WEBSITE BSE:523710 NSE: SAYAJI HOTEL Inc. Year: 1982 Industry: Hotel, Resort & Restaurants My Bucket: Add Stock
Last updated: 15:31
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1. Business Overview
Sayaji Hotels Ltd. is an Indian hospitality company that owns, operates, and manages hotels. Its core business model revolves around providing comprehensive hospitality services, including accommodation, food and beverage (F&B) offerings through multiple restaurants and bars, banqueting facilities for events and conferences, and other ancillary services like spas and fitness centers. The company generates revenue primarily from room bookings, F&B sales, and event hosting.
2. Key Segments / Revenue Mix
The primary revenue streams for Sayaji Hotels Ltd. originate from its accommodation services (room rentals) and its extensive Food & Beverage operations, which include various dining outlets and catering for events. Banqueting and conference services also contribute significantly, particularly in the business and wedding segments. While specific percentage breakdowns are not provided, these three areas form the core of the company's income.
3. Industry & Positioning
Sayaji Hotels Ltd. operates within the Indian hotel, resort, and restaurants sector, which is characterized by a mix of organized chains and independent players. The industry is dynamic, driven by domestic tourism, business travel, and a growing middle class with increasing disposable incomes. Sayaji typically positions itself in the mid-scale to upscale segments, often catering to both business and leisure travelers in Tier 2 and emerging Tier 1 cities across India. It holds a recognized brand presence, particularly in Central and Western India, where it has established a network of properties.
4. Competitive Advantage (Moat)
Sayaji Hotels Ltd. possesses a moderate competitive advantage primarily derived from:
Brand Recognition: A well-established and recognized brand name in its target markets, fostering customer loyalty and repeat business.
Strategic Locations: Many of its properties are located in key business or tourist hubs, providing a locational advantage.
Operational Expertise: Years of experience in managing diverse hospitality offerings, leading to operational efficiencies and a consistent guest experience.
While not possessing the global scale of international chains, its regional strength and specific market focus provide a degree of differentiation.
5. Growth Drivers
Key factors that can drive growth for Sayaji Hotels Ltd. over the next 3-5 years include:
Growing Indian Tourism: Continued growth in both domestic and inbound tourism, fueled by rising incomes and government initiatives.
Business Travel Expansion: Increased corporate activity and MICE (Meetings, Incentives, Conferences, Exhibitions) segment growth.
Expansion Strategy: The company's plans for adding new properties through owned, leased, or management contract models, expanding its footprint.
Focus on F&B and Events: Leveraging its strong F&B offerings to capture a larger share of the local dining and event market.
Infrastructure Development: Improved connectivity and infrastructure in Tier 2 cities can unlock new demand.
6. Risks
Sayaji Hotels Ltd. faces several key business risks:
Economic Downturns: The hospitality sector is cyclical and highly sensitive to economic fluctuations, consumer spending, and business confidence.
Intense Competition: The Indian hotel market is highly competitive, with numerous domestic and international players.
High Capital Expenditure: Expansion and renovation of properties require significant capital investment, posing financial risk.
Regulatory Changes: Changes in taxation, licensing, or environmental regulations can impact operations and costs.
Unforeseen Events: Pandemics, geopolitical instability, or natural disasters can severely disrupt travel and hotel occupancy.
Seasonality: Revenue can be subject to seasonal variations in demand.
7. Management & Ownership
Sayaji Hotels Ltd. is promoted by the Sayaji Group. The management team typically comprises professionals with experience in the hospitality sector, overseeing the operations and strategic expansion of the hotel chain. As a promoter-led company, the ownership structure usually reflects significant holdings by the founding family or group, which can lead to strong strategic control and a long-term vision for the business.
8. Outlook
Sayaji Hotels Ltd. is positioned to benefit from the secular growth trends in the Indian hospitality industry, driven by increasing domestic travel and business activity. Its established brand, particularly in its focus markets, and ongoing expansion plans present opportunities for revenue and network growth. However, the company operates in a highly competitive and capital-intensive sector, making it susceptible to economic cycles, competitive pressures, and execution risks associated with expansion. Its ability to maintain operational efficiencies and adapt to evolving customer preferences will be crucial for sustained performance.
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Market Cap ₹499 Cr.
Stock P/E 240.6
P/B 3.3
Current Price ₹285
Book Value ₹ 85.7
Face Value 10
52W High ₹315
Dividend Yield 0%
52W Low ₹ 250
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 22 | 32 | 34 | 28 | 28 | 43 | 40 | 36 | 32 | 44 |
| Other Income | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 23 | 32 | 36 | 29 | 29 | 43 | 41 | 36 | 32 | 45 |
| Total Expenditure | 17 | 20 | 21 | 20 | 23 | 29 | 31 | 27 | 27 | 29 |
| Operating Profit | 6 | 13 | 14 | 9 | 6 | 14 | 10 | 9 | 5 | 15 |
| Interest | 2 | 1 | 2 | 2 | 2 | 3 | 4 | 3 | 3 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 6 | 6 | 6 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 8 | 10 | 4 | 1 | 7 | 2 | -0 | -4 | 6 |
| Provision for Tax | 1 | 1 | 1 | 1 | 0 | 2 | -0 | -0 | -1 | 1 |
| Profit After Tax | 0 | 7 | 8 | 3 | 1 | 5 | 2 | -0 | -3 | 5 |
| Adjustments | -4 | 1 | -0 | -1 | -2 | 1 | -6 | -5 | -7 | -2 |
| Profit After Adjustments | -3 | 8 | 8 | 1 | -1 | 6 | -4 | -5 | -10 | 3 |
| Adjusted Earnings Per Share | -2 | 4.7 | 4.6 | 0.7 | -0.7 | 3.6 | -2.4 | -2.9 | -5.6 | 1.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 143 | 181 | 179 | 216 | 244 | 215 | 77 | 163 | 115 | 112 | 138 | 152 |
| Other Income | 2 | 2 | 2 | 3 | 5 | 4 | 10 | 9 | 3 | 5 | 3 | 4 |
| Total Income | 145 | 182 | 180 | 219 | 250 | 219 | 87 | 172 | 118 | 117 | 142 | 154 |
| Total Expenditure | 117 | 144 | 145 | 181 | 203 | 167 | 66 | 116 | 82 | 75 | 103 | 114 |
| Operating Profit | 28 | 38 | 36 | 37 | 47 | 52 | 21 | 56 | 36 | 42 | 39 | 39 |
| Interest | 13 | 15 | 19 | 16 | 19 | 24 | 22 | 20 | 8 | 7 | 10 | 13 |
| Depreciation | 25 | 30 | 26 | 24 | 24 | 31 | 28 | 24 | 10 | 11 | 15 | 23 |
| Exceptional Income / Expenses | 0 | 11 | 0 | 0 | -2 | -5 | 0 | 44 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -10 | 5 | -9 | -3 | 2 | -7 | -62 | 46 | 23 | 19 | 5 | 4 |
| Provision for Tax | -3 | -1 | -0 | 3 | 3 | -3 | -6 | 13 | 13 | 5 | 3 | 0 |
| Profit After Tax | -6 | 6 | -9 | -6 | -1 | -5 | -57 | 33 | 11 | 14 | 2 | 4 |
| Adjustments | 9 | 6 | 6 | 2 | -12 | -14 | 5 | 0 | 25 | 0 | 0 | -20 |
| Profit After Adjustments | 3 | 12 | -2 | -4 | -13 | -18 | -51 | 33 | 35 | 14 | 2 | -16 |
| Adjusted Earnings Per Share | 1.7 | 6.6 | -1.4 | -2.3 | -7.7 | -10.4 | -29.2 | 18.9 | 20 | 8.2 | 1.2 | -9.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 23% | -5% | -8% | -0% |
| Operating Profit CAGR | -7% | -11% | -6% | 3% |
| PAT CAGR | -86% | -61% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 3% | -7% | 7% | 8% |
| ROE Average | 1% | 4% | -6% | -4% |
| ROCE Average | 9% | 11% | 8% | 7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 98 | 111 | 130 | 143 | 139 | 72 | 107 | 215 | 249 | 159 | 160 |
| Minority's Interest | 11 | 9 | 5 | 5 | 5 | 1 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 61 | 46 | 99 | 101 | 80 | 71 | 58 | 40 | 18 | 0 | 13 |
| Other Non-Current Liabilities | 17 | 12 | 23 | 24 | 25 | 137 | 87 | 64 | 48 | 44 | 110 |
| Total Current Liabilities | 51 | 103 | 59 | 57 | 75 | 61 | 56 | 43 | 40 | 22 | 44 |
| Total Liabilities | 238 | 281 | 315 | 329 | 323 | 342 | 309 | 361 | 355 | 224 | 326 |
| Fixed Assets | 166 | 154 | 172 | 161 | 154 | 272 | 200 | 166 | 150 | 51 | 155 |
| Other Non-Current Assets | 44 | 76 | 87 | 114 | 108 | 15 | 62 | 132 | 150 | 131 | 134 |
| Total Current Assets | 27 | 51 | 55 | 55 | 62 | 55 | 47 | 64 | 55 | 42 | 37 |
| Total Assets | 238 | 281 | 315 | 329 | 323 | 342 | 309 | 361 | 355 | 224 | 326 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 10 | 1 | -4 | 11 | 11 | -0 | 5 | -2 | 28 | 2 | 3 |
| Cash Flow from Operating Activities | 28 | 26 | 38 | 29 | 37 | 50 | 13 | 34 | 38 | 47 | 28 |
| Cash Flow from Investing Activities | -51 | -32 | -6 | -10 | -14 | 1 | 5 | 46 | -10 | 5 | -33 |
| Cash Flow from Financing Activities | 15 | 11 | -18 | -19 | -33 | -46 | -26 | -50 | -53 | -51 | 7 |
| Net Cash Inflow / Outflow | -9 | 5 | 15 | 0 | -11 | 6 | -7 | 29 | -25 | 1 | 2 |
| Closing Cash & Cash Equivalent | 1 | 6 | 11 | 11 | -0 | 5 | -2 | 28 | 2 | 3 | 4 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.7 | 6.64 | -1.42 | -2.3 | -7.65 | -10.44 | -29.24 | 18.87 | 20.03 | 8.18 | 1.18 |
| CEPS(Rs) | 10.39 | 20.29 | 9.73 | 10.23 | 13.38 | 14.84 | -16.43 | 32.63 | 11.79 | 14.71 | 9.92 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 50.75 | 57.63 | 74.02 | 81.84 | 79.15 | 41 | 61.24 | 122.65 | 142.13 | 90.49 | 91.06 |
| Core EBITDA Margin(%) | 18.4 | 20.14 | 19.14 | 16.02 | 17.01 | 22.14 | 14.66 | 29 | 28.81 | 33.25 | 25.76 |
| EBIT Margin(%) | 2.51 | 11.14 | 5.7 | 6.35 | 8.44 | 7.61 | -51.97 | 40.33 | 27.17 | 23.81 | 11.19 |
| Pre Tax Margin(%) | -6.65 | 2.81 | -5.03 | -1.19 | 0.77 | -3.47 | -80.59 | 28.32 | 20.31 | 17.2 | 3.63 |
| PAT Margin (%) | -4.54 | 3.25 | -4.78 | -2.7 | -0.39 | -2.11 | -73.38 | 20.26 | 9.16 | 12.83 | 1.5 |
| Cash Profit Margin (%) | 12.74 | 19.69 | 9.53 | 8.3 | 9.59 | 12.09 | -37.34 | 35.04 | 17.96 | 23.06 | 12.56 |
| ROA(%) | -2.19 | 2.26 | -2.87 | -1.81 | -0.29 | -1.37 | -17.38 | 9.87 | 2.94 | 4.95 | 0.75 |
| ROE(%) | -6.4 | 6.19 | -7.41 | -4.27 | -0.68 | -4.32 | -63.16 | 20.52 | 4.54 | 7.04 | 1.31 |
| ROCE(%) | 1.7 | 9.6 | 4.15 | 5.12 | 7.71 | 7.65 | -22.7 | 29.16 | 11.7 | 12.4 | 8.83 |
| Receivable days | 21.24 | 17.66 | 16.65 | 14.09 | 15.08 | 13.71 | 22.51 | 12.4 | 28.59 | 28.84 | 22.76 |
| Inventory Days | 43.04 | 30.59 | 32.42 | 28.82 | 28.72 | 34.12 | 86.6 | 29.43 | 29.73 | 18.66 | 11.96 |
| Payable days | 153.64 | 84.36 | 94.58 | 84.9 | 96.4 | 115.84 | 304.58 | 132.41 | 203.05 | 199.22 | 97.28 |
| PER(x) | 75.33 | 18.37 | 0 | 0 | 0 | 0 | 0 | 14.55 | 15.33 | 35.08 | 233.22 |
| Price/Book(x) | 2.53 | 2.12 | 2.5 | 3.7 | 3.23 | 5.09 | 3.83 | 2.24 | 2.16 | 3.17 | 3.03 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.27 | 1.86 | 2.47 | 3 | 2.32 | 2.11 | 6.33 | 3.08 | 4.79 | 4.48 | 3.7 |
| EV/Core EBITDA(x) | 11.49 | 8.76 | 12.36 | 17.26 | 12.09 | 8.78 | 22.84 | 8.93 | 15.17 | 11.91 | 13.11 |
| Net Sales Growth(%) | -63.41 | 26.38 | -0.89 | 20.63 | 13.25 | -12.04 | -64.15 | 111.67 | -29.52 | -2.8 | 23.72 |
| EBIT Growth(%) | -93.05 | 460.58 | -49.27 | 34.34 | 50.58 | -20.67 | -344.71 | 264.26 | -52.53 | -14.82 | -41.86 |
| PAT Growth(%) | -131.51 | 190.58 | -245.6 | 31.8 | 83.61 | -375.38 | -1145.36 | 158.44 | -68.13 | 36.09 | -85.52 |
| EPS Growth(%) | -78.33 | 290.04 | -121.38 | -61.62 | -233.27 | -36.49 | -179.98 | 164.53 | 6.18 | -59.15 | -85.52 |
| Debt/Equity(x) | 0.94 | 1.07 | 1.03 | 0.9 | 0.89 | 1.3 | 0.75 | 0.23 | 0.09 | 0 | 0.2 |
| Current Ratio(x) | 0.54 | 0.49 | 0.94 | 0.97 | 0.82 | 0.91 | 0.83 | 1.49 | 1.37 | 1.94 | 0.85 |
| Quick Ratio(x) | 0.26 | 0.34 | 0.68 | 0.64 | 0.55 | 0.59 | 0.54 | 1.27 | 1.22 | 1.83 | 0.7 |
| Interest Cover(x) | 0.27 | 1.34 | 0.53 | 0.84 | 1.1 | 0.69 | -1.82 | 3.36 | 3.96 | 3.6 | 1.48 |
| Total Debt/Mcap(x) | 0.41 | 0.55 | 0.41 | 0.24 | 0.28 | 0.26 | 0.2 | 0.1 | 0.04 | 0 | 0.07 |
| # | 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 | 74.95 | 74.95 | 74.95 | 65.84 | 65.84 | 66.82 | 66.82 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 25.03 | 34.14 | 34.14 | 33.15 | 33.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.31 | 1.15 | 1.15 | 1.17 | 1.17 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.6 | 0.6 | 0.58 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 |
* The pros and cons are machine generated.
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