Saj Hotels Limited (SAJHOTELS)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Saj Hotels' revenue was ₹4.7 Cr (-1.5% year on year, +1.1% on the previous quarter), and net profit ₹0.8 Cr (-3.4% year on year); the operating margin was 41.9%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹4.7 | -1.5% | +1.1% |
| Operating profit | ₹1.9 | +30.9% | +12.1% |
| Net profit | ₹0.8 | -3.4% | -17.5% |
| EPS (₹) | 0.53 | -3.6% | -17.2% |
| Operating margin | 41.9% | — | — |
📢 Recent Corporate Announcements
Saj Hotels Limited conducted its 45th Annual General Meeting (AGM) on September 29, 2026, via Video Conferencing. Both ordinary resolutions were approved by shareholders with 100% of the polled votes cast in favor. The resolutions included the adoption of standalone and consolidated financial statements for FY26 and the re-appointment of retiring director Mr. Rahul Maganlal Timbadia. A total of 13 shareholders attended the meeting, representing a routine administrative corporate governance process.
- Resolution 1 (Adoption of FY26 Financial Statements) passed with 10,167,000 votes in favour (100% of votes polled).
- Resolution 2 (Re-appointment of Director Rahul Maganlal Timbadia) passed with 771,000 votes in favour (100% of votes polled).
- A total of 13 shareholders attended the 45th AGM via VC/OAVM on September 29, 2026.
- Total voting rights were calculated based on the record date of September 22, 2026, with 730 total shareholders.
Saj Hotels Limited has issued the notice for its 45th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, to be held via Video Conferencing. The meeting agenda includes the adoption of audited financial statements for FY25-26 and the re-appointment of director Mr. Rahul Maganlal Timbadia, who retires by rotation. The cut-off date for remote e-voting has been fixed as September 22, 2026, with the register of members closed from September 23 to September 29, 2026.
- 45th Annual General Meeting scheduled for September 29, 2026, at 11:00 AM IST via VC/OAVM
- Cut-off date for voting eligibility set as September 22, 2026
- Register of Members and Share Transfer Books closed from September 23 to September 29, 2026
- Agenda includes adoption of FY25-26 financial statements and director re-appointment
Saj Hotels Limited announced the outcome of its Board Meeting held on September 03, 2026. The Board approved the 45th Directors' Report and Management Discussion and Analysis for the fiscal year ended March 31, 2026. The 45th Annual General Meeting (AGM) will be held via video conferencing on September 29, 2026. The Register of Members and Share Transfer Books will be closed from September 23 to September 29, 2026.
- 45th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 11:00 AM IST via VC/OAVM
- Share transfer books and register of members closed from September 23 to September 29, 2026
- Board approved the Directors' Report and MD&A Report for the year ended March 31, 2026
- Board meeting held on September 03, 2026, from 04:00 PM to 05:50 PM
Saj Hotels Limited has appointed M/s. Gajab Maheshwari and Associates as its Secretarial Auditor for the financial year 2025-26. The appointment was approved during a board meeting held on August 01, 2026, which concluded after five hours of deliberation. This is a standard regulatory requirement for listed companies to ensure compliance with corporate and securities laws. The auditor brings experience in legal due diligence and capital market transactions.
- Appointment of M/s. Gajab Maheshwari and Associates as Secretarial Auditor for the FY 2025-26 period.
- Board meeting duration of 5 hours, commencing at 11:00 a.m. and concluding at 4:00 p.m. on August 01, 2026.
- The appointed firm holds Peer Review Certificate No. 6630/2025.
- The auditor's scope includes compliance with the Companies Act, SEBI regulations, and RBI guidelines.
Saj Hotels has responded to NSE clarifications regarding discrepancies in its FY26 XBRL filings, correcting errors in EPS and cash flow reporting. The company confirmed the appointment of Jugal Kishor Mimani as CFO and Akkad Mehta & Co LLP as Internal Auditors for FY27. As of May 2026, the company has utilized Rs 17.36 Cr (62.8%) of its Rs 27.63 Cr IPO proceeds. Notably, Rs 7.55 Cr has been deployed toward the Rs 17.00 Cr resort expansion project, which is a key growth driver.
- Rs 7.55 Cr utilized for resort expansion out of a total budgeted outlay of Rs 17.00 Cr
- Rs 17.36 Cr total IPO funds utilized as of March 31, 2026, out of Rs 27.63 Cr raised
- 10,000 equity shares remain unallotted due to a technical glitch at the Registrar and Share Transfer Agent (RTA)
- Appointment of Jugal Kishor Mimani as CFO, bringing over 25 years of financial management experience
- Correction of XBRL filing discrepancies related to EPS and Net Cash Flows from investing activities
Financial Performance
Revenue Growth by Segment
The Hospitality Services segment grew 5.1% YoY, reaching INR 7.63 Cr in H1 FY26 compared to INR 7.26 Cr in H1 FY25. However, Q2 FY26 revenue of INR 3.95 Cr showed a 4.8% decline compared to INR 4.15 Cr in Q2 FY25.
Geographic Revenue Split
100% of revenue is generated within India, primarily from resort operations in Maharashtra (Mahabaleshwar and Satara).
Profitability Margins
Net profit margin compressed significantly from 20.4% in H1 FY25 to 10.7% in H1 FY26. This was driven by a 60.3% increase in total expenses, which rose from INR 4.98 Cr to INR 7.98 Cr YoY.
EBITDA Margin
EBITDA margin declined from 45.4% in H1 FY25 to 37% in H1 FY26. Core profitability was impacted by a 39.6% rise in employee benefit expenses and a 65.3% increase in other operating expenses.
Capital Expenditure
The company has a planned capital expenditure of INR 17.00 Cr for the expansion of existing resorts. As of September 30, 2025, INR 2.12 Cr (12.4%) has been utilized.
Credit Rating & Borrowing
Long-term borrowings surged from INR 0.21 Cr in March 2025 to INR 17.15 Cr in September 2025. Finance costs increased by 2,997% YoY, from INR 3.39 Lakhs to INR 1.05 Cr, reflecting the impact of new debt for expansion.
Operational Drivers
Raw Materials
Food and beverages consumed represent the primary raw material cost, totaling INR 75.47 Lakhs in H1 FY26, which is 9.45% of total expenses.
Capacity Expansion
Current capacity is being expanded with a budget of INR 17.00 Cr dedicated to resort infrastructure. INR 2.12 Cr has been spent on this expansion as of Q2 FY26.
Raw Material Costs
Food and beverage costs increased 14.5% YoY from INR 65.92 Lakhs to INR 75.47 Lakhs. Procurement is managed through local sourcing for resort operations.
Manufacturing Efficiency
Not applicable as the company operates in the service-based hospitality sector.
Strategic Growth
Growth Strategy
Growth is targeted through the expansion of existing resort capacity (INR 17 Cr project) and a strategic partnership with Lemon Tree Hotels to market 'Saj by the Lake' under the 'Keys Prima' brand, gaining access to a larger customer base.
Products & Services
Hospitality services including resort accommodation, restaurant services (food and beverages), and event hosting.
Brand Portfolio
Saj Hotels, Saj by the Lake, Saj on the Mountains, and Keys Prima (via strategic partnership).
New Products/Services
Expansion of existing resort facilities is expected to contribute to future revenue once the INR 17 Cr project is completed.
Market Expansion
Focusing on strengthening presence in the Maharashtra leisure travel market through resort upgrades.
Strategic Alliances
Strategic partnership with Lemon Tree Hotels for branding and marketing 'Saj by the Lake'.
External Factors
Industry Trends
The industry is shifting toward branded partnerships to leverage loyalty programs and standardized service levels, as seen in the company's Lemon Tree alliance.
Competitive Landscape
Competes with other leisure resorts and branded hotel chains in the Maharashtra hill station circuit.
Competitive Moat
Moat is built on strategic locations in Mahabaleshwar and brand trust, which is reinforced by the Lemon Tree partnership. Sustainability depends on maintaining service standards.
Macro Economic Sensitivity
Highly sensitive to discretionary spending trends and domestic tourism cycles in India.
Consumer Behavior
Increasing consumer preference for branded hospitality experiences that offer standardized service and safety.
Geopolitical Risks
Low direct impact as operations are localized in Maharashtra, India.
Regulatory & Governance
Industry Regulations
Operations are subject to hospitality standards and local tourism regulations in Maharashtra.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 18.7%, with a current tax provision of INR 25.69 Lakhs on a profit before tax of INR 1.37 Cr.
Legal Contingencies
The company has pending litigations disclosed in Note 30 of the financial statements; however, specific case values were not provided in the summary documents.
Risk Analysis
Key Uncertainties
Execution risk of the INR 17 Cr resort expansion and the volatility of finance costs which rose 2,997% YoY.
Geographic Concentration Risk
100% of revenue is concentrated in Maharashtra, making the company vulnerable to regional economic or regulatory shifts.
Third Party Dependencies
Significant dependency on Lemon Tree Hotels for the branding and marketing success of the 'Saj by the Lake' property.
Technology Obsolescence Risk
Low risk; the company is focusing on improving internal financial control systems to safeguard assets.
Credit & Counterparty Risk
Trade receivables increased 78.8% from INR 1.42 Cr in March 2025 to INR 2.54 Cr in September 2025, indicating a need for tighter credit management.
