Lemon Tree Hotels Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,854 Cr
- P/E
- 34.60
- ROE
- 19.18%
- PEG
- 1.19
- Price to sales
- 6.01
- Debt to equity
- 1.44
- 52W high / low
- ₹168 / ₹100
- Sales growth (5Y)
- 41.83%
- EBITDA margin
- 47.48%
- Net profit margin
- 21.54%
- Promoter holding
- 22.32%
- Sales (last year)
- ₹1,473 Cr
Lemon Tree Hotels Ltd is largest mid-priced and the third largest overall hotel chain in India. It operate in the upscale segment and in the mid-priced sector, consisting of the upper-midscale, midscale and economy segments. It delivers differentiated yet superior service offerings, with a value-for-money proposition.[1]
Guidance scorecard · Q1 FY27 call
What Lemon Tree Hotels Ltd's management guided
and where it ranks in Leisure Services
Leisure Services
RevenueQ1 FY27 call
10–20%- Expecting more output from segmental opportunities in the second half of the year as execution intensifies (p.28).
- Targeting to increase average room rates over Rs. 7,500 progressively to reduce GST impact and improve margins (p.26-27).
- Planning to add approximately 2,000 rooms annually from FY27 to FY30, with over 5,000 rooms expected to open by FY29, representing 45% growth in the managed portfolio (p.25, p.15).
- Management fee income and network revenue from third-party hotels and Fleur expected to grow strongly due to accelerated signing and opening of rooms (p.15, p.25).
2 more points from Lemon Tree Hotels Ltd's call on revenue
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MarginsQ1 FY27 call
Up 2%+See what Lemon Tree Hotels Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Renovation spend: Close to Rs. 450 crore on renovations over approximately 2 years, targeting ~50% EBITDA improvement post-stabilization. Major spends include Rs. 35-50 crore each on Lemon Tree Premier Hyderabad and Delhi.
- Technology investment: Ongoing multi-year investment to upgrade ERP, revenue management, sales tools (like Salesforce), loyalty programs, and website; aiming for operational efficiency and enhanced booking contributions.
- Room additions: Targeting addition of 2,000 rooms from 2026 to 2030, with a focus on managing fixed cost impact.
- Fleur Investments: Planning Rs. 2,500 - Rs. 3,000 crore investments in Fleur (managed portfolio and greenfield projects), leveraging Rs. 960 crore capital infusion by Warburg plus existing balance sheet funds.
2 more points from Lemon Tree Hotels Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Lemon Tree Hotels Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- The company has a strong order book and pipeline with 5,000 rooms signed in FY26 and expected to open around 5,000 rooms in FY29 in the Lemon Tree managed portfolio.
- Currently operating approximately 12,000 rooms.
- In Q1 FY27, 334 keys were opened against a target of 2,000 keys to be added in FY27, with confidence expressed in achieving the 2,000 keys target despite some potential minor slippage.
- The company is actively evaluating opportunities in existing hotels and new developments.
- Renovation of 300 rooms completed in the quarter with similar numbers anticipated in the next quarter.
- Renovation in the Keys portfolio was 2/3rd complete as of 30th June 2026.
2 more points from Lemon Tree Hotels Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Leisure Services
on management's own guidance
- Jubilant Foodworks LtdGood growth2
- Landmark Global Learning LtdGood growth1
- Le Travenues Technology LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Leisure Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Landmark Global Learning Ltd | 20–40% | Up 2%+ | ₹21 Cr | — |
| 2 | Jubilant Foodworks Ltd | 20–40% | Flat | ₹27,579 Cr | 72.4 |
| 3 | Le Travenues Technology Ltd | 20–40% | Flat | ₹6,423 Cr | 54.1 |
| 4 | 20–40% | Flat | ₹6,285 Cr | 2553.3 | |
| 5 | 20–40% | Flat | ₹4,827 Cr | 20.4 | |
| 6 | 20–40% | Flat | ₹2,741 Cr | 215.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Leisure Services rankingLemon Tree Hotels Ltd announcements
All announcements →- Acquisition / mergerNotableLemon Tree Hotels gets NSE no-objection, BSE no adverse observations on scheme
Financials of Lemon Tree Hotels Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Lemon Tree Hotels Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 234 | 253 | 224 | 227 | 290 | 327 | 268 | 284 | 355 | 379 | 316 | 306 | 406 |
| Expenses + | 107 | 113 | 118 | 125 | 149 | 156 | 153 | 154 | 171 | 175 | 176 | 176 | 201 |
| Operating Profit | 126 | 140 | 106 | 102 | 141 | 171 | 115 | 131 | 184 | 203 | 140 | 131 | 205 |
| OPM % | 54% | 55% | 47% | 45% | 49% | 52% | 43% | 46% | 52% | 54% | 44% | 43% | 50% |
| Other Income + | 1 | 2 | 1 | 3 | 1 | 4 | 0 | 1 | 1 | 1 | 2 | 2 | -30 |
| Interest | 44 | 45 | 48 | 47 | 53 | 53 | 52 | 51 | 50 | 47 | 45 | 42 | 41 |
| Depreciation | 24 | 24 | 23 | 23 | 33 | 33 | 35 | 35 | 35 | 35 | 34 | 34 | 35 |
| Profit before tax | 59 | 73 | 36 | 35 | 56 | 89 | 29 | 45 | 100 | 122 | 63 | 56 | 99 |
| Tax % | 18% | 20% | 24% | 25% | 21% | 6% | 31% | 23% | 20% | 12% | 23% | 25% | 17% |
| Net Profit + | 49 | 59 | 28 | 26 | 44 | 84 | 20 | 35 | 80 | 108 | 48 | 42 | 82 |
| EPS in Rs | 0.50 | 0.56 | 0.30 | 0.29 | 0.45 | 0.85 | 0.25 | 0.37 | 0.79 | 1.07 | 0.48 | 0.44 | 0.79 |
Financials of Lemon Tree Hotels Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 290 | 368 | 412 | 484 | 550 | 669 | 252 | 402 | 875 | 1,071 | 1,286 | 1,407 |
| Expenses + | 239 | 268 | 295 | 348 | 381 | 429 | 194 | 283 | 427 | 548 | 652 | 728 |
| Operating Profit | 51 | 100 | 117 | 136 | 169 | 241 | 57 | 119 | 448 | 523 | 634 | 679 |
| OPM % | 18% | 27% | 28% | 28% | 31% | 36% | 23% | 30% | 51% | 49% | 49% | 48% |
| Other Income + | 13 | 5 | 12 | 13 | 15 | 11 | 22 | 22 | 10 | 13 | 13 | -25 |
| Interest | 72 | 72 | 78 | 78 | 85 | 162 | 190 | 181 | 182 | 208 | 211 | 176 |
| Depreciation | 52 | 52 | 51 | 53 | 54 | 92 | 108 | 104 | 97 | 112 | 139 | 138 |
| Profit before tax | -60 | -19 | -0 | 18 | 45 | -2 | -219 | -145 | 178 | 216 | 296 | 340 |
| Tax % | 5% | 35% | 1,452% | 21% | -25% | 499% | -15% | -5% | 21% | 16% | 18% | |
| Net Profit + | -63 | -26 | -5 | 15 | 56 | -13 | -187 | -137 | 141 | 182 | 243 | 280 |
| EPS in Rs | -0.81 | -0.35 | -0.08 | 0.18 | 0.67 | -0.12 | -1.60 | -1.10 | 1.45 | 1.87 | 2.48 | 2.78 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Lemon Tree Hotels Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 776 | 778 | 781 | 786 | 789 | 790 | 790 | 791 | 792 | 792 | 792 | 792 |
| Reserves | 34 | 30 | 27 | 28 | 86 | 199 | 127 | 40 | 62 | 175 | 372 | 445 |
| Borrowings + | 571 | 625 | 799 | 1,011 | 1,196 | 2,017 | 2,159 | 2,128 | 2,177 | 2,336 | 2,148 | 2,059 |
| Other Liabilities + | 515 | 572 | 604 | 632 | 701 | 756 | 738 | 674 | 698 | 725 | 763 | 824 |
| Total Liabilities | 1,896 | 2,004 | 2,212 | 2,458 | 2,772 | 3,763 | 3,815 | 3,633 | 3,729 | 4,028 | 4,075 | 4,120 |
| Fixed Assets + | 1,236 | 1,231 | 1,418 | 1,460 | 1,604 | 3,307 | 3,194 | 3,051 | 2,957 | 3,641 | 3,556 | 3,525 |
| CWIP | 167 | 259 | 351 | 559 | 664 | 190 | 242 | 297 | 482 | 25 | 59 | 61 |
| Investments | 31 | 6 | 6 | 15 | 35 | 14 | 6 | 10 | 6 | 13 | 45 | 76 |
| Other Assets + | 462 | 508 | 436 | 425 | 469 | 252 | 374 | 276 | 284 | 348 | 415 | 459 |
| Total Assets | 1,896 | 2,004 | 2,212 | 2,458 | 2,772 | 3,763 | 3,815 | 3,633 | 3,729 | 4,028 | 4,075 | 4,120 |
Financials of Lemon Tree Hotels Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -51 | 68 | 122 | 115 | 187 | 151 | 41 | 135 | 385 | 465 | 542 |
| Cash from Investing Activity + | -150 | -103 | -229 | -260 | -289 | -598 | -66 | -45 | -283 | -397 | -127 |
| Cash from Financing Activity + | 159 | 18 | 111 | 149 | 113 | 457 | 111 | -163 | -132 | -59 | -392 |
| Net Cash Flow | -42 | -16 | 4 | 3 | 10 | 9 | 87 | -73 | -31 | 10 | 22 |
| Free Cash Flow | -213 | -64 | -108 | -128 | -93 | -482 | -23 | 69 | 223 | 134 | 448 |
| CFO/OP | -74% | 80% | 108% | 86% | 119% | 63% | 55% | 115% | 91% | 96% | 93% |
Financials of Lemon Tree Hotels Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 24 | 28 | 40 | 56 | 27 | 45 | 26 | 23 | 24 | 22 |
| Inventory Days | 62 | 62 | 57 | 49 | 48 | 57 | 154 | 112 | |||
| Days Payable | 429 | 599 | 692 | 739 | 768 | 584 | 1,648 | 807 | |||
| Cash Conversion Cycle | -344 | -513 | -608 | -650 | -664 | -500 | -1,450 | -668 | 23 | 24 | 22 |
| Working Capital Days | -61 | -169 | -173 | -108 | -103 | -109 | -302 | -166 | -110 | -73 | -48 |
| ROCE % | 3% | 4% | 5% | 5% | 5% | -1% | 1% | 10% | 11% | 13% |
Guidance history
How Lemon Tree Hotels Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 2%+ | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −34.9% | 16% |
| Last 6 months | −9.7% | 39% |
| Last 3 months | −2.7% | 60% |
The price is 39.8% below its all-time high of ₹177.93 (8 Sept 2025). Stocks more than 20% below their peak have their score halved, so 34 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Lemon Tree Hotels Ltd: 0.4 × 16 + 0.4 × 39 + 0.2 × 60 = 34, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Lemon Tree Hotels Ltd's management said in earlier quarters
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