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Sayaji Hotels Ltd

SAYAJIHOTL

NSE

₹305.00-0.65%19 Oct 2026

Reports

Hotels

Sayaji Hotels Ltd

SAYAJIHOTL

NSE

₹305.00

-0.65%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Sayaji Hotels Ltd is a home-grown Indian hospitality company built on the belief that a hotel stay should feel personal - what it calls “Yours Truly” service - and that conviction has carried it from a single property to a pan-India portfolio of individually designed hotels over three decades. Promoted by the Vadodara-based Dhanani family and radically restructured in 2023, the company today operates as a pure-play hoteliering business that earns its keep from rooms, food and beverage, and allied services, with social events like weddings driving roughly half of all revenue. The recurring approach is an asset-light, multi-brand strategy: three distinct brands - Sayaji, Effotel and Enrise - each aimed at a different tier of the market, so the company can grow its footprint without tying up all its capital in bricks and mortar.

Business segments

A single engine with three brand gears - a hoteliering business that runs owned and leased properties across upscale, mid-scale and budget tiers, each brand pulling a different traveller while the same operational backbone serves them all.

1. Owned and leased hotels: the core hospitality engine

The company makes its money by putting heads in beds and plates on tables - running a portfolio of hotels where it controls the property, the staff and the guest experience, with social events contributing more than half of total revenue.

Three brands, three price points - the flagship Sayaji & Sayaji Resorts & Spa brand operates 10 upscale hotels in cities such as Udaipur, Indore and Raipur, with six more in the pipeline; Effotel runs seven mid-scale properties in locations like Dehradun and Goa; and Enrise, the budget brand, has the widest reach with 14 hotels open and another 15 under development, stretching from Nagpur to Dwarka. That tiered architecture lets the company capture business travellers, leisure guests and MICE (Meetings, Incentives, Conferences and Events) visitors without one brand cannibalising another.
Weddings are the economic anchor - food and beverage events, primarily social gatherings like weddings, account for over half of total revenues, which makes the business highly seasonal but also gives it a predictable demand floor in the markets where it operates.
Direct operational control - unlike a franchisor, the company manages the property, employs the staff (740 people as of March 2025) and runs documented internal controls across every hotel function, so the guest experience stays consistent whether the guest is in Kolhapur or Jamnagar.
Local sourcing, central logistics - it buys local produce from small-scale farmers, women’s self-help groups and micro-enterprises, while a unified warehousing and distribution system serves hotel needs through regional hubs instead of each property procuring on its own. That keeps the supply chain lean and ties the hotels to their communities.
Sustainability as an operating discipline - a solar plant at the Raipur hotel, more than 50% of wet waste and used water recycled, an 80% reduction in food waste through dedicated monitoring staff, and all e-waste sent to certified recyclers. These are not just credentials; they lower utility and disposal costs across the portfolio.

Group structure and partners

The 2023 restructuring split the original company into three listed entities, leaving Sayaji Hotels Ltd as a lean operating company with a web of related-party arrangements, a housekeeping subsidiary, and a stake in a well-known restaurant chain.

The great unbundling - under a scheme effective August 2023, the company’s investments in Sayaji Hotels (Indore) Ltd, Sayaji Hotels Management Ltd and Sayaji Hotels (Pune) Ltd were cancelled, and the Indore and Pune hotel undertakings were demerged into separate listed entities, while Ahilya Hotels Limited was amalgamated into the company. Shareholders received shares in the resulting companies, and the company’s authorised share capital was reduced.
A housekeeping arm and a restaurant associate - the wholly-owned subsidiary Sayaji Housekeeping Services Limited sits under the company, while it holds an investment in associate Barbeque-Nation Hospitality Limited and earns management consultancy fees from it.
Related-party fabric - the company pays significant lease rent to Prinite Hospitality Private Limited (a related party) and receives lease rent and business support fees from its former subsidiaries and other promoter-linked entities such as Malwa Hospitality Private Limited and Kshipra Restaurants Private Limited. In FY25, it also received a loan from key management personnel.
Promoter grip and a flagged dispute - promoters held about 66% of the equity as of January 2025, down from roughly 75% before the restructuring, following the reclassification of two outgoing promoters to the public category. The company is contesting a lease cancellation by the Indore Development Authority over its flagship Indore property; the Indore High Court has stayed eviction proceedings.
Strategic side-bets - the company holds a 26% stake in SRSB Infrastructure Private Limited, a special purpose vehicle for a project in Nava Raipur Atal Nagar, and another 26% stake in Avanir Wellness Resorts Private Limited, an SPV incorporated for developing an iconic wellness centre under a tender from the Nava Raipur Atal Nagar Vikas Pradhikaran.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹534Cr

Close Price

₹305.00

Industry

Hotels

Price To Earnings

—

Price To Sales

4.01

Revenue

₹133Cr

Rev Gr TTM

Revenue Growth TTM

-8.63%

PAT Gr TTM

PAT Growth TTM

79.68%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	22	32	34	28	28	43	40	36	32	44	38	20
Growth YoY Revenue Growth YoY%	-58.2	1.0	-21.2	14.3	27.7	35.0	17.4	27.1	12.6	3.3	-5.0	-43.7
Expenses ExpensesCr	17	20	21	20	23	29	31	27	27	29	26	17
Operating Profit Operating ProfitCr	5	12	12	8	5	13	9	8	5	15	11	3
OPM OPM%	24.1	36.8	37.0	29.3	18.9	31.1	22.5	23.7	14.4	33.5	29.9	13.3
Other Income Other IncomeCr	-3	2	2	-1	-1	2	-5	-4	-6	-1	9	5
Interest Expense Interest ExpenseCr	2	1	2	2	2	3	4	3	3	3	3	3
Depreciation DepreciationCr	3	3	3	3	3	4	5	6	6	6	7	4
PBT PBTCr	-2	10	9	3	-1	8	-4	-5	-11	4	10	1
Tax TaxCr	2	1	1	1	0	2	0	0	-1	1	4	0
PAT PATCr	-3	8	8	1	-1	6	-4	-5	-10	3	6	0
Growth YoY PAT Growth YoY%	-155.6	-47.0	16.8	-15.9	62.8	-23.1	-153.4	-503.9	-657.7	-59.1	241.6	105.8
NPM NPM%	-15.8	26.3	23.7	4.5	-4.6	15.0	-10.8	-14.4	-31.1	5.9	16.1	1.5
EPS EPS₹	-2.0	4.7	4.6	0.7	-0.7	3.6	-2.4	-2.9	-5.6	1.5	3.5	0.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	22	32	34	28	28	43	40	36	32	44	38	20
Growth YoY Revenue Growth YoY%	-58.2	1.0	-21.2	14.3	27.7	35.0	17.4	27.1	12.6	3.3	-5.0	-43.7
Expenses ExpensesCr	17	20	21	20	23	29	31	27	27	29	26	17
Operating Profit Operating ProfitCr	5	12	12	8	5	13	9	8	5	15	11	3
OPM OPM%	24.1	36.8	37.0	29.3	18.9	31.1	22.5	23.7	14.4	33.5	29.9	13.3
Other Income Other IncomeCr	-3	2	2	-1	-1	2	-5	-4	-6	-1	9	5
Interest Expense Interest ExpenseCr	2	1	2	2	2	3	4	3	3	3	3	3
Depreciation DepreciationCr	3	3	3	3	3	4	5	6	6	6	7	4
PBT PBTCr	-2	10	9	3	-1	8	-4	-5	-11	4	10	1
Tax TaxCr	2	1	1	1	0	2	0	0	-1	1	4	0
PAT PATCr	-3	8	8	1	-1	6	-4	-5	-10	3	6	0
Growth YoY PAT Growth YoY%	-155.6	-47.0	16.8	-15.9	62.8	-23.1	-153.4	-503.9	-657.7	-59.1	241.6	105.8
NPM NPM%	-15.8	26.3	23.7	4.5	-4.6	15.0	-10.8	-14.4	-31.1	5.9	16.1	1.5
EPS EPS₹	-2.0	4.7	4.6	0.7	-0.7	3.6	-2.4	-2.9	-5.6	1.5	3.5	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	181	179	216	244	215	77	163	115	112	138	149	133
Growth Revenue Growth%	26.4	-0.9	20.6	13.3	-12.0	-64.2	111.7	-29.5	-2.8	23.7	7.6	-8.6
Expenses ExpensesCr	144	145	181	203	166	66	116	82	75	103	110	100
Operating Profit Operating ProfitCr	36	34	35	42	49	12	47	33	37	36	39	33
OPM OPM%	20.1	19.1	16.0	17.0	22.9	14.9	29.0	28.8	33.3	25.8	26.2	24.9
Other Income Other IncomeCr	13	7	5	-9	-15	-24	43	8	1	-5	-2	7
Interest Expense Interest ExpenseCr	15	19	16	19	24	22	20	8	7	10	14	13
Depreciation DepreciationCr	30	26	24	24	31	28	24	10	11	15	26	24
PBT PBTCr	5	-4	-1	-10	-21	-62	46	23	19	5	-3	3
Tax TaxCr	-1	0	3	3	-3	-6	13	13	5	3	4	4
PAT PATCr	6	-3	-4	-13	-18	-57	33	11	14	2	-6	-1
Growth PAT Growth%	190.6	-152.1	-27.2	-241.4	-33.5	-218.8	158.4	-68.1	36.1	-85.5	-404.5	79.7
NPM NPM%	3.3	-1.7	-1.8	-5.4	-8.3	-73.4	20.3	9.2	12.8	1.5	-4.3	-0.7
EPS EPS₹	5.7	-0.5	-2.8	-7.9	-11.1	-29.2	17.3	17.8	8.2	1.2	-3.6	-0.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	181	179	216	244	215	77	163	115	112	138	149	133
Growth Revenue Growth%	26.4	-0.9	20.6	13.3	-12.0	-64.2	111.7	-29.5	-2.8	23.7	7.6	-8.6
Expenses ExpensesCr	144	145	181	203	166	66	116	82	75	103	110	100
Operating Profit Operating ProfitCr	36	34	35	42	49	12	47	33	37	36	39	33
OPM OPM%	20.1	19.1	16.0	17.0	22.9	14.9	29.0	28.8	33.3	25.8	26.2	24.9
Other Income Other IncomeCr	13	7	5	-9	-15	-24	43	8	1	-5	-2	7
Interest Expense Interest ExpenseCr	15	19	16	19	24	22	20	8	7	10	14	13
Depreciation DepreciationCr	30	26	24	24	31	28	24	10	11	15	26	24
PBT PBTCr	5	-4	-1	-10	-21	-62	46	23	19	5	-3	3
Tax TaxCr	-1	0	3	3	-3	-6	13	13	5	3	4	4
PAT PATCr	6	-3	-4	-13	-18	-57	33	11	14	2	-6	-1
Growth PAT Growth%	190.6	-152.1	-27.2	-241.4	-33.5	-218.8	158.4	-68.1	36.1	-85.5	-404.5	79.7
NPM NPM%	3.3	-1.7	-1.8	-5.4	-8.3	-73.4	20.3	9.2	12.8	1.5	-4.3	-0.7
EPS EPS₹	5.7	-0.5	-2.8	-7.9	-11.1	-29.2	17.3	17.8	8.2	1.2	-3.6	-0.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	18	18	18	18	18	18	18	18	18	18	18
Reserves ReservesCr	83	110	123	119	46	80	188	222	141	142	138
Current Liabilities Current LiabilitiesCr	103	59	57	75	61	56	43	40	22	44	35
Non Current Liabilities Non Current LiabilitiesCr	72	132	133	113	226	165	121	82	49	129	115
Total Liabilities Total LiabilitiesCr	295	325	338	332	359	329	378	371	229	332	305
Current Assets Current AssetsCr	51	55	55	62	55	47	64	55	42	37	49
Non Current Assets Non Current AssetsCr	244	270	283	270	304	282	314	316	187	295	256
Total Assets Total AssetsCr	295	325	338	332	359	329	378	371	229	332	305

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	18	18	18	18	18	18	18	18	18	18	18
Reserves ReservesCr	83	110	123	119	46	80	188	222	141	142	138
Current Liabilities Current LiabilitiesCr	103	59	57	75	61	56	43	40	22	44	35
Non Current Liabilities Non Current LiabilitiesCr	72	132	133	113	226	165	121	82	49	129	115
Total Liabilities Total LiabilitiesCr	295	325	338	332	359	329	378	371	229	332	305
Current Assets Current AssetsCr	51	55	55	62	55	47	64	55	42	37	49
Non Current Assets Non Current AssetsCr	244	270	283	270	304	282	314	316	187	295	256
Total Assets Total AssetsCr	295	325	338	332	359	329	378	371	229	332	305

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	26	38	29	37	50	13	34	38	47	28	44
Investing Cash Flow Investing Cash FlowCr	-32	-6	-10	-14	1	5	46	-10	5	-33	-33
Financing Cash Flow Financing Cash FlowCr	11	-18	-19	-33	-46	-26	-50	-53	-51	7	-12
Net Cash Flow Net Cash FlowCr	5	15	0	-11	6	-7	29	-25	1	2	-1
Free Cash Flow Free Cash FlowCr	-8	24	16	17	43	11	33	33	47	-12	13
CFO To PAT CFO To PAT%	442.8	-1,241.5	-742.6	-275.3	-280.9	-23.5	102.3	356.1	330.0	1,355.4	-697.1
CFO To EBITDA CFO To EBITDA%	71.5	110.8	83.6	88.0	101.5	115.7	71.4	113.3	127.3	78.8	113.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	26	38	29	37	50	13	34	38	47	28	44
Investing Cash Flow Investing Cash FlowCr	-32	-6	-10	-14	1	5	46	-10	5	-33	-33
Financing Cash Flow Financing Cash FlowCr	11	-18	-19	-33	-46	-26	-50	-53	-51	7	-12
Net Cash Flow Net Cash FlowCr	5	15	0	-11	6	-7	29	-25	1	2	-1
Free Cash Flow Free Cash FlowCr	-8	24	16	17	43	11	33	33	47	-12	13
CFO To PAT CFO To PAT%	442.8	-1,241.5	-742.6	-275.3	-280.9	-23.5	102.3	356.1	330.0	1,355.4	-697.1
CFO To EBITDA CFO To EBITDA%	71.5	110.8	83.6	88.0	101.5	115.7	71.4	113.3	127.3	78.8	113.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	214	324	531	449	365	411	481	538	503	484	481	534
Price To Earnings Price To Earnings	18.4						14.6	15.3	35.1	234.2
Price To Sales Price To Sales	1.2	1.8	2.5	1.8	1.7	5.3	3.0	4.7	4.5	3.5	3.2	4.0
Price To Book Price To Book	2.1	2.5	3.8	3.3	5.8	4.2	2.3	2.3	3.2	3.0	3.1	3.4
EV To EBITDA EV To EBITDA	8.2	12.4	18.3	13.2	8.9	48.7	12.0	18.4	14.9	17.6	13.4	19.9
Profitability Ratios Profitability Ratios
GPM GPM%	52.0	55.6	55.6	58.3	56.6	54.7	57.0	61.4	65.5	61.6
OPM OPM%	20.1	19.1	16.0	17.0	22.9	14.9	29.0	28.8	33.3	25.8	26.2	24.9
NPM NPM%	3.3	-1.7	-1.8	-5.4	-8.3	-73.4	20.3	9.2	12.8	1.5	-4.3	-0.7
ROCE ROCE%	10.6	6.5	6.1	3.5	2.2	-16.0	20.6	9.8	12.5	5.0	5.5	5.5
ROE ROE%	5.8	-2.4	-2.8	-9.8	-28.2	-57.8	16.1	4.4	9.0	1.3	-4.1	-4.1
ROA ROA%	2.0	-0.9	-1.1	-4.0	-4.9	-17.2	8.7	2.8	6.3	0.6	-2.1	-2.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	214	324	531	449	365	411	481	538	503	484	481	534
Price To Earnings Price To Earnings	18.4						14.6	15.3	35.1	234.2
Price To Sales Price To Sales	1.2	1.8	2.5	1.8	1.7	5.3	3.0	4.7	4.5	3.5	3.2	4.0
Price To Book Price To Book	2.1	2.5	3.8	3.3	5.8	4.2	2.3	2.3	3.2	3.0	3.1	3.4
EV To EBITDA EV To EBITDA	8.2	12.4	18.3	13.2	8.9	48.7	12.0	18.4	14.9	17.6	13.4	19.9
Profitability Ratios Profitability Ratios
GPM GPM%	52.0	55.6	55.6	58.3	56.6	54.7	57.0	61.4	65.5	61.6
OPM OPM%	20.1	19.1	16.0	17.0	22.9	14.9	29.0	28.8	33.3	25.8	26.2	24.9
NPM NPM%	3.3	-1.7	-1.8	-5.4	-8.3	-73.4	20.3	9.2	12.8	1.5	-4.3	-0.7
ROCE ROCE%	10.6	6.5	6.1	3.5	2.2	-16.0	20.6	9.8	12.5	5.0	5.5	5.5
ROE ROE%	5.8	-2.4	-2.8	-9.8	-28.2	-57.8	16.1	4.4	9.0	1.3	-4.1	-4.1
ROA ROA%	2.0	-0.9	-1.1	-4.0	-4.9	-17.2	8.7	2.8	6.3	0.6	-2.1	-2.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KAMATHOTEL	ADVENTHTL	AHLWEST	SAYAJIHOTL	ADVANIHOTR	HLVLTD	EMERALL
Market CapitalizationMkt CapCr	727	663	613	534	437	400	396
Close PriceClose₹	246.77	122.91	526.10	305.00	47.29	6.06	263.70
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	17.02	17.66	6.67		19.07	86.57
Price To SalesPS	1.85	1.71	1.38	4.01	4.05	1.93	24.22
RevenueRevenueCr	394	388	444	133	108	207	16
Revenue Growth TTMRev Gr TTM%	7.6%	3.5%	8.2%	-8.6%	2.4%	2.9%	8.8%
PAT Growth TTMPAT Gr TTM%	-11.5%	-29.3%	135.0%	79.7%	-9.1%	-77.3%	18.0%

	KAMATHOTEL	ADVENTHTL	AHLWEST	SAYAJIHOTL	ADVANIHOTR	HLVLTD	EMERALL
Market CapitalizationMkt CapCr	727	663	613	534	437	400	396
Close PriceClose₹	246.77	122.91	526.10	305.00	47.29	6.06	263.70
IndustryIndustry	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels	Hotels
Price To EarningsPE	17.02	17.66	6.67		19.07	86.57
Price To SalesPS	1.85	1.71	1.38	4.01	4.05	1.93	24.22
RevenueRevenueCr	394	388	444	133	108	207	16
Revenue Growth TTMRev Gr TTM%	7.6%	3.5%	8.2%	-8.6%	2.4%	2.9%	8.8%
PAT Growth TTMPAT Gr TTM%	-11.5%	-29.3%	135.0%	79.7%	-9.1%	-77.3%	18.0%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26