Apeejay Surrendra Park Hotels has accepted the resignation of Atul Khosla as Chief Financial Officer and Key Managerial Personnel, effective September 21, 2026. The board simultaneously appointed Manish Bhagat to succeed him in the same roles.

Khosla tendered his resignation on September 17, 2026, citing a new professional opportunity. He confirmed there were no material reasons for his departure other than this career move. Under his employment terms, he will serve a notice period until December 20, 2026, to ensure a smooth transition of responsibilities.

New Leadership Profile

Manish Bhagat brings over 20 years of experience across hospitality, retail, engineering, aviation, and aerospace sectors. A Chartered Accountant from the Institute of Chartered Accountants of India and a Commerce Graduate from Delhi University, he previously served as Vice President - Finance at SAMHI Hotels Limited.

His earlier tenures include significant roles at Devyani International Limited, AirWorks Engineering Pvt Ltd., and InterGlobe Aviation Limited (IndiGo). Bhagat possesses deep expertise in treasury, capital management, debt fundraising, refinancing, financial reporting, audit, compliance, and digital finance transformation. The company noted his in-depth knowledge of the hospitality business.

Leadership Comments

Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels Limited, thanked Khosla for his contributions and welcomed Bhagat, noting that his extensive experience across diverse sectors will bring valuable perspective to the leadership team as the company scales its business.

Bhagat stated he is delighted to join the company, citing its distinctive legacy and strong platform for future growth. He emphasized a focus on strengthening financial performance, driving operational efficiencies, and creating sustainable long-term value.

Regulatory Compliance

The board approved these changes during its meeting held on September 17, 2026, which commenced at 7:00 pm and concluded at 7:40 pm. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III.

Bhagat’s appointment is governed by the Nomination and Remuneration Policy and HR policies applicable to other employees. He is not related inter-se to any director of the company. The resignation letter and detailed regulatory annexures have been filed with the National Stock Exchange of India Limited and BSE Limited.

Apeejay Surrendra Park Hotels Limited posted an operating revenue of ₹1,668 crore for Q1FY27, reflecting growth from the previous fiscal year. The company scheduled an investor call on September 9, 2026, to discuss these results and its strategic roadmap toward a 6,000-key portfolio by FY30.

The hospitality major highlighted strong operational metrics, including an average room rate (ARR) of ₹7,459 and occupancy of 92% for its owned hotels in the quarter. Food and beverage revenue contributed significantly to the top line, accounting for 44% of total operational revenue.

Financial Performance

Operating EBITDA stood at ₹469 crore, representing a margin of 28.12%, down from 30.82% in FY26. Net profit after tax (PAT) was ₹115 crore, with PAT margins contracting to 6.70% from 9.21% in the full year FY26.

Operational Highlights

The company’s owned hotel portfolio maintained high utilization rates. RevPAR for owned hotels was recorded at ₹6,858 in Q1FY27, compared to ₹7,584 in FY26. The F&B segment continues to be a key growth driver, with Flurys generating ₹200 crore in income during the quarter, up from ₹829 crore in the full year FY26.

What the Numbers Show

While top-line growth is evident, the divergence between revenue expansion and margin contraction warrants attention. Operating EBITDA margins fell by nearly 300 basis points quarter-on-quarter relative to the prior year average, despite stable occupancy levels at 92%. This suggests rising input costs or a shift in revenue mix toward lower-margin segments, as F&B’s share of revenue held steady at 43-44% but overall profitability per rupee of revenue declined.

Strategic Outlook

Apeejay Surrendra Park Hotels aims to scale its key count to over 6,000 by FY30, focusing on asset-light managed properties. The pipeline includes 45 hotels under development with 4,042 keys. Recent additions include projects in Dharamshala, Mathura, and Vizag, adding 142 new keys in Q2FY27 alone. The company also emphasized unlocking real estate value through mixed-use developments like 'The Park Unizen' in Kolkata.