100 operating rooms.
- Execution Pipeline: Stabilization/redevelopment of ~830 rooms and opening of ~1,500 new rooms.
- External Growth (Acquisitions): Acquiring new assets using free cash and partnership capital.
The presentation also detailed 4 transformative assets (W Hyderabad, Westin & Tribute Bangalore, Mid-scale Hyderabad, Westin & Fairfield Navi Mumbai) with the potential to add 60% revenue to the portfolio. Furthermore, SAMHI is focusing on a Shift to superior capital efficiency, prioritizing variable leases and exploring adjacent opportunities in sectors like leisure and corporate housing.
ESG and Governance Commitment
SAMHI detailed its 2030 ESG Target across Environmental, Social, and Governance pillars. Governance strength is underscored by having More than 50% of the board of directors as independent directors, and achieving a 98% board participation rate in FY24 and FY25 meetings, ensuring accountability.
Source: BSE
