Saj HotelsShare price, financial results, shareholding and management
- Market cap
- ₹41 cr
- Stock P/E
- 14.8peers 10.9
- Book value
- ₹74.2
- Price to book
- 0.34
- EV / operating profit
- 9.3
- Market cap to sales
- 2.42
- ROCE · FY26
- 5.0%
- ROE · FY26
- 2.3%
- ROE, 3-year average
- 3.3%
- Operating margin · FY26
- 32.1%peers 17.9%
- Sales growth, 3 years
- 9.9%
- Profit growth, 3 years
- -7.3%
- Debt to equity
- 0.19peers 0.23
- Borrowings
- ₹22.8 cr
- Interest cover
- 2.8×
- Cash from business / op. profit
- -13%
- Debtor days
- 13
- Pledged
- 0.00%
- Promoter holding
- 64.27%
- Change in promoter holding
- +0.34 pts
- Shareholders
- 746
- 52-week high / low
- ₹65 / ₹23
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Saj Hotels share price chart
Close on 6 Nov 2026 · +1.40% on the day · Vol 1.30 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -9.1%
- 3 months
- -41.0%
- 6 months
- -36.1%
- 1 year
- -58.8%
- Since IPO
- -61.0%
- Traded a day, 20 days
- ₹0.09 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +0% | -29% |
| 3 years, a year | +10% | -7% |
| Latest half, H2 FY26 | -3% | -11% |
About Saj Hotels: business, products and customers
Saj Hotels owns and runs nature resorts in Maharashtra and Madhya Pradesh, and rents out a third resort at Mahabaleshwar to Club Mahindra. Its shares trade on NSE Emerge.
Saj Hotels was set up in 1981 and runs two resorts itself: Saj by the Lake at Malshej in Pune district, which it owns, and Saj in the Forest in the buffer zone of the Pench Tiger Reserve, run under a joint venture with the landowners. Guests pay for rooms, meals, the bar, spa and events such as weddings and conferences; some bookings come through online travel agents such as MakeMyTrip, Goibibo and Cleartrip. In Goa it sub-leases a restaurant property to an operator for a fee and is developing leased villas to rent out.
The oldest property, Saj on the Mountain at Mahabaleshwar, is not run by the company: Mahindra Holidays and Resorts leases the whole resort for a fixed rent and operates it as a Club Mahindra resort. That rent carries almost no running cost, so it lifts reported margins well above what the two self-run resorts earn on their own, and it ends or must be renewed in March 2027. In the latest year a large part of other income was interest on loans the company made to related parties, which sits beside a new interest cost on the bank loan taken to fund them.
Read more about the business
The offer document names Jindal Hotels and Royale Manor Hotels and Industries as its listed peers: both are small hotel owners whose income, like Saj's, comes from rooms plus food and beverage at a handful of properties. The company says it competes with large multinational and Indian hotel chains as well as regional and local operators.
From the offer document (September 2024) and the FY25 and FY26 annual reports.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.19.
- The promoters own a large part of the company: 64.27%.
To watch
- Renewal of the Mahabaleshwar lease with Mahindra Holidays, which runs to March 2027.
- Repayment of the loan to La Tim Metal and Industries, owed at March 2026.
- The 20 new rooms at Malshej and 26 at Pench promised from the IPO money.
- Group company credit on which the company is a co-borrower, with both owned resorts as collateral.
- Customers take longer to pay than before: 13 days in FY26, against 7 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Saj Hotels revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Saj Hotels half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 9.54 | 7.63 | 9.25 |
| Expenses | 6.43 | 5.90 | 5.56 |
| Operating profit | 3.11 | 1.74 | 3.68 |
| OPM | 32.6% | 22.8% | 39.8% |
| Interest | 0.04 | 1.05 | 1.22 |
| Depreciation | 0.96 | 1.04 | 1.09 |
| Profit before tax | 3.31 | 1.37 | 2.81 |
| Net profit | 2.09 | 1.27 | 1.87 |
Saj Hotels profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 8.06 | 12.83 | 12.71 | 14.26 | 16.81 | 16.88 |
| Expenses | 6.25 | 8.71 | 9.49 | 7.74 | 10.45 | 11.46 |
| Operating profit | 1.81 | 4.12 | 3.22 | 6.52 | 6.36 | 5.42 |
| OPM | 22.5% | 32.1% | 25.3% | 45.7% | 37.8% | 32.1% |
| Other income | 0.04 | 0.05 | 3.81 | 0.30 | 1.23 | 3.34 |
| Interest | 1.48 | 0.60 | 0.22 | 0.09 | 0.08 | 2.27 |
| Depreciation | 1.51 | 1.46 | 2.32 | 2.17 | 1.89 | 2.13 |
| Profit before tax | -1.14 | 2.11 | 4.49 | 4.56 | 5.73 | 4.18 |
| Tax rate | 5.3% | 37.4% | 22.5% | 24.3% | 31.6% | 33.7% |
| Net profit | -1.20 | 1.32 | 3.48 | 3.45 | 3.92 | 2.77 |
| EPS ₹ | -50.53 | 55.58 | 146.53 | 2.91 | 2.74 | 1.72 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Saj Hotels profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 22.5% | 32.1% | 25.3% | 45.7% | 37.8% | 32.1% |
| Tax rate | 5.3% | 37.4% | 22.5% | 24.3% | 31.6% | 33.7% |
| ROCE | · | 4.4% | 5.1% | 5.1% | 5.6% | 5.0% |
| ROE | · | 2.6% | 4.1% | 3.9% | 3.8% | 2.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Saj Hotels debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Saj Hotels balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 2.38 | 2.38 | 2.38 | 11.88 | 16.11 | 16.11 |
| Reserves | 17.49 | 79.77 | 83.25 | 77.22 | 100.89 | 103.57 |
| Net worth | 19.87 | 82.15 | 85.63 | 89.10 | 117 | 119.68 |
| Borrowings | 9.39 | 10.54 | 6.14 | 2.92 | 0.32 | 22.78 |
| Other liabilities | 3.60 | 3.57 | 7.15 | 6.07 | 7.18 | 2.53 |
| Total liabilities | 32.86 | 96.26 | 98.92 | 98.09 | 124.50 | 144.99 |
| Fixed assets | 28.10 | 88.81 | 93.21 | 91.64 | 97.06 | 97.67 |
| Capital work in progress | 0.09 | 3.11 | 0.80 | 1.32 | 1.43 | 3.13 |
| Investments | 0 | 0.08 | 0 | 0.01 | 0.20 | 0.50 |
| Other assets | 4.67 | 4.26 | 4.91 | 5.12 | 25.81 | 43.69 |
| Receivables | · | · | · | · | 0.22 | 0.61 |
| Inventory | · | · | · | · | 0.16 | 0.10 |
| Cash | · | · | · | · | 17.83 | 13.39 |
| Trade payables | · | · | · | · | 0.87 | 0.45 |
Saj Hotels cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 4.74 | 3.32 | 7.67 | 4.75 | 4.69 | -0.72 |
| Cash from investing | -0.95 | -4.41 | -6.09 | -0.93 | 8.72 | -23.90 |
| Cash from financing | -3.20 | 0.55 | -1.75 | -3.32 | 21.24 | 20.18 |
| Net cash flow | 0.59 | -0.54 | -0.17 | 0.50 | 34.65 | -4.44 |
| Capital spending | · | · | · | · | 7.54 | 7.31 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 7 | 3 | 1 | 3 | 5 | 13 |
| Inventory days | 42 | 17 | 14 | 40 | 35 | 21 |
| Days payable | 168 | 116 | 103 | 104 | 192 | 93 |
| Cash conversion cycle | -119 | -96 | -88 | -61 | -153 | -59 |
| Working capital days | -394 | -284 | -236 | -114 | 12 | 361 |
Saj Hotels peers and competitors
Listed SME companies in the same industryBy sales, Saj Hotels is number 19 of the 29 listed SME companies in leisure services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Pind Hospitality | 39 | 17.0 | 24.5 | 2.3 | 16.2% | 0.88 |
| Jungle Camps India | 62 | 14.7 | 23.3 | 4.2 | 26.2% | 0.10 |
| Goel Food Products | 26 | 9.4 | 21.9 | 2.8 | 28.4% | 1.24 |
| Sailani Tours N Travels | 3 | 12.4 | 21.5 | 0.3 | 4.0% | 0.29 |
| Western Overseas Study Abroad | 13 | 4.7 | 20.3 | 2.7 | 22.1% | 0.11 |
| Landmark Global Learning | 21 | - | 18.3 | -7.3 | -47.2% | 0.23 |
| Saj Hotels | 41 | 14.8 | 16.9 | 2.8 | 32.1% | 0.19 |
| Sanghvi Brands | 12 | 7.6 | 14.6 | 1.6 | 11.5% | 0.00 |
| Pecos Hotels and Pubs | 21 | 12.9 | 11.7 | 1.6 | 19.7% | 0.00 |
| Travels & Rentals | 17 | 5.1 | 11.5 | 3.2 | 66.5% | 0.70 |
| Grill Splendour Services | 53 | - | 10.2 | -10.7 | -62.2% | 0.23 |
| Median of the 10 others | 21 | 10.9 | 19.3 | 2 | 17.9% | 0.23 |
Saj Hotels shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Saj Hotels shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 61.95% | 62.08% | 62.09% | 62.52% | 63.31% | 63.93% | 64.27% |
| Foreign investors (FIIs) | 0.36% | 0.00% | 0.00% | - | 0.02% | 0.04% | 0.04% |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.00% | - | 0.12% | 0.21% | 0.29% |
| HNIs (over ₹2 lakh each) | 7.97% | 10.64% | 12.69% | 13.91% | 13.74% | 14.26% | 16.51% |
| Small holders (up to ₹2 lakh) | 24.58% | 19.34% | 17.17% | 15.59% | 14.60% | 14.18% | 13.53% |
| Companies and others | 5.14% | 7.94% | 8.05% | 7.98% | 8.21% | 7.38% | 5.36% |
| Number of shareholders | 1,964 | 1,413 | 962 | 882 | 809 | 781 | 746 |
The named holders are at 31 March 2026, beside 31 Dec 2025, each under the group the pattern files them in.
Saj Hotels study: the business from its own documents
Read from 3 of the company's own documentsSaj Hotels so far
From the company's own record
- 7 Oct 2024Listed on NSE Emerge at ₹65
- 31 March 2026Promoters at 64.27%
- 7 Feb 2025Highest close since listing, ₹65.05
Saj Hotels key facts from the filings
Each figure with the document it comes from
- Rooms it runs
- 52
- Rooms at the two self-run resorts: 35 at Malshej and 17 at Pench.Offer document, p.154
- Resort leased out
- 78 rooms
- Saj on the Mountain at Mahabaleshwar, leased to Mahindra Holidays from November 2018 to March 2027.Offer document, p.146 and p.149
- Lease rent
- ₹5.3 cr
- FY26 rent for the Mahabaleshwar resort, close to a third of revenue from operations.Annual report FY26, p.77; our arithmetic
- Room revenue
- ₹8.8 cr
- FY26 room revenue, the same as in FY25.Annual report FY26, p.77
- Occupancy
- 42.7%
- Share of room nights filled at Malshej in FY24; Pench filled 29.4% in its first year.Offer document, p.150 and p.151
Show 5 more facts
- Bank term loan
- ₹18 cr
- Taken from Union Bank of India in FY26 against future rent from the lessee, and advanced to an entity where key managerial personnel have significant influence.Annual report FY26, p.67
- Loan to La Tim Metal
- ₹17.8 cr
- Owed at March 2026 by La Tim Metal and Industries, a related party, out of ₹20 cr lent in FY26.Annual report FY26, p.80
- Related party interest
- ₹2.3 cr
- FY26 interest earned on loans to related parties, most of other income of ₹3.3 cr.Annual report FY26, p.77
- Group company guarantees
- ₹32.9 cr
- Credit of group companies on which the company is a co-borrower at March 2026, down from ₹54.0 cr; both owned resorts are collateral.Annual report FY26, p.79 and p.71
- IPO
- ₹27.6 cr
- Raised at ₹65 a share; listed on NSE Emerge on 7 October 2024.Annual report FY25, p.21
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The offer document set out a plan to spend ₹17 cr of the IPO money on 20 more rooms at Malshej and 26 more at Pench, with the money to be used by March 2026. The FY26 annual report shows capital work in progress of ₹3.1 cr at March 2026 and does not report the new rooms. The company also says it is developing villas in Goa to rent out. The lease of the Mahabaleshwar resort to Mahindra Holidays runs to March 2027.
| What management said | When | What happened |
|---|---|---|
| ₹17 cr of IPO money for 46 more rooms at Malshej and Pench, used by March 2026 | Offer document, September 2024, p.88 and p.89 | Capital work in progress ₹3.1 cr at March 2026; FY26 additions to property ₹2.9 cr (Annual report FY26, p.74 and p.71) |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Saj Hotels earns from guests at two resorts it runs and from a fixed rent on a third resort leased to Club Mahindra.
Its weak spots are a lease that comes up for renewal, slow progress on the promised new rooms, and money lent to a related company with borrowed funds.
AverageCan it set its own prices?It changes room rates with the season and demand, but many rooms stay empty outside peak times.
WatchHow strong is it against rivals?Its draw is the setting of each resort. It is a small player against large hotel chains and alternative lodging platforms.
AverageWho are its customers?Mostly leisure and event guests, plus one big lessee whose rent is close to a third of revenue.
WatchDoes it need a lot of money?Yes. Resorts need land, buildings and upkeep, and in the latest year the company also borrowed to lend to a related company.
WatchCan it keep finding new work?Room income did not grow in the latest year and the planned new rooms have not been reported as built.
WatchDo good and bad years swing a lot?Leisure travel moves with the seasons, the weather and the economy, though the fixed lease rent steadies part of income.
Who runs Saj Hotels?
Promoters, directors and officers; tap a name for the background
RMRahul Maganlal TimbadiaPromoter and Chairman · holds 58.11%
Bachelor of Science from Jai Hind College, University of Bombay (1980), with over three decades in hospitality and real estate and over a decade in metal trading. Managing Director of La Tim Metal and Industries since August 2014; Chairman of Saj Hotels from March 2024. The offer document records Kartik Maganlal Timbadia as a brother.
Offer document, p.175 and p.178; Annual report FY26, p.19KKKarna Kartik TimbadiaPromoter and Managing Director · holds 1.94%
Higher Diploma in Hotel Management from Kohinoor IMI University (2005), with over a decade in hospitality and real estate. On the board since 2011 and Managing Director from March 2024; the Malshej and Pench resorts opened under this supervision. The offer document records Kartik Maganlal Timbadia as the father.
Offer document, p.176 and p.178KMKartik Maganlal TimbadiaPromoter and Director · holds 2.02%
Bachelor of Commerce from Bombay University (1974), with over three decades in hospitality and real estate and two decades in metal trading. A director of La Tim Metal and Industries and La Tim Life Style and Resorts.
Offer document, p.176 and p.177; Annual report FY26, p.19PRParth Rahul TimbadiaNon-Executive Director
Appointed an additional director in November 2024 and confirmed by members at the annual general meeting of December 2025; a member of the nomination and remuneration committee.
Annual report FY26, p.20 and p.22BKBiren Kishore ParekhIndependent Director
Chartered Accountant, a member of the Institute of Chartered Accountants of India since 1989, with over three decades in management consultancy. Chairs the audit committee.
Offer document, p.177; Annual report FY26, p.21DKDhruti Kashyap ShahIndependent Director
Bachelor in Psychology and Literature from St. Xavier's College, Ahmedabad (1975) and a diploma in fashion from the USA, with over four decades in fashion design as proprietor of D.K. Fashion.
Offer document, p.178Saj Hotels latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹9.3 cr (-3%), net profit ₹1.9 cr (-11%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 63.93% to 64.27%.
Saj Hotels announcements
22 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationSubmission of an extract of newspaper publication regarding Intimation of 45th Annual General Meeting, Book Closure/Record Date and E-voting InformationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
- Copy of Newspaper PublicationNewspaper Advertisement- Prior to dispatch of Notice of 45th AGM of theCompany to be held through Video Conferencing (VC)/ Other Audio Visual Means (OAVM) on SePDF ↗
- Outcome of Board MeetingHeld on September 03, 2026PDF ↗
- Outcome of Board MeetingHeld on August 01, 2026PDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Saj Hotels Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obligations aPDF ↗
- Updates'Reply to the query raised in respect of price movement vide email dated 16th July, 2026'PDF ↗
- Price movementSignificant movement in price has been observed in Saj Hotels Limited. The Exchange, in order to ensure that investors have latest relevant information about thPDF ↗
Saj Hotels annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Saj Hotels share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Saj Hotels' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,61,25,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹146.53) and FY24 (₹2.91) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Saj Hotels
What does Saj Hotels do?
Saj Hotels owns and runs nature resorts in Maharashtra and Madhya Pradesh, and rents out a third resort at Mahabaleshwar to Club Mahindra. Its shares trade on NSE Emerge.
What is the share price of Saj Hotels?
₹25.4 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Saj Hotels?
₹41 cr at the close on 6 Nov 2026, on 1,61,25,000 shares.
What is the P/E of Saj Hotels?
14.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Saj Hotels' revenue and profit?
Revenue ₹17 cr and profit after tax ₹3 cr in FY26.
Who are the promoters of Saj Hotels?
Rahul Maganlal Timbadia, Karna Kartik Timbadia, Kartik Maganlal Timbadia; promoters held 64.27% at 31 March 2026.
What was the IPO price of Saj Hotels?
₹65 a share; it listed on 7 Oct 2024.
What is Saj Hotels' website?
www.sajresort.com
More SME companies like Saj Hotels
Other listed SME companies in leisure services, the closest in size first, each read from its own documents.
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- LGT Global HospitalityLGT · BSE SME · Leisure ServicesMarket cap ₹31 cr
- Roopshri ResortsROOPSHRI · BSE SME · Leisure ServicesMarket cap ₹57 cr
- TSC IndiaTSC · NSE Emerge · Leisure Services · listed 2025Market cap ₹57 cr
Every listed SME company in Leisure Services → · SME companies listed in 2024 →
Built from 2 annual reports, 1 offer document, 22 exchange announcements, 7 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.