Apeejay Surrendra Park Hotels Limited (PARKHOTELS)
₹106.47 +4.31% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Apeejay Surrendra's revenue was ₹167 Cr (+8.3% year on year, -9.4% on the previous quarter), and net profit ₹11.5 Cr (-11.6% year on year); the operating margin was 28.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹167 | +8.3% | -9.4% |
| Operating profit | ₹46.9 | +4.1% | -11.6% |
| Net profit | ₹11.5 | -11.6% | -4.2% |
| EPS (₹) | 0.54 | -14.3% | -3.6% |
| Operating margin | 28.1% | — | — |
PARKHOTELS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 42.32% of the PARKHOTELS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.84%. The price rose 4.31% on unusually low delivery, so more of the move than usual was intraday trading.
Delivery in the last 5 sessions: 53.6% · 58.3% · 46.9% · 53.5% · 42.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Apeejay Surrendra Park Hotels Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing of securities received for dematerialisation. It certifies that received security certificates were verified, mutilated, cancelled, and the depository names were updated accordingly. This is a purely procedural regulatory filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026
- Filing made to stock exchanges (NSE and BSE) on October 13, 2026
Apeejay Surrendra Park Hotels Limited (ASPHL) announced the opening of 'Zone Connect by The Park' in Visakhapatnam, marking its second property in the coastal city. The hotel adds 52 keys to the company's network and features banquet facilities for up to 300 guests alongside F&B outlets. The launch is in partnership with M/s Hema Abodes Private Limited, reflecting ASPHL's ongoing strategy to add ~500 keys annually via asset-light management/lease models. Total portfolio reaches 42 operating hotels across India.
- Launched 52-key hotel 'Zone Connect by The Park' located on Beach Road, Visakhapatnam
- Marks the company's 2nd hotel in Visakhapatnam and expands its nationwide footprint to 42 hotels
- Includes banquet space accommodating up to 300 guests, along with Café C and an open-air coffee shop
- Developed in partnership with M/s Hema Abodes Private Limited
Apeejay Surrendra Park Hotels Limited disclosed the scrutinizer's report and voting results for its 38th Annual General Meeting held on September 26, 2026. All four resolutions, including the adoption of FY26 financial statements, declaration of dividend, re-appointment of Mr. Karan Paul, and approval of his remuneration, were passed by requisite majorities. Notably, the special resolution for Mr. Karan Paul's remuneration saw 42.34% of public institutional votes cast against, though it passed with 95.12% total assent overall supported by promoter voting. Total voter participation stood at 80.91% of outstanding shares for ordinary business items.
- All 4 AGM resolutions approved, with overall assent ranging between 95.12% and 100.00%
- Dividend declaration on equity shares for FY26 approved with 100.00% assent (17,26,50,280 votes in favour)
- Resolution 4 approving remuneration of Non-Executive Director Karan Paul faced 42.34% institutional dissent (80,05,364 votes against) but passed with 95.12% overall approval
- Overall voter turnout was 80.91% with 17,26,50,345 votes polled out of 21,33,74,246 total shares
Apeejay Surrendra Park Hotels Limited (ASPHL) has signed a Hotel Management Agreement (HMA) for a 63-key property under 'Zone Connect by The Park' in Bharatpur, Rajasthan. The hotel is expected to commence operations in Q3 2026 and features banqueting lawns, a restaurant, and a pool. This signing contributes towards the company's stated strategic target of adding 500 keys annually via asset-light models. As an asset-light management agreement, it expands the brand footprint with minimal capital expenditure.
- Signed Hotel Management Agreement (HMA) for a 63-key property in Bharatpur, Rajasthan
- Expected opening timeline scheduled for Q3 2026
- Addition aligns with the company's broader target of adding 500 hotel keys per year
- Current company network stands at 42 operational hotels across owned, leased, and managed formats
Apeejay Surrendra Park Hotels Limited (ASPHL) has appointed Mr. Manish Bhagat as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective September 21, 2026. He succeeds Mr. Atul Khosla, who has stepped down to pursue external opportunities. Mr. Bhagat brings over 20 years of finance experience, having previously served as VP - Finance at SAMHI Hotels and held roles at Devyani International and IndiGo. Financially, ASPHL reported TTM revenue of ₹716 Cr and a market cap of ₹2,277 Cr, making stability in financial leadership key as it manages ₹263 Cr in debt and continues portfolio expansion.
- Mr. Manish Bhagat appointed as CFO and KMP effective September 21, 2026.
- Brings over 20 years of finance experience across hospitality, retail, aviation, and engineering.
- Preceding experience includes VP - Finance at SAMHI Hotels, alongside roles at Devyani International and InterGlobe Aviation (IndiGo).
- Succeeds Mr. Atul Khosla, who stepped down to pursue outside professional opportunities.
- ASPHL currently operates 42 hotels across five brand formats.
Apeejay Surrendra Park Hotels Limited has announced the resignation of its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), Mr. Atul Khosla, effective September 21, 2026, as he pursues external opportunities. The Board has appointed Mr. Manish Bhagat as the new CFO and KMP, also taking effect from September 21, 2026. Mr. Bhagat brings over 20 years of experience, having previously served as Vice President - Finance at SAMHI Hotels Limited, along with stints at Devyani International and IndiGo. Mr. Khosla will serve his notice period until December 20, 2026, to ensure a smooth transition.
- Resignation of CFO Atul Khosla effective September 21, 2026, to pursue a new professional opportunity
- Appointment of Manish Bhagat as new CFO and KMP effective September 21, 2026
- Incoming CFO Manish Bhagat brings over 20 years of experience across hospitality (SAMHI Hotels), aviation (IndiGo), and retail
- Outgoing CFO Atul Khosla will serve his notice period until December 20, 2026, ensuring transition continuity
Apeejay Surrendra Park Hotels announced the resignation of Chief Financial Officer Atul Khosla, effective September 21, 2026, as he departs to pursue an external professional opportunity. To ensure seamless continuity, the Board appointed Manish Bhagat as the new CFO effective the same date. Bhagat brings over 20 years of experience across hospitality, aviation, and retail, having previously served as VP of Finance at SAMHI Hotels, alongside prior stints at Devyani International and InterGlobe Aviation. Khosla will serve his notice period until December 20, 2026, to assist with the leadership transition.
- CFO Atul Khosla tenders resignation effective September 21, 2026
- Manish Bhagat appointed as new CFO and KMP effective September 21, 2026
- Incoming CFO brings over 20 years of experience, including leadership at SAMHI Hotels and IndiGo
- Outgoing CFO will serve notice period through December 20, 2026, ensuring transition stability
Apeejay Surrendra Park Hotels Limited announced the appointment of Mr. Manish Bhagat as Chief Financial Officer and Key Managerial Personnel effective September 21, 2026. This follows the resignation of current CFO Mr. Atul Khosla to pursue a new professional opportunity, who will serve his notice period until December 20, 2026, to ensure a smooth transition. Mr. Bhagat brings over 20 years of experience, previously serving as Vice President - Finance at SAMHI Hotels Limited, with prior tenures at Devyani International and InterGlobe Aviation. The company generated TTM revenues of ₹716 Cr and manages a debt pile of ₹263 Cr.
- Manish Bhagat appointed as CFO and KMP effective September 21, 2026
- Outgoing CFO Atul Khosla will serve out his notice period until December 20, 2026
- New CFO brings over 20 years of experience, including leadership at SAMHI Hotels, Devyani International, and IndiGo
- Resignation cited solely as pursuit of a new professional opportunity with no other material reasons stated
Apeejay Surrendra Park Hotels announced that Chief Financial Officer Atul Khosla has resigned to pursue a new professional opportunity, stepping down as CFO effective September 21, 2026. To ensure continuity, the Board has appointed Manish Bhagat as the new CFO and Key Managerial Personnel effective the same date. Bhagat brings over 20 years of experience, including previous hospitality roles as VP - Finance at SAMHI Hotels and past tenures at Devyani International and IndiGo. Atul Khosla will serve his notice period until December 20, 2026, to assist in a smooth leadership transition.
- Resignation of CFO Atul Khosla effective September 21, 2026, to pursue a new opportunity
- Incoming CFO Manish Bhagat takes charge on September 21, 2026, with over 20 years of industry experience
- Outgoing CFO will serve notice period until December 20, 2026, facilitating transition
- Board meeting commenced at 07:00 P.M. and concluded at 07:40 P.M. on September 17, 2026
Apeejay Surrendra Park Hotels Limited submitted its latest investor presentation ahead of a virtual conference call on September 09, 2026. The presentation highlights a portfolio of 42 hotels (2,677 keys) across 32 cities and 111 Flurys retail outlets. For Q1 FY27, the company reported operational revenue of INR 1,668 Mn with an operating EBITDA margin of 28.12% and 92% occupancy across owned hotels. RevPAR for owned hotels stood at INR 6,858 with an ARR of INR 7,459.
- Portfolio reached 42 hotels with 2,677 keys (8 owned, 27 managed, 7 leased) across 32 cities/UTs
- Flurys footprint expanded to 111 stores comprising 51 kiosks, 45 cafés, and 15 tea rooms
- Q1 FY27 operational revenue reported at INR 1,668 Mn with operating EBITDA margins of 28.12%
- Owned hotel metrics for Q1 FY27 showed 92% occupancy, ARR of INR 7,459, and RevPAR of INR 6,858
Apeejay Surrendra Park Hotels Limited has released its Annual Report for FY26 and scheduled its 38th AGM for September 26, 2026. The company reported record operational revenue of Rs 707.28 crore for FY26, operating 42 hotels with 2,677 keys. The report outlines long-term growth plans targeting 85 hotels with 6,635 keys by FY30 and expanding the Flurys network to 200 outlets by 2028. Additionally, 29 of 69 serviced residences at THE Park UNIZEN in Kolkata have been booked, representing Rs 626.26 crore in estimated gross sales value.
- 38th Annual General Meeting scheduled for September 26, 2026 via video conferencing with e-voting cut-off on September 19, 2026.
- FY26 Revenue from Operations reached a record Rs 707.28 crore, with F&B revenue contributing Rs 303.8 crore.
- Current portfolio stands at 42 operational hotels (2,677 keys) with pipeline targets of 472 keys added in FY27 and 85 hotels (6,635 keys) by FY30.
- Flurys network reached 110 outlets, with a target of 200 stores by 2028.
- THE Park UNIZEN project achieved 29 bookings out of 69 apartments at Rs 20,857/sq. ft., against total estimated gross residential proceeds of Rs 626.26 crore.
Apeejay Surrendra Park Hotels Limited has issued the notice for its 38th Annual General Meeting scheduled for September 26, 2026, alongside its FY25-26 Annual Report. In the report, the company detailed its roadmap to expand its portfolio from 42 operational hotels (2,677 keys) to 85 hotels (6,635 keys) by FY30, with 472 keys planned for addition in FY27. It also highlighted progress on its mixed-use development, THE Park UNIZEN in Kolkata, which has booked 29 of 69 serviced residences with total estimated residential sale proceeds of ₹626.26 Cr.
- 38th AGM scheduled for September 26, 2026, with remote e-voting active from September 23 to September 25, 2026.
- Portfolio expansion target set at 85 hotels and 6,635 keys by FY30, up from 42 hotels and 2,677 keys in FY26.
- FY27 pipeline includes adding 12 hotels and 472 keys (1 owned, 3 leased, 8 managed).
- Flurys cafe network stood at 110 outlets as of March 31, 2026, targeting 200 stores by 2028.
- THE Park UNIZEN residential project recorded 29 bookings out of 69 units, with total gross estimated sale proceeds of INR 626.26 cr.
Apeejay Surrendra Park Hotels Limited has fixed Saturday, September 19, 2026, as the record date for determining shareholder eligibility for its final dividend of Rs 0.75 per equity share (face value Rs 1/- each) for FY 2025-26. The proposed dividend was earlier recommended by the Board on May 26, 2026, and is subject to shareholder approval at the 38th AGM. Upon AGM approval, the dividend will be disbursed within 30 days. On the current share price of Rs 112.20, the dividend represents a yield of approximately 0.67% and a payout of around 24.4% against FY26 EPS of Rs 3.08.
- Final dividend fixed at Rs 0.75 per fully paid-up equity share of face value Rs 1/- each for FY 2025-26
- Record date determined as Saturday, September 19, 2026
- Dividend payment to be credited within 30 days post-approval at the 38th AGM
- Dividend payout represents ~24.4% of FY26 consolidated EPS of Rs 3.08
Apeejay Surrendra Park Hotels has announced its participation in the virtual Valorem CXO Meet scheduled for September 09, 2026. The accompanying corporate profile reiterates its long-term expansion target of reaching 87 hotels and 6,719 keys by FY30 from the current 42 hotels and 2,677 keys. It also highlighted ongoing projects, including the E M Bypass Kolkata project expected to generate ~₹350 crore in cash flows through FY30, and the luxury 78-key Park Juhu property scheduled for H2 FY28.
- Management to attend virtual Valorem CXO Meet on September 09, 2026 at 4:00 PM IST
- Current footprint stands at 42 hotels (2,677 keys) with a pipeline of 45 hotels (4,042 keys) targeting 6,719 keys by FY30
- Flurys brand currently at 111 outlets, targeting 29 additions in FY27 and scaling past 400 outlets by FY30
- E M Bypass Kolkata residential project has 32 of 69 units booked, with ~₹350 crore total cash flows expected through FY30
Apeejay Surrendra Park Hotels reported an 8% YoY growth in standalone operating revenue to ₹167 crore (consolidated ₹172 crore, up 10%) for Q1, maintaining industry-leading occupancy of 92%. Standalone EBITDA grew 3% to ₹47 crore with a 28.12% margin, while PAT declined 14% YoY to ~₹12 crore due to higher finance costs and a ₹2.2 crore deferred tax impact. The company targets expanding to over 6,000 keys by FY2030 and expects ₹70-80 crore in cash flows from its EM Bypass residential project sales during the year.
- Q1 standalone revenue rose 8% YoY to ₹167 crore with consolidated revenue at ₹172 crore (up 10% YoY)
- Occupancy maintained at 92%, with F&B contributing ~43% of total revenue
- Flurys expanded to 111 outlets with plans to add 29 more stores by end of FY2027
- Kolkata EM Bypass project sold 33 of 69 units, expected to generate ₹70-80 crore cash inflow (₹21 crore already realized)
- Conversion of Juhu property (acquired at ~₹40,000/sq ft) into a 70-80 room upscale hotel is underway
Financial Performance
Revenue Growth by Segment
Consolidated total income grew 10.42% YoY to INR 653.35 Cr in FY25. Room revenue grew 10.03% to INR 318.76 Cr. Food and Beverage (excluding liquor) grew 15.56% to INR 188.05 Cr. Liquor and wine revenue declined 11.23% to INR 78.25 Cr. Other ancillary services grew 23.89% to INR 25.77 Cr. In H1 FY26, consolidated net revenue grew 15.5% to INR 320 Cr.
Geographic Revenue Split
Not disclosed in available documents, though properties are noted to be in key metro and non-metro cities, with specific mention of North India properties being impacted by regional conflicts.
Profitability Margins
Profit Before Tax (PBT) increased 67.05% to INR 148.11 Cr in FY25. Net Profit (PAT) for FY25 was INR 84.93 Cr, up 29.1% from INR 65.78 Cr in FY24. PAT margins for Q2 FY26 stood at 9.7% compared to 17.1% in Q2 FY25, primarily due to a one-time deferred tax charge of INR 19.33 Cr.
EBITDA Margin
Consolidated EBITDA margin expanded to 34.7% in FY25 from 34% in FY24, with absolute EBITDA reaching INR 226.42 Cr (up 10.32%). For H1 FY26, operating EBITDA stood at INR 94 Cr with a 29.5% margin. Management targets a 100-basis point annual improvement in EBITDA margins.
Capital Expenditure
The company utilized INR 600 Cr from its February 2024 IPO to prepay INR 550 Cr in term loans. Net cash flows used in investing activities increased to INR 184.87 Cr in FY25 from INR 102.65 Cr in FY24, reflecting accelerated expansion in the Flurys brand and hotel keys.
Credit Rating & Borrowing
ICRA upgraded the long-term rating outlook to 'Positive' from 'Stable'. Finance costs significantly dropped by 75% to INR 16.54 Cr in FY25 from INR 66.04 Cr in FY24 following the deleveraging of INR 550 Cr in debt using IPO proceeds.
Operational Drivers
Raw Materials
Food and beverages consumed represent the primary raw material cost, totaling INR 79.45 Cr in FY25, which is approximately 12.1% of total income.
Capacity Expansion
Current occupancy is industry-leading at 93%. The company plans to add 500 keys annually through a mix of asset-light and lease models, including 144 keys specifically on the lease platform in the near term. Flurys is expanding from 102 stores (June 2025) to 130 stores by the end of FY26.
Raw Material Costs
Cost of food and beverages consumed increased 4.6% YoY to INR 79.45 Cr in FY25. Procurement is driven by increased capacity utilization and the expansion of the Flurys confectionery business.
Manufacturing Efficiency
Occupancy rates reached 93% in FY25 and remained resilient at 92% in Q1 FY26. Average Room Rate (ARR) increased 8% to INR 7,624 in FY25 and further grew 13% YoY in H1 FY26.
Strategic Growth
Expected Growth Rate
15-19%
Growth Strategy
The '3G philosophy' focuses on organic and inorganic growth. Strategy includes adding 500 hotel keys per year, expanding the Flurys brand to 130 outlets by Q4 FY26, and increasing F&B revenue share. The company is also focusing on high-margin Flurys cafes (12% EBITDA margin) and its own brand of Flurys tea and coffee.
Products & Services
Hotel room stays, food and beverages, liquor and wine, confectionery products, cafe services, and ancillary hotel services.
Brand Portfolio
The Park, Flurys, Flurys Cafes, Flurys Tearooms.
New Products/Services
Flurys branded tea and Flurys cafe coffee are now available for retail, intended to drive growth in the F&B segment and improve EBITDA margins.
Market Expansion
Expansion into non-metro cities for the food service market and national expansion of the Flurys brand to become a national cafe brand.
Market Share & Ranking
Maintains 'industry-leading' occupancy of 92-93% in the upper upscale segment.
External Factors
Industry Trends
The industry is seeing demand growth outpace supply growth in prime locations. The Indian food service market is shifting toward non-metro cities and branded cafe formats.
Competitive Landscape
Competes in the upper upscale hotel segment and the national cafe/confectionery market against domestic and international brands.
Competitive Moat
Moat is built on 'design, services, and experiences' and the iconic 100-year-old Flurys brand. High occupancy (93%) vs industry averages provides a cost-absorption advantage that is sustainable due to prime property locations.
Macro Economic Sensitivity
Highly sensitive to the Indian food service market, which is expected to reach USD 93.16 billion by 2028 (8.1% CAGR), and general economic cycles affecting luxury travel.
Consumer Behavior
Shift toward experiential travel and branded food services in non-metro cities is driving demand for The Park and Flurys brands.
Geopolitical Risks
Regional conflicts in North India (India-Pakistan) have previously impacted property performance. The company is also vulnerable to international economic environments.
Regulatory & Governance
Industry Regulations
Operations are subject to Indian tax laws, import duties on luxury goods/liquor, and labor relations regulations.
Taxation Policy Impact
Tax expenses increased 224.33% to INR 64.51 Cr in FY25. This includes a one-time deferred tax charge of INR 19.33 Cr and a 90.72% increase in current tax charge to INR 26.32 Cr due to higher profitability.
Legal Contingencies
The company notes risks from potential litigation and changes in tax laws, though specific pending case values are not disclosed.
Risk Analysis
Key Uncertainties
Vulnerability to seasonality and economic cycles. Potential for time and cost overruns on the planned 500-key annual expansion and greenfield projects.
Geographic Concentration Risk
Significant presence in key Indian metros; North India properties specifically flagged for geopolitical risk exposure.
Third Party Dependencies
Increasing reliance on online booking channels, reflected in the INR 29.24 Cr commission expense.
Credit & Counterparty Risk
Receivables quality is not explicitly detailed, but the company's deleveraged status (INR 550 Cr debt reduction) significantly improves its credit profile.
