---
title: "Saj Hotels Ltd (SAJHOTELS) — Share Price, Financials & Analysis"
symbol: "SAJHOTELS"
company: "Saj Hotels Ltd"
canonical: "https://tapetide.com/stocks/SAJHOTELS"
isin: "INE00MT01022"
nse_symbol: "SAJHOTELS"
sector: "Consumer Discretionary"
industry: "Leisure Services"
market_cap_cr: 58.21
generated_at: "2026-09-13T20:56:34.949Z"
---

# Saj Hotels Ltd (SAJHOTELS)

Canonical page: https://tapetide.com/stocks/SAJHOTELS

## Company

- **NSE Symbol:** SAJHOTELS
- **ISIN:** INE00MT01022
- **Sector:** Consumer Discretionary
- **Industry:** Leisure Services
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2024-10-07
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** sajresort.com

## About

Incorporated in 1981, Saj Hotels Ltd is in the hospitality business of running hotels & resorts.[1]

## Latest Price

- **Price:** ₹37
- **Change:** +0.9 (+2.49%)
- **Open:** ₹35
- **Day High:** ₹37
- **Day Low:** ₹35
- **Previous Close:** ₹36.1
- **Volume:** 12000
- **As Of:** 2026-09-11T08:57:21+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:55.845915Z.

- **Market Cap:** ₹58.21 Cr
- **Classification:** SME
- **P/E (reported):** 21
- **P/E (TTM):** 21.51
- **EPS (TTM):** ₹1.72
- **Book Value:** ₹29.74
- **Price to Book:** 1.21
- **Dividend Yield:** 0%
- **ROE:** 3.87%
- **ROCE:** 5.13%
- **Debt to Equity:** 0.19
- **Revenue (yearly):** ₹16.88 Cr
- **Net Income:** ₹2.97 Cr
- **EBITDA:** ₹5.13 Cr
- **52-Week High:** ₹80.25
- **52-Week Low:** ₹24.8
- **RSI (14):** 42.93

## Tapetide Score

- **Score:** 41 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Falling
- **Percentile:** 17.1 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 57.2 | 9% |
| growth | 43.38 | 9% |
| momentum | 31.92 | 12% |
| ownership | 53.4 | 24% |
| quality | 38.32 | 22% |
| valuation | 41.48 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Stock is trading at 0.50 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 3.32% over last 3 years.
- Earnings include an other income of Rs.3.16 Cr.
- Working capital days have increased from 86.4 days to 361 days

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -38.07% | 43.07% | -81.86% |
| ebitda margin growth | -3.85% | -45.88% | -2.39% | 11.03% |
| net income growth | -10% | -12.65% | 74% | 35% |
| revenue growth | -1.82% | 15.62% | 10% | 16% |
| roce | -6.28% | -4.65% | 58.82% | 3.83% |
| roe | -16.67% | -6.75% | 3.26% | 119.89% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2023 | Mar 2024 | Jun 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 3.53 | 3.53 | 3.11 | 4.82 | 4.72 | 3.68 | 3.95 | 4.6 | 4.65 |
| Expenses | 4.1 | 2.1 | 2.11 | 3.19 | 3.24 | 3.39 | 2.61 | 2.87 | 2.7 |
| Operating Profit | -0.57 | 1.43 | 1 | 1.63 | 1.48 | 0.29 | 1.34 | 1.73 | 1.95 |
| OPM % | -16.15 | 40.51 | 32.15 | 33.82 | 31.36 | 7.88 | 33.92 | 37.61 | 41.94 |
| Other Income | 0.05 | 3.92 | 0.09 | 0.78 | 0.42 | 0.86 | 0.87 | 0.89 | 0.54 |
| Interest | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.51 | 0.54 | 0.55 | 0.67 |
| Depreciation | 0.38 | 1.04 | 0.47 | 0.48 | 0.48 | 0.51 | 0.53 | 0.55 | 0.54 |
| Profit before tax | -0.93 | 4.29 | 0.6 | 1.91 | 1.4 | 0.13 | 1.14 | 1.52 | 1.28 |
| Tax % | -7.53 | 6.29 | 45 | 37.7 | 35.71 | 53.85 | 26.32 | 32.89 | 32.81 |
| Net Profit | -0.85 | 4.02 | 0.33 | 1.19 | 0.9 | 0.06 | 0.84 | 1.02 | 0.85 |
| EPS in Rs | -0.72 | 3.39 | 0.28 | 0.74 | 0.56 | 0.04 | 0.52 | 0.63 | 0.53 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 8.06 | 12.83 | 12.71 | 14.26 | 16.81 | 16.88 |
| Expenses | 6.25 | 8.71 | 9.49 | 7.74 | 10.45 | 11.57 |
| Operating Profit | 1.81 | 4.12 | 3.22 | 6.52 | 6.36 | 5.31 |
| OPM % | 22.46 | 32.11 | 25.33 | 45.72 | 37.83 | 31.46 |
| Other Income | 0.04 | 0.05 | 3.81 | 0.3 | 1.34 | 3.16 |
| Interest | 1.48 | 0.6 | 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 | 4.07 |
| Tax % | 5.26 | 31.75 | 20.71 | 24.34 | 31.59 | 31.94 |
| Net Profit | -1.2 | 1.32 | 3.48 | 3.45 | 3.92 | 2.77 |
| EPS in Rs | -50.53 | 55.58 | 146.53 | 2.91 | 2.43 | 1.72 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2.38 | 2.38 | 2.38 | 11.88 | 16.12 | 16.12 |
| Reserves | 17.49 | 79.77 | 83.25 | 77.22 | 100.8 | 103.57 |
| Borrowings | 9.39 | 10.54 | 6.14 | 2.92 | 0.32 | 22.78 |
| Other Liabilities | 3.6 | 3.57 | 7.15 | 6.07 | 7.17 | 2.52 |
| Total Liabilities | 32.86 | 96.26 | 98.92 | 98.09 | 124.41 | 144.99 |
| Fixed Assets | 28.1 | 88.81 | 93.21 | 91.64 | 97.05 | 97.67 |
| CWIP | 0.09 | 3.11 | 0.8 | 1.32 | 1.43 | 3.13 |
| Investments | 0 | 0.08 | 0 | 0.01 | 0.11 | 0.5 |
| Other Assets | 4.67 | 4.26 | 4.91 | 5.12 | 25.82 | 43.69 |
| Total Assets | 32.86 | 96.26 | 98.92 | 98.09 | 124.41 | 144.99 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 4.74 | 3.32 | 7.67 | 4.75 | 4.69 | -0.72 |
| Cash from Investing Activity | -0.95 | -4.41 | -6.09 | -0.93 | -8.72 | -23.9 |
| Cash from Financing Activity | -3.2 | 0.55 | -1.75 | -3.32 | 21.24 | 20.18 |
| Net Cash Flow | 0.59 | -0.53 | -0.17 | 0.5 | 17.2 | -4.43 |
| Free Cash Flow | 3.79 | -0.9 | 1.17 | 3.64 | -2.4 | -7.87 |
| CFO/OP | 281 | 92 | 259 | 91 | 85 | 17 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 6.79 | 3.13 | 0.86 | 3.07 | 4.78 | 13.19 |
| Inventory Days | 41.93 | 16.74 | 14.19 | 39.87 | 34.97 | 20.62 |
| Days Payable | 167.7 | 115.53 | 103.42 | 104.29 | 192.34 | 92.8 |
| Cash Conversion Cycle | -118.98 | -95.66 | -88.36 | -61.34 | -152.59 | -58.98 |
| Working Capital Days | -393.53 | -283.92 | -236.06 | -114.41 | 12.16 | 361.32 |
| ROCE % | — | 4.44 | 1.07 | 5.06 | 5.55 | 5.02 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.08% | 62.09% | 62.52% | 63.31% | 63.93% | 64.27% |
| FIIs | 0% | 0% | 0% | 0% | 0.04% | 0.04% |
| DIIs | 0% | 0% | 0% | 0.12% | 0.21% | 0.29% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 29.97% | 29.86% | 29.5% | 28.33% | 28.45% | 30.03% |
| Others | 7.95% | 8.05% | 7.98% | 8.24% | 7.38% | 5.37% |
| No. of Shareholders | 1413 | 962 | 882 | 809 | 781 | 746 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 5 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 39.01 | Sell |
| EMA (10) | 38.3 | Sell |
| SMA (20) | 39.63 | Sell |
| EMA (20) | 38.65 | Sell |
| SMA (50) | 36.42 | Buy |
| EMA (50) | 38.24 | Sell |
| SMA (100) | 38.39 | Sell |
| EMA (100) | 40.25 | Sell |
| SMA (200) | 48.38 | Sell |
| EMA (200) | 46.14 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 45.69 | Neutral |
| MACD (12,26,9) | -0.02 | Sell |
| Stochastic (14,3,3) | 14.4 | Buy |
| ADX (14) | 14.29 | Neutral |
| Williams %R (14) | -79.17 | Neutral |
| ATR (14) | 1.84 | High Volatility |
| ROC (12) | -8.64 | Sell |
| Stoch RSI (14) | 19.23 | Buy |
| UO (7,14,28) | 35.89 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 July 2026 - Rahul Maganlal Timbadia bought 1,400 shares on 09.07.2026; holding rose to 58.16%. | [Updates 9 July 2026 - Rahul Maganlal Timbadia bought 1,400 shares on 09.07.2026; holding rose to 58.16%.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_09072026171058_Disclosure_Under_SEBI_PIT_Regulations.pdf) |
| 7 Sep - 45th AGM notice, book closure/record date and e-voting details published on September 6, 2026. | [Copy of Newspaper Publication 7 Sep - 45th AGM notice, book closure/record date and e-voting details published on September 6, 2026.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_07092026135727_Saj_Hotels_Notice_of_45th_AGM_post_Dispatch_for_Publication.pdf) |
| 7 May 2026 - Newspaper publications submitted for audited standalone and consolidated results for quarter and year ended 31 March 2026. | [Copy of Newspaper Publication 7 May 2026 - Newspaper publications submitted for audited standalone and consolidated results for quarter and year ended 31 March 2026.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_07052026143341_Newspaper_Intimation_SajSIGNED.pdf) |
| 5 Sep - 45th AGM on 29 Sep 2026; FY25-26 annual report submitted, with director reappointment proposal. | [Shareholders meeting 5 Sep - 45th AGM on 29 Sep 2026; FY25-26 annual report submitted, with director reappointment proposal.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_05092026161946_Annual_report.pdf) |
| 5 May 2026 - Board appointed Jugal Kishor Mimani as CFO, approved FY26 audited results, and named internal auditor. | [Outcome of Board Meeting 5 May 2026 - Board appointed Jugal Kishor Mimani as CFO, approved FY26 audited results, and named internal auditor.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_05052026170953_Outcome_of_Board_Meeting.pdf) |
| 4 Sep - Newspaper advertisement issued for 45th AGM on 29 September 2026 via VC/OAVM. | [Copy of Newspaper Publication 4 Sep - Newspaper advertisement issued for 45th AGM on 29 September 2026 via VC/OAVM.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_04092026145935_Newspaper_Publication.pdf) |
| 4 March 2026 - SAJ Hotels CFO Usha Ghelani resigns effective close of business March 31, 2026. | [Resignation 4 March 2026 - SAJ Hotels CFO Usha Ghelani resigns effective close of business March 31, 2026.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_04032026140301_Intimation_NSE.pdf) |
| 4 March 2026 - CFO Usha Ghelani resigned effective close of business 04 March 2026; resignation letter and disclosures enclosed. | [Resignation 4 March 2026 - CFO Usha Ghelani resigned effective close of business 04 March 2026; resignation letter and disclosures enclosed.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_04032026133146_Intimation_NSE.pdf) |
| 30 May 2026 - Submitted SDD Compliance Certificate for FY ended 31 March 2026. | [Structural Digital Database 30 May 2026 - Submitted SDD Compliance Certificate for FY ended 31 March 2026.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_30052026140627_SDD_Certificate_Saj.pdf) |
| 3 Sep - Board approved FY26 annual report, set 45th AGM for 29 September 2026, and book closure 23-29 September. | [Outcome of Board Meeting 3 Sep - Board approved FY26 annual report, set 45th AGM for 29 September 2026, and book closure 23-29 September.](https://nsearchives.nseindia.com/corporate/SAJHOTELS_03092026180348_Outcome_of_BM.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31527_SAJHOTELS_2025_2026_A_2975242_05092026161030.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_29189_SAJHOTELS_2024_2025_A_2450169_29112025181937.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:56:34.949Z.