Saj Hotels Limited convened a Board of Directors meeting on May 5, 2026, at which several key resolutions were passed, including approval of audited financial results for the quarter, half year, and year ended March 31, 2026, the appointment of a new Chief Financial Officer, and the appointment of an Internal Auditor for financial year 2026-27. The statutory auditor, M/s. Dhirubhai Shah & Co LLP (FRN: 102511W/W100298), issued an unmodified opinion on both the standalone and consolidated financial statements for the year ended March 31, 2026.

Key Management Appointments

The board approved the appointment of Mr. Jugal Kishor Mimani as Chief Financial Officer (CFO) and Key Managerial Personnel of the company, effective May 5, 2026. Mr. Mimani is a seasoned finance professional holding a Bachelor of Commerce degree with over 25 years of extensive experience in financial management, strategic planning, and corporate governance. He brings demonstrated expertise in budgeting, financial reporting, taxation, compliance, and risk management.

In addition, the board approved the appointment of M/s. Akkad Mehta & Co LLP, Chartered Accountants (FRN: 100259W/W10084), as Internal Auditor of the company for financial year 2026-27. The firm is led by CA Nirav Mehta, B. Com, FCA, DISA (ICAI), FAFD (ICAI), Registered Valuer (SFA), ICAI Certified Ind AS, GST and ABTS, who is the Founder & Managing Partner with over 16 years of experience in finance, including over 15 years in managerial and senior positions.

Standalone Financial Performance

The company's standalone financial results for the year ended March 31, 2026 reflect a total income of Rs. 2,021.95 lakhs, compared to Rs. 1,803.90 lakhs in the year ended March 31, 2025. Revenue from operations for the full year stood at Rs. 1,688.30 lakhs versus Rs. 1,680.72 lakhs in the prior year, while other income rose significantly to Rs. 333.65 lakhs from Rs. 123.18 lakhs. Total expenses for the year were Rs. 1,586.26 lakhs against Rs. 1,241.53 lakhs in the prior year, with finance costs increasing notably to Rs. 226.90 lakhs from Rs. 7.51 lakhs. Standalone net profit for the year stood at Rs. 288.33 lakhs, compared to Rs. 380.96 lakhs in the prior year.

Consolidated Financial Performance

On a consolidated basis, which includes the results of associate company My Own Rooms Dot In Private Limited, total income for the year ended March 31, 2026 was Rs. 2,021.95 lakhs compared to Rs. 1,803.90 lakhs in the prior year. The consolidated net profit for the year was Rs. 278.96 lakhs, against Rs. 391.61 lakhs in the year ended March 31, 2025. The consolidated results include the company's share of net loss of Rs. 11.37 lakhs from its associate for the year ended March 31, 2026. The accumulated share of losses has exceeded the company's interest in this associate, reducing the carrying amount to zero; unrecognised excess losses aggregating to Rs. 6.85 lakhs as at March 31, 2026 are to be recognised only to the extent that the company has incurred legal or constructive obligations or made payments on behalf of the associate, in accordance with Accounting Standard (AS) 23.

The paid-up equity share capital remained unchanged at Rs. 1,611.50 lakhs (face value of Rs. 10 per share) across all reported periods. Standalone reserves and surplus as at March 31, 2026 stood at Rs. 10,376.89 lakhs, compared to Rs. 10,088.56 lakhs as at March 31, 2025. On a consolidated basis, reserves and surplus were Rs. 10,356.91 lakhs as at March 31, 2026 versus Rs. 10,079.95 lakhs as at March 31, 2025.

IPO Fund Utilisation

Saj Hotels had completed its Initial Public Offer (IPO) of 42,50,000 equity shares of face value of Rs. 10 each at an issue price of Rs. 65 per share (including a share premium of Rs. 55 per equity share), comprising a fresh issue of 42,50,000 equity shares aggregating to Rs. 2,762.50 lakhs. The equity shares were listed on the Emerge platform of National Stock Exchange of India Limited with effect from October 07, 2024. As at March 31, 2026, the company had utilised Rs. 1,735.83 lakhs of the IPO proceeds, leaving Rs. 1,026.67 lakhs unutilised.

The company also noted that during the allotment process, 10,000 equity shares were not allotted to certain eligible shareholders due to a technical glitch at the end of the Registrar and Share Transfer Agent (RTA). The issue has been identified and acknowledged by the RTA, and corrective measures are being undertaken to ensure allotment of the said shares in accordance with applicable regulatory procedures. Accordingly, the company is yet to realise issue proceeds in relation to these 10,000 equity shares.