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Sayaji Hotels(Ind.) Overview

1. Business Overview

Sayaji Hotels (Indore) Ltd. is a hospitality company primarily engaged in the business of operating hotels and providing related services. Its core business model revolves around offering accommodation, food and beverage (F&B), banqueting, and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities under the "Sayaji" brand. The company generates revenue through room tariffs, sales from its restaurants and bars, income from hosting events, and other ancillary services typical of the hotel industry. As implied by its name, it likely originated or has a strong presence in Indore, Madhya Pradesh, and potentially operates other properties within the broader Sayaji Hotels portfolio.

2. Key Segments / Revenue Mix

The primary revenue segments for Sayaji Hotels (Indore) Ltd., consistent with the broader hotel industry, are:

Rooms Division: Revenue generated from room rentals and accommodation services.

Food & Beverage (F&B) Division: Income from restaurants, bars, cafes, in-room dining, and other F&B outlets.

Banqueting & Events: Revenue from hosting weddings, corporate events, conferences, and other social gatherings.

Other Services: Includes services like laundry, spa, and fitness facilities, though these typically contribute a smaller portion of overall revenue.

Specific percentage contributions are not publicly available for this entity without detailed financial reports.

3. Industry & Positioning

The Indian hotel industry is diverse and growing, characterized by a mix of international chains, prominent domestic players, and independent hotels across budget, mid-market, upscale, and luxury segments. It is highly competitive and sensitive to economic cycles and tourism trends. Sayaji Hotels generally positions itself in the mid-to-upscale segment, known for its strong F&B offerings and banqueting facilities, particularly in Tier 2 and Tier 3 cities across Central and Western India. Sayaji Hotels (Indore) Ltd. benefits from the brand recognition of "Sayaji" in these regional markets, differentiating itself through service quality and local market understanding rather than global scale.

4. Competitive Advantage (Moat)

Brand Reputation: Sayaji is a recognized and respected brand, especially in its core markets like Indore, fostering local loyalty and repeat business.

Localized Market Presence & Relationships: Deep understanding of local customer preferences and established relationships, particularly in the banqueting and events segment.

F&B Strength: Sayaji hotels often have a strong reputation for their diverse culinary offerings, which can be a key draw for both hotel guests and local patrons.

Operational Experience: Years of experience in operating hotels in specific regional markets contribute to operational efficiencies and service quality.

5. Growth Drivers

Increasing Domestic Tourism: Growth in India's middle class, disposable incomes, and cultural/religious tourism fuels demand for hotel accommodation.

Business Travel & MICE: Revival and expansion of business activities, corporate events, and conferences post-pandemic.

Urbanization & Infrastructure Development: Growth of Tier 2 and Tier 3 cities, improved connectivity, and developing infrastructure can boost demand in Sayaji's target markets.

Expansion & Occupancy Growth: Potential for increasing room inventory, improving average room rates (ARR), and driving higher occupancy across its properties.

6. Risks

Economic Downturns: The hospitality sector is highly cyclical and sensitive to economic slowdowns, which can impact leisure and business travel.

Intense Competition: New hotel supply from established chains and independent operators can lead to price wars and impact occupancy rates.

Pandemics/Health Crises: Future health emergencies or travel restrictions could severely impact operations, as seen during the COVID-19 pandemic.

High Operating Costs: Fluctuations in utility costs, food prices, and staffing expenses can impact profitability.

Regulatory Changes: Changes in government policies, taxation (e.g., GST rates), or licensing norms for the hospitality sector.

Capital Intensive Nature: Hotel development and maintenance require significant capital expenditure, which can strain finances.

7. Management & Ownership

Sayaji Hotels (Indore) Ltd. is part of the Sayaji Group, which is typically promoter-driven (family-controlled) in India. The management team likely comprises experienced professionals from the hospitality industry, overseeing the operations, strategic growth, and financial performance of the company's hotel properties. Ownership structure would typically involve a significant stake held by the promoter group, with the remaining shares held by public investors, institutional investors, and other entities.

8. Outlook

Sayaji Hotels (Indore) Ltd. operates within a dynamic Indian hospitality market that is poised for growth driven by strong domestic demand, increasing disposable incomes, and the expansion of business and MICE activities. Its established brand presence and focus on regional markets, particularly in the mid-to-upscale segment, position it to capitalize on these trends. However, the company faces inherent risks associated with the cyclical nature of the industry, intense competition, and potential external shocks like economic slowdowns or health crises. Sustained growth will depend on effective property management, strategic expansion, maintaining service quality, and adaptability to evolving market demands and operational efficiencies.

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Sayaji Hotels(Ind.) Key Financials

Market Cap ₹288 Cr.

Stock P/E 27.2

P/B 4.1

Current Price ₹944

Book Value ₹ 230.4

Face Value 10

52W High ₹1438.5

Dividend Yield 0%

52W Low ₹ 702.1

Sayaji Hotels(Ind.) Share Price

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Volume
Price

Sayaji Hotels(Ind.) Quarterly Price

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Sayaji Hotels(Ind.) Peer Comparison

Sayaji Hotels(Ind.) Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 26 27 24 22 30 30 24 21 32 30
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 26 27 24 22 30 30 24 21 32 30
Total Expenditure 20 19 19 18 22 22 19 18 21 25
Operating Profit 6 9 6 4 8 8 5 3 11 5
Interest 1 2 2 2 2 1 1 2 2 1
Depreciation 2 2 2 2 2 2 2 2 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -1
Profit Before Tax 4 5 2 1 5 5 2 0 8 0
Provision for Tax -1 0 1 1 1 1 1 -0 2 -0
Profit After Tax 5 5 2 -0 5 4 2 0 6 0
Adjustments -0 0 -0 0 0 -0 0 0 0 -0
Profit After Adjustments 5 5 2 -0 5 4 2 0 6 0
Adjusted Earnings Per Share 16.1 15.9 5.4 -0.1 14.9 14.5 5.9 0.6 19.3 0.6

Sayaji Hotels(Ind.) Profit & Loss

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 0 0 0 96 106 107
Other Income 0 0 0 1 0 0
Total Income 0 0 0 97 106 107
Total Expenditure 0 0 0 77 80 83
Operating Profit -0 -0 -0 20 26 24
Interest 0 0 0 4 6 6
Depreciation 0 0 0 6 7 8
Exceptional Income / Expenses 0 0 0 0 0 -1
Profit Before Tax -0 -0 -0 9 13 10
Provision for Tax 0 -0 -0 2 3 3
Profit After Tax -0 0 -0 7 11 8
Adjustments 0 0 0 0 0 0
Profit After Adjustments -0 0 -0 7 11 8
Adjusted Earnings Per Share -3.1 3.5 -4.7 23.6 34.7 26.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 10% 0% 0% 0%
Operating Profit CAGR 30% 0% 0% 0%
PAT CAGR 57% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -31% NA% NA% NA%
ROE Average 18% -56% -67% -67%
ROCE Average 24% -22% -42% -42%

Sayaji Hotels(Ind.) Balance Sheet

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 0 0 -0 52 62
Minority's Interest 0 0 0 0 0
Borrowings 0 0 0 0 13
Other Non-Current Liabilities 0 -0 -0 19 20
Total Current Liabilities 0 0 0 33 31
Total Liabilities 0 0 0 104 126
Fixed Assets 0 0 0 73 72
Other Non-Current Assets 0 0 0 18 43
Total Current Assets 0 0 0 13 11
Total Assets 0 0 0 104 126

Sayaji Hotels(Ind.) Cash Flow

#(Fig in Cr.) Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0 0 2
Cash Flow from Operating Activities -0 -0 -0 18 25
Cash Flow from Investing Activities 0 0 0 -20 -31
Cash Flow from Financing Activities 0 0 0 5 4
Net Cash Inflow / Outflow -0 -0 0 2 -2
Closing Cash & Cash Equivalent 0 0 0 2 0

Sayaji Hotels(Ind.) Ratios

# Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -3.12 3.46 -4.68 23.58 34.7
CEPS(Rs) -3.12 3.46 -4.68 44.74 56.52
DPS(Rs) 0 0 0 0 0
Book NAV/Share(Rs) 1.06 4.54 -0.14 170.79 204.83
Core EBITDA Margin(%) 0 0 0 20.32 24.42
EBIT Margin(%) 0 0 0 14.17 18.56
Pre Tax Margin(%) 0 0 0 9.7 12.7
PAT Margin (%) 0 0 0 7.47 10
Cash Profit Margin (%) 0 0 0 14.17 16.3
ROA(%) -81.25 90.34 -95.32 13.87 9.22
ROE(%) -294.34 123.57 -212.73 27.61 18.48
ROCE(%) -107.55 -36.43 -127.19 37.54 23.87
Receivable days 0 0 0 11.22 11.91
Inventory Days 0 0 0 15.9 11.9
Payable days 0 0 0 32.55 72.55
PER(x) 0 0 0 19.76 30.34
Price/Book(x) 0 0 0 2.73 5.14
Dividend Yield(%) 0 0 0 0 0
EV/Net Sales(x) 0 0 0 1.66 3.31
EV/Core EBITDA(x) -5.86 -6.57 -1.73 7.97 13.32
Net Sales Growth(%) 0 0 0 0 9.88
EBIT Growth(%) 0 10.53 -427.45 0 43.89
PAT Growth(%) 0 210.9 -235.26 0 47.15
EPS Growth(%) 0 210.9 -235.26 603.86 47.15
Debt/Equity(x) 0 0 -29 0.4 0.47
Current Ratio(x) 4.57 2.05 0.63 0.39 0.35
Quick Ratio(x) 4.57 2.05 0.63 0.27 0.27
Interest Cover(x) -28.5 -25.5 -44.83 3.17 3.17
Total Debt/Mcap(x) 0 0 0 0.14 0.09

Sayaji Hotels(Ind.) Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.95 74.95 74.95 44.08 44.08 44.08 41.36 80.65 80.65 80.65
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 25.05 25.05 25.05 55.92 55.92 55.92 58.64 19.35 19.35 19.35
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Sayaji Hotels(Ind.) News

Sayaji Hotels(Ind.) Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of -56% over the last 3 years.
  • Debtor days have increased from 32.55 to 72.55days.
  • Stock is trading at 4.1 times its book value.
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