Company Overview

Saj Hotels Limited, incorporated in February 1981, operates in the hospitality industry, offering a diverse range of services including traditional resort accommodations, villa rentals, and restaurant and bar properties. The company was originally incorporated as a Private Limited Company with the name 'Saj Hotels Private Limited' and was later converted to a Public Limited Company in November 2023, receiving a fresh Certificate of Incorporation from the Registrar of Companies, Pune.

The company provides a diverse portfolio of Business-to-Business (B2B), Business-to-Business-to-Customer (B2B2C) and Business-to-Customer (B2C) hospitality offerings, spanning from traditional resort accommodation to villa rentals and restaurant and bar properties. The resorts feature well-appointed rooms and suites, complemented by a variety of dining venues including restaurants, bars and in-room dining services, and serve as versatile event venues equipped to host conferences, weddings, and social events.

Business Operations and Properties

Saj Hotels operates multiple resort properties across different locations. In 2016, the company began operations of Resort- Saj by the Lake, Malshej. The company operated a restaurant named 'Mahe' through a subsidiary LLP, Coast to Coast Hospitality and Lifestyle LLP, on the property for a 2-year period until 2023. In 2023, the company entered into an agreement to manage a restaurant property located at Goa with Tamil Sunrise.

The company has established a Joint Venture for the operation of Saj in the Forest, Pench with Shankar Lal Pradhan and SKS Farms & Hotels Private Limited for commencement of resort operations. The company owns or leases three resort properties, with two managed and operated by Saj while one is leased to others. Additionally, the company has invested 50% in My Own Rooms Dot In Private Limited, expanding its reach and diversifying its hospitality portfolio.

Financial Performance and Market Position

The company has a market capitalization of ₹106 crores as of July 2025. The 52-week high for Saj Hotels share price was Rs. 86.50 while the 52-week low was Rs. 40.10. The latest PE ratio of Saj Hotels Ltd as of February 11, 2025, is 37.69 and the PB ratio is 0.35.

Recent Financial Results

The company has shown mixed financial performance in recent quarters. Net profit of Saj Hotels was reported at Rs 1.19 crore in the quarter ended December 2024, as against a net loss of Rs 0.85 crore during the previous quarter ended December 2023, with sales rising 36.54% to Rs 4.82 crore in Q3 FY25 compared to Rs 3.53 crore in Q3 FY24.

In the March 2025 quarter, net sales were Rs 4.72 crore compared to Rs 4.82 crore in December 2024, showing a QoQ decline of -2.07%. Standalone net profit was Rs 0.88 crore in March 2025 versus Rs 1.16 crore in December 2024, reflecting a -24.14% decline.

For the full year, the company reported revenue of Rs 16.8 crore and profit of Rs 3.92 crore. The company's revenue increased by 13.52% between FY24 and FY23, though profit after tax dropped by 3.11% during the same period.

Key Financial Metrics

- Q3 FY2024-25 Performance: Net Sales of ₹4.82 crore, Net Profit of ₹1.19 crore

- Q4 FY2024-25 Performance: Net Sales of ₹4.72 crore, Net Profit of ₹0.88 crore

- FY2023-24 Performance: Revenue of ₹16.8 crore, Profit of ₹3.92 crore

- Market Capitalization: ₹106 crore (as of July 2025)

- 52-Week High/Low: ₹86.50 / ₹40.10

- PE Ratio: 37.69 (Feb 11, 2025)

- PB Ratio: 0.35 (Feb 11, 2025)

IPO and Public Listing

Saj Hotels conducted an IPO worth ₹27.63 crores as a fixed price issue of 42.50 lakh shares, with bidding from September 27, 2024, to October 1, 2024. The allotment was finalized on October 3, 2024, and shares were listed on NSE SME on October 7, 2024. The IPO price was set at ₹65 per share. The IPO was subscribed 5.16 times.

The promoter and promoter group shareholding diluted to 61.94% from 84.12% pre-issue. The company utilized the net proceeds to meet capital expenditure requirements towards expansion of existing resort properties, funding of long-term working capital requirements, and general corporate purposes.

Shareholding Pattern and Management

Promoter holding in Saj Hotels Ltd has decreased to 62.09% as of March 2025 from 84.13% as of May 2024. In the main management, Rahul Timbadia serves as Chairman and Harsha Darshan Mandora is the Company Secretary. As of May 2024, the company employed 144 people across various departments.

Financial Health and Key Ratios

The company has reduced debt and is almost debt-free. However, the company has a low return on equity of 2.89% over the last 3 years. The company has contingent liabilities of ₹36.0 crores. Despite reporting repeated profits, the company is not paying out dividends to shareholders.

The hospitality sector company continues to focus on expanding its resort properties and diversifying its hospitality offerings while maintaining its position in the niche resort and event management segment of the Indian hospitality industry.