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.
11th November 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
Dear Sir/ Ma’am,
Please find attached the Corporate Presentation for the Investors Conference scheduled for 11th November 2025, organized by Ambit in Mumbai.
This information is also being uploaded on the website of the Company i.e. 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
Corporate Presentation 11th Nov 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
Hotel Supply Growth Outlook
Market Growth Estimates (FY26-FY30E)
Supply growth = Estimates basis current pipeline (FY26-FY30E)
www.samhi.co.in
Bangalore
Hyderabad
Pune
Delhi NCR
Chennai
Mumbai
~2.4% growth from upcoming airport assets
6.4%
3.8%
2.7%
2.9%
3.4%
4.2%
Source: Hotelivate Trends and Opportunities Report 2025; 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 4,862 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
Gurugram
Delhi
Noida Bangalore
Whitefield
City Centre
Outer Ring Road
North Bengaluru
Electronic City
Hyderabad
HITEC City
Financial District
City Centre
Airport
Kokapet
Pune
North
Hinjewadi / Pimpri
City Center
Chakan Mumbai
South Mumbai
BKC
Navi Mumbai
Upper Mid-scale
Mid-scale
Upscale+
Hyatt Place
Westin Tribute Portfolio (Oct’24)
Courtyard
Fairfield
Fairfield
Fairfield
W (Nov’24)
Sheraton
Fairfield
Hyatt Regency Courtyard1
Fairfield
HIEX
HIEX
HIEX
HIEX
HIEX
Mid-scale (Aug’25) HIEX
HIEX
Westin2 (Oct’25)
Fairfield2 (Oct’25)
Pre-IPO
Post IPO
www.samhi.co.in
We continue to increase our market share of “New India”
Our strategy is to cover all key commercial districts at different price points and post IPO, we have secured assets across markets and segments
With the proposed Westin + Fairfield by Marriott in Navi Mumbai, we now have presence in all key markets across India
1. Four Points in Pune to be renovated and re-branded to a Courtyard by Marriott 2. Subject to execution of definitive agreements
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 3,743 66%
Hyatt 948 17%
IHG 865 15%
Unbranded 107 2%
Chart represents share of H1FY26 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 +6 Under Development
1,086 Rooms
(+1277* under development/ rebranding)
₹2,379mn Revenue (H1FY26)
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
WESTIN HOTELS & RESORTS
TRIBUTE PORTFOLIO
Bengaluru
Pune
TRIBUTE PORTFOLIO
Jaipur
Note: *Includes ~350 rooms of Westin, Navi Mumbai. Please note that the brand is subject to execution of definitive agreements and the number of rooms is also subject to final planning & designing
www.samhi.co.in
W HOTELS
Hyderabad
Page 29
www.samhi.co.in
Upper Mid-scale
14 Hotels +1 Under Development
2,047 Rooms
(+436* under development and inc. 473 under rebranding)
₹2,420mn Revenue (H1FY26)
Note: *Includes ~350 rooms of Fairfield, Navi Mumbai. Please note that the brand is subject to execution of definitive agreements and the number of rooms is also subject to final planning & designing
Page 30
Mid-scale
12 Hotels+ 1 Under Development
1,729 Rooms
(+260 under development)
₹865mn Revenue (H1FY26)
www.samhi.co.in
Page 31
Operational Overview
www.samhi.co.in
Page 32
Revenue share by segment
Upper Upscale & Upscale
Upper Mid-scale
Mid-scale
12%
43%
27%
60%
15%
42%
FY25
Upon Completion of Committed Projects
www.samhi.co.in
Diverse Segmentation Mix
On-going rebranding/ renovations to increase Upscale share of revenues from ~42% to ~60%
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
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) 5 2 Y F n
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I
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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
Actual
Proforma (GIC Partnership Impact)
Actual
FY2020
FY2023
FY2024
FY2025
FY2025
H1 FY2026
www.samhi.co.in
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
11,497
4,257
11,497
4,257
2,288
1,700 – 1,750
1,168
1,168
PBT before exceptional items
(2,063)
(3,577)
(1,709)
801
1,330 – 1,390
PAT
(3,440)
(3,386)
(2,346)
855
1,390 – 1,440
Attributable to: SAMHI Shareholders
Attributable to: Minority Interest
(3,440)
(3,386)
(2,346)
855
970 – 1,020
-
-
-
-
420
Note: All figures in ₹mn, unless specified otherwise 1:Q2 FY2026 includes ₹696mn of reversal of Navi Mumbai land impairment, less ₹125mn of deferred tax; net impact of ₹571mn.
5,836
2,161
933
587
641
1,1901
1,097
93
Page 40
8.7x
Post IPO
4.9x
4.4x
2.9x
FY2023
FY2024
FY2025
Sept’25
www.samhi.co.in
Net Debt-to-EBITDA reduced to ~2.9x driven by strong growth in earnings and deleveraging through GIC transaction
< 3.0x
Target Leverage
Page 41
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
58%
37%
5%
More than 10.00%
<0.05%
Latest sanction received at ~7.9%2
1: As on Aug 2025 2: Includes upfront fee amortized over 3 years 3: Factors in refinancing of few earmarked loans – in line with our historical practices. Repayment schedule chart is as on 31st May’25
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 42
www.samhi.co.in
Profit and Loss Statement
Total Revenue
YoY% Growth
Pre-COVID FY2020
Pre-IPO FY2023
Post-IPO FY2024
FY2025
H1 FY2026
6,276
7,614
9,787
11,497
5,836
28.1%
128.6%
28.5%
17.5%
12.0%
Consol. EBITDA (Reported)
1,720
2,606
2,879
4,257
2,161
Consol. EBITDA % Margin
27.4%
34.2%
29.4%
37.0%
37.0%
YoY% Growth
75.2%
1097.1%
10.5%
47.9%
16.3%
PBT before exceptional items
(2,063)
(3,577)
(1,709)
PAT
(3,440)
(3,386)
(2,346)
801
855
641
1,1901
Note: All figures in ₹mn, unless specified otherwise 1:Q2 FY2026 includes ₹696mn of reversal of Navi Mumbai land impairment, less ₹125mn of deferred tax; net impact of ₹571mn. PAT attributable to SAMHI is ~₹1,097mn and minority interest is ~₹93mn
Page 43
Balance Sheet
www.samhi.co.in
Pre-COVID FY2020
Pre-IPO FY2023
Post-IPO FY2024
FY2025
H1 FY2026
Fixed Assets (inc. CWIP)
22,970
19,291
25,302
27,657
28,264
Cash & Cash Equivalents
1,387
1,731
2,625
1,602
2,460
Net Worth
2,119
(8,076)
10,385
11,421
18,342
Total Borrowings
19,715
27,875
20,773
21,302
16,116
Net Debt-to-EBITDA
11.8x
8.7x
4.9x
4.4x
2.9x
Cost of Debt
11.8%
12.5%
9.8%
9.2%
8.5%1
Note: All figures in ₹mn, unless specified otherwise 1:As on 13th October 2025
Page 44
Return Analysis
www.samhi.co.in
Page 45
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 46
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 47
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 48
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 49
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 50
Growth
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Page 51
Growth levers over the next 5 years
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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 ~1,500 new rooms (refer slide 54)
Acquire new assets utilizing free-cash and partnership (GIC) capital
Page 52
Established capacity to fuel growth
www.samhi.co.in
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 53
www.samhi.co.in
FY30+
Westin + Fairfield1 Navi Mumbai
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 ~1,500 new rooms
1. Subject to the execution of definitive agreements
FY26
HIEX Greater Noida (Rebrand from Caspia Pro) HIEX Kolkata HIEX Blr. Whitefield Sheraton Hyderabad Hyatt Regency Pune
Page 54
This does not include the EBITDA from OFD, Hyderabad and Navi Mumbai assets
35,500
(6,400)
(3,000)
(18,300) Basis current pipeline (includes OFD, Hyd., Navi Mumbai assets and maintenance capex)
EBITDA
Interest
Debt Repayments FY2026 – FY2030 Assumes 13-15% p.a. Revenue Growth CAGR
Committed Capex
Large Corpus of Investible Surplus to Accelerate Growth
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₹7,800mn+ Investible Surplus over the next 5 years
Growth through tactical M&A and long-term leases
+ ~₹1,350mn1 from Asset Recycling 7,800
Investible Surplus
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 1. Out of total target of ₹2,000mn from asset recycling, completed Caspia Delhi sale in August 2025 for a total consideration of ₹650mn
Page 55
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)
www.samhi.co.in
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 56
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
www.samhi.co.in
Page 57
Execution of our committed pipeline will transform both scale and intrinsic value
₹19,000mn – 21,000mn Secured Growth (Sep ’25 basis)
Incremental ~₹8,000mn revenue potential from committed projects at current pricing
+804 Upscale (+473 conversion from Upper Mid-scale) +436 Upper Mid-scale +260 Mid-scale
~₹12,000mn In-Place Revenue (Sep ’25)
₹29,000mn – 31,500mn Market Growth (till FY30)
In line with our long-term forecast 9-11% CAGR
www.samhi.co.in
Further expansion through acquisitions utilizing investible surplus
~4,850 Rooms
6,300+ Rooms
Page 58
Growth Projects
www.samhi.co.in
Page 59
www.samhi.co.in
Stage set for SAMHI’s largest hotel & entry into Mumbai
Landmark dual-branded hotel to be developed near the Navi Mumbai International Airport and DY Patil Stadium with ~400 rooms in Phase I, with the potential to expand to ~700 rooms upon full development
Proposed to be operated under Westin and Fairfield by Marriott brands1
Will be SAMHI’s largest hotel asset by number of rooms and built-up area
1: Subject to the execution of definitive agreements
Note: Artistic impression for illustrative purposes only. Final design, layout, and specifications are subject to change based on detailed design development and statutory approvals.
Page 60
Proposed hotel benefits from shift of Mumbai’s economic hub in line with other cities
Delhi City Center
Bangalore City Center
Hyderabad City Center
Mumbai City Center
✓
✓
Atal Setu Trans Harbor Link
→ Gurugram
→ ORR, Whitefield → HITEC City,
Financial District ✓
→ Navi Mumbai
Est.
Convergence of infrastructure, connectivity, and commercial investments positions Navi Mumbai as the next growth engine for the Mumbai Metropolitan Region
Site Location
Commercial developments
Data center developments
www.samhi.co.in
Navi Mumbai International Airport
Page 61
Key Demand Drivers
Turbhe
Platinum Techno Park
Everest Nivara Infotech Park
MAS Industries
CIDCO Exhibition Centre
Juinagar
Mindspace
DY Patil Stadium
Seawoods Grand Central
Easy access from all the surrounding key generators
Site Location
Commercial Developments
Mindspace Juinagar, Everest Nivara Infotech Park, MAS Industries (India’s Largest Elevator component manufacturer & exporter), Aksar Business Park, L&T Seawoods
Data Center Developments
Prestige Group, Reliance Data Center (Dhirubhai Ambani Knowledge City)
Others
Transport Links
IKEA, DY Patil Stadium, CIDCO Exhibition Centre
Atal Setu Trans Harbor Link – longest sea bridge of 21.8km six lanes (3+3) link that connects Mumbai to Navi Mumbai
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Taloja
Prestige Group
Kharghar
Niharika Mirage by Juhi Developers
Atal Setu Trans Harbor Link
Navi Mumbai International Airport
Page 62
New lease for a hotel in Hyderabad to increase our market share in one of India’s prominent office market
www.samhi.co.in
Mid-scale hotel within an under-development mixed-use building in the heart of Financial District, Hyderabad
SAMHI’s third property in the precinct, alongside the Sheraton with 326 rooms (Upscale+) and the Fairfield by Marriott with 232 rooms (Upper Mid-Scale)
Google’s second largest office worldwide (~3mn sqft)
~260 keys
17-18 sqm. (avg. room size)
₹1,250 – 1,430mn Estimated development cost
Lessor to obtain approvals, develop building shell, façade and high-side MEP
SAMHI to complete fit-outs and operationalize the hotel
Deferred capital investment to minimize capex-to-revenue cycle
Page 63 Note: Artistic impression for illustrative purposes only. Final design, layout, and specifications are subject to change based on detailed design development and statutory approvals.
Kalyani Tech Park (~1.5mn sqft)
www.samhi.co.in
Westin & Tribute Portfolio
Whitefield, Bangalore (142 rooms renovation & 220 new rooms ) Under Renovation & Development
Artist impression, actual may vary
Page 64
Westin & Tribute Portfolio
Whitefield Bangalore (362 rooms) Under Renovation & Development
www.samhi.co.in
W
HITEC City, Hyderabad (170 rooms)
An iconic brand in one of India’s largest commercial districts under development
www.samhi.co.in
Artist impression, actual may vary
Current Status:
• Design development is at final
stage
• Existing building
modifications undergoing
• Mock-up rooms to commence
in Q4FY26
Page 66
www.samhi.co.in
Nagar Road, Pune (22 apartments under construction) Expansion
Artist impression, actual may vary
Page 67
www.samhi.co.in
Gachibowli, Hyderabad (42 apartments under construction) Expansion
Artist impression, actual may vary
Page 68
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Courtyard by Marriott
Nagar Road, Pune (217 rooms rebranding) Under Renovation
Current Space
Page 69 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 70
Sustainability
www.samhi.co.in
Page 71
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 72
Measures taken to achieve 2030 targets
www.samhi.co.in
Environmental
Social
Governance
Installation of water bottling plants; setup completed in 6 out of 31 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 73
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
Page 74
Thank You