Samhi’s margin widens as revenue growth outpaces expenses
Operating profit grew +21.33% QoQ, but other income supplied 14.81% of pre-tax profit and the tax rate moved higher.
Filed 03 Nov 2026, 18:38 IST · after market close · Samhi Hotels Ltd (SAMHI)
Key takeaways
- Samhi Hotels lifted consolidated operating margin by 3.07 percentage points QoQ as revenue grew +10.77% and expenses rose only +5.75%.
- Consolidated net profit increased +64.78% QoQ even as the tax rate rose 4.48 percentage points.
- Other income contributed 14.81% of consolidated pre-tax profit, making earnings quality an important monitor.
Price around the results
Revenue growth created operating leverage
Samhi’s consolidated revenue grew +10.77% QoQ, while expenses increased +5.75%, allowing operating profit to rise +21.33%. This cost spread expanded operating margin from 32.18% to 35.25%, a 3.07 percentage-point improvement. The results were filed after market close on 03 Nov 2026, so the market response is not yet part of this readout.
Profit growth came despite a higher tax rate
Profit before tax rose +75.10% QoQ, helped by the operating improvement and a +175.65% increase in other income. Other income represented 14.81% of pre-tax profit, so reported earnings were not driven entirely by operations. Net profit still increased +64.78% despite the tax rate rising from 23.85% to 28.33%; interest also grew +1.67% and depreciation +3.76%.
Margin remains well above the reported peer median
Among 188 Consumer Discretionary peers that had reported, Samhi’s 35.25% operating margin was 23.02 percentage points above the sector median of 12.23%. The margin also improved sequentially from 32.18%, although the available trend begins only with Q1FY27 and does not establish a longer multi-quarter pattern.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹338 cr | ₹305 cr | +10.77% |
| Other income | ₹8 cr | ₹3 cr | +175.65% |
| Expenses | ₹219 cr | ₹207 cr | +5.75% |
| Operating profit | ₹119 cr | ₹98 cr | +21.33% |
| Operating margin (%) | 35.25% | 32.18% | — |
| Interest | ₹38 cr | ₹38 cr | +1.67% |
| Depreciation | ₹32 cr | ₹31 cr | +3.76% |
| Profit before tax | ₹57 cr | ₹33 cr | +75.10% |
| Tax | ₹16 cr | ₹8 cr | +107.81% |
| Net profit | ₹41 cr | ₹25 cr | +64.78% |
| EPS (₹) | ₹1.85 | ₹1.12 | +65.18% |
Operating margin of 35.25% compares with a Consumer Discretionary sector median of 12.23% across 188 peers that have reported Q2FY27.
What to watch
- Whether consolidated operating margin holds above 35.25%.
- Whether expense growth remains below the +10.77% revenue growth rate.
- Whether other income’s 14.81% share of pre-tax profit declines or persists.