Samhi Hotels Limited has informed the Exchange about Investor Presentation
SAMHI Hotels Ltd. CIN: L55101DL2010PLC211816 Regd. Office: Caspia Hotels Delhi, District Centre Crossing, Opp. Galaxy Toyota Outer Ring Road, Outer Ring Rd., Haider Pur, Shalimar Bagh, Delhi- 110088.
02nd September 2025
To, BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001, India
National Stock Exchange of India Limited Listing Department Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, India
Scrip Code: 543984
Trading Symbol: SAMHI
Subject: Corporate Presentation - Investor Day
Dear Sir/ Ma’am,
Please find attached the Corporate Presentation for the Investor Day scheduled for Tuesday, 02nd September 2025.
information is also being uploaded on the website of the Company i.e.
This https://www.samhi.co.in/
You are hereby requested to take the above information on your records.
Thanking You,
For SAMHI Hotels Limited
Sanjay Jain Senior Director- Corporate Affairs, Company Secretary and Compliance Officer
Correspondence: SAMHI Hotels Ltd. 14th Floor, Building 10C, Cyber City, Phase II, Gurgaon 122002, Haryana, INDIA Tel: +91 124 4910100 Fax: +91 124 4910199 www.samhi.co.in
www.samhi.co.in
Go for greatness
Investor day, 2nd Sept 2025
Presenters
www.samhi.co.in
Ashish Jakhanwala
Founder, MD & CEO
Rajat Mehra
CFO
Gyana Das
Nakul Manaktala
EVP & Head of Investments
VP – Investments
Page 2
Business Environment
www.samhi.co.in
Page 3
www.samhi.co.in
World follows the headline, we follow the trendline
Page 4
India’s GDP has grown 4x in less than 20 years & continues to outpace global growth
Growth Rate Comparison: Between 2022 and 2032, the travel and tourism sector is anticipated to grow outpacing the projected global economic growth rate by ~2x1
www.samhi.co.in
3.9
3.6
3.4
3.2
2.8
2.7 2.7
2.7
2.3
2.1
2.0
1.8 1.8 1.9
1.7
1.3
1.2 1.2
0.9
6 0 0 2
7 0 0 2
8 0 0 2
9 0 0 2
0 1 0 2
1 1 0 2
2 1 0 2
3 1 0 2
4 1 0 2
5 1 0 2
6 1 0 2
7 1 0 2
8 1 0 2
9 1 0 2
0 2 0 2
1 2 0 2
2 2 0 2
3 2 0 2
4 2 0 2
1: Source: EHL Insights 2: Source: World Bank
*EHL Insights, Jan 25
Note: All figures in US$ TN2
Page 5
www.samhi.co.in
India Travel & Tourism Lagging Global Markets
GDP generated directly by the Travel & Tourism sector (as a % of total GDP) lags global average by 260 bps in CY 23, representing a massive opportunity for disproportionate growth of the sector to catch up with global peers
Travel & Tourism (% Contribution to GDP)
Global
India
11.4%
7.6%
9.1%
6.5%
CY23
CY34E
Source: World Travel & Tourism Council (WTTC)
Page 6
City
New York City Washington Chicago Dallas Bangalore (2030 Est.)1 Los Angeles Boston London Bay Area Houston New Jersey Atlanta Bangalore (Current)1 Berlin Shanghai Hyderabad (2030 Est.)2 Paris Beijing Delhi Frankfurt Mumbai Munich Hyderabad (Current)2 Tokyo Hong Kong Shenzhen Singapore Sydney
Office Stock3 (mn sq. ft.)
~500 ~420 ~350 ~340 330+ ~325 ~300 ~285 ~280 ~280 ~240 ~230 ~225 ~210 ~210 200+ ~200 ~165 ~155 ~155 ~150 ~150 ~140 ~140 ~140 ~120 ~65 ~60
Cities like Bangalore & Hyderabad are transforming into some of the largest office markets globally
Note: data includes only grade-A office space, thus excluding large parts of office space in older office precincts such as City Center (Bangalore) and Somajiguda (Hyderabad)
www.samhi.co.in
Bangalore Total Office Inventory1 (in mn sq. ft.)
~225
330+
~100
2013
+7.5% CAGR
+7.0% CAGR
2024
2030 Est.
Hyderabad Total Office Inventory2 (in mn sq. ft.)
~140
200+
~45
2014
+12.0% CAGR
+6.5% CAGR
2024
2030 Est.
1: Source - CBRE 2: Source - CBRE and the Hyderabad Software Enterprises Association (HYSEA) 3: Source - Basis market research through various publications such as Commercial Cafe, CBRE, Colliers, PwC, JLL and Savills
Page 7
Bengaluru led the world in office leasing activity in CY2024, recording a historic 14+ million square feet of net absorption
www.samhi.co.in
CY2024 Net Absorption
(in mn sq. ft.)
14
11
8
7
7
4
3
Bangalore
Mumbai
Hyderabad Delhi NCR
New York
Tokyo
London
Source: Cushman & Wakefield (for Indian cities); Crains (New York), JLL (Tokyo), Cushman & Wakefield (London)
Page 8
Air passenger growth continues its upward trajectory with ~295 million passengers1 in FY25 (+8.7% YoY)
QoQ airline passenger (in mn)
68
64
61
56
31
26
26
16
13
70 71
72
71
77
77
66 67 65
63
53
53
47
40
3
1 2 Y F 1 Q
0 2 Y F 1 Q
0 2 Y F 2 Q
0 2 Y F 3 Q
0 2 Y F 4 Q
1 2 Y F 2 Q
1 2 Y F 3 Q
1 2 Y F 4 Q
2 2 Y F 1 Q
2 2 Y F 2 Q
2 2 Y F 3 Q
2 2 Y F 4 Q
3 2 Y F 1 Q
3 2 Y F 2 Q
3 2 Y F 3 Q
3 2 Y F 4 Q
4 2 Y F 1 Q
4 2 Y F 2 Q
4 2 Y F 3 Q
4 2 Y F 4 Q
5 2 Y F 1 Q
5 2 Y F 2 Q
5 2 Y F 3 Q
5 2 Y F 4 Q
74 2014
157 2024 # Airports
350 2047E
www.samhi.co.in
Aviation Growth Fueling Demand
3rd
largest aviation market globally (by number of passengers, behind USA and China)
Source: DGCA, Airports Authority of India and Company Research 1: Basis the 10 key metro cities inc. Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Ahmedabad, Pune, Goa and Kochi
*EHL Insights, Jan 25
Page 9
Favorable Hotel Demand-Supply Dynamics
www.samhi.co.in
Market Growth Estimates (FY25-FY29E) Demand growth = FY14-FY24 Actuals Supply growth = Estimates basis current pipeline (FY25-FY29E)
Bangalore
Hyderabad
Pune
Delhi NCR
Chennai
Mumbai
4.7%
3.2%
2.9%
3.6%
4.7%
4.0%
3.2%
1.5%
1.2%
6.2%
6.5%
6.3%
Source: Hotelivate Trends and Opportunities Report 2024; Supply growth assumes 75% probability of total future hotel openings
Page 10
SAMHI Hotels Ltd Our journey
www.samhi.co.in
Page 11
www.samhi.co.in
Listed Hospitality Peers (by FY25 Total Income, in ₹ mn)
0 0 6 5 3
,
0 3 4 7 2
,
0 0 5 1 1
,
0 0 6 1 2
,
0 4 0 6 1
,
l e t o H
0 4 5 7 1
,
0 1 2 5 1
,
0 7 0 4 1
,
0 8 8 2 1
,
l e t o H
# Yrs. since incorporation
0 6 7 9
,
0 3 5 6
,
SAMHI
IHCL
ITC Hotels
EIH
Ventive Hospitality
Chalet
Leela
Lemon Tree
Juniper Hotels
Park Hotels
14
123
53
76
23
39
39
33
40
38
31 hotels 4,806 rooms 11 brands 13 cities
Company of scale created in rapid time through our Acquisition & Turnaround strategy
Note: Excludes IHCL which has ~₹85,650mn Total Income for FY25; data rounded to nearest tenth
Page 12
SAMHI Hotels a rare partnership between management & best in class financial institutions
7,620
6,280
www.samhi.co.in
11,500
10
FY11
430
FY14
730
FY15
FY20
FY23
FY25
Strategic Partnership with GIC
Note: Above graph shows Total Income (in ₹ mn); data rounded to nearest tenth
Page 13
Shareholder Testimonials
www.samhi.co.in
Tom Heneghan CEO Equity International
Gaurav Dalmia Chairman Landmark Holdings
“Equity International, a private equity firm founded by Sam Zell, made its first investment in SAMHI in 2011. Over the next fourteen years, we participated alongside Ashish Jakhanwala and his exceptional team to transform a blueprint concept into a leading branded hotel ownership and asset management platform. Despite facing impacts of the COVID-19 pandemic and other significant challenges, the management team consistently demonstrated their ability to execute effectively even through the most severe conditions. By pursuing value-enhancing opportunities while properly managing risks, Ashish and his team were able to return the company to pre- pandemic profitability and launch a successful IPO in 2023. Today, SAMHI is well-positioned to expand its market share and achieve further scale within an in-demand, yet undersupplied sector of the Indian hospitality market.”
"In the hotel industry in India, the demand-supply gap was obvious, whether one looked at hotel room numbers in metros in other countries, or the disproportionately low new hotel room capacity additions that were happening as compared to office space additions across India. Given the high cost of land, and the risk premium on development projects in India, the challenge was whether we could build capacity at a low enough price point and still earn a reasonable rate of return. I think SAMHI has shown it can navigate the terrain well and capitalize on the emerging business travel trends."
Page 14
www.samhi.co.in
Sector
Acquisition & Turnaround Strategy
• Multi-decade opportunity tailing growth of
•
Finding opportunities where others see problems
Indian economy
• Programmatic value creation in under appreciated assets
• Growth of disposable income and
• Quick capex-to-revenue cycle
discretionary spending
• Make capital work harder and more efficient
• Urbanization trends to continue creating
new markets
• Higher share of global outbound
The core of our strategy has been a constant effort to minimize development risk. There is a huge pool of assets waiting to discover their true potential & value
Page 15
www.samhi.co.in
What sets us apart
01
Ability to work with institutional capital
Raised capital from various best-in-class financial institutions with the highest corporate governance standards
02
Acquisition & turnaround experience
03
Dominant share with leading operators
04
Analytical approach
Demonstrated track record in closing multiple M&A transactions and executing turnarounds
One of the largest owners of Marriott and IHG branded hotels in India; centralized clusters boost efficiencies and margins
Data backed asset management, building equipment monitoring and acquisition underwriting using proprietary tools
Page 16
Acquisition & Turnaround
www.samhi.co.in
Programmatic value creation in under appreciated assets
High Potential Location Choose a high potential micro- market with long term demand and high barriers for new supply
Product Upgradation and reconfiguration
Strong brand
We have created tremendous upside by upgrading and reconfiguring product. It allows better price position, higher operating efficiency and target a superior brand
Strong relationships to attract highest brand for given product
Page 17
Acquisition & Turnaround
www.samhi.co.in
Before
After
Page 18
Acquisition & Turnaround
www.samhi.co.in
Before
After
Page 19
Acquisition & Turnaround
www.samhi.co.in
Resulting in ~18% RoCE in FY25
6,050
9,140
4,100
Pre-Renovation RevPAR
~ 1,000
FY 2015
158 rooms
FY 2019
FY 2023
FY 2025
272 rooms
25%+
Target ROCE
326 rooms
Page 20
Acquisition & Turnaround
www.samhi.co.in
We have repeated this playbook several times with about 87% of our hotel inventory being developed through acquisitions
Greenfield, 13%
Acquisition & Turnaround, 87%
Page 21
Rebranding of 2 portfolios to Holiday Inn Express and Fairfield by Marriott
Proven track record for yield expansion
Acquisition & Turnaround
www.samhi.co.in
Holiday Inn Express
Fairfield by Marriott
Page 22
www.samhi.co.in
Delhi NCR
~155mn sft. office space ~79mn aviation passengers
Jaipur
Ahmedabad
Nashik
Pune
Kolkata
Vishakhapatnam
Hyderabad
Goa
~140mn sft. office space ~29mn aviation passengers
We seek high density locations in key cities
This provides our asset with a stable operating environment with low future volatility. Allows us to focus on product, brand and strategy to drive success and not a market forecast
Source: CBRE (office space), AAI (aviation); above shown data is for FY25
~225mn sft. office space ~42mn aviation passengers
Bangalore
Chennai
Coimbatore
Size represents relative revenue base (FY25)
Recently Opened Asset
Page 23
Key Cities and Micro-markets
NCR
Upscale+
Upper Mid-scale
Mid-scale
Gurugram
Hyatt Place
Delhi
Noida
Bengaluru
Whitefield
City Centre
Westin Tribute Portfolio
Fairfield
Fairfield
Outer Ring Road
Courtyard
Fairfield
North Bengaluru
Hyderabad
Hitec City
W
Financial District
Sheraton
Fairfield
City Centre
Airport
Pune
North
Hyatt Regency Courtyard1
Fairfield Four Points1
HIEX
HIEX
HIEX
HIEX
HIEX
Mid-scale (recently added)
HIEX
Hinjewadi / Pimpri
HIEX
www.samhi.co.in
Capture demand across price points and markets
Within each city, our strategy is to cover all key commercial districts at different price points. This allows scalability without speculating on demand
Presence across the segments and ability to work with multiple brands gives us optionality to choose a strong location
1: Four Points in Pune to be renovated and re-branded to a Courtyard by Marriott
Page 24
www.samhi.co.in
Upcoming Brands
W HOTELS
WESTIN HOTELS & RESORTS
TRIBUTE PORTFOLIO
Dominant share with leading operators
Our hotels operate under some of the most well recognized global hotel brands
This gives us access to loyalty programs, distribution and high degree of customer affinity
Marriott 7,404 66%
Hyatt 1,964 17%
IHG 1,717 15%
Unbranded 213 2%
Chart represents share of FY25 Total Income (in ₹ mn)
Page 25
is now
“SID” is our inhouse and proprietary asset management tool. It provides valued insights to our business across the portfolio and market.
“Siddhartha – the one with knowledge and purpose”.
www.samhi.co.in
Portfolio Details Asset, area, facilities, segment, market
Asset Performance Day-by-day, demand pattern, holiday impact, KPI monitoring, benchmarking
Financial Performance Asset and Company P&L, Balance Sheet, Trial Balance level details
Market Data Commercial office space, air passenger data, asset comp- set performance
Page 26
Portfolio Snapshot
www.samhi.co.in
Page 27
Our portfolio spans across price points capturing a wide segment of travelers
www.samhi.co.in
Mid-scale
Upper Mid-scale
Upper Upscale & Upscale
Unique portfolio of assets with a 14 sq. mt. room but competing with much larger room products in the market
Bridge to high-end hotels. Maintain efficiency of Mid-scale but allow us to leverage the market opportunity
Individually curated hotels capturing the high-end travelers, MICE and local dining business
Low footprint and capex per key, coupled with high operating efficiency give us tremendous headroom to grow
Driven by conversions given complexities of development
Page 28
Upper Upscale & Upscale
5 Hotels +5 Under Development
1,086 Rooms
(+927 under development/ rebranding)
₹4,850mn Revenue (FY25)
g n i t a r e p O
r e d n U
t n e m p o l e v e D
www.samhi.co.in
WESTIN HOTELS & RESORTS
TRIBUTE PORTFOLIO
Bengaluru
Pune
TRIBUTE PORTFOLIO
Jaipur
W HOTELS
Hyderabad
Page 29
Upper Mid-scale
14 Hotels
2,047 Rooms
(+86 under development and inc. 473 under rebranding)
₹4,766mn Revenue (FY25)
www.samhi.co.in
Page 30
Mid-scale
12 Hotels+ 1 Under Development
1,673 Rooms
(+316 under development)
₹1,717mn Revenue (FY25)
www.samhi.co.in
Page 31
Operational Overview
www.samhi.co.in
Page 32
Diverse & Balanced Segmentation Mix
Portfolio revenue well distributed across segments de-risking concentration impact
Total Income Split by Segment (FY25)
15%
42%
43%
www.samhi.co.in
Room Income Split by Source (FY25)
Others, 5%
Groups/ MICE, 13%
Negotatiated Contract, 32%
Non- negotiated/ Unqualified, 50%
Upper Upscale & Upscale
Upper Mid-scale Mid-scale
Page 33
Room Revenue Focused Business
Assets located in key business districts with predictable demand source
Share of Room Revenue by Segment (FY25) 90% Mid-scale
74% Upper Mid-scale
www.samhi.co.in
Total Income Split by Department (FY25)
3%
25%
72%
64% Upper Upscale & Upscale
Rooms
F&B
Others
Page 34
Portfolio Catering Primarily to Domestic Travelers
www.samhi.co.in
Share of Domestic Volume by Segment (FY25) 94% Mid-scale
76% Upper Mid-scale
65% Upper Upscale & Upscale
Total Income Split by Origin (FY25)
21%
79%
Domestic
International
Page 35
Strength of Brand & Distribution Entails More Direct Business
www.samhi.co.in
l
e a c s p U
l
, e a c s p U
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o
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l
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) 5 2 Y F n
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e m o c n
I
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a t o T o
i l
o f t r o P f o % 5 8 ~ (
Voice
GDS
28%
21%
Groups
16%
Brand.com
13%
84%Direct Business
2025
Others
5%
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OTA
16%
Lower OTA business entails lower commissions paid and higher overall margins
Note: Excludes two unbranded assets: Caspia, Delhi and Trinity, Bangalore
Page 36
Portfolio Operating Margins
www.samhi.co.in
16% Payroll
39% Consol. EBITDA
(pre-ESOP)
9% Fixed Costs
19% Variable Costs
1% Net Corp. G&A
1% Lease Expense
2% Ownership Expense
6% Utilities
5% Management Fee
Note: Excludes assets under development (i.e. Caspia, Delhi and Trinity, Bangalore) and assets recently opened (i.e. Holiday Inn Express, Greater Noida and Holiday Inn Express, Kolkata)
Page 37
Financial Summary
www.samhi.co.in
Page 38
Acquisition led Strategy has delivered scale • Short capex to revenue cycle due to
acquisition led approach
• Discount to replacement cost for long
term returns
• Long term variable leases to use
6,276
capital more efficiently
4,901
4,202
3,572
3,331
1,721
1,793
10
203
732
434
www.samhi.co.in
11,497
9,787
7,615
Consol Revenue 32% CAGR (10 yrs.)
4,434
Consol EBITDA pre ESOP 44% CAGR (10 yrs.)
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Note: All figures in ₹mn, unless specified otherwise
Page 39
Pre-COVID
Pre-IPO
Post IPO
Current
FY 2020
FY 2023
FY 2024
FY 2025
Total Revenue
EBITDA (Reported)
Finance cost
Depreciation
6,276
1,720
2,521
1,262
7,614
2,606
5,221
963
9,787
2,879
3,451
1,137
PBT before exceptional items
(2,063)
(3,577)
(1,709)
PAT
(3,440)
(3,386)
(2,346)
Attributable to: SAMHI Shareholders
Attributable to: Minority Interest
Note: All figures in ₹mn, unless specified otherwise
(3,440)
(3,386)
(2,346)
-
-
-
11,497
4,257
2,288
1,168
801
855
855
-
t c a p m
i
i
p h s r e n t r a p C G
I
www.samhi.co.in
Proforma
FY 2025
11,497
4,257
1,700 – 1,750
1,168
1,330 – 1,390
1,390 – 1,440
970 – 1,020
420
Page 40
www.samhi.co.in
Q1FY25
Q2FY25
Q3FY25
Q4FY25
EBITDA (pre-ESOP)
934
1,016
1,177
1,307
CFO-to-EBITDA
45%
78%
85%
96%
DSO
DPO
29
80
27
69
21
68
19
56
Target 95%+ CFO-to- EBITDA ratio going forward given stabilization of DPO post rationalization of COVID- led build-up of payables
Note: All figures in ₹mn, unless specified otherwise
Page 41
8.7x
Post IPO
4.9x
4.4x
Post GIC and Caspia Delhi sale Impact
3.0x
www.samhi.co.in
Net Debt-to-EBITDA reduced to ~3.0x post GIC transaction and Caspia Delhi sale1
< 3.0x
Target Leverage
FY2023
FY2024
FY2025
Aug’25
1: Caspia Delhi was sold on 13th August 2025
Page 42
Gross Debt Profile
Debt by Interest Rate1
Particulars
% of Total
less than or equal to 8.50%
8.51% to 9.20%
9.21% to 10.00%
~8.5% Weighted Avg. Cost of Debt
60%
35%
5%
More than 10.00%
<0.5%
Latest sanction received at ~8.2%2
1: As on Aug 2025 2: Includes upfront fee amortized over 2 years 3: Factors in refinancing of few earmarked loans – in line with our historical practices
www.samhi.co.in
Long Term Repayment Schedule
(chart reflects amortization of principle over the stated time periods)3
75%
11%
15%
Next 3 Yrs.
Year 4 to 6
Year 7 to 15
Page 43
www.samhi.co.in
Profit and Loss Statement
Pre-COVID FY 2020
Pre-IPO FY 2023
Post-IPO FY 2024
FY 2025
6,276
7,614
9,787
11,497
Total Revenue
YoY% Growth
Consol. EBITDA (Reported)
Consol. EBITDA % Margin
28.1%
128.6%
1,720
27.4%
2,606
34.2%
28.5%
2,879
29.4%
10.5%
YoY% Growth
75.2%
1097.1%
PBT before exceptional items
(2,063)
(3,577)
(1,709)
PAT
(3,440)
(3,386)
(2,346)
17.5%
4,257
37.0%
47.9%
801
855
Note: All figures in ₹mn, unless specified otherwise
Page 44
Balance Sheet
www.samhi.co.in
Pre-COVID FY 2020
Pre-IPO FY 2023
Post-IPO FY 2024
FY 2025
Post GIC and Caspia Delhi sale1
Fixed Assets (inc. CWIP)
22,970
19,291
25,302
27,657
Cash & Cash Equivalents
1,387
1,731
2,625
1,602
Net Worth
2,119
(8,076)
10,385
11,421
Total Borrowings
19,715
27,875
20,773
21,302
Net Debt-to-EBITDA
11.8x
8.7x
4.9x
Cost of Debt
11.8%
12.5%
9.8%
4.4x
9.2%
Note: All figures in ₹mn, unless specified otherwise 1: Caspia Delhi was sold on 13th August 2025
t c a p m
i
i
p h s r e n t r a p C G
I
3.0x
8.5%
Page 45
Return Analysis
www.samhi.co.in
Page 46
Capital Employed
www.samhi.co.in
Asset Status
% Capital Employed1
Mature Assets
ACIC Portfolio
Pending Turnaround
Growth
Held for Sale
~48%
~33%
~8%
~7%
~3%
~₹33,000mn
Total Capital Employed1
1: Capital Employed = Total Assets (excluding cash) – Current Liabilities
Page 47
Path to Delivering Mid-Teen ROCEs
10% RoCE in FY25
Asset Status
% Capital Employed1
RoCE
Mature Assets
~48%
17.0 – 18.0%
ACIC Portfolio
~33%
5.5 – 6.5%
www.samhi.co.in
Target 15%+ Portfolio ROCE
Stabilize ACIC portfolio to mid-teen ROCEs by enhanced revenue management and renovation / re-branding of the Four Points in Pune and Jaipur
Pending Turnaround
Growth
Held for Sale
~8%
~7%
~3%
4.5 – 5.5%
Corrective interventions and stabilization of assets that are pending turnaround
0.5 – 1.5%
Delivery of ongoing growth projects to augment same- store growth with targeted mid-teen ROCEs
2.0 – 3.0%
Disposal of non-core assets to further enhance overall group ROCE profile
1: Capital Employed = Total Assets (excluding cash) – Current Liabilities
Page 48
Design / Consultants, 10%
3 Months
12 Months
MEP, 15%
Fitouts, 30%
12-18 Months
Structure & Façade, 15%
0-12 Months
Land & Approvals, 30%
www.samhi.co.in
Leasehold Business Model
Lower Capex-to-Revenue Cycle
Outsource land and building structure to Lessor, thus reducing a ~4-year capex cycle to < 2 years
Capital Efficient Structure
Lower capex per key given land and building is funded by the Lessor enables rapid scaling up of this strategy utilizing internal accruals
ROCE Accretive
Small lag between cash outflows and inflows, coupled with relatively lower capital employed ensure high ROCE profile
Average Cost Structure
Page 49
Path towards Capital Efficient Business Model
Revenue Contribution (FY25)
www.samhi.co.in
87%
13%
20%+
Freehold
Leasehold
We target to grow our high- return leasehold business model which is significantly more capital efficient in order to achieve our target of 20%+ revenue contribution from leased assets
Page 50
www.samhi.co.in
FY25 ROCE Profile
18%
11%
13%
6%
Leasehold
Freehold
Tier 1
Tier 2
By Ownership ROCEs for leasehold assets have outperformed freehold assets due to their capital efficient structuring
By Market Our core markets in Bangalore, Hyderabad, NCR, Pune and Chennai with a stable demand-supply base have materially outperformed other markets such as Ahmedabad, Vizag, Coimbatore, Nasik and Goa
Page 51
Growth
www.samhi.co.in
Page 52
Growth levers over the next 5 years
www.samhi.co.in
Same Store Assets
Execution Pipeline
External Growth (Acquisitions)
In-place inventory of ~4,100 operating rooms in core office markets under leading international brands and favorable demand scenarios
Stabilization & redevelopment of ~790 operating rooms and opening of ~800 new rooms (refer slide 55)
Acquire new assets utilizing free-cash and partnership (GIC) capital
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Established capacity to fuel growth
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Portfolio
Same Store Assets1
Execution Pipeline
Consolidated Income
Consolidated EBITDA
FY25 Actuals
10,175
1,049
Assuming in place RevPAR & earning profile
~11,500
~4,430 (39% margin)
FY25 Proforma
10,175
5,125
~15,300
~6,300 (41% margin)
Installed capacity to deliver a top line of ₹15,300mn with margins of ~41%, entailing an EBITDA of ~₹6,300mn on FY25 basis
1: Excludes recently opened HIEX, Greater Noida and HIEX, Kolkata and assets currently under renovation/ rebranding: Caspia Delhi, FPS Jaipur, FPS Pune and Trinity Bangalore
Page 54
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FY29+
Westin Bangalore Whitefield Mid-scale Financial District Hyderabad
FY28
Tribute Bangalore Whitefield (Rebrand from Trinity) Tribute Jaipur (Rebrand from Four Points) Fairfield Chennai Sriperumbudur
Internal growth projects
FY27
W Hyderabad Courtyard Pune (Rebrand from Four Points)
Stabilization & redevelopment of ~790 operating rooms and opening of ~800 new rooms
FY26
HIEX Greater Noida (Rebrand from Caspia Pro) HIEX Kolkata HIEX Blr. Whitefield Sheraton Hyderabad Hyatt Regency Pune
Page 55
Large Corpus of Investible Surplus to Accelerate Growth
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35,500
(6,400)
(3,000)
+ ~₹2,000mn from Asset Recycling
17,300
(8,800)
Basis current pipeline (includes maintenance capex)
EBITDA
Interest
Debt Repayments
Committed Capex
Investible Surplus
FY2026 – FY2030 Assumes 13-15% p.a. Revenue Growth CAGR
₹17,000mn+ Investible Surplus over the next 5 years
Growth through tactical M&A and long-term leases
Note: Above workings assume no tax leakage given large amounts of tax shield available across group SPVs; however, there may be some cash outflows for tax in few SPVs where tax shields are extinguished in the future
Page 56
Partnership with GIC for Upscale and higher hotel assets Commitment to invest ~₹7,500mn (~₹5,800 received) and acquire 35% in three of SAMHI’s subsidiaries (comprising the seed assets which include 4 operating hotels and 1 under-development)
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External Growth Upscale Assets
Marquee Capital Partner
Upscale assets are capital intensive and with a strong partner in GIC, we have ability to grow this platform beyond the seed assets and accelerate our growth path beyond the current pipeline
Unlocks Free Cash Flow
Significant boost to future cashflows due to reduction in debt and part funding of Westin / Tribute Portfolio Bengaluru Whitefield capital expenditure by GIC
Network Effect & Governance
GIC brings unparalleled institutional capabilities and corporate governance standards for us to benefit from
Page 57
External Growth Mid-scale Assets
Continued focus on larger business districts
Target large scale assets with 200-400 room inventory to accelerate future revenue base and improve operating margins
Expansion through capital efficient lease model
Secure long-term leases with built-to-suit projects, modular large-scale hotels
Enhanced operating leverage through scale
Growth of the Fairfield by Marriott and Holiday Inn portfolios to allow for increased economies of scale through their respective cluster management leading to margin expansion
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Page 58
Positioned for revenue expansion
New acquisitions using investible surplus
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₹22,000 – 22,500mn Market Growth & Margin Expansion
₹15,000 – 15,300mn Installed Capacity (FY25)
₹11,500mn FY25 Actual
Multiple levers in place to expand revenue base over FY25
Page 59
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Westin & Tribute Portfolio
Whitefield, Bangalore (142 rooms renovation & 220 new rooms ) Under Renovation & Development
Artist impression, actual may vary
Page 60
Westin & Tribute Portfolio
Whitefield Bangalore (362 rooms) Under Renovation & Development
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W
Hitec City Hyderabad (170 rooms) Under Renovation & Development
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Nagar Road, Pune (22 apartments under construction) Expansion
Artist impression, actual may vary
Page 63
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Gachibowli, Hyderabad (42 apartments under construction) Expansion
Artist impression, actual may vary
Page 64
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Courtyard by Marriott
Nagar Road, Pune (217 rooms rebranding) Under Renovation
Current Space
Page 65 Artist impression, actual may vary
Tracking Trends for Adjacent Opportunities
www.samhi.co.in
Domestic travel spending is expected to rise by 7.8% p.a. to ₹33,945bn from 2024 to 20341. Indians are wanting to travel to lesser-known and more boutique destinations, along with exploratory and purposeful trips2
Improved road and air connectivity across India is making travel much easier. National Highway network has increased from ~91,000 km in 2014 to ~146,000 km in 2024, whereas number of airports has increased from 74 to 157 during the same period, with a target of 350 airports in 2047.
Luxury travel spending is on the rise with share of MakeMyTrip hotel bookings above ₹10,000 rising from 20% in 2023 to 23% in 2024. Indian travelers are increasingly prioritizing quality over quantity, seeking out luxury accommodations and culturally enriching destinations3.
Luxury lifestyle segment in India is expanding with increase in disposable income, growth in wealthy class and desire for upgraded experiences. Globally, branded residence market is growing at a CAGR of 12% and existing ~2,900 operational branded residence units in India captures only ~3% of the global market share.4
1: Source: World Travel & Tourism Council (WTTC), 2: Source: American Express Travel 2023 Global trends report, 3: Source: MMT Travel Search & Booking Trends for 2024, 4: Source: Noesis Branded Residences Report 2024
Page 66
Sustainability
www.samhi.co.in
Page 67
2030 ESG Target Building a Better Tomorrow Today
www.samhi.co.in
Environmental
• 100% transition to non-emission-based
cars
• Single use plastic free operations • 100% coverage for EV Charging stations
at all feasible units
Social
• Employees Health & Safety • Invest in Talent Development and Equal
Opportunity
• CSR Activities & Volunteering
Contribution
Governance
• Corporate Governance • Data Privacy & Cyber Security
Governance
• Code of conduct and Ethics training • Compliance Monitoring
Page 68
Measures taken to achieve 2030 targets
www.samhi.co.in
Environmental
Social
Governance
Installation of water bottling plants; setup completed in 5 out of 32 hotels and installed 15 organic waste convertors
20 EV charging stations have been set up that provide 41 charging points
100% coverage on employees’ health, term and parental insurance
More than 50% of the board of directors are independent directors
Created a Bespoke Management Development Program in partnership with the Indian School of Hospitality (ISH)
Adopting an internal audit system and software (“Legatrix”) to monitor all compliances for the portfolio
34% of our assets have Solar water heating to reduce the carbon footprint
Creating a gender–diverse workforce for fostering equality and inclusivity
100% installation of LED lights toward reducing energy consumption
25% women in management positions and ~14% women on the board of directors
IoT-based energy monitoring (SAMConnect) in collaboration with Zenatrix by Schneider to add energy sensors, and to achieve cost & environmental savings
To collaborate with ministry to maintain or enhance a trail/ park for community purposes
Providing regular training sessions for Whistleblower Policy, Anti-Bribery and Anti- Corruption (ABAC) practices and policy
Our framework is certified with accreditation, for ISO:27701 privacy information management standard
Page 69
Strong governance with highly experienced board members
www.samhi.co.in
Ashish Jakhanwala Chairman, MD & CEO
Manav Thadani Non-Executive & Non- Independent Director
• Accor • Interglobe Hotels • Pvt. Ltd. • Pannel Kerr
Forster Consultants Pvt. Ltd.
• Hotelivate Pvt.
Ltd.
• HVS Licensing
LLC
Ajish Abraham Jacob Non-Executive & Non- Independent Director
• Asiya Capital Investments Company K.S.C.P.
• Albazie & Co
(RSM)
• Ernst & Young
Michael David Holland Independent Director
Aditya Jain Independent Director
Archana Capoor Independent Director
Krishan Dhawan Independent Director
• Nexus Select Mall
• International
Management • Embassy Office
Parks Management Services Pvt. Ltd.
• Assetz Property Management Services Pvt. Ltd.
• JLL
Market Assessment (India) Pvt. Ltd. • PR Pandit Public Relations Pvt. Ltd.
• Chemplast Sanmar Ltd.
• Tourism Finance Corporation of India
• Birla Cable Limited • S Chand and Company Ltd.
• Sandhar
Technologies Ltd.
• Bank of America • Oracle India
98% board participation rate in both FY24 and FY25 board meetings ensuring responsible governance and accountability
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Thank You