Analysts/Institutional Investor Meet/Con. Call Updates

IMART HOTEL INVESTMENTS— 10™ August 2026 SAMHI Hotels Ltd. BSE Limited National Stock Exchange of India Corporate Relationship Department Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Mumbai - 400 001, Bandra Kurla Complex, Bandra (East), Maharashtra, India Mumbai - 400 051, Maharashtra, India Scrip Code: 543984 Scrip Code: SAMHI Sub: Transcripts of Q1 FY27 Earnings Conference Call Dear Sir/ Madam, Please find enclosed the transcripts of the Q1 FY27 Earnings Conference Call with the Investors or Analysts held on Tuesday, 04" August 2026 at 10:30 a.m. (IST). You are requested to kindly take the same on your records. Thanking You. Yours faithfully, For SAMHI Hotels Limited Sanjay Jain Senior Director - Corporate Affairs, Company Secretary and Compliance Officer Encl.: As above Correspondence: wiww.samhi coin SMART HOTEL INVESTMENTS. SAMHI Hotels Limited Q1 FY27 Earnings Conference Call August 04, 2026 E&OE -This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 4% August 2026 will prevail. SMART HOTEL INVESTMENTS: MANAGEMENT: MR. ASHISH JAKHANWALA — MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER MR. RAJAT MEHRA — CHIEF FINANCIAL OFFICER MR. GYANA DAS — EXECUTIVE VICE PRESIDENT & HEAD (INVESTMENTS) MR. NAKUL MANAKTALA — SENIOR VICE PRESIDENT (INVESTMENTS) Page 1 of 20 SAMHI SMART HOTEL INVESTMENTS: SAMHI Hotels Limited August 04, 2026 Ladies and gentlemen, good day and welcome to the Q1 FY 27 Earmings Conference Call of Moderator: SAMHI Hotels Limited. This conference call may contain forward-looking statements about the company; which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertaintics that are difficult to predict As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing “** then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashish Jakhanwala — Managing Dircotor and Chief Exceutive Officer of SAMHI Hotels Limited. Thank you, and over to you, sir. Good morning, everyone, and welcome to SAMHI Hotels QIFY27 Earnings Call. Thank you Ashish Jakhanwala: for taking the time to join us today. Tam joined by our Chief Financial Officer — Rajat Mchra, ow Exccutive Vice President and Head of Investments — Gyana Das, and Nakul Manaktala — our Senior Vice President of Investments. Our investor relations partners, Strategic Growth Advisors, are also on the call. ‘We have uploaded our QIFY27 Financial Results, Investor Prescntation, and the Excel Sheet on the Exchanges and on the website, and I hope everyone has had a chance to go through them. Before I get into specific company-level details, let me spend a moment on the environment we operated in this quarter, because it speaks dircetly to why we have built SAMHI the way we have. We are a firm belicver and investor in the urbanization story of India, and we have deliberately built a portfolio in some of the most dense office markets in the country. That thesis held up well in Quarter 1. Nt office absorption across our core markets was approximately 11 million square feet during the quarter, on top of approximately 58 million square fect for the whole Financial Year 2026. Leasing momentum across global capability centers remains strong with Bangalore, Hyderabad, and Pune together accounting for more than 65% of the quarter leasing activity. On aviation, passenger traffic did dip carly in the quarter as the geopolitical situation escalated, and more so because of the limitations of the Gulf carricrs. But the latter haolf tfhe quarter saw a clear recovery, and Quarter 1 FY 27 passenger traffic came in essentially flat year-on-year for the quarter as a whole. Page 2 of 20 SAMHI SMART HOTEL INVESTMENTS: SAMHI Hotels Limited August 04, 2026 A good illustration of how quickly underlying travel demand in our markets reasserts ifself once a disruption passes. Against that backdrop, our own operating metrics were strong. Same-store RevPAR grew 9.6% year-on-year to approximately Rs. 5,220, with portfolio occupancy at 79.3%, which was up from 74.2% in the year-ago quarter. Domestic travelers now make up 82% oft he room nights we sold, up from 78% a year ago. This more resilicnt domestic cohort s precisely what insulated our top line from the disruptions to international arrivals that we saw through the quarter. Encouragingly, 36% of the days in the quarter saw occupancy in excess of 90%, which tells us underlying demand compression is intact even with softer international business. Let me now hand over to Raat to take you through the Quarters Financial Performancien detail, and I will come back to you to talk through our growth pipeline. Over to you, Rajat. Rajat Mehra: ‘Thank you, Ashish. Good momning, everybody. Let me start with the three items that bridge our reported performance for the quarter to comparable performance, as that truly demonstrates the health of the business and gives a clearer guidance on the way forward. Total income for Q1 FY2027 was Rs. 308.3 crores, which was on a reported basis up 7.3% on a year-on-year basis. However, ther is approximately Rs. 9.3 crores of one-time other income that was includeidn our Q1 FY2026 base relating to a subsidiary capital restructuring as a part of the GIC transaction. Therefore, on a comparable revenue growth basis, we were up 10.8%. ‘This included same-store growth of approximately 9.1%, and the balance came from the new openings last year. Similarly, Q1 FY 2026 base also included approximately Rs. 2.1 crores as a one-time expense related to the GIC transaction, which reduced the reported EBITDA for that quarter: Operating expenses in Q1 FY2026 include an approximate impact of Rs. 9.2 crores from the changien the GST regime from 12% with the input tax credit to 5% without the input tax credit. ‘This impact is in the current year and is not a base period adjustment. Therefore, while we reported our EBITDA, which was lower by 4% on a year-on-year basis, the same on a comparable basis was healthy at about 12.1%. Finance costs for the quarter declined by 25.5% on a year-on-year basis to Rs. 37.7 crores, resulting in a PBT of Rs. 32.7 croes, up by 26.4% over the same period last year. Net debt as on June 30th, 2026, was approximately Rs. 1,490 crores. Our net debt-to-EBITDA stood at approximately 3.2x on a trailing 12-month basis and approximately 2.4x for operating Page 3 of 20 SAMHI SMART HOTEL INVESTMENTS: SAMHI Hotels Limited August 04, 2026 assets excluding the capital deployed towards growth. Our cffective interest rate is at 7.8%, approximately 300 basis points lower than that at the time of our [PO. Our credit rating remains A+ (stablo), both by ICRA and CARE, unchanged since our last upgrade during the financial year of 2026. ‘We remain firm on the trajectory outlined last year with the forceast to gencrate a cumulative cash flow of more than Rs. 3,000 crores (incorrectly mentioned Rs.2000 Crores on the call) over a period of FY2027 - FY2031. This enabled us to fund our committed growth CAPEX while ‘maintaining a strong balance sheet. However, we have two uncertainties in our business, the external environment and the growth opportunities that may come our way. But as we promised, the balance sheet nceds to remain strong imespective of cither the two or both playing out. So, it is critical that the Board has the flexibility to act in time, and therefore we are enabling resolution for a capital raise during this mesting. Although the business actually stands very well capitalized as we speak. With that, let me hand over the word back to Ashish. Thanks, Raja [Showing first 8,000 characters — download PDF for full document]