Saj Hotels Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.78x)
- Company comfortably covers its interest (75.9x coverage)
- Company generates healthy free cash flow
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 30.3% versus prior year
- Equity base is being diluted - shares outstanding up 578.5%
- Working capital days have increased from -98 to 399 days
- Operating margins have contracted to 37.8% from 51.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDHOTEL | 717.75 | 47.61 | 102166.85 | 0.45 | 390.81 | 18.67 | 2339.19 | 14.61 | 25.70 | 28.75 |
| ITCHOTELS | 153.75 | 37.07 | 32026.21 | 0.65 | 1819.10 | 1260.48 | 9360.20 | 1047.73 | 10.54 | 31.62 |
| CHALET | 876.35 | 36.34 | 19191.55 | 0.23 | 86.12 | -57.60 | 512.27 | -42.73 | 17.19 | 45.68 |
| THELEELA | 541.05 | 40.77 | 18068.79 | 0.00 | 48.76 | 460.27 | 351.96 | 28.08 | 8.97 | 36.30 |
| EIHOTEL | 286.55 | 25.18 | 17919.81 | 0.52 | 120.31 | 226.22 | 656.96 | 14.54 | 19.68 | 26.02 |
| VENTIVE | 574.00 | 27.96 | 13405.29 | 0.00 | 124.18 | 227.44 | 542.80 | 6.97 | 13.15 | 35.30 |
| LEMONTREE | 104.80 | 35.36 | 8302.74 | 0.00 | 57.34 | 19.21 | 344.61 | 9.13 | 18.72 | 43.36 |
| ITDC | 690.40 | 71.91 | 5921.52 | 0.43 | 9.39 | -3.63 | 90.10 | 2.68 | 29.05 | 9.25 |
| JUNIPER | 221.10 | 29.66 | 4919.53 | 0.00 | 33.26 | 269.47 | 249.53 | 13.04 | 7.85 | 34.56 |
| MHRIL | 196.75 | 75.05 | 3975.70 | 0.00 | -8.56 | -219.39 | 732.81 | 4.48 | 42.30 | 15.36 |
| SAMHI | 157.30 | 6.94 | 3497.72 | 0.00 | 24.93 | 29.72 | 305.21 | 12.12 | 12.38 | 32.18 |
| SAJHOTELS | 37.00 | 21.54 | 59.66 | 0.00 | 0.85 | -6.19 | 4.65 | -1.48 | 17.17 | 33.98 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 4 | 3 | 4 | 5 | 5 | 4 | 4 | 5 | 5 | |
| 3 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | |
| Operating Profit | 0 | 1 | 1 | 2 | 2 | 1 | 0 | 1 | 2 | 2 |
| OPM % | 7.93% | 40.79% | 32.15% | 54.09% | 33.95% | 31.36% | 9.24% | 35.19% | 37.83% | 41.72% |
| 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Profit before Tax | -0 | 1 | 1 | 2 | 2 | 1 | 0 | 1 | 2 | 1 |
| Tax % | 100.00% | 46.55% | 50.00% | 18.03% | 38.50% | 35.51% | 38.89% | 25.21% | 32.47% | 33.07% |
| Net Profit | 0 | 0 | 0 | 2 | 1 | 1 | 0 | 1 | 1 | 1 |
| 0.00 | 0.26 | 0.23 | 1.27 | 0.72 | 0.55 | 0.07 | 0.55 | 0.64 | 0.53 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 10 | 11 | 12 | 9 | 5 | 9 | 10 | 14 | 17 | 17 | |
| 7 | 8 | 9 | 10 | 6 | 3 | 5 | 5 | 9 | 10 | 11 | |
| Operating Profit | 3 | 2 | 2 | 2 | 3 | 2 | 4 | 5 | 5 | 6 | 5 |
| OPM % | 30.35% | 23.17% | 18.70% | 18.68% | 36.85% | 36.22% | 48.92% | 48.62% | 36.13% | 37.83% | 32.05% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 2 |
| Depreciation | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 2 | 2 | 2 |
| Profit before Tax | 3 | 1 | 0 | -0 | 1 | -0 | 3 | 4 | 3 | 6 | 4 |
| Tax % | 32.96% | 37.21% | 7.56% | -89.32% | 43.32% | -15.24% | 22.51% | 24.32% | 35.01% | 32.26% | 30.86% |
| Net Profit | 2 | 1 | 0 | -1 | 0 | -0 | 2 | 3 | 2 | 4 | 3 |
| EPS | 79.13 | 27.57 | 19.39 | -24.18 | 12.98 | -20.16 | 96.97 | 2.44 | 1.75 | 2.36 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 13%
- 3 Years:
- 23%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 65%
- 3 Years:
- 18%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -38%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 13%
- 3 Years:
- 16%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 12 | 16 |
| 18 | 19 | 19 | 19 | 19 | 19 | 21 | 24 | 77 | 101 | |
| 3 | 4 | 3 | 10 | 9 | 7 | 9 | 7 | 4 | 2 | |
| Trade Payables | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 1 |
| 1 | 3 | 5 | 4 | 4 | 4 | 3 | 5 | 5 | 5 | |
| Total Liabilities | 26 | 29 | 31 | 36 | 35 | 32 | 36 | 39 | 98 | 124 |
| 15 | 23 | 23 | 30 | 28 | 27 | 27 | 35 | 92 | 97 | |
| Capital Work in Progress | 7 | 1 | 4 | 0 | 0 | 0 | 5 | 1 | 1 | 1 |
| 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | |
| Cash & Bank | 0 | 2 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 18 |
| 3 | 3 | 4 | 6 | 6 | 4 | 3 | 3 | 4 | 8 | |
| Total Assets | 26 | 29 | 31 | 36 | 35 | 32 | 36 | 39 | 98 | 124 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 4 | 3 | 4 | 4 | 3 | 6 | 8 | 3 | 5 | |
| Cash from Investing | -7 | -2 | -3 | -9 | -0 | 0 | -6 | -4 | 0 | -9 |
| Cash from Financing | 3 | 0 | -2 | 5 | -3 | -3 | 2 | -3 | -3 | 21 |
| -1 | 2 | -2 | -0 | 0 | 0 | 1 | -0 | 1 | 17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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