Apeejay Surrendra Park Hotels Ltd (PARKHOTELS)

Consumer Services · Hotels & Restaurants · NSE · Updated 29 September 2026

By StockFin Research TeamAI-Assisted AnalysisSource: BSE/NSE Filings

₹103.25↓ 29.16% (1Y)

🎯 Key Takeaways

Apeejay Surrendra Park Hotels is in a strategic expansion phase, prioritizing scale and brand growth over short-term profitability, with a clear focus on achieving 6,000+ keys by FY30 through asset-light models and Tier-2/3 expansion. Revenue growth remains resilient, but PAT declines reflect deliberate investment in capacity and higher financing costs, while occupancy and RevPAR trends underscore strong underlying demand.
Revenue declined 9.2% QoQ to ₹167 in Q1FY27.
⚠️ Execution risk in scaling new hotel developments and Flurys outlets amid macroeconomic headwinds and competitive hospitality landscape.

Market Cap: ₹2,203
P/E Ratio: 34.5
P/B Ratio: 1.64
ROE: 4.8%
ROCE: 8.6%
Debt/Equity: 0.28
Div Yield: 0.73%
Promoter: 68.2%

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📖 The Story

Apeejay Surrendra Park Hotels is in a strategic expansion phase, prioritizing scale and brand growth over short-term profitability, with a clear focus on achieving 6,000+ keys by FY30 through asset-light models and Tier-2/3 expansion. Revenue growth remains resilient, but PAT declines reflect deliberate investment in capacity and higher financing costs, while occupancy and RevPAR trends underscore strong underlying demand.

📰 What's Happening

In Q1 FY27 (August 2026), revenue grew 10% YoY to ₹172 crores, driven by 92% occupancy and RevPAR leadership in the upper-upscale segment, with EBITDA up 8% to ₹52 crores. Management reaffirmed its 6,000+ keys by FY2030 target and announced plans for 29 new Flurys outlets by FY27, backed by ₹1,140 crores CAPEX — partially funded by ₹350 crores from EM Bypass land sales. PAT declined 14% YoY to ₹12 crores due to higher interest costs and tax regime shifts, though tax rates are expected to ease to 30-35% under the new regime. Earlier filings confirm consistent occupancy at 92% and expansion into new markets like Vizag, Pune, and Navi Mumbai, with a 12% stake acquired in Zillion Hotels for INR 29.30 crores without altering control.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	152	167	200	184	167
Operating Profit	27	31	51	34	26
OPM %	18.0%	18.7%	25.6%	18.4%	15.5%
Net Profit	13	16	24	12	11
EPS	₹0.63	₹0.76	₹1.13	₹0.56	₹0.54

Revenue has shown steady YoY growth over the past four quarters, rising from ₹152 crores (Jun 2025) to ₹200 crores (Dec 2025), peaking at ₹184 crores (Mar 2026), before moderating to ₹166.8 crores (Q1 FY27) with an 8.1% YoY increase. This reflects a transition from peak performance in late FY25 to sustained, albeit slightly decelerating, growth in FY27, aligning with management’s shift from optimization to expansion. EBITDA margins have remained stable around 15-18%, but PAT has declined sequentially and YoY (₹24 crore in Dec 2025 to ₹11.5 crore in Q1 FY27), primarily due to expansion-related financing and tax impacts, despite strong operational cash generation.

🔮 Management Outlook & What's Next

Management consistently emphasizes capital-efficient expansion, targeting 6,000+ keys by FY30 through a mix of new hotel developments and Flurys outlet growth, with 29 new outlets planned by FY27. They highlight asset-light models, sustainable other income of ₹3.5–4 crores quarterly, and ROCE improvement targets above 20% by 2030, supported by land advantages in key markets. Tax relief under the new regime (30–35%) is expected to improve net profitability, while CAPEX of ₹1,140 crores in FY27 signals continued investment in growth infrastructure.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	21	21	21	21
Reserves	1,263	1,204	1,321	1,284
Borrowings	73	138	373	306
Total Liabilities	1,671	1,557	2,054	1,937
Fixed Assets	1,254	1,101	1,525	1,431
Investments	56	15	77	45
Total Assets	1,671	1,557	2,054	1,937

The balance sheet shows a stable capital structure with equity of ₹21 crores and reserves of ₹1,321 crores as of March 2026, indicating strong retained earnings. Borrowings have increased modestly from ₹73 crores (March 2025) to ₹373 crores (March 2026), reflecting strategic financing for expansion, though still low relative to asset base. Total assets grew from ₹1,671 crores to ₹2,054 crores over two years, driven by investments in property, plant, and projects like EM Bypass, while cash flows from operations remain robust, supporting ongoing capital allocation without dilutive financing.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+158
Investing	-196
Financing	+4
Net Cash Flow	-34

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	68.1%	68.1%	68.2%	68.2%
FII	2.2%	3.3%	4.0%	4.1%
DII	10.4%	9.5%	8.5%	8.8%
Public	13.6%	13.8%	13.5%	13.3%
# Shareholders	51,752	53,059	51,406	50,557

Promoter holding remains stable at 68.22% over the last four quarters, suggesting confidence in long-term control and vision. Institutional interest is growing, with FII shareholding rising from 2.18% (Q2FY26) to 4.07% (Q1FY27), while DII declined slightly from 10.43% to 8.8%. The number of shareholders has decreased slightly (53,059 in Q3FY26 to 50,557 in Q1FY27), but promoter stability and rising FII participation may signal increasing institutional confidence in the expansion narrative.

⚖️ Peer Comparison — Hotels & Restaurants

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
INDHOTEL	1.01 L Cr	47.2	24.8%	—	0.00
ITCHOTELS	33,026	38.1	10.2%	—	0.00
CHALET	19,038	36.0	15.3%	—	0.84
EIHOTEL	18,461	25.9	20.6%	—	0.00
THELEELA	18,294	30.2	9.0%	—	1.03
VENTIVE	13,078	27.3	13.2%	—	0.48
LEMONTREE	8,227	35.0	18.5%	—	1.08
ITDC	5,687	69.3	27.2%	—	0.00
JUNIPER	4,779	28.8	8.6%	—	0.26
MHRIL	3,955	74.4	14.8%	—	1.59

🔗 Peer Stock Analyses

INDHOTEL ITCHOTELS CHALET EIHOTEL THELEELA

⚠️ Risk Factors

1. Execution risk in scaling new hotel developments and Flurys outlets amid macroeconomic headwinds and competitive hospitality landscape. 2. Margin pressure from high CAPEX and financing costs, which may delay breakeven on expansion investments. 3. Tax regime transition risks, as PAT declines are partly attributed to tax shifts despite management’s expectation of relief. 4. Market saturation or softening demand in premium hotel segments, which could impact RevPAR and occupancy trends.

📋 Recent Filings

🧠 Analyst's Read

The company is executing a deliberate, capital-intensive growth strategy with strong operational tailwinds from occupancy and RevPAR leadership, but near-term profitability is being compressed by strategic investments and tax changes. Investors should monitor CAPEX utilization, margin recovery, and tax rate normalization to assess whether expansion is translating into sustainable returns.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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