PARKHOTELS - Apeejay Surrend.
📢 Recent Corporate Announcements
Apeejay Surrendra Park Hotels has entered into a 20-year management and licensing agreement with Luxmi Tea Co. Private Limited. The agreement covers a proposed 100-room premium hotel under 'The Park' brand to be developed in Siliguri, West Bengal. The project will be situated on 3.25 acres within the Chandmani Tea Estate and include F&B, banquet, and wellness facilities. Construction is expected to be completed by March 2031, marking a long-term addition to the company's portfolio.
- Signed a 20-year management and licensing agreement for a new 100-room premium hotel.
- Project to be developed on 3.25 acres at Chandmani Tea Estate, Siliguri, in partnership with Luxmi Tea Co.
- The hotel will operate under the company's flagship 'The Park' brand.
- Facilities include food & beverage outlets, banquet halls, bars, and wellness centers.
- Target completion date for construction is set for March 2031.
Apeejay Surrendra Park Hotels Limited (ASPHL) has announced a significant expansion in Kolkata through a collaboration with Ambuja Neotia. The project, 'The Park Unizen', introduces 69 luxury serviced residences on the EM Bypass, a key growth corridor. Adjacent to these residences, the company is developing a new 218-room luxury THE Park Hotel, which will feature premium amenities including an air taxi landing facility. This move marks a strategic diversification into hospitality-integrated residential developments, leveraging ASPHL's established brand in its home market.
- Launch of The Park Unizen featuring 69 premium serviced residences in Kolkata
- Development of a new 218-room luxury THE Park Hotel designed by global firm Gensler
- Strategic partnership with Ambuja Neotia for a mixed-use lifestyle destination
- Hotel to feature unique infrastructure including an air taxi landing facility
- Expansion strengthens ASPHL's portfolio which currently includes 39+ hotels and 100+ Flurys outlets
Apeejay Surrendra Park Hotels reported its best-ever Q3 performance with consolidated revenue crossing INR 200 crore for the first time, supported by a 90% occupancy rate. The company achieved an EBITDA of INR 71 crore with a margin of 35.3%, while 9M FY26 revenue grew by 15.3% to INR 524 crore. Strategic expansions include the launch of The Park Unizen residences, expected to generate INR 300-350 crore in cash flow over three years. Additionally, the company completed key acquisitions in Mumbai and Kerala to strengthen its luxury and leisure portfolio.
- Record Q3 revenue of INR 200 crore with industry-leading occupancy of 90% and 11% growth in ARR.
- Acquisition of 76% stake in Juhu, Mumbai property and two luxury Kerala assets for INR 64 crore.
- The Park Unizen project in Kolkata projected to contribute INR 300-350 crore in cash flow over 3 years.
- Expansion plan to add 17 hotels (672 keys) over the next 14 months, reaching a total of 3,219 keys.
- Flurys brand recorded 33% revenue growth in 9M FY26 with 104 operational outlets.
Apeejay Surrendra Park Hotels Limited has released the audio recording of its investor conference call held on February 06, 2026. The call discussed the company's financial performance for the third quarter and nine months ended December 31, 2025. This filing is a standard regulatory requirement under SEBI LODR regulations to ensure transparency for all shareholders. Investors can access the full recording on the company's official website under the financial information section to understand management's commentary.
- Audio recording of Q3 and 9M FY26 earnings call made available to public.
- The call took place on February 06, 2026, following the quarterly results announcement.
- Recording is hosted on the official website under the Investor Relations section.
- Filing complies with Regulation 30 of SEBI (LODR) Regulations, 2015.
Apeejay Surrendra Park Hotels reported its best-ever Q3 revenue of ₹200 crore, marking a 13% YoY growth driven by strong demand and an 11% increase in Average Room Rates (ARR) to ₹9,310. While operating EBITDA grew by 10% to ₹71 crore, PAT declined by 25% to ₹24 crore, impacted by higher finance and depreciation costs following recent acquisitions. The company maintains industry-leading occupancy at 90% and is launching a major serviced residence project in Kolkata expected to generate ₹300-350 crore in cash flow over the next three years. The retail brand Flurys continues to scale rapidly, recording 19% growth in Q3.
- Consolidated revenue for Q3 FY26 crossed ₹200 crore for the first time, a 13% YoY increase.
- Average Room Rate (ARR) grew 11% YoY to ₹9,310, while RevPAR increased 9% to ₹8,347.
- Acquisition of Malabar House and Purity completed in December 2025 for a total cost of ₹64 crore.
- Retail brand Flurys recorded 19% revenue growth and achieved a record single-day sale of ₹1 crore on December 24th.
- Net Debt remains low with a Debt/Equity ratio of 0.11 and total Net Debt of ₹154.65 crore.
Apeejay Surrendra Park Hotels reported a 9.3% YoY increase in standalone revenue from operations to ₹187.61 crore for Q3 FY26. While EBITDA grew to ₹68.78 crore from ₹64.41 crore YoY, Net Profit (PAT) declined to ₹24.67 crore from ₹31.90 crore due to higher depreciation, finance costs, and tax expenses. The company is aggressively expanding, having concluded the acquisition of Zillion Hotels in Mumbai for ₹224.76 crore and Fisherman's Grove in Kerala for ₹20.50 crore. An exceptional loss of ₹1.40 crore was recorded during the quarter related to the implementation of new Government Labour Codes.
- Standalone Revenue from operations increased 9.3% YoY to ₹187.61 crore.
- EBITDA improved to ₹68.78 crore compared to ₹64.41 crore in the same quarter last year.
- Acquired Zillion Hotels and Resorts (Mumbai) for ₹224.76 crore to strengthen presence in the Juhu market.
- Acquired 100% stake in Fisherman's Grove Resorts (Kerala) for ₹20.50 crore.
- Net Profit (PAT) stood at ₹24.67 crore, impacted by a ₹1.40 crore exceptional charge for labor code compliance.
Apeejay Surrendra Park Hotels reported a 9.2% YoY increase in standalone revenue from operations to ₹187.61 crore for Q3 FY26. However, Profit After Tax (PAT) saw a YoY decline of 22.6%, falling to ₹24.67 crore, primarily due to higher operating expenses and a ₹1.40 crore exceptional charge related to new labour codes. On a sequential basis, performance improved significantly with revenue and PAT growing 17.7% and 59% respectively. The company also highlighted strategic acquisitions in Mumbai and Kerala to bolster its hospitality portfolio.
- Standalone revenue grew 9.2% YoY to ₹187.61 crore in Q3 FY26 compared to ₹171.71 crore in Q3 FY25.
- Profit After Tax (PAT) stood at ₹24.67 crore, a decrease from ₹31.90 crore in the previous year's corresponding quarter.
- Operating expenses rose to ₹120.28 crore from ₹109.67 crore YoY, impacting overall margins.
- The company completed the acquisition of Zillion Hotels (Mumbai) for ₹224.76 crore and Fisherman’s Grove (Kerala) for ₹20.50 crore.
- An exceptional item of ₹1.40 crore was recognized during the quarter due to the impact of new Government Labour Codes.
Apeejay Surrendra Park Hotels Limited has appointed M/s. A. Mukhopadhyay & Co. as its joint internal auditor for the financial year 2025-26. The appointment was approved by the Board of Directors on February 04, 2026, following a recommendation from the Audit & Risk Management Committee. The firm, established in 1950, brings extensive experience in corporate taxation, statutory audits, and internal controls. This move is part of the company's routine governance to strengthen its internal audit framework.
- Appointment of M/s. A. Mukhopadhyay & Co. (FRN 324755E) as Joint Internal Auditor for FY 2025-26.
- The firm has over 75 years of experience in corporate taxation, audits, and business advisory since its founding in 1950.
- The Board meeting for approval was held on February 04, 2026, between 6:00 PM and 9:00 PM.
- The scope of the firm includes internal audits, GST, income tax matters, and corporate law compliance.
Apeejay Surrendra Park Hotels Limited (PARKHOTELS) has scheduled its earnings conference call for Q3 and 9MFY26 on Friday, February 6, 2026, at 3:00 PM IST. The company will declare its financial results for the period ending December 31, 2025, earlier that same day. Senior management will lead the discussion on financial performance, followed by a Q&A session for analysts and investors. This provides an opportunity for stakeholders to gain insights into the company's hospitality and retail F&B operations, including the iconic Flurys brand.
- Conference call for Q3 and 9MFY26 results set for February 6, 2026, at 3:00 PM IST
- Financial results for the quarter and nine months ended December 31, 2025, to be released on the same day
- Interactive Q&A session with senior management to follow the results presentation
- Universal dial-in numbers provided: +91 22 6280 1141 and +91 22 7115 8042
Apeejay Surrendra Park Hotels Limited (ASPHL) announced the first anniversary of Ran Baas, The Palace, Patiala, which launched in January 2025 as Punjab’s first luxury heritage palace hotel. The property has achieved significant global recognition within its first year, including a Michelin Key and membership in Relais & Châteaux. Management highlighted a healthy mix of domestic and international guests, validating their strategy of unlocking value from heritage properties through restoration. The hotel is positioned as a culturally grounded and commercially robust destination, contributing to the company's premium portfolio.
- Ran Baas, The Palace, Patiala marks its first anniversary since the January 2025 launch.
- Received prestigious accolades including One Michelin Key, UNESCO’s Prix Versailles, and Relais & Châteaux membership.
- Reported sustained demand across leisure, celebrations, and experiential travel segments in its first year.
- The property is part of ASPHL's strategy to expand its presence in the high-margin luxury heritage hospitality segment.
Apeejay Surrendra Park Hotels Limited has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The document, provided by MUFG Intime India Private Limited, confirms that all dematerialization requests were handled within the mandated timelines. It ensures that physical share certificates received were properly mutilated and cancelled, with records updated in the register of members. This filing is a standard administrative procedure for listed entities in India to maintain shareholding integrity.
- Quarterly compliance under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers the three-month period ending December 31, 2025
- Confirms that security certificates for dematerialization were processed and cancelled as per law
- Issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited
Apeejay Surrendra Park Hotels Limited (ASPHL) has announced its first foray into Bihar with the launch of 'Zone Connect by The Park' in Patna. This city resort is strategically located 17 km from Jay Prakash International Airport and 9 km from Danapur Railway Station, targeting both business and leisure travelers. The property features significant event infrastructure with a capacity to host up to 1,000 guests, positioning it for the lucrative wedding and corporate event market. This move aligns with the company's strategy to expand its upper mid-scale footprint in high-potential Tier 2 and Tier 3 cities.
- First hotel launch in Bihar under the 'Zone Connect by The Park' brand.
- Strategic location 17 km from Jay Prakash International Airport and 7.7 km from AIIMS Patna.
- Large-scale event capacity for up to 1,000 guests across indoor and outdoor spaces.
- Comprehensive amenities including Café C, The Bakery, Vitalia Spa, and a signature swimming pool.
- Partnership with Ramanujam Resorts Pvt Ltd for development and operations.
Apeejay Surrendra Park Hotels Limited has announced the closure of its trading window for designated persons starting January 1, 2025. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is necessitated by the upcoming finalization and approval of the company's financial results for the third quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges.
- Trading window closure effective from Thursday, January 1, 2025
- Closure is for the finalization of Q3 and nine-month financial results ending December 31, 2025
- Trading window will reopen 48 hours after the dissemination of financial results to exchanges
- Applies to all designated persons and their immediate relatives under SEBI regulations
Apeejay Surrendra Park Hotels Limited (ASPHL) has announced its entry into the Kerala market by adding three boutique properties to its luxury brand, THE Park Collection. The properties include the 17-room heritage hotel The Malabar House in Fort Kochi, the lakefront retreat Purity in Alappuzha, and the premium houseboat Discovery. This expansion aligns with the company's strategy to grow its presence in high-yield leisure destinations with heritage and design-led assets. Management expects these additions to be value-accretive, leveraging strong year-round domestic and international demand in Kerala.
- Marks ASPHL's first entry into the Kerala leisure market with three boutique assets
- The Malabar House is a historic 17-room heritage hotel and a member of Relais & Châteaux
- Includes Purity, a lakefront retreat in Alappuzha, and Discovery, a premium houseboat
- Strategic focus on high-yielding, design-led properties with heritage value to drive RevPAR
- Follows the recent acquisition of Zillion hotels in Mumbai, indicating an active growth phase
Apeejay Surrendra Park Hotels has signed agreements to acquire 100% of THALI Hotels and Destinations and Fishermans Grove Resorts, alongside at least 90.96% of Cochin Residency Private Limited. These acquisitions include the 'Purity' lakefront property, the 'Discovery' luxury houseboat, and 'The Malabar House' boutique hotel in Fort Kochi. The combined FY25 turnover of the revenue-generating targets (THALI and CRPL) was approximately INR 7.43 crore. This strategic move significantly strengthens the company's footprint in Kerala's high-end boutique hospitality market.
- Acquisition of 100% stake in THALI Hotels and Destinations and Fishermans Grove Resorts for the 'Purity' property and 'Discovery' houseboat.
- Acquisition of at least 90.96% stake in Cochin Residency Private Limited, which owns the premium 'The Malabar House' in Fort Kochi.
- Target entities THALI and CRPL reported FY25 turnovers of INR 2.46 crore and INR 4.97 crore respectively.
- The transactions involve cash consideration with final pricing subject to closing adjustments as per the Share Purchase Agreements.
- Acquired properties will be consolidated into the company's financial statements upon completion of the transactions.
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.