Apeejay Surrendra Park Hotels Q3 FY26: Revenue crosses ₹200 Cr, plans 17 new hotels
Apeejay Surrendra Park Hotels reported Q3 FY26 consolidated revenue of ₹200 crore and EBITDA of ₹71 crore. The company plans to add 17 new hotels and 672 keys over the next 14 months. Key acquisitions include a Juhu property and two luxury properties in Kerala. Flurys aims for accelerated store expansion.
The announcement details strong financial results, aggressive expansion plans (new hotels and acquisitions), and positive performance from its key brands, which are significant drivers of future growth and market position.
The company reported its best-ever Q3 performance with significant revenue growth, improved occupancy, and strategic expansion plans, including new hotel openings and acquisitions. The performance of its subsidiary Flurys also showed strong growth.
Apeejay Surrendra Park Hotels Limited (ASPHL) announced its Q3 and nine months ended December 30, 2025, financial results. The company reported its best ever Q3 performance with consolidated revenues crossing ₹200 crore for the first time, reaching ₹200 crore, and EBITDA at ₹71 crore, resulting in a 35.3% EBITDA margin. Occupancy stood at 90%, with an 11% year-on-year increase in Average Room Rate (ARR) and a 9% increase in Revenue Per Available Room (RevPAR).
The company is set to launch The Park Unizen, serviced residences and The Park at EM Bypass Kolkata, a project expected to add ₹300 crore to ₹350 crore in cash flow over three years from the sale of residences.
ASPHL plans to add 6 new hotels with 234 keys in Q4 FY26, and a total of 17 hotels with 672 keys over the next 14 months, taking its total room count to 3,219 keys across 56 hotels by FY27. This includes upcoming properties in Vizag, Darjeeling, Katra, Kochi, Goa, and Dharamsala.
In terms of acquisitions, ASPHL completed the acquisition of a 76% stake in a Juhu, Mumbai property, with plans to increase it to 90% in FY27. The property is expected to open by March 2027. The company also acquired Malabar House in Fort Kochi and Purity at Vembanad Lake for ₹64 crore, strengthening its luxury and leisure segment under The Park Collection.
The flagship brand, Flurys, recorded a 19% top-line growth in Q3 FY26 and achieved a record single-day sale of ₹1 crore on December 24th. The company plans to add 14 new Flurys stores in Q4 FY26 and aims for accelerated store additions in FY27, with a long-term plan of 450-500 stores by FY30.
For the nine months ending FY26, consolidated net revenue grew by 15.3% to ₹524 crore. EBITDA stood at ₹165 crore, and profit after tax was ₹54 crore.
The company is also investing in renovations for key properties, including Delhi and Chennai, to enhance guest experience and drive revenue growth. The estimated total capex for the next three years, including acquisitions and operational capex, is approximately ₹1,570 crore.
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