SAMHI’s portfolio is witnessing a shift towards up-upscale and upscale segment with contribution expected to reach ~43% from ~22% currently.
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SAMHI currently trades at attributable FY26/FY27/FY28E EV/Ebitda multiple of 12x/10.1x/8.2x, at a significant discount to peers, despite strong growth prospects. We believe growth pick up in H2 along with consistent profitability and net debt reduction can aid material rerating for the stock.