Apeejay Surrendra Park Hotels Limited (ASPHL) is among Indias leading hospitality companies and the countrys eighth-largest asset-owning hotel chain. Our portfolio spans luxury, boutique, upscale, mid-scale and economy hospitality, enabling us to serve diverse business and leisure demand across key Indian markets.
We operate through five hospitality brands: THE Park, THE Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone, supported by an expanding network and development pipeline. We also have a presence in food and beverage through Flurys, our iconic retail F&B brand.
According to the International Monetary Funds (IMF) World Economic Outlook, global economic growth reached 3.4% in 2025, demonstrating resilience despite heightened geopolitical tensions, policy uncertainty and trade frictions. While shifts in political leadership, evolving regulations and tariff-related disruptions contributed to commodity price volatility and supply chain pressures, favourable financial conditions, pre-emptive trade activity ahead of tariff implementation and corporate adaptability helped sustain global economic momentum.
Global inflation moderated to 4.1% in 2025, moving closer to central bank targets as food, energy and commodity prices eased from earlier peaks. Although inflation remained elevated in some emerging and developing economies, developed markets largely approached price stability. Labour markets remained resilient, with unemployment close to historic lows, while rising real wages and easing inflation supported household purchasing power.
Developed economies expanded by 1.9% led by 2.1% growth in the US, supported by technology investments and resilient domestic demand. The Eurozone grew by 1.4% with Germany showing early signs of recovery after a prolonged slowdown. Emerging and developing economies recorded 4.4% growth, driven by strong domestic demand, infrastructure investment and the recovery of services and tourism, while China maintained growth of approximately 5.0% supported by exports and manufacturing despite subdued consumer spending and continued weakness in the real estate sector.
Despite consumer confidence remaining below pre-pandemic levels, resilient labour markets, easing inflation and recovering real household incomes continued to support discretionary spending on travel, accommodation, dining and leisure experiences. While private consumption softened in some economies amid weak consumer sentiment and evolving fiscal policies, India remained a key growth driver, retaining its position as the worlds fastest-growing major economy.
Global economy growth in 2025: 3.4%
The global economy is expected to moderate in 2026 amid heightened geopolitical and economic uncertainty. The Organisation for Economic Co-operation and Development (OECD) projects global growth to ease to 2.9% in 2026 from 3.2% in 2025, as higher energy prices and the evolving conflict in West Asia weigh on demand and increase costs, partly offsetting the benefits of technology-led investment, lower effective tariff rates and growth momentum carried forward from 2025.
According to the World Trade Organization (WTO), global merchandise trade growth is projected to moderate to 1.9% in 2026 from 4.6% in 2025, before recovering to 2.6% in 2027. Services trade growth is also expected to soften to 4.8% in 2026 from 5.3% in 2025, before improving to 5.1% in 2027.
Geopolitical tensions in West Asia continue to pose significant downside risks to global growth while increasing upside risks to inflation through elevated uncertainty, financial market volatility, supply chain disruptions and pressure on energy markets. These developments could prompt tighter monetary policy and have generated broader spillover effects, particularly across energy-dependent economies. While rising investments in technology, including artificial intelligence, may help offset some of these headwinds, their impact remains uncertain.
Overall, the global outlook has become more cautious than at the start of 2026, with the duration and intensity of the West Asia conflict expected to remain a key determinant of global growth, inflation and financial stability.
| Year | World | Advanced Economies | Emerging Markets and Developing Economies |
| 2025 | 3.4 | 1.9 | 4.4 |
| 2026(P) | 3.1 | 1.8 | 3.9 |
| 2027(P) | 3.2 | 1.7 | 4.2 |
Source: World Economic Outlook, April 2026, IMF P - Projected
| Year | Rate |
| 2025 | 4.1 |
| 2026(P) | 4.4 |
| 2027(P) | 3.7 |
Source: World Economic Outlook, April 2026, IMF P - Projected
Indias GDP growth in FY 2025-26 was 7.7% (FY 2024-25: 7.1%) despite uneven global growth, commodity price volatility and geopolitical uncertainties. Growth was driven by government capital expenditure, private consumption, and steady performance across manufacturing and services. Consumer Price Index (CPI) inflation remained broadly within the Reserve Bank of Indias (RBI) tolerance band ( 4% ± 2%), supported by easing food prices, while the Current Account Deficit (CAD) is estimated at 0.8% of GDP (FY 2024-25: 0.6%) reflecting trade tariff pressures and geopolitical developments. The Reserve Bank of India (RBI) reduced policy rates by a cumulative 125 basis points (bps) and lowered the Cash Reserve Ratio (CRR) from 4% to 3% , injecting approximately INR 2.5 lakh crores of liquidity through the CRR reduction, open market operations and foreign exchange swaps. These measures supported lower lending rates, credit growth and investment.
Foreign exchange reserves increased to USD 697.1 billion (April 3, 2026) from USD 668 billion (March 2025), covering nearly 11 months of imports and 94% of external debt, reinforcing stability. The unemployment rate eased to 4.9% in February 2026, while the labour force participation rate remained unchanged at 55.9% . Overall, macroeconomic conditions remained supported by moderating inflation, prudent financial regulation and stronger banking sector balance sheets.
The services sector grew 8.7% (FY 2024-25: 7.8%), contributing 55-60% of Gross Value Added (GVA). Financial, real estate and professional services expanded 9.9% , while trade, hotels, transport and communication grew 10.1% . Manufacturing grew 11.5% (FY 2024-25: 9.3%), supported by policy initiatives, supply chain diversification and domestic demand. Construction expanded 7.1% (FY 2024-25: 7.3%), aided by infrastructure spending, while agriculture grew 2.4% (FY 2024-25: 4.2%), supported by an above-normal monsoon and strong rabi and kharif output.
During FY 2025-26, the Government implemented structural reforms to support economic activity, broadened the tax base and strengthened Indias global trade position. Amid heightened global trade uncertainty following new US tariffs, the focus remained on export diversification, competitiveness and domestic manufacturing. The Union Budget 2025-26 introduced the Income Tax Act, 2025, revising personal income taxation to support disposable incomes, alongside Goods and Services Tax (GST) rationalisation in September 2025. India also signed Free Trade Agreements (FTAs) with the UK and the European Union, while trade negotiations with the US advanced, supporting domestic consumption and export competitiveness.
Despite disruptions during the second half of FY 2025-26, Indias fiscal position remained stable, with tax collections broadly meeting expectations, the fiscal deficit remaining within the glide path, and rating agencies recognising continued fiscal discipline.
Indian economy GDP growth in FY 2025-26: 7.7%
Indias relative resilience to global shocks, supported by continued investment in infrastructure and digital transformation, provides a strong foundation for sustained economic expansion. Against this backdrop, Indias economic outlook for FY 2026-27 remains robust, with real GDP growth projected at approximately 6.9% and Consumer Price Index (CPI) inflation at around 4.6% , although inflation remains sensitive to food and energy prices. Growth is expected to be supported by strong domestic demand, sustained government capital expenditure and ongoing structural reforms.
The services sector is expected to remain the primary growth engine, particularly across financial services and hospitality, while manufacturing is projected to gain further momentum under the Production-Linked Incentive (PLI) scheme, led by electronics, automotive and pharmaceuticals. Fiscal policy is expected to continue on the consolidation path while maintaining a strong focus on capital expenditure, while monetary policy is likely to remain calibrated and data-dependent to ensure price stability.
The external sector will continue to be influenced by global growth, trade developments and crude oil prices, which could affect the current account balance and imported inflation, although services exports are expected to provide a partial offset. The possible emergence of El Niño conditions could also pose risks to growth and inflation.
The global travel and tourism industry reached a new milestone in 2025, with 1.52 billion international tourist arrivals, up 4% over 2024 and surpassing pre-pandemic levels. It was supported by robust travel demand, expanded air connectivity and continued visa facilitation. The sector also recorded its strongest economic performance to date, contributing USD 11.6 trillion , or 9.8% of global GDP, while growing 4.1% , significantly outpacing overall global economic growth. It also supported 366 million jobs worldwide, equivalent to one in every nine jobs globally, while accounting for one in every three new jobs created.
Europe remained the worlds leading tourism destination, attracting 794 million international visitors and accounting for 52% of global arrivals, with visitor numbers growing 4% YoY and exceeding pre-pandemic levels. The Americas welcomed approximately 218 million international arrivals, up 1% from 2024 and recovering to 99% of 2019 levels.
The Middle East continued to outperform all regions, with arrivals 39% above pre-pandemic levels despite a modest 3% annual increase, while Africa recorded 8% YoY growth, with arrivals 17% above 2019 levels. The Asia-Pacific (APAC) region continued its recovery, receiving 331 million international arrivals, representing 22% of global arrivals and recovering to 91% of pre-pandemic levels.
International tourist arrivals in 2025: 1.52 bn
The global hospitality and tourism industry entered 2026 from a position of strength, having completed its post-pandemic recovery. While the outlook remains positive, geopolitical tensions, particularly in West Asia, and economic uncertainties continue to pose near-term risks by affecting traveller confidence, destination preferences and international travel flows, with spillover effects across the broader tourism ecosystem.
Despite these challenges, the sector continues to demonstrate resilience, supported by stable employment, sustained business activity and robust leisure demand. Long-term growth prospects remain favourable, underpinned by rising disposable incomes, an expanding middle class across emerging markets, and sustained demand for both business and leisure travel, reinforcing the industrys ability to navigate evolving global conditions.
Key Global Metrics:
The Indian travel and tourism industry maintained strong momentum in FY 2025-26, driven by robust domestic leisure demand, improving corporate travel and the gradual recovery of inbound tourism, supported by enhanced connectivity and visa facilitation. According to the World Travel & Tourism Council (WTTC) Economic Impact Research 2026, Travel & Tourism contributed USD 263.6 billion to Indias economy in 2025, equivalent to 6.6% of GDP, and supported 46.2 million jobs , underscoring the sectors significant role in economic growth and employment.
During CY 2025, India recorded 9.02 million foreign tourist arrivals, INR 27,363.8 crores in foreign exchange earnings and 4,132.8 million domestic tourist visits. As of December 2025, Indias e-Visa facility was available to nationals of 172 countries , with entry through 33 international airports, 16 seaports and 2 land ports , further supporting inbound tourism.
The industry sustained its upcycle, supported by resilient leisure demand, improving corporate travel and disciplined supply additions, keeping occupancy, ADR and RevPAR above pre-pandemic levels.
According to Horwath HTL, national occupancy improved to 64% (2024: 63%), while ADR increased to INR 8,624 (+8.5% YoY) and RevPAR rose to INR 5,522 (+8.7% YoY).
Key industry drivers remain domestic discretionary spending, the pace of inbound tourism recovery, air connectivity, incremental room supply, corporate travel and MICE demand, alongside external factors such as geopolitical developments and weather-related disruptions.
The Indian hospitality sector is expected to remain resilient in FY 2026-27, supported by sustained domestic leisure and MICE demand, with ICRA projecting 7-9% YoY revenue growth alongside continued improvement in occupancy and Average Room Rates (ARR). While geopolitical developments in West Asia and related aviation disruptions may temporarily affect select international and corporate travel corridors and keep fuel, logistics and utility costs elevated, the medium- to long-term outlook remains positive.
Structural growth drivers, including rising discretionary spending, an expanding middle class, increasing business travel and Indias growing prominence in the global economy, are expected to support higher domestic and international travel demand. ICRA projects hotel demand growth of 8-10% CAGR between FY 2024-25 and FY 2027-28, outpacing supply growth of 5-6% , with measured capacity additions expected to sustain healthy occupancy and ADR levels.
Government initiatives such as Swadesh Darshan 2.0, PRASHAD, RCS-UDAN, destination development, community-based tourism and hospitality skilling programmes, along with the reduction in GST to 5% (without input tax credit) on hotel rooms priced up to INR 7,500 per day , are expected to strengthen tourism infrastructure, improve affordability and support demand in the mid-scale and budget segments. Together with favourable demand-supply dynamics and continued infrastructure development, these factors are expected to sustain healthy occupancy and pricing across key markets, including select Tier II and Tier III cities, subject to macroeconomic and geopolitical conditions.
| Year | Occupancy |
| FY 20-21 | 43.1 |
| FY 21-22 | 58.6 |
| FY 22-23 | 62.1 |
| FY 23-24 | 63.9 |
| FY 24-25 | 64.0 |
| Year | RevPAR |
| FY 20-21 | 1,917 |
| FY 21-22 | 3,548 |
| FY 22-23 | 4,586 |
| FY 23-24 | 5,078 |
| FY 24-25 | 5,522 |
| Year | ADR |
| FY 20-21 | 4,448 |
| FY 21-22 | 6,053 |
| FY 22-23 | 7,391 |
| FY 23-24 | 7,951 |
| FY 24-25 | 8,624 |
The Indian foodservice industry continued to demonstrate strong momentum during the year, supported by rising urbanisation, higher disposable incomes, changing consumer lifestyles and increasing demand for dining out and convenience-led food consumption. The market was valued at approximately USD 93.97 billion in 2026, reflecting sustained expansion across organised foodservice formats.
Growth was driven by the rapid adoption of digital ordering, online food delivery platforms and cloud kitchens, alongside increasing smartphone penetration and the rising number of working professionals and dual-income households.
Domestic tourism, business travel and continued investments in hospitality and transport infrastructure further expanded foodservice demand beyond metropolitan centres into Tier 2 and Tier 3 cities.
Full-service restaurants remained the largest segment, accounting for 43.3% of the market, while independent outlets continued to dominate with a 64.8% market share. At the same time, cloud kitchens emerged as the fastest-growing format, reflecting increasing consumer preference for convenience and technology-enabled ordering. Delivery channels also continued to gain traction, supported by evolving consumption patterns and wider digital adoption.
The Indian foodservice industry is expected to maintain its robust growth trajectory, with the market projected to reach USD 153.37 billion by 2031 , growing at a CAGR of 10.3% . Growth is expected to be supported by favourable demographics, rising discretionary spending, increasing formalisation of the organised foodservice sector and continued digitalisation.
The outlook remains positive across organised foodservice formats, with cloud kitchens, delivery-led business models and chained restaurant brands expected to witness the fastest expansion. Continued investments in hospitality, tourism and transport infrastructure, coupled with increasing penetration into Tier 2 and Tier 3 cities, are expected to broaden the industrys growth opportunities.
While regulatory compliance, supply chain challenges and intense competition from unorganised players may remain key industry challenges, sustained investments in technology, customer experience and operational efficiency are expected to support long-term growth and strengthen the industrys resilience.
ASPHL delivered strong financial results in FY 2025-26. Consolidated revenue from operations grew 9.13% YoY to INR 713.00 crores , driven by robust performance across the Companys diverse portfolio of brands and hotels. EBITDA closed at INR 223.74 crores , reflecting improved operational efficiency and cost management.
Note: All amounts in INR crores, unless otherwise stated
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 |
| I Income | ||
| Revenue from Contracts with Customers | 707.28 | 631.45 |
| Other Income | 5.72 | 21.90 |
| Total Income (I) | 713.00 | 653.35 |
| II Expenses | ||
| Cost of Food and Beverages Consumed | 90.47 | 79.45 |
| (Increase)/Decrease in Inventories of Finished Goods | 0.13 | (0.23) |
| Employee Benefits Expense | 159.36 | 141.23 |
| Finance Costs | 29.89 | 20.44 |
| Depreciation and Amortisation Expense | 74.38 | 61.77 |
| Other Expenses | 239.30 | 202.58 |
| Total Expenses (II) | 593.53 | 505.24 |
| Profit Before Exceptional Items and Tax (I - II) | 119.47 | 148.11 |
| Exceptional Item (Gain) / Loss | 3.87 | - |
| III Profit Before Tax | 115.60 | 148.11 |
| IV Tax Expenses | ||
| Current Tax | 23.76 | 26.32 |
| Deferred Tax Charge One Time | - | 19.33 |
| Deferred Tax Charge | 27.17 | 18.86 |
| Exceptional Items: Net Tax (Benefit) / Expense on Exceptional Items | (1.05) | - |
| Total Tax Expense (IV) | 49.88 | 64.51 |
| V Profit for the Year (III - IV) | 65.72 | 83.60 |
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 | % Change |
| Room Revenue | 356.00 | 318.76 | 11.68% |
| Food and Beverage (Excluding Liquor and Wine) | 218.53 | 188.05 | 16.21% |
| Liquor and Wine | 85.30 | 78.25 | 9.02% |
| Other Ancillary and Allied Services Income | 27.65 | 25.77 | 7.31% |
| Other Operating Income | 19.80 | 20.62 | (3.98)% |
| Revenue from Contracts with Customers | 707.28 | 631.45 | 12.01% |
| Other Income | 5.72 | 21.90 | (73.87)% |
| Total Income | 713.00 | 653.35 | 9.13% |
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 |
| Average Rate Per Room | 8,304 | 7,624 |
| Revenue Per Available Room | 7,584 | 7,061 |
| Occupancy % | 91% | 93% |
Notes:
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 | % Change |
| Cost of Food and Beverages Consumed | 90.47 | 79.45 | 13.88% |
| (Increase)/ Decrease in Inventories of Finished Goods | 0.13 | (0.23) | 157.75% |
| Employee Benefits Expense | 159.36 | 141.23 | 12.84% |
| Finance Costs | 29.89 | 20.44 | 46.22% |
| Depreciation and Amortisation Expense | 74.38 | 61.77 | 20.41% |
| Other Expenses | 239.30 | 202.58 | 18.13% |
| Total Expenses | 593.53 | 505.24 | 17.47% |
Our Profit Before Tax decreased by 21.95% to INR 115.60 crores for the year ended March 31, 2026 from a profit of INR 148.11 crores for the year ended March 31, 2025.
Our tax expenses decreased by 22.68% to INR 49.88 crores for the year ended March 31, 2026 from INR 64.51 crores for the year ended March 31, 2025, primarily on account of a decrease in current tax charge by 9.73% to INR 23.76 crores for the year ended March 31, 2026 from INR 26.32 crores for the year ended March 31, 2025 and a decrease in deferred tax charge by 29.86% to INR 27.17 crores for the year ended March 31, 2026 from INR 38.19 crores for the year ended March 31, 2025.
Our profit for the year ended March 31, 2026 is INR 65.72 crores , as compared to our profit for the year ended March 31, 2025 which was INR 83.60 crores .
| Particulars | March 31, 2026 | March 31, 2025 |
| Net Cash Flows from Operating Activities | 181.51 | 157.61 |
| Net Cash Flows (Used in) Investing Activities | (303.46) | (195.56) |
| Net Cash Flows from / (Used in) Financing Activities | 115.08 | 4.17 |
Net cash generated from operating activities during the year was INR 181.51 crores as compared to INR 157.61 crores in the previous year. This is mainly attributable to an improvement in cash operating profit during the year after payment of taxes.
During the year, Net Cash used in investing activities stood at INR 303.46 crores , as compared to INR 195.56 crores in the previous year. This was primarily as a result of the purchase of property, plant and equipment of INR 294.95 crores on account of property acquisitions in Juhu, Mumbai and Vembanad Lake, Kerala, operational and renovation capex, and new Flurys outlets; which were partially offset by interest income received of INR 2.68 crores and proceeds from the sale of property, plant and equipment of INR 0.34 crores for the period ended March 31, 2026.
During the year, Net Cash generated from Financing Activities stood at INR 115.08 crores , as compared to INR 4.17 crores used in the previous year. This was primarily as a result of the repayment of borrowings of INR 81.07 crores, payment of principal portion of lease liabilities of INR 19.95 crores and finance costs paid of INR 18.84 crores and payment of interest portion of lease liabilities of INR 11.34 crores, which were offset by proceeds from borrowings of INR 259.52 crores.
| Particulars | Standalone 2025-26 | Standalone 2024-25 | Consolidated 2025-26 | Consolidated 2024-25 |
| Total Income | 675.66 | 630.67 | 713.00 | 653.35 |
| Profit Before Tax | 119.69 | 148.25 | 115.60 | 148.11 |
| Profit After Tax, Non-Controlling Interest | 70.20 | 84.93 | 65.71 | 83.60 |
| Total Assets | 1,886.12 | 1,642.47 | 2,054.25 | 1,671.43 |
| Equity Share Capital | 21.34 | 21.34 | 21.34 | 21.34 |
| Other Equity | 1,321.92 | 1,259.31 | 1,320.98 | 1,262.78 |
| Non-Controlling Interest | - | - | (0.20) | (0.23) |
| Total Equity | 1,343.26 | 1,280.65 | 1,342.12 | 1,283.89 |
| Borrowings | 157.93 | 72.14 | 257.29 | 73.20 |
| Net Debt/Net Cash | (139.69) | (52.74) | (233.48) | (52.53) |
| Book Value Per Share of \u20b91/- Each in INR | 62.95 | 60.01 | 62.89 | 60.16 |
| Earnings Per Share - Basic and Diluted (in INR) | 3.29 | 3.98 | 3.08 | 3.92 |
Note: All amounts in INR cr, unless otherwise stated
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 |
| I Income | ||
| Revenue from Contracts with Customers | 668.65 | 605.33 |
| Other Income | 7.01 | 25.34 |
| Total Income (I) | 675.66 | 630.67 |
| II Expenses | ||
| Cost of Food and Beverages Consumed | 86.63 | 77.44 |
| (Increase)/Decrease in Inventories of Finished Goods | 0.13 | (0.23) |
| Employee Benefits Expense | 152.40 | 137.78 |
| Finance Costs | 25.53 | 19.01 |
| Depreciation and Amortisation Expense | 68.15 | 58.64 |
| Other Expenses | 220.14 | 189.78 |
| Total Expenses (II) | 552.98 | 482.43 |
| Profit Before Exceptional Items and Tax (I - II) | 122.68 | 148.25 |
| Exceptional Item (Gain) / Loss | 2.99 | - |
| III Profit Before Tax | 119.69 | 148.25 |
| IV Tax Expenses | ||
| Current Tax | 22.43 | 25.02 |
| Deferred Tax Charge (One-time) | - | 19.33 |
| Deferred Tax Charge | 28.11 | 18.97 |
| Exceptional items: Net Tax (Benefit)/Expense on Exceptional Items | (1.05) | - |
| Total Tax Expense (IV) | 49.49 | 63.32 |
| V Profit for the Year (III - IV) | 70.20 | 84.93 |
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 | % Change |
| Room Revenue | 331.27 | 299.72 | 11% |
| Food and Beverage (Excluding Liquor and Wine) | 209.24 | 182.48 | 15% |
| Liquor and Wine | 82.66 | 76.77 | 8% |
| Other Ancillary and Allied Services Income | 25.70 | 25.74 | 0% |
| Other Operating Income | 19.78 | 20.62 | -4% |
| Revenue from Contracts with Customers | 668.65 | 605.33 | 10% |
| Other Income | 7.01 | 25.34 | -72% |
| Total Income | 675.66 | 630.67 | 7% |
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 | % Change |
| Cost of food and beverages consumed | 86.63 | 77.44 | 11.86% |
| (Increase)/ Decrease in Inventories of finished goods | 0.13 | (0.23) | -157.75% |
| Employee benefits expense | 152.40 | 137.78 | 10.61% |
| Finance costs | 25.53 | 19.01 | 34.29% |
| Depreciation and amortisation expense | 68.15 | 58.64 | 16.21% |
| Other expenses | 220.14 | 189.78 | 16.00% |
| Total expenses | 552.98 | 482.43 | 14.63% |
Our Profit Before Tax decreased by 19.27% to INR 119.69 crores for the year ended March 31, 2026 from a profit of INR 148.25 crores for the year ended March 31, 2025.
Our tax expenses decreased by 21.84% to INR 49.49 crores for the year ended March 31, 2026 from INR 63.32 crores for the year ended March 31, 2025, primarily on account of a decrease in current tax charge by 10.34% to INR 22.43 crores for the year ended March 31, 2026, from INR 25.02 crores for the year ended March 31, 2025, and a decrease in deferred tax charge by 26.62% to 28.11 crores for the year ended March 31, 2026, from INR 38.30 crores for the year ended March 31, 2025.
Our profit for the year ended March 31, 2026 was INR 70.20 crores , as compared to our profit for the year ended March 31, 2025 which was INR 84.93 crores .
| Particulars | March 31, 2026 | March 31, 2025 |
| Net Cash Flows from Operating Activities | 167.62 | 151.80 |
| Net Cash Flows (Used in) Investing Activities | (203.10) | (184.86) |
| Net Cash Flows From/(Used in) Financing Activities | 24.26 | 5.78 |
Net Cash generated from operating activities during the year was INR 167.62 crores as compared to INR 151.80 crores in the previous year. This is mainly attributable to an improvement in cash operating profit during the year after payment of taxes.
During the year, Net Cash used in Investing Activities amounted to INR 203.10 crores , as compared to INR 184.86 crores in the previous year. This was primarily due to the purchase of property, plant and equipment of INR 91.21 crores, partially offset by interest income received of INR 2.66 crores and proceeds from the sale of property, plant and equipment of INR 0.36 crores for the period ended March 31, 2026.
During the year, Net Cash generated from Financing Activities amounted to INR 24.26 crores , as compared to INR 5.78 crores used in the previous year. This was primarily due to the repayment of borrowings of INR 80.77 crores, payment of the principal portion of lease liabilities of INR 19.78 crores, finance costs paid of INR 9.82 crores and payment of the interest portion of lease liabilities of INR 9.31 crores, which were offset by proceeds from borrowings of INR 156.50 crores for the period ended March 31, 2026.
| Particulars | For the Year Ended 31-03-2026 | For the Year Ended 31-03-2025 |
| Current Ratio (in times) | 1.68 | 1.79 |
| Debt-Equity Ratio (in times) | 0.12 | 0.06 |
| Debt Service Coverage Ratio (in times) | 1.95 | 2.03 |
| Net Capital Turnover Ratio (in times) | 5.68 | 11.10 |
| Trade Receivable Turnover Ratio (in days) | 21 | 20 |
| Inventory Turnover Ratio* | NA | NA |
| Net Profit Ratio (%) | 10.39 | 13.47 |
| Return on Capital Employed (%) | 9.32 | 11.97 |
| Return on Equity Ratio (%) | 5.44 | 6.99 |
The Company has not presented inventory turnover ratio since it holds inventory for consumptions in the service of food and beverages and the proportion of such inventory is insignificant to total assets.
The definitions of ratios are given in Note 49 of the Notes to Standalone Financial Statements.
FY 2025-26 proved to be a standout year for ASPHL, marked by purposeful expansion, performance beyond stays through F&B and retail presence, and progress through transformation on the sustainability front. We concluded the financial year managing 42 operational hotels across 32 cities/UTs with a collective inventory of 2,677 keys , including 283 keys launched during the reporting period.
During the year, we added seven hospitality properties to our network, successfully extending our footprint into key leisure, pilgrimage, and urban markets. The year saw the launch of an integrated hospitality-led development on EM Bypass, Kolkata, comprising a 218-key hotel and 69 serviced apartments , with strong initial traction reflected in 29 units sold at average realisations of INR 20,857 per sq. ft.
Our properties earned prestigious global accolades, reinforcing the positioning of our boutique heritage and luxury portfolio, with Ran Baas, The Palace recognised with One MICHELIN Key .
We retained our market-leading position across the upper-upscale hospitality industry with a national high occupancy rate of 91% and a RevPAR of INR 7,584 . Alongside, we reached an all-time high ARR of INR 8,304 . In terms of city-wise performance, flagship properties in Kolkata recorded 100% occupancy , Navi Mumbai and Chennai achieved robust figures of 91% and 96% respectively. Strong occupancy levels of 90% was also reported by hotels in Hyderabad and Bengaluru, helping to drive an overall YoY increase in ARR and RevPAR of 9% and 7% , respectively.
| Category | % |
| Rooms | 50 |
| F&B | 43 |
| Others | 7 |
| Year | Occupancy |
| FY 24-25 | 93 |
| FY 25-26 | 91 |
| Year | ARR |
| FY 24-25 | 7,624 |
| FY 25-26 | 8,304 |
| Year | RevPAR |
| FY 24-25 | 7,061 |
| FY 25-26 | 7,584 |
| Year | % |
| FY 24-25 | 41 |
| FY 25-26 | 43 |
| Brands | Hotels | Keys |
| THE Park Hotels | 8 | 1,221 |
| THE Park Collection | 6 | 128 |
| Zone by THE Park | 12 | 654 |
| Zone Connect by THE Park | 16 | 674 |
| Total | 42 | 2,677 |
| Brands | Hotels | Keys |
| THE Park Hotels | 9 | 1,430 |
| THE Park Collection | 3 | 91 |
| Zone by THE Park | 17 | 1,455 |
| Zone Connect by THE Park | 14 | 982 |
| Total | 43 | 3,958 |
| Ownership | Hotels | Keys |
| Owned | 8 | 1,115 |
| Managed | 27 | 1,226 |
| Leased | 7 | 336 |
| Total | 42 | 2,677 |
| Ownership | Hotels | Keys |
| Owned | 7 | 997 |
| Managed | 31 | 2,814 |
| Leased | 5 | 147 |
| Total | 43 | 3,958 |
We had considerable momentum achieved within our food and beverage (F&B) operations. Driven by Flurys, the Groups dedicated retail F&B platform, our F&B vertical now accounts for 43% of total revenue . Flurys has delivered robust revenue growth of 29% YoY with its 110 stores , situated across various metropolitan markets. This expansion included the addition of 10 new outlets over the year, with the brand continuing to deliver strong results across its café, kiosk and tearoom formats as it scales its national retail network via a disciplined, asset-light model.
F&B Revenue: INR 303.8 cr
| State | Operational Outlets (Restaurants, Cafs, Kiosks) |
| West Bengal | 84 |
| New Delhi & NCR | 1 |
| Telangana (Hyderabad) | 2 |
| Maharashtra | 17 |
| Odisha | 2 |
| Madhya Pradesh | 2 |
| Andhra Pradesh | 2 |
| Total | 110 |
| Formats | Presence |
| Caf | 44 |
| Restaurant | 14 |
| Kiosk | 52 |
| Total | 110 |
Beyond the Flurys retail network, our portfolio of over 100 lifestyle F&B and entertainment outlets across our hotels continued to witness strong patronage and customer engagement. Home to several award-winning restaurants, bars and nightlife destinations, these outlets enjoy strong brand recognition across Indias premium hospitality landscape. By integrating hospitality, dining and entertainment, we create distinctive guest experiences that strengthen customer loyalty, enhance brand recall and increase overall wallet share.
A standout highlight of our culinary evolution this year was the launch of Tyde , our new all-day dining concept at THE Park New Delhi. Inspired by fluid coastal elements and the striking geometric heritage of the adjacent Jantar Mantar, Tyde introduces a fresh, modern template for modern Indian F&B hospitality. Serving a thoughtfully curated global menu alongside reinvented regional classics, it reflects our commitment to continuous product innovation and sets a high benchmark for contemporary dining across our portfolio.
The year under review highlighted our solid strategic execution, unique branding strategies, and durable market positioning across all business verticals and markets.
Our strategy is anchored in sustainable growth and long-term value creation through disciplined capital allocation, portfolio expansion, brand differentiation and operational excellence. By balancing strategic investments with capital efficiency, we continue to strengthen our market position and enhance stakeholder returns.
We pursue growth by unlocking the value of our existing assets while selectively expanding our managed and leased portfolio through an asset-light model. This approach enables scalable growth, prudent capital deployment and improved returns.
We continue to strengthen our brand portfolio by enhancing guest experiences, expanding our hospitality and F&B offerings, and investing in renovations and product innovation to deepen customer loyalty and reinforce brand positioning.
Our commercial strategy focuses on optimising occupancy, pricing and revenue through data-driven insights, technology-enabled revenue management and disciplined cost optimisation, supporting sustainable profitability.
Operational excellence remains central to our approach, driven by digital transformation, process optimisation, technology adoption, energy efficiency and strong supplier partnerships, enabling consistent service delivery and organisational agility.
We are also scaling the Flurys brand through an asset-light expansion strategy, broadening its footprint across formats and markets while strengthening its position as a leading retail F&B brand.
Read more on page 34
We leverage an integrated digital and marketing ecosystem to strengthen brand visibility, deepen guest engagement, foster loyalty and drive revenue growth. By combining advanced technology, data-driven insights and targeted campaigns, we continue to enhance guest experiences and strengthen our competitive position.
Our integrated Guest Management System and central reservation platform streamline marketing, loyalty, reservations, inventory and revenue management across all properties. Supported by hospitality business intelligence tools, they provide real-time insights into distribution channels, booking trends and demand patterns, enabling dynamic pricing, optimised occupancy and informed commercial decisions.
THE Park Preferred , our tier-based loyalty programme, delivers personalised rewards, exclusive privileges and tailored guest experiences, reinforcing long-term customer relationships and brand affinity.
Technology continues to elevate the guest journey through contactless check-in and check-out, QR-based ordering and payments, alongside the progressive rollout of smart rooms, AI-enabled concierge services, mobile check-in and enhanced in-room digital experiences.
Our digital backbone is powered by globally recognised hospitality platforms, cloud-based infrastructure and robust cybersecurity, ensuring secure, scalable and efficient operations. The ongoing implementation of a cloud-based ERP further strengthens governance, financial controls and enterprise-wide integration.
Our marketing strategy harnesses social media, immersive content and strategic collaborations to amplify brand visibility, engage audiences and showcase the distinctive hospitality and culinary experiences across our portfolio.
Read more on page 36
We are driven to make a real difference in the lives of our stakeholders, employees, and the communities we care about, using our skills and resources to create a lasting impact that truly matters. We care about making our community a better place, so we are working on things that help people and the planet.
We want to make sure everyone is safe and healthy, so we have been teaching people about important things like how to stay safe in emergencies and how to be prepared for disasters. We have been organising blood donation camps, training people how to respond in emergencies, and working on projects that keep our community safe. All of these efforts are part of our promise to be good neighbours and take care of the world around us. We took a big step forward in making everyone feel included by launching programmes to stop harassment and raise awareness about breast cancer.
We also honoured women who sparked creativity with art and poster contests that celebrated our differences and were focused on protecting the planet. Things like collecting rainwater, managing waste, using electric vehicles, and cleaning up our community have been a big part of our efforts to be more sustainable. We have been doing this as part of the Swachh Bharat and Earth Day campaigns. At the same time, we have been helping our people grow and learn from the best in the industry, so we can build a stronger, more inclusive, and sustainable future for everyone. This way, we can make a real difference and create a better world for generations to come.
Read more on page 44
ASPHL is governed by a well-balanced Board of Directors comprising six members : two Executive Directors, one Non-executive Director, and three Independent Directors, including one woman Independent Director. This diverse composition ensures an appropriate balance of leadership, expertise and independent oversight.
To strengthen governance and regulatory compliance, the Board has constituted four key committees : the Audit and Risk Management Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee. These committees provide focused oversight across critical areas, including financial reporting and risk oversight, executive remuneration, stakeholder engagement and corporate social responsibility.
Read more on page 48
Logistics are critical to our business, particularly in managing the supply chain for our core F&B ingredients. We rely on a consistent inflow of high-quality raw material, procured on a daily or weekly schedule from our suppliers. Our logistics operations must navigate challenges such as inventory shortages, price volatility linked to weather patterns, seasonality, exchange rate fluctuations, and import tariffs, alongside the need to maintain strict quality standards. Streamlined logistics guarantee punctual delivery and optimal care for perishable goods, as any shipment delays or poor handling directly impact food quality, corporate reputation, and guest satisfaction. Additionally, we collaborate with third-party delivery platforms that handle the technology interfaces and last-mile logistics for off-premise dining, which underscores the necessity of a highly synchronised supply chain system.
ASPHL has an enterprise-wide framework to identify, assess and mitigate strategic, operational and external risks that could impact its business objectives. The framework supports regulatory compliance through periodic operational reviews, with a strong focus on workplace safety and business resilience.
The Board oversees the Companys risk governance through the Audit and Risk Management Committee, which identifies key enterprise risks, prioritises mitigation measures and periodically evaluates the effectiveness of the framework to ensure it remains aligned with the evolving business environment. It plays a key role in strengthening corporate governance by overseeing financial reporting, internal controls and enterprise-wide risk oversight. It is empowered to investigate matters within its remit, seek information from management, obtain independent professional advice and engage external experts, wherever necessary. The Committee also reviews the effectiveness of the Companys risk governance framework and assesses potential risks.
| Risk Categories | Risks | Risk Descriptions | Mitigation Strategies |
| Business Risks | Construction Delays | Delays in new hotel construction or expansion of existing properties can have an impact on our business, financial performance, and cash flows. These delays can lead to increased construction costs, extended timelines, and reduced revenue streams, ultimately impacting our ability to achieve growth and profitability. | - Comprehensive project planning and scheduling - Regular progress monitoring - Engage experienced professionals - Regular communication and collaboration - Robust contract management |
| Seasonality | The hospitality industry is inherently seasonal, with fluctuations in revenue, profit margins, and earnings largely driven by changes in demand during different periods of the year. Our business is heavily reliant on peak travel seasons, which can result in variations in cash flow and profitability. During slower periods, we may need to rely on alternative revenue streams or adjust our operations to maintain profitability, which can be challenging. | - Diversified revenue stream - Dynamic pricing - Loyalty programme - Effective marketing programme | |
| Changes in Travel Preferences | The shift towards remote work and virtual meetings may lead to a decline in demand for traditional hotel rooms, as companies reduce their travel expenditures and associates opt for virtual conferencing alternatives. Additionally, changes in corporate travel policies or increased use of budget-friendly accommodations could further erode demand for our premium hotel offerings. | - Personalised guest experiences - Partnership and collaboration - Regular market research and trend analysis - Revenue management and loyalty programmes - Diversified market segments | |
| Brand and Marketing | Inadequate brand promotion and marketing efforts can lead to a decline in customer loyalty and market share. If we fail to effectively promote our brands and implement targeted marketing strategies, we may struggle to attract new customers and retain existing ones. This could result in reduced occupancy rates, lower average daily rates, and decreased revenue. | - Consistent brand messaging - Reputation management - Market diversification | |
| Regulatory Risks | Intellectual Property (IP) Protection | Our brand is our most valuable asset, and any unauthorised use or misappropriation of our intellectual property could lead to reputational damage, loss of market share, and even legal action. Moreover, the loss of unique selling points or distinctive features of our brand can result in a loss of competitive advantage and reduced customer loyalty. | - Monitor and enforce IP rights - Legal protection - Strategic partnership and licensing |
| Operational Risks | Quality Control Issues | Quality control issues can arise from various factors, including inadequate staff training, inefficient processes, or poor maintenance of facilities. If left unchecked, these issues can spread quickly and have a significant impact on our business performance. | - Regular staff training - Standard operating procedures - Implement robust guest feedback systems |
| Safety and Security | Various threats, including natural disasters such as hurricanes or earthquakes, accidents such as fires or slips and falls, or even criminal activity such as theft or violence, may impact the guest experience and lead to reputational damage. In addition, the rise of cybercrime and data breaches also poses a risk to our operations. | - Staff training on emergency protocols - Adequate surveillance systems - Guest verification procedures - Collaboration with local authorities | |
| Third-party Service provider Risk | Our reliance on third-party service providers may lead to quality control issues, reputational damage, and even legal action, if they fail to meet required standards. These providers may include contractors for maintenance, cleaning services, or food and beverage suppliers. | - Thorough vendor vetting - Clear contractual agreements - Strong communication channels | |
| External risks | Market Competition | New entrants, existing competitors, or changes in consumer preferences may erode our market share, pricing power, and brand reputation. As the hospitality industry is highly competitive, there is a constant risk that other hotels, resorts, or vacation rental platforms may offer similar or better services at competitive prices, leading to a loss of customer loyalty and revenue. | - Differentiation through unique offerings - Enhanced customer experience - Dynamic pricing strategies - Invest in technology |
| Economic Conditions | The uncertainty surrounding global economic trends, trade policies, and financial market fluctuations can impact our business performance. Macroeconomic factors such as recession, inflation, currency fluctuations, and changes in consumer spending habits can affect demand for travel and leisure activities, leading to reduced occupancy rates, lower average daily rates, and decreased revenue. | - Awareness and scanning of the environment - Diversification of top-line and building a resilient balance sheet |
ASPHLs internal systems and controls play a crucial role in ensuring operational efficiency, financial accuracy, and regulatory compliance. These systems encompass a wide range of processes, including financial reporting, risk management, data security, and operational procedures. The adequacy of these internal systems is regularly assessed through internal audits and management reviews to identify any weaknesses or areas for improvement. A robust internal control framework helps safeguard assets, detect and prevent fraud, and ensure the reliability of financial and operational information. The Board of Directors, particularly through the Audit and Risk Management Committee, oversees the adequacy and effectiveness of these internal systems, ensuring they evolve with the changing business environment and regulatory landscape. Maintaining strong and adequate internal systems is essential for sustainable business growth, stakeholder confidence, and corporate governance.
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