Correct and whatever overhang is there, should be fine by April 2025 . All the lock ins are going to expire in March 2025.
If the company is going to add inventory, show strong revpar growth, improve their margin, the share price shall follow the growth. It’s just matter of time when this happens, just requires some patience here.
Noteworthy to mention, the demand is going to outpace the supply for next many years (at least for the next 4 years). The tailwinds and the hospitality cycle is here to stay for a significant number of years. Being capital incentive business and a significant lead time in construction to revenue generation is itself a strong moat. You can really count the number of hotel Operators (asset owners) on your fingertips and here Samhi is the 2nd largest and the cheapest (mcap side).
If you know several giant international hotel brands are aggressively buying lands in India because the same reason. They will only start adding to the inventory post 2030.
Disc: invested
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