India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> has entered into a strategic partnership with GIC, a global institutional investor, to establish a joint venture platform for upscale and higher hotel assets in India.</li>
<li>This transaction will significantly reduce SAMHI’s debt, enhance its financial flexibility, and provide access to up to $300 million in future capital for further expansion in high-demand upscale hotel sector.</li>
<li>The partnership with GIC strengthens SAMHI’s growth outlook, boosts profitability through debt reduction, and positions the company to capitalize on the rapidly expanding upscale hospitality market in India.</li>
</ul>



SAMHI Hotels (SAMHI IN) has entered into a strategic partnership with GIC, a global institutional investor, to establish a joint venture platform for upscale and higher hotel assets in India.
This transaction will significantly reduce SAMHI’s debt, enhance its financial flexibility, and provide access to up to $300 million in future capital for further expansion in high-demand upscale hotel sector.
The partnership with GIC strengthens SAMHI’s growth outlook, boosts profitability through debt reduction, and positions the company to capitalize on the rapidly expanding upscale hospitality market in India.


Update- SAMHI Hotels: Strategic Partnership with GIC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> witnessing a 9-10% top-line growth attributed to same-store Average Room Rate (ARR) growth and robust occupancy trend across all the segments.     </li>
<li>Company is set to generate a top line of INR 3.2-3.5bn pa post stabilization in 2 years with an increase of 532 keys across three hotels.</li>
<li>Company is expecting 35% revenue growth in next 3-4 years by repositioning the ACIC portfolio under the Marriott Tribute &amp; Courtyard brands and opening new hotels like W&amp; Westin Tribute. </li>
</ul>



SAMHI Hotels (SAMHI IN) witnessing a 9-10% top-line growth attributed to same-store Average Room Rate (ARR) growth and robust occupancy trend across all the segments.     
Company is set to generate a top line of INR 3.2-3.5bn pa post stabilization in 2 years with an increase of 532 keys across three hotels.
Company is expecting 35% revenue growth in next 3-4 years by repositioning the ACIC portfolio under the Marriott Tribute &amp; Courtyard brands and opening new hotels like W&amp; Westin Tribute. 


The Beat Ideas: Samhi Hotels, A Strategic Play on India's Premium Hotels

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.</li>
<li>While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.</li>
<li>Companies which have zoomed after the insider purchases include - <a href="https://www.smartkarma.com/entities/lt-foods-ltd" target="_blank" data-smartkarma-citation="entities:20784:1" rel="noopener">LT Foods Ltd (LTFO IN)</a> (+10%), Valor Estate (+11%). In smaller names - <a href="https://www.smartkarma.com/entities/man-industries-india-ltd" target="_blank" data-smartkarma-citation="entities:20233:1" rel="noopener">Man Industries (India) (MAN IN)</a> (+88%)</li>
</ul>


Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
Companies which have zoomed after the insider purchases include - LT Foods Ltd (LTFO IN) (+10%), Valor Estate (+11%). In smaller names - Man Industries (India) (MAN IN) (+88%)


India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

Thematic (Sector/Industry)

<ul>
<li>Mid-Market players <a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> and <a href="https://www.smartkarma.com/entities/lemon-tree-hotels-ltd" target="_blank" data-smartkarma-citation="entities:26159:1" rel="noopener">Lemon Tree Hotels Ltd (LEMONTRE IN)</a> led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. </li>
<li>FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. </li>
<li>
<a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.</li>
</ul>


Mid-Market players SAMHI Hotels (SAMHI IN) and Lemon Tree Hotels Ltd (LEMONTRE IN) led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. 
FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. 

Indian Hotels (IH IN) and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.


Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

Apeejay Surrendra Park Hotel / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a>, With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  </li>
<li>F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. </li>
<li>Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  
F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. 
Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.


The Beat Ideas: Park Hotels: Serving Long-Term Value

India

SAMHI Hotels Limited operates as a real estate owner and developer. The Company builds and develops hotels. SAMHI Hotels serves customers in India. 

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SAMHI Hotels (SAMHI IN)

Update- SAMHI Hotels: Strategic Partnership with GIC

SAMHI Hotels partners with GIC to reduce debt, gain financial flexibility, and access $300 million for upscale hotel expansion in India.

Sudarshan Bhandari

The Beat Ideas: Samhi Hotels, A Strategic Play on India's Premium Hotels

SAMHI Hotels experiencing strong revenue growth from increased Average Room Rate and occupancy, set to expand and reposition portfolio for further...

Sudarshan Bhandari

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

The Beat Ideas: Park Hotels: Serving Long-Term Value

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Update- SAMHI Hotels: Strategic Partnership with GIC

​SAMHI Hotels partners with GIC to reduce debt, gain financial flexibility, and access $300 million for upscale hotel expansion in India.

Sudarshan Bhandari

The Beat Ideas: Samhi Hotels, A Strategic Play on India's Premium Hotels

​SAMHI Hotels experiencing strong revenue growth from increased Average Room Rate and occupancy, set to expand and reposition portfolio for further...

Sudarshan Bhandari

India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps.

India Insider buying spanned across 40+ stocks in June 2025. Strong activity seen in small cap companies and few companies in large cap.

Sreemant Dudhoria,CFA

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

​Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

The Beat Ideas: Park Hotels: Serving Long-Term Value

​Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

SAMHI Hotels partners with GIC to reduce debt, gain financial flexibility, and access $300 million for upscale hotel expansion in India.

SAMHI Hotels experiencing strong revenue growth from increased Average Room Rate and occupancy, set to expand and reposition portfolio for further...

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...