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Sayaji Hotels Overview

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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Sayaji Hotels Key Financials

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

Sayaji Hotels Share Price

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Volume
Price

Sayaji Hotels Quarterly Price

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Sayaji Hotels Peer Comparison

Sayaji Hotels Quarterly Results

#(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

Sayaji Hotels Profit & Loss

#(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

Growth Rates

# 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%

Sayaji Hotels Balance Sheet

#(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

Sayaji Hotels Cash Flow

#(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

Sayaji Hotels Ratios

# 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

Sayaji Hotels 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 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

Sayaji Hotels News

Sayaji Hotels Pros & Cons

Pros

  • Debtor days have improved from 199.22 to 97.28days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • Stock is trading at 3.3 times its book value.
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