Samhi Hotels Limited IPO

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i. Samhi Hotels are a prominent branded hotel ownership and asset management platform in India, with the third largest inventory of operational keys (owned and leased) in India. Within 12 years of starting their business operations, they have built a portfolio of 3,839 keys across 25 operating hotels in 12 of India’s key urban consumption centers, including Bengaluru (Karnataka), Hyderabad (Telangana), National Capital Region (“NCR”), Pune (Maharashtra), Chennai (Tamil Nadu) and Ahmedabad (Gujarat).

ii. They have adopted an acquisition-led strategy, which is underpinned by our track record of acquiring and successfully turning around hotels to grow their business. They acquire or build primarily business hotels, and they take steps to further upgrade properties and engage with established branded hotel operators to allow the hotels to be appropriately positioned within the market.

iii. Their portfolio is diversified across key consumption centers in India, at different price-points and with established brands catering to a broad set of demand. They currently categorize their hotel portfolio into three distinct hotel segments based on brand classification – Upper Upscale and Upscale, Upper Mid-scale and Mid-scale. Over 51.14% of its Total Income for the Financial Year 2023 was from Upper Mid-scale and Midscale hotels. The Upper Mid-scale and Mid-scale segments offer significant growth opportunities in India due to their relevant price positioning and limited dependence on international travelers

Competitive Strengths

i. Ability to acquire dislocated hotels and demonstrated track record to re-rate hotel performance through renovation and/or rebranding;
ii. Portfolio’s scale and diversification further enhanced by sector tailwinds;
iii. Track record to manage hotels efficiently;

Objects of the Samhi Hotels Limited IPO:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects: i. Repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed of by the company and the subsidiaries including payment of the interest accrued thereon. ii. General corporate purposes.

Samhi Hotels Limited IPO Details:

Open Date: Sep 14 2023
Close Date: Sep 18 2023
Total Shares: 10,87,38,095
Face Value: ₹ 1 Per Equity Share
Issue Size: 1,370.1 Cr.
Lot Size: 119 Shares
Issue Price: ₹ 119 to ₹126 Per Equity Share
Listing At: NSE,BSE
Listing Date: Sep 26 2023

Promoters And Management:

Ashish Jakhanwala is the Chairman, Managing Director and Chief Executive Officer of the Company. He has been a member of the Board since December 28, 2010. He holds a bachelor’s degree in commerce from the University of Delhi, a diploma in hotel management and catering technology from the National Council for Hotel Management and Catering Technology, New Delhi and a post graduate diploma in management from International Management Institute, New Delhi. He was previously associated with InterGlobe Hotels Private Limited as a regional director-development and with Pannell Kerr Forster Consultants Pvt. Ltd. as a consultant. Ashish Jakhanwala was also awarded the Gold Bernache by Accor in 2009. He co-chaired the Tourism Committee of Federation of Indian Chambers of Commerce and Industry in 2018. He has experience in the field of hotel operations, design, consulting and investment. Manav Thadani is a Non-Executive Director of the Company. He holds a bachelor’s degree in science and a master’s degree in arts each from New York University. Manav Thadani is an experienced consultant in the field of hospitality and is the founder and chairman of Hotelivate Private Limited. He was previously associated with HVS Licensing LLC Ajish Abraham Jacob is a Non- Executive Director of the Company. He holds a bachelor’s degree in commerce from the Mahatma Gandhi University, Kerela, and is a Certified Public Accountant from the State of Delaware, USA. He has previously worked with Albazie & Co.(RSM) and Ernst & Young, prior to joining Asiya Capital Investments Company K.S.C.P. He has been associated with Asiya Capital Investments Company K.S.C.P. since 2013 and is currently the Assistant Vice President – Investments.

Financials of Samhi Hotels Limited IPO:

A. Balance Sheet
Particular (In Million) Mar-21 Mar-22 Mar-23
Equity Share Capital 76.27 76.27 85.33
Reserves -2,031 -6,465 -8,162
Borrowings 23,870 25,933 26,900
Trade Payables 1,003 1,305 1,413
Other Liabilities 1,962 3,016 2,393
Total Liabilities 26,835 30,254 30,706
Net Block 20,660 19,236 17,974
Capital Work in Progress 177 197 202
Investments 152 149 146
Other Assets 1,659 1,676 1,835
Total NC Assets 22,648 21,259 20,158
Receivables 179 248 513
Inventory 29 25 33
Cash & Bank 1,551 1,607 1,314
Other Assets 403 357 543
Face value 1 1 1
B. Profit & Loss Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Sales 1,696 3,227 7,386
Raw Material Cost 186 328 580
Employee Cost 865 905 1,230
Other Expenses 1,339 1,880 3,199
Other Income 97 104 229
Depreciation 1,118 1,006 963
EBITDA -597 218 2,606
EBITDA (Margin ) -35.21% 6.75% 35.28%
Interest 3,087 3,460 5,221
Profit before tax -4,815 -4,432 -3,386
Tax -38 0.3 0.3
Net profit -4,777 -4,433 -3,386
NPM (%) 266.51% 133.07% 44.47%
C. Cash Flow Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Cash From Operating Activity
Profit From Operation -655 151 2,450
Receivable 154 -70 -296
Inventory 17 3.6 -8
Payable 330 297 117
Loans And Advances -3 -19 0.98
Other WC Items 239 -64 -82
Working Capital Changes 738 147 -267
Direct Taxes 134 -35 -8
Net Cash Inflow from Operating Activity 217 263 2,174
Cash from Investing Activity
Fixed assets purchased -7 -4 -75
Fixed assets sold 0 4 943
Other investing items 430 -25 -184
Net cash inflow from investing activities 423 -25 684
Cash from Financing Activity
Proceeds from borrowings 3,815 11,667 10,798
Repayment of borrowings -2,294 -8,284 -10,539
Intrest paid fin -1,375 -3,467 -3,348
Other financing items -82 -89 -97
Net Cash Flow 704 63 -328

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Samhi Hotels Limited 739 -339 -15.52 -8.1 126 2747
Chalet Hotels Ltd 1128 183 8.94 57 577 11857
Lemon Tree Hotels Ltd 875 141 1.5 74.8 117 9,285
Indian Hotels Co Ltd 5,810 1,053 7.06 58.4 430 61,077
EIH Ltd 2,019 329 5.03 38.6 251 15,681
* All the data is as per FY23.

Recommendation on Samhi Hotels Limited IPO:

Review And Recommendation of Samhi Hotel IPO by IZ team is 5/10 Read Review Here

Registrar of Samhi Hotels Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

SAMHI Hotels Limited Caspia Hotels Delhi, District Centre Crossing, Opposite Galaxy Toyota, Outer Ring Road, Haider Pur, Shalimar Bagh, New Delhi - 110 088 Phone: +91 124 4910 100 Email: Website:

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