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Sayaji Hotels (Indore) Ltd (544080)

📊 BSE: 544080 🏢 Hotels & Resorts 📢 Latest filing: 23 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sayaji Hotels' revenue was ₹26.5 Cr (+11.6% year on year, -10.4% on the previous quarter), and net profit ₹1.6 Cr (-11.7% year on year); the operating margin was 17.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹26.5	+11.6%	-10.4%
Operating profit	₹4.8	-9.0%	+10.6%
Net profit	₹1.6	-11.7%	+777.7%
EPS (₹)	5.19	-11.7%	+779.7%
Operating margin	17.9%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Sayaji Hotels (Indore) Receives Bar Licence Suspension Order Following FSSAI Action; HC Grants Stay

🔵 WATCH ⭐ 6/10

LEGAL 📅 23 Aug 2026, 05:45 PM

Sayaji Hotels (Indore) Limited has received an order dated 22nd August 2026 from the Collector (Excise), District Indore, suspending its Hotel Bar (FL-3) Licence until the revocation of an FSSAI suspension order or 31st March 2027. However, the High Court of Madhya Pradesh (Indore Bench) granted an interim stay on 22nd August 2026 against the underlying FSSAI order dated 21st August 2026. The company has apprised the Excise Department of the High Court's stay order to seek relief. Exact financial impact from the disruption is currently not quantified by the management against its TTM revenue base of Rs 109 Cr.

District Excise Department issued order suspending Hotel Bar (FL-3) licence until FSSAI revocation or 31st March, 2027
Underlying FSSAI suspension order was issued on 21st August, 2026
High Court of Madhya Pradesh (Indore Bench) granted a stay on the FSSAI order on 22nd August, 2026
Financial impact on operations is currently not ascertainable with certainty

💡 Track subsequent filings regarding the Excise Department's formal response to the High Court stay order and any operational resumption updates for F&B and bar operations.

FSSAI Directs Partial Suspension of License at Sayaji Hotel Indore Following Inspection

🔵 WATCH ⭐ 6/10

REGULATORY 📅 22 Aug 2026, 07:16 PM

Sayaji Hotels (Indore) Ltd received an order dated August 21, 2026, from the Office of Food Safety Administration, Indore, directing a partial suspension of the FSSAI license for its flagship Sayaji Hotel-Indore unit. The action followed an inspection conducted on August 20, 2026, where certain regulatory observations were raised. The company stated that the financial impact is currently not ascertainable with certainty and has moved the Madhya Pradesh High Court for relief. As the Indore unit is the primary revenue-generating asset contributing to TTM revenue of Rs 109 Cr, operational curbs on food & beverage services pose an operational risk.

FSSAI inspection conducted at Sayaji Hotel-Indore unit on 20th August 2026
Office of Food Safety Administration issued order on 21st August 2026 for partial suspension of FSSAI license
Company filed a Writ Petition before the MP High Court, Indore Bench in response to the order
Monetary and operational impact is currently not ascertainable with certainty

💡 Track subsequent disclosures on High Court proceedings, scope of the partial license suspension, and any resolution timeline with FSSAI authorities.

Sayaji Hotels (Indore) Receives FSSAI Order for Partial Licence Suspension at Indore Unit

🔵 WATCH ⭐ 6/10

REGULATORY 📅 22 Aug 2026, 05:30 PM

Sayaji Hotels (Indore) Ltd received an order dated August 21, 2026, from the Food Safety Administration, Indore, directing the partial suspension of its FSSAI licence for the Sayaji Hotel-Indore property. This follows an inspection conducted on August 20, 2026, where certain observations were noted. Sayaji Hotel Indore is the company's core operational asset generating the bulk of its ₹109 Cr TTM revenue. The company stated that the operational and financial impact is not ascertainable with certainty at present and that it is taking legal and corrective steps.

FSSAI inspection conducted on 20th August 2026 at Sayaji Hotel-Indore
Office of Food Safety Administration issued order on 21st August 2026 directing partial suspension of FSSAI licence
Financial and operational impact currently not ascertainable with certainty
Order received by the company after trading hours on 21st August 2026

💡 Track further company disclosures regarding the scope of the partial suspension (whether specific kitchens/outlets are affected) and the timeline for resolving FSSAI compliance observations.

Sayaji Hotels (Indore) Appoints DMJ & Partners as Secretarial Auditor for 5-Year Term

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Aug 2026, 03:40 PM

Sayaji Hotels (Indore) Limited announced that shareholders have approved the appointment of M/s DMJ & Partners, Company Secretaries, as the company's Secretarial Auditor at the 8th Annual General Meeting held on August 21, 2026. The appointment is for a term of 5 consecutive years, spanning from the conclusion of the 8th AGM until the conclusion of the 13th AGM. The filing complies with Regulation 24A of SEBI LODR Regulations and carries no direct financial or operational impact.

Appointed M/s DMJ & Partners as Secretarial Auditor for a 5-year consecutive term
Shareholder approval secured at the 8th Annual General Meeting held on 21st August, 2026
Term effective from the conclusion of the 8th AGM until the 13th AGM

💡 This is a routine statutory compliance update; investors should focus on core operational metrics including occupancy rates and execution timelines for the upcoming 240-room Amber Hotel project.

Sayaji Hotels (Indore) Appoints DMJ & Partners as Secretarial Auditor for 5 Years

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Aug 2026, 03:37 PM

Sayaji Hotels (Indore) Limited announced that its shareholders approved the appointment of M/s. DMJ & Partners, Company Secretaries, as the Secretarial Auditor at its 8th Annual General Meeting held on August 21, 2026. The appointment is for a period of 5 consecutive years, spanning from the conclusion of the 8th AGM until the conclusion of the 13th AGM. This filing complies with Regulation 24A and Regulation 30 of the SEBI LODR Regulations.

Appointed M/s DMJ & Partners as Secretarial Auditor for a 5-year tenure
Tenure spans from the conclusion of the 8th AGM to the conclusion of the 13th AGM
Shareholder approval granted at the AGM held on August 21, 2026

💡 Track ongoing corporate governance compliance and progress on the upcoming 240-room Amber Hotel operationalization in H2 FY26.

Promoter Century 21 Officespace Sells 0.27% Stake (8,163 Shares) via Open Market

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 10:40 AM

Century 21 Officespace Private Limited, a promoter group entity of Sayaji Hotels (Indore) Limited, disclosed the open market sale of 8,163 equity shares on August 17, 2026. The transaction represents 0.27% of the company's total equity share capital. Following the sale, the promoter entity's holding decreased marginally from 30.34% (9,24,433 shares) to 30.07% (9,16,270 shares). The total paid-up equity capital remains unchanged at 30,46,605 equity shares of Rs 10 each.

Promoter entity sold 8,163 shares representing 0.27% of total voting capital on August 17, 2026
Pre-sale promoter holding stood at 9,24,433 shares (30.34%)
Post-sale promoter holding reduced to 9,16,270 shares (30.07%)
Sale was conducted via open market transaction
Total equity share capital of the company stands at 30,46,605 shares (Rs 3,04,66,050)

💡 Track subsequent quarterly shareholding patterns to monitor if promoter group sales continue or stabilize.

Promoter entity Century 21 Officespace sells 0.27% stake (8,163 shares) in open market

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 10:39 AM

Promoter entity Century 21 Officespace Private Limited disclosed the open market sale of 8,163 equity shares of Sayaji Hotels (Indore) Limited on August 17, 2026. The transaction represents 0.27% of the total equity share capital of the company. Following this transaction, Century 21 Officespace's stake reduced from 30.34% (9,24,433 shares) to 30.07% (9,16,270 shares). Overall promoter group ownership continues to remain dominant at over 79%.

Promoter entity sold 8,163 equity shares representing 0.27% of total voting capital
Holding decreased from 30.34% (9,24,433 shares) to 30.07% (9,16,270 shares)
Disposal was executed via open market on August 17, 2026
Company total share capital stands unchanged at 30,46,605 equity shares (face value Rs 10)

💡 Track subsequent quarterly shareholding patterns to assess whether this represents an isolated minor sale or the start of a broader promoter stake reduction.

Promoter Century 21 Officespace Sells 0.27% Stake (8,163 Shares) in Open Market

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 10:37 AM

Promoter entity Century 21 Officespace Private Limited disclosed the open market sale of 8,163 equity shares of Sayaji Hotels (Indore) Limited on August 17, 2026. The transaction represents 0.27% of the company's total voting capital. Following the transaction, Century 21 Officespace's holding reduced marginally from 30.34% (9,24,433 shares) to 30.07% (9,16,270 shares). Total promoter group ownership continues to remain dominant at ~79.5%.

Promoter Century 21 Officespace sold 8,163 equity shares representing 0.27% equity stake via open market.
The transaction was executed on 17th August, 2026.
Holding reduced from 9,24,433 shares (30.34%) to 9,16,270 shares (30.07%).
Total voting capital of the company stands unchanged at 30,46,605 equity shares.

💡 Monitor upcoming quarterly shareholding patterns to track whether promoter group entities conduct further open market sales.

Promoter Entity Sells 0.57% Stake in Sayaji Hotels (Indore) via Open Market

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Aug 2026, 10:30 AM

Promoter group entity Century 21 Officespace Private Limited has sold 17,498 equity shares, representing a 0.57% stake, in Sayaji Hotels (Indore) Ltd via open market transactions on August 18, 2026. Following this sale, Century 21's shareholding in the company decreased from 30.07% (9,16,270 shares) to 29.50% (8,98,772 shares). The total equity base of the company remains unchanged at 30,46,605 shares.

Promoter entity Century 21 Officespace sold 17,498 shares (0.57% stake)
Holding reduced from 30.07% (9,16,270 shares) to 29.50% (8,98,772 shares)
Transaction conducted via open market sale on August 18, 2026
Total equity capital stands at 30,46,605 shares of Rs 10 face value

💡 Track subsequent quarterly shareholding patterns to assess whether this is an isolated minor rebalancing or part of a larger ongoing promoter stake reduction.

Promoter entity sells 0.57% stake (17,498 shares) in Sayaji Hotels (Indore) via open market

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 10:18 AM

Century 21 Officespace Private Limited, part of the promoter group of Sayaji Hotels (Indore) Limited, disclosed the sale of 17,498 equity shares (0.57% of total voting capital) via the open market on August 18, 2026. Following this disposal, its shareholding in the company decreased from 9,16,270 shares (30.07%) to 8,98,772 shares (29.50%). Total promoter holding in the company stood at approximately 79.52% as of June 2026, which remains well above majority control.

Sold 17,498 equity shares representing 0.57% of total equity share capital
Pre-sale holding: 9,16,270 shares (30.07%)
Post-sale holding: 8,98,772 shares (29.50%)
Transaction conducted in the open market on August 18, 2026

💡 Track overall promoter group shareholding trends in upcoming quarterly shareholding patterns to monitor any ongoing stake dilution.

Promoter Entity Sells 0.27% Stake (8,163 Shares) in Sayaji Hotels (Indore) via Open Market

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 08:31 AM

Century 21 Officespace Private Limited, belonging to the promoter group of Sayaji Hotels (Indore) Limited, sold 8,163 equity shares representing 0.27% of total voting capital on August 17, 2026, through open market transactions. Following the disposal, the entity's holding marginally reduced from 30.34% (9,24,433 shares) to 30.07% (9,16,270 shares). The total paid-up equity base remains unchanged at 30,46,605 shares of Rs 10 each (Rs 3.05 Cr). The aggregate promoter holding continues to remain high at near 79-80%.

Promoter entity Century 21 Officespace sold 8,163 shares (0.27% stake) via open market on August 17, 2026
Entity holding trimmed from 30.34% (9,24,433 shares) to 30.07% (9,16,270 shares)
Total paid-up voting equity capital remains at 30,46,605 shares (Rs 3,04,66,050)

💡 Track future quarterly shareholding patterns for any sustained promoter stake changes alongside operational progress on the upcoming Amber Hotel project.

Sayaji Hotels (Indore) Ltd to Hold 8th AGM on August 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 09:18 PM

Sayaji Hotels (Indore) Ltd has dispatched physical letters to shareholders whose email addresses are not registered, providing them with the web link to the FY2025-26 Annual Report. The company's 8th Annual General Meeting (AGM) is scheduled for August 21, 2026, at 11:30 AM via video conferencing. The cut-off date for identifying these shareholders was July 28, 2026. This is a procedural regulatory filing following the completion of the financial year where the company reported a TTM revenue of Rs 107 Cr.

8th Annual General Meeting scheduled for August 21, 2026, at 11:30 AM
Cut-off date for dispatching letters to unregistered shareholders was July 28, 2026
Annual Report for FY 2025-26 is now accessible via the company's website
Company reported TTM Revenue of Rs 107 Cr and PAT of Rs 8 Cr for FY26

💡 Investors should access the FY26 Annual Report via the company's website to review detailed financial performance and updates on the 240-room Amber Hotel expansion project.

Sayaji Hotels (Indore) FY26 Annual Report: Focus on 240-Room Altara Expansion

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Jul 2026, 08:17 PM

Sayaji Hotels (Indore) has released its FY26 Annual Report, reporting stagnant revenue of ‑107 cr and a 27% decline in PAT to ‑8 cr. The company's primary growth lever is the upcoming 240-room 'Altara' hotel on the Indore Bypass, which will more than double its existing capacity of 214 rooms. Despite maintaining a high occupancy rate of 85%, operating margins compressed from 24% to 22% during the year. The 8th Annual General Meeting is scheduled for August 21, 2026.

FY26 Revenue stood at ‑107 cr, showing marginal growth from ‑106 cr in FY25
Net Profit decreased to ‑8.0 cr in FY26 from ‑11.0 cr in the previous year
Upcoming Altara project will add 240 rooms, representing a 112% increase over current 214-room capacity
Maintained high occupancy levels of 85% with Average Room Rates (ARR) between ‑5,500 and ‑6,000
Debt remains elevated at ‑132 cr, resulting in a high Debt-to-Equity ratio of 1.89

💡 Monitor the execution and launch timeline of the Altara project in H2 FY26, as it is essential to service the company's high debt and drive revenue growth. Investors should also track if the company can maintain its 85% occupancy rate as new supply enters the Indore market.

Sayaji Hotels (Indore) Proposes Increasing Borrowing Limit to ₹250 Cr in 8th AGM Notice

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 30 Jul 2026, 08:07 PM

Sayaji Hotels (Indore) has scheduled its 8th Annual General Meeting for August 21, 2026. The primary agenda item is a proposal to increase the company's borrowing limit to ₹250 Crores, which is nearly double its current debt of ₹132 Crores. This financial headroom is intended to support the operationalization of the 240-room Amber Hotel and Convention Centre in H2 FY26. Additionally, the company is seeking to appoint Mohammed Yusuf Abdul Razak Dhanani as a Non-Executive Director.

Proposed increase in borrowing limits to ₹250 Crores under Section 180(1)(c).
Current debt stands at ₹132 Crores, making the new limit ~1.9x current debt levels.
8th AGM scheduled for August 21, 2026, via Video Conferencing.
Appointment of Mohammed Yusuf Abdul Razak Dhanani (72) as Non-Executive Non-Independent Director.
Secretarial Auditor appointment proposed for a 5-year term (FY27-FY31).

💡 Monitor the approval of the ₹250 Cr borrowing limit and subsequent debt-funded expansion progress. The key trigger remains the H2 FY26 launch of the 240-room Amber Hotel, which will more than double the current room capacity.

Resignation of Company Secretary Aaditya Kasera Effective August 29, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jul 2026, 02:50 PM

Sayaji Hotels (Indore) Ltd has announced the resignation of Mr. Aaditya Kasera from the position of Company Secretary and Compliance Officer. The resignation was tendered on July 29, 2026, and will be effective from the close of business hours on August 29, 2026. The departure is attributed to the individual's desire to pursue other career opportunities. This is a routine administrative change for the company, which currently has a market capitalization of ₹405 Cr and TTM revenue of ₹107 Cr.

Resignation letter submitted by Mr. Aaditya Kasera on July 29, 2026
Effective date of cessation set for August 29, 2026
Company maintains a TTM revenue of ₹107 Cr and OPM of 22.2%
The transition occurs ahead of the planned H2 FY26 launch of the 240-room Amber Hotel

💡 Investors should monitor the timely appointment of a successor to ensure seamless regulatory compliance and disclosure management, particularly as the company approaches its major capacity expansion in H2 FY26.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue increased 9.76% YoY to INR 106.13 Cr in FY25 from INR 96.70 Cr in FY24, driven primarily by stable operations in the hospitality segment.

Geographic Revenue Split

100% of revenue is derived from Indore, Madhya Pradesh, where the company operates two properties: Sayaji Hotel Indore and Sayaji Amber Garden.

Profitability Margins

Operating profit margin improved significantly from 13.62% in FY24 to 18.13% in FY25. Net profit margin also increased from 7.47% to 10.00% over the same period.

EBITDA Margin

EBITDA grew 30.80% YoY to INR 26.26 Cr in FY25 from INR 20.08 Cr in FY24, representing an EBITDA margin of approximately 24.74%.

Capital Expenditure

The company is undertaking an INR 180 Cr project to set up the 240-room Amber Hotel and Convention Centre in Indore, with approximately 20% completion as of March 2025.

Credit Rating & Borrowing

CRISIL BBB/Stable rating reaffirmed for bank loan facilities, which were enhanced from INR 50 Cr to INR 125 Cr to fund the Amber Hotel project.

⚙️ Operational Drivers

Raw Materials

Primary operational inputs include food, beverages, and consumables, though specific percentage splits of total costs are not disclosed.

Capacity Expansion

Current capacity includes 214 rooms at Sayaji Hotel Indore plus the Amber Garden event space. Planned expansion includes a 240-room hotel (Amber Hotel) expected to be operational by H2 FY26.

Raw Material Costs

Rising operational costs for food and labor are noted as challenges, though the company improved inventory management to mitigate impacts.

Manufacturing Efficiency

Maintained a high occupancy rate of 85% over the last two fiscals with an average room rent (ARR) between INR 5,500 and INR 6,000.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be achieved through the operationalization of the new 240-room Amber Hotel and Convention Centre in H2 FY26, which is expected to significantly increase the scale of operations and revenue.

Products & Services

4-star and 5-star hotel rooms, banquet halls, convention centers, and food and beverage services.

Brand Portfolio

Sayaji, Effotel, and Enrise.

New Products/Services

Amber Hotel and Convention Centre (240 rooms) is the primary new service launch expected to contribute to revenue from FY26 onwards.

Market Expansion

Focus remains on consolidating the position in Indore, a key Tier-II hospitality hub, through the Amber Hotel project.

🌍 External Factors

Industry Trends

The Indian hospitality sector grew 12-15% in FY25, driven by domestic tourism and a 10% rise in foreign tourist arrivals; the market is expected to reach US$ 52 billion by FY27.