Samhi Hotels Limited · NSE:SAMHI
Samhi Hotels — Investor Day (September 2025)
71 slides from Samhi Hotels's investor day presentation, Sep 2, 2025
Slide 1: Go for greatness
www.samhi.co.in Go for greatness Investor day, 2nd Sept 2025
Slide 2: Presenters
www.samhi.co.in Presenters Ashish Rajat Gyana Nakul Jakhanwala Mehra Das Manaktala Founder, MD & CEO CFO EVP & Head of Investments VP – Investments Page 2
Slide 3: Business Environment
www.samhi.co.in Business Environment Page 3
Slide 4: World follows the headline, we follow the trendline
www.samhi.co.in World follows the headline, we follow the trendline Page 4
Slide 5: India's GDP has grown 4x in less than 20 years
www.samhi.co.in India’s GDP has 3.6 3.9 grown 4x 3.2 3.4 2.8 in less than 20 years & 2.7 2.7 2.7 continues to outpace global 2.3 growth 2.0 2.1 1.8 1.8 1.9 1.7 1.3 1.2 1.2 0.9 Growth Rate Comparison: Between 2022 and 2032, the travel and tourism sector is anticipated to grow outpacing the projected
Slide 6: India Travel & Tourism Lagging Global Markets
www.samhi.co.in India Travel & Tourism Travel & Tourism (% Contribution to GDP) Lagging Global Markets Global India 11.4% 9.1% 7.6% 6.5% GDP generated directly by the Travel & Tourism sector (as a % of total GDP) lags global average by 260 bps in CY 23, representing a massive opportunity for disprop
Slide 7: Bangalore & Hyderabad transforming into largest office markets
www.samhi.co.in City Office Stock3 (mn sq. ft.) Cities like Bangalore & Hyderabad are New York City Washington ~500 ~420 transforming into some of the largest office Chicago ~350 Dallas ~340 markets globally Bangalore (2030 Est.)1 330+ Note: data includes only grade-A office space, thus excluding la
Slide 8: Bengaluru led the world in office leasing in CY2024
www.samhi.co.in CY2024 Net Absorption (in mn sq. ft.) 14 Bengaluru led the world in 11 office leasing activity in 8 CY2024, recording a historic 7 7 14+ million square feet of net 4 3 absorption Bangalore Mumbai Hyderabad Delhi NCR New York Tokyo London Source: Cushman & Wakefield (for Indian cities
Slide 9: Aviation Growth Fueling Demand
www.samhi.co.in Air passenger growth continues its upward trajectory Aviation Growth with ~295 million passengers1 in FY25 (+8.7% YoY) Fueling Demand QoQ airline passenger (in mn) 77 77 70 71 72 71 68 66 67 65 64 63 61 56 53 53 47 40 31 26 26 16 13 3 Q1FY20 Q2FY20 Q4FY20 Q4FY22 Q1FY24 Q2FY24 Q1FY21
Slide 10: Favorable Hotel Demand-Supply Dynamics
www.samhi.co.in Favorable Hotel Demand-Supply Dynamics Market Growth Estimates (FY25-FY29E) Demand growth = FY14-FY24 Actuals Supply growth = Estimates basis current pipeline (FY25-FY29E) Bangalore 6.2% 4.7% 6.5% Hyderabad 3.2% 2.9% Pune 1.5% 4.7% Delhi NCR 3.6% 6.3% Chennai 1.2% 4.0% Mumbai 3.2% So
Slide 11: SAMHI Hotels Ltd Our journey
www.samhi.co.in SAMHI Hotels Ltd Our journey Page 11
Slide 12: Company of scale created in rapid time
www.samhi.co.in Listed Hospitality Peers (by FY25 Total Income, in ₹ mn) 35,600 # Yrs. since incorporation 31 hotels 27,430 4,806 rooms 21,600 11 brands 13 cities 17,540 16,040 15,210 14,070 12,880 11,500 9,760 Company of scale created 6,530 in rapid time through our Hotel Hotel SAMHI IHCL ITC Hotel
Slide 13: SAMHI Hotels: partnership between management & financial institutions
www.samhi.co.in 11,500 SAMHI Hotels a rare partnership between management & best in class financial institutions 7,620 6,280 10 430 730 FY11 FY14 FY15 FY20 FY23 FY25 Strategic Partnership with GIC Note: Above graph shows Total Income (in ₹ mn); data rounded to nearest tenth Page 13
Slide 14: Shareholder Testimonials
www.samhi.co.in Shareholder Testimonials Tom Heneghan Gaurav Dalmia CEO Chairman Equity International Landmark Holdings “Equity International, a private equity firm founded by Sam Zell, made its first "In the hotel industry in India, the demand-supply gap was obvious, whether investment in SAMHI in
Slide 15: Sector and Acquisition & Turnaround Strategy
www.samhi.co.in Sector Acquisition & Turnaround Strategy • Multi-decade opportunity tailing growth of • Finding opportunities where others see problems Indian economy • Programmatic value creation in under appreciated assets • Growth of disposable income and • Quick capex-to-revenue cycle discretion
Slide 16: What sets us apart
www.samhi.co.in What sets us apart 01 02 03 04 Ability to work Acquisition & Dominant share Analytical with institutional turnaround with leading approach capital experience operators Raised capital from various Demonstrated track record in One of the largest owners of Data backed asset best-in-clas
Slide 17: Programmatic value creation in under appreciated assets
www.samhi.co.in Acquisition & Turnaround Programmatic value creation High Potential Product Upgradation and reconfiguration Strong brand in under Location Choose a high We have created tremendous Strong relationships potential micro- upside by upgrading and to attract highest appreciated market with
Slide 18: Acquisition & Turnaround Before After
www.samhi.co.in Acquisition & Turnaround Before After Page 18
Slide 19: Acquisition & Turnaround Before After
www.samhi.co.in Acquisition & Turnaround Before After Page 19
Slide 20: Resulting in ~18% RoCE in FY25
www.samhi.co.in Acquisition & Turnaround Resulting in 9,140 ~18% RoCE in FY25 6,050 4,100 Pre-Renovation RevPAR ~ 1,000 25%+ FY 2015 FY 2019 FY 2023 FY 2025 Target ROCE 158 rooms 272 rooms 326 rooms Page 20
Slide 21: Playbook repeated; 87% of inventory via acquisitions
www.samhi.co.in Acquisition & Turnaround Greenfield, We have repeated this 13% playbook several times with about 87% of our hotel inventory being developed through acquisitions Acquisition & Turnaround, 87% Page 21
Slide 22: Rebranding of portfolios to Holiday Inn Express and Fairfield
www.samhi.co.in Acquisition & Turnaround Rebranding of 2 portfolios to Holiday Inn Express and Fairfield by Holiday Inn Express Marriott Proven track record for yield expansion Fairfield by Marriott Page 22
Slide 23: We seek high density locations in key cities
www.samhi.co.in ~155mn sft. office space Delhi NCR ~79mn aviation passengers Jaipur We seek high density Ahmedabad locations in key cities Nashik Kolkata This provides our asset with Pune Vishakhapatnam a stable operating environment with low Hyderabad ~140mn sft. office space future volatility. All
Slide 24: Capture demand across price points and markets
www.samhi.co.in Key Cities and Micro-markets Upscale+ Upper Mid-scale Mid-scale Capture demand NCR Gurugram Hyatt Place HIEX across price points Delhi Noida HIEX and markets Bengaluru Westin Whitefield Fairfield HIEX Tribute Portfolio City Centre Fairfield Outer Ring Road Courtyard Fairfield North B
Slide 25: Dominant share with leading operators
www.samhi.co.in Dominant share with leading operators Upcoming Brands W WESTIN TRIBUTE Marriott HOTELS HOTELS & RESORTS PORTFOLIO Our hotels operate under some of the most 7,404 66% well recognized global hotel brands Hyatt 1,964 This gives us access to loyalty programs, IHG 17% 1,717 distribution a
Slide 26: SID proprietary asset management tool
www.samhi.co.in “Siddhartha – the one with is now knowledge and purpose”. Portfolio Details Asset, area, facilities, segment, market Asset Performance Day-by-day, demand pattern, holiday impact, KPI monitoring, benchmarking Financial Performance Asset and Company P&L, Balance Sheet, Trial Balance le
Slide 27: Portfolio Snapshot
www.samhi.co.in Portfolio Snapshot Page 27
Slide 28: Portfolio spans price points capturing a wide segment of travelers
www.samhi.co.in Our portfolio spans across price points capturing a wide segment of travelers Mid-scale Upper Mid-scale Upper Upscale & Upscale Unique portfolio of assets with a 14 sq. Bridge to high-end hotels. Maintain Individually curated hotels capturing mt. room but competing with much efficien
Slide 29: Upper Upscale & Upscale hotels
www.samhi.co.in Upper Upscale & Upscale Operating 5 Hotels +5 Under Development 1,086 Rooms (+927 under development/ rebranding) WESTIN ₹4,850mn Revenue HOTELS & RESORTS Development (FY25) TRIBUTE PORTFOLIO Under Bengaluru TRIBUTE W PORTFOLIO HOTELS Pune Jaipur Hyderabad Page 29
Slide 30: Upper Mid-scale Hotels
www.samhi.co.in Upper Mid-scale 14 Hotels 2,047 Rooms (+86 under development and inc. 473 under rebranding) ₹4,766mn Revenue (FY25) Page 30
Slide 31: Mid-scale Hotels
www.samhi.co.in Mid-scale 12 Hotels+ 1 Under Development 1,673 Rooms (+316 under development) ₹1,717mn Revenue (FY25) Page 31
Slide 32: Operational Overview
www.samhi.co.in Operational Overview Page 32
Slide 33: Diverse & Balanced Segmentation Mix
www.samhi.co.in Diverse & Balanced Segmentation Mix Room Income Split by Total Income Split Source (FY25) by Segment (FY25) Others, 5% Groups/ MICE, 13% 15% Negotatiated Contract, 32% 43% 42% Non- Portfolio revenue well negotiated/ Unqualified, distributed across segments 50% de-risking concentratio
Slide 34: Room Revenue Focused Business
www.samhi.co.in Room Revenue Focused Business Total Income Split Assets located in key by Department (FY25) business districts with predictable demand source 3% Share of Room Revenue by Segment (FY25) 25% 72% 90% Mid-scale 74% Upper Mid-scale 64% Upper Upscale & Upscale Rooms F&B Others Page 34
Slide 35: Portfolio Catering Primarily to Domestic Travelers
www.samhi.co.in Portfolio Catering Primarily to Domestic Travelers Total Income Split by Origin (FY25) Share of Domestic Volume 21% by Segment (FY25) 94% Mid-scale 79% 76% Upper Mid-scale 65% Upper Upscale & Upscale Domestic International Page 35
Slide 36: Strength of Brand & Distribution Entails More Direct Business
www.samhi.co.in Strength of Brand & Distribution Entails More Direct Business Voice 28% (~85% of Portfolio Total Income in FY25) & Upper Mid-scale Portfolio Upper Upscale, Upscale GDS 21% Groups Brand.com 13% 16% 84% 2025 Direct Business Lorem ipsum dolor sit amet Others 5% OTA Lower OTA business en
Slide 37: Portfolio Operating Margins
www.samhi.co.in Portfolio Operating 16% Payroll Margins 9% Fixed Costs 39% Consol. EBITDA (pre-ESOP) 19% Variable Costs 1% Net Corp. G&A 1% Lease Expense 6% Utilities 5% Management Fee 2% Ownership Expense Note: Excludes assets under development (i.e. Caspia, Delhi and Trinity, Bangalore) and assets
Slide 38: Financial Summary
www.samhi.co.in Financial Summary Page 38
Slide 39: Acquisition led Strategy has delivered scale
www.samhi.co.in Acquisition led Strategy has delivered scale 11,497 • Short capex to revenue cycle due to 9,787 acquisition led approach Consol Revenue • Discount to replacement cost for long term returns 7,615 32% CAGR (10 yrs.) • Long term variable leases to use 6,276 capital more efficiently Cons
Slide 40: GIC partnership impact
www.samhi.co.in Pre-COVID Pre-IPO Post IPO Current Proforma FY 2020 FY 2023 FY 2024 FY 2025 FY 2025 Total Revenue 6,276 7,614 9,787 11,497 11,497 GIC partnership impact EBITDA (Reported) 1,720 2,606 2,879 4,257 4,257 Finance cost 2,521 5,221 3,451 2,288 1,700 – 1,750 Depreciation 1,262 963 1,137 1,1
Slide 41: Target 95%+ CFO-to-EBITDA ratio going forward
www.samhi.co.in Q1FY25 Q2FY25 Q3FY25 Q4FY25 Target 95%+ CFO-to- EBITDA (pre-ESOP) 934 1,016 1,177 1,307 EBITDA ratio going CFO-to-EBITDA 45% 78% 85% 96% forward given stabilization of DPO post DSO 29 27 21 19 rationalization of COVID- DPO 80 69 68 56 led build-up of payables Note: All figures in ₹mn
Slide 42: Net Debt-to-EBITDA reduced to ~3.0x
www.samhi.co.in 8.7x Net Debt-to-EBITDA reduced to ~3.0x post Post IPO GIC transaction and 4.9x Post GIC and Caspia Delhi sale1 4.4x Caspia Delhi sale Impact 3.0x < 3.0x Target Leverage FY2023 FY2024 FY2025 Aug’25 1: Caspia Delhi was sold on 13th August 2025 Page 42
Slide 43: Gross Debt Profile
www.samhi.co.in Gross Debt Profile Long Term 75% Repayment Schedule (chart reflects amortization of principle over the stated time periods)3 Debt by Interest Rate1 Particulars % of Total less than or equal to 8.50% 60% ~8.5% 8.51% to 9.20% 35% Weighted Avg. Cost of Debt 11% 15% 9.21% to 10.00% 5% Mo
Slide 44: Profit and Loss Statement
www.samhi.co.in Profit and Loss Statement Pre-COVID Pre-IPO Post-IPO FY 2025 FY 2020 FY 2023 FY 2024 Total Revenue 6,276 7,614 9,787 11,497 YoY% Growth 28.1% 128.6% 28.5% 17.5% Consol. EBITDA (Reported) 1,720 2,606 2,879 4,257 Consol. EBITDA % Margin 27.4% 34.2% 29.4% 37.0% YoY% Growth 75.2% 1097.1%
Slide 45: Balance Sheet
www.samhi.co.in Balance Sheet Pre-COVID Pre-IPO Post-IPO Post GIC and FY 2025 FY 2020 FY 2023 FY 2024 Caspia Delhi sale1 Fixed Assets (inc. CWIP) 22,970 19,291 25,302 27,657 Cash & Cash Equivalents 1,387 1,731 2,625 1,602 GIC partnership impact Net Worth 2,119 (8,076) 10,385 11,421 Total Borrowings
Slide 46: Return Analysis
www.samhi.co.in Return Analysis Page 46
Slide 47: Capital Employed
www.samhi.co.in Capital Employed Asset Status % Capital Employed1 Mature Assets ~48% ACIC Portfolio ~33% Pending Turnaround ~8% ~₹33,000mn Growth ~7% Held for Sale ~3% Total Capital Employed1 1: Capital Employed = Total Assets (excluding cash) – Current Liabilities Page 47
Slide 48: Path to Delivering Mid-Teen ROCEs
www.samhi.co.in Path to Delivering Mid-Teen ROCEs 10% RoCE in FY25 Asset Status % Capital Employed1 RoCE Target 15%+ Mature Assets ~48% 17.0 – 18.0% Portfolio ROCE Stabilize ACIC portfolio to mid-teen ROCEs by enhanced ACIC Portfolio ~33% 5.5 – 6.5% revenue management and renovation / re-branding of
Slide 49: Leasehold Business Model
www.samhi.co.in Design / Consultants, 10% 3 Months MEP, 15% Leasehold Business Model 12 Fitouts, Lower Capex-to-Revenue Cycle Months 30% Outsource land and building structure to Lessor, thus reducing a ~4-year capex cycle to < 2 years 12-18 Structure & Capital Efficient Structure Façade, 15% Months
Slide 50: Path towards Capital Efficient Business Model
www.samhi.co.in Path towards Capital Efficient Business Model Revenue Contribution (FY25) We target to grow our high- return leasehold business 87% 13% 20%+ model which is significantly more capital efficient in order to achieve our target of 20%+ revenue contribution from leased assets Freehold Lea
Slide 51: FY25 ROCE Profile
www.samhi.co.in FY25 ROCE 18% 13% Profile 11% 6% Leasehold Freehold Tier 1 Tier 2 By Ownership By Market ROCEs for leasehold assets have Our core markets in Bangalore, outperformed freehold assets due to Hyderabad, NCR, Pune and Chennai their capital efficient structuring with a stable demand-supply
Slide 52: Growth
www.samhi.co.in Growth Page 52
Slide 53: Growth levers over the next 5 years
www.samhi.co.in Growth levers over the next 5 years Same Store Execution External Growth Assets Pipeline (Acquisitions) In-place inventory of Stabilization & Acquire new assets ~4,100 operating rooms redevelopment of ~790 utilizing free-cash and in core office markets operating rooms and partnership
Slide 54: Established capacity to fuel growth
www.samhi.co.in Established capacity to fuel growth FY25 FY25 Portfolio Actuals Proforma Same Store Assets1 10,175 10,175 Installed capacity to deliver a top line of Assuming in ₹15,300mn with Execution Pipeline 1,049 place RevPAR & 5,125 margins of ~41%, earning profile entailing an EBITDA of Conso
Slide 55: Internal growth projects
www.samhi.co.in FY29+ Westin Bangalore Whitefield Mid-scale Financial District Hyderabad FY28 Tribute Bangalore Whitefield (Rebrand from Trinity) Tribute Jaipur (Rebrand from Four Points) Fairfield Chennai Sriperumbudur Internal growth FY27 W Hyderabad Courtyard Pune projects (Rebrand from Four Poin
Slide 56: Large Corpus of Investible Surplus to Accelerate Growth
www.samhi.co.in Large Corpus of Investible Surplus to Accelerate Growth 35,500 (6,400) (3,000) + ~₹2,000mn from Asset Recycling ₹17,000mn+ 17,300 Investible Surplus over (8,800) the next 5 years Basis current pipeline (includes maintenance capex) Growth through tactical M&A and long-term EBITDA Inte
Slide 57: Partnership with GIC for Upscale and higher hotel assets
www.samhi.co.in External Growth Upscale Assets Partnership with GIC for Marquee Capital Partner Upscale and higher Upscale assets are capital intensive and with a strong partner in GIC, we have ability to grow this platform beyond the seed assets and accelerate hotel assets our growth path beyond th
Slide 58: External Growth Mid-scale Assets
www.samhi.co.in External Growth Mid-scale Assets Continued focus on larger business districts Target large scale assets with 200-400 room inventory to accelerate future revenue base and improve operating margins Expansion through capital efficient lease model Secure long-term leases with built-to-su
Slide 59: Multiple levers positioned for revenue expansion
www.samhi.co.in New acquisitions using Positioned for investible surplus revenue expansion ₹22,000 – 22,500mn Market Growth & Margin Expansion ₹15,000 – 15,300mn Installed Capacity (FY25) ₹11,500mn FY25 Actual Multiple levers in place to expand revenue base over FY25 Page 59
Slide 60: Westin & Tribute Portfolio
www.samhi.co.in Westin & Tribute Portfolio Whitefield, Bangalore (142 rooms renovation & 220 new rooms ) Under Renovation & Development Pagemay Artist impression, actual 60vary
Slide 61: Westin & Tribute Portfolio
www.samhi.co.in Westin & Tribute Portfolio Whitefield Bangalore (362 rooms) Under Renovation & Development
Slide 62: W Hitec City Hyderabad
www.samhi.co.in W Hitec City Hyderabad (170 rooms) Under Renovation & Development
Slide 63: Expansion: Nagar Road, Pune
www.samhi.co.in Nagar Road, Pune (22 apartments under construction) Expansion Artist impression, actual may vary Page 63
Slide 64: Expansion: Gachibowli, Hyderabad
www.samhi.co.in Gachibowli, Hyderabad (42 apartments under construction) Expansion Artist impression, actual may vary Page 64
Slide 65: Courtyard by Marriott
www.samhi.co.in Courtyard by Marriott Nagar Road, Pune (217 rooms rebranding) Current Space Under Renovation Page Artist impression, actual 65 may vary
Slide 66: Tracking Trends for Adjacent Opportunities
www.samhi.co.in Tracking Trends for Adjacent Opportunities Domestic travel spending is expected to rise by 7.8% p.a. to ₹33,945bn from 2024 to 20341. Indians are wanting to travel to lesser-known and more boutique destinations, along with exploratory and purposeful trips2 Improved road and air conne
Slide 67: Sustainability
www.samhi.co.in Sustainability Page 67
Slide 68: 2030 ESG Target
www.samhi.co.in 2030 ESG Target Building a Better Tomorrow Today Environmental Social Governance • 100% transition to non-emission-based • Employees Health & Safety • Corporate Governance cars • Invest in Talent Development and Equal • Data Privacy & Cyber Security • Single use plastic free operatio
Slide 69: Measures taken to achieve 2030 targets
www.samhi.co.in Measures taken to achieve 2030 targets Environmental Social Governance Installation of water bottling plants; setup 100% coverage on employees’ health, term More than 50% of the board of directors completed in 5 out of 32 hotels and installed and parental insurance are independent di
Slide 70: Strong governance with highly experienced board members
www.samhi.co.in Strong governance with highly experienced board members Ashish Manav Thadani Ajish Abraham Michael David Aditya Jain Archana Capoor Krishan Dhawan Jakhanwala Non-Executive & Jacob Holland Independent Independent Independent Chairman, Non- Independent Non-Executive & Independent Direc
Slide 71: Thank You
Thank You