Lemon Tree Hotels Limited (LEMONTREE)

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Lemon Tree Hotels Limited (LEMONTREE) · mywealthgrid

About

Lemon Tree Hotels Limited operates a portfolio of branded hotel properties in India's leisure services sector. With a market cap of ₹8,628.64 Cr and consistent operating margins near 48%, the company is a significant player in organized hospitality.

Founded: 2002
Face value: ₹10

Market cap

₹8,530 Cr

P/E

36.3×

P/B

6.1×

Dividend yield

ROE

17.8%

ROCE

14.6%

Debt / equity

1.44

OPM

47.9%

EPS (TTM)

₹3.0

Book value

₹17.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Debt-to-equity of 1.44 creates material leverage exposure to interest rates and refinancing risk; verify debt maturity profile and covenant terms.
Stock has declined 24.41% over 12 months despite operating margins of 47.85%, signaling market concern about returns on capital or valuation vulnerability.
Operating margins vary across recent quarters (42.08% to 52.41%); identify drivers—whether occupancy fluctuations, seasonal patterns, property mix, or competitive pricing pressures.
Discretionary travel demand is cyclical; verify current and forward booking trends for corporate and leisure segments to assess revenue resilience.

Generated analysis · source review pending

Growth drivers

Operating margin of 47.85% demonstrates operational efficiency; verify whether this is sustainable through growth via new properties or faces compression from competition.
Return on equity of 17.77% enables growth through retained earnings, though debt-to-equity of 1.44 constrains acquisition-funded expansion without additional equity capital.
Quarterly revenue ranges from ₹90.9 Cr to ₹416.4 Cr across the portfolio; verify whether high-performing properties represent repeatable models for new locations or expansion.

Generated analysis · source review pending

2,092 historical price candles were omitted because the exchange source has not been verified.

₹107.7+3.4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 47.9%
+Profit CAGR of 25.6% over the last 3 years
+Revenue CAGR of 41.8% over the last 5 years

Cons

−Low promoter holding of 22.3%

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 46
Growth: 69
Valuation: 46

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Itc Hotels LimitedITCHOTELSITCHOTELS	₹33,018 Cr	₹33,019 Cr	₹4,260 Cr	₹1,471 Cr	34.4%	₹864 Cr	19.8%	10.2%	7.3%	600
Leela Palaces Hotels & Resorts LimitedTHELEELATHELEELA	₹19,003 Cr	₹20,560 Cr	₹1,604 Cr	₹785 Cr	48.6%	₹298 Cr	26.4%	8.4%	0.5%	-147
Eih LimitedEIHOTELEIHOTEL	₹18,628 Cr	₹18,628 Cr	₹3,023 Cr	₹1,030 Cr	34.8%	₹712 Cr	22.4%	18.6%	12.7%	-295
Chalet Hotels LimitedCHALETCHALET	₹18,182 Cr	₹20,506 Cr	₹2,387 Cr	₹1,064 Cr	42.9%	₹528 Cr	23.3%	18.4%	19.1%	80
Ventive Hospitality LimitedVENTIVEVENTIVE	₹12,894 Cr	₹14,929 Cr	₹2,496 Cr	₹1,079 Cr	44.4%	₹588 Cr	20.4%	10.2%	9.7%	-201
Lemon Tree Hotels LimitedLEMONTREELEMONTREE	₹8,530 Cr	₹10,533 Cr	₹1,473 Cr	₹700 Cr	47.9%	₹235 Cr	20%	14.6%	17.8%	-200
India Tourism Development Corporation LimitedITDCITDC	₹5,711 Cr	₹5,711 Cr	₹535 Cr	₹91 Cr	17.2%	₹82 Cr	15.5%	28.5%	21.6%	-47
Juniper Hotels LimitedJUNIPERJUNIPER	₹4,784 Cr	₹5,522 Cr	₹1,076 Cr	₹429 Cr	40.3%	₹166 Cr	13.5%	8.1%	5.1%	-32
Mahindra Holidays & Resorts India LimitedMHRILMHRIL	₹3,938 Cr	₹5,172 Cr	₹3,023 Cr	₹607 Cr	20.6%	₹54 Cr	2.2%	3.8%	8.9%	227
Samhi Hotels LimitedSAMHISAMHI	₹3,429 Cr	₹5,137 Cr	₹1,281 Cr	₹439 Cr	34.6%	₹504 Cr	45.4%	9.1%	30.3%	-321
Oriental Hotels LimitedORIENTHOTORIENTHOT	₹2,500 Cr	₹2,597 Cr	₹498 Cr	₹130 Cr	26.8%	₹67 Cr	13.8%	13.1%	12.7%	-164

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	412	484	550	669	252	402	875	1,071	1,286	1,445
COGS	—	44	50	57	18	28	50	63	76	85
Gross profit	—	441	500	612	234	374	825	1,008	1,210	1,360
	167	304	330	377	177	255	377	484	576	670
	245	137	170	236	57	120	448	524	634	690
OPM %	59.5%	28.2%	30.9%	35.2%	22.8%	29.8%	51.3%	48.9%	49.3%	47.8%
Depreciation	51	53	54	87	108	104	97	112	139	139
Interest	78	74	80	156	182	174	177	202	201	167
	8	8	10	6	13	14	4	6	2	-25
Profit before tax	-0	18	45	-2	-219	-145	178	216	296	359
Tax	5	4	-11	11	-32	-7	38	34	53	71
Tax %	1,451.5%	20.6%	-24.5%	499.1%	-14.7%	-5%	21.2%	15.8%	17.9%	19.7%
	-5	15	56	-13	-187	-137	141	182	243	288
PAT margin %	-1.2%	3%	10.3%	-2%	-74.1%	-34.2%	16.1%	17%	18.9%	20%
EPS (₹)	-0.1	0.2	0.7	-0.1	-1.6	-1.1	1.5	1.9	2.5	2.9
EPS adjusted (₹)	-0.1	0.2	0.7	-0.1	-1.6	-1.1	1.5	1.9	2.5	2.9
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	781	786	789	790	790	791	792	792	792	792
Reserves	27	28	86	199	127	40	62	175	372	600
Minority interest	428	429	432	556	617	568	560	580	626	687
	758	967	1,136	1,510	1,685	1,699	2,177	1,894	2,148	2,004
	217	248	329	708	598	538	142	593	145	202
Total equity & liabilities	2,212	2,458	2,772	3,763	3,819	3,635	3,732	4,033	4,082	4,285
	1,416	1,457	1,595	2,676	3,192	3,049	2,956	3,639	3,555	3,563
CWIP	349	556	664	190	242	295	469	25	45	108
Investments	6	15	35	14	7	11	7	15	46	74
	440	430	478	883	377	280	300	354	436	540
Total assets	2,212	2,458	2,772	3,763	3,819	3,635	3,732	4,033	4,082	4,285

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	90.9%	91.5%	92.9%	93.1%	94.3%	94.1%	94.1%	94.1%
EBITDA margin %	30.7%	35.6%	24.3%	29.5%	51.2%	48.9%	49.3%	47.9%
EBIT margin %	20.9%	22.6%	-18.4%	3.6%	40.1%	38.4%	38.5%	38.2%
PAT margin %	10.3%	-2%	-74.1%	-34.2%	16.1%	17%	18.9%	20%
Working capital
Receivable days	56	27	45	26	23	24	22	29
Inventory days	44	53	148	106	77	80	66	59
Payable days	702	15	1,584	767	489	499	295	289
NWC days	-602	65	-1,391	-634	-388	-394	-206	-200
Leverage
Current ratio	0.67	0.49	0.78	0.52	0.37	0.57	0.85	1.21
Debt to EBITDA	6.73	6.34	27.51	14.31	4.86	3.62	3.39	2.9
Debt to equity	1.3	1.53	1.84	2.04	2.55	1.96	1.85	1.44
Interest coverage	1.6	1	-0.2	0.2	2	2.1	2.5	3.4
Asset turnover	0.2	0.18	0.07	0.11	0.23	0.27	0.32	0.34
Return ratios
Return on assets %	2%	-0.3%	-4.9%	-3.8%	3.8%	4.5%	6%	6.7%
Return on capital employed %	5.3%	5.3%	-0.9%	0.8%	10.5%	11.8%	13.4%	14.6%
Return on equity %	6.4%	-1.3%	-20.3%	-16.5%	16.5%	18.8%	20.9%	20.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	23.28%	23.21%	22.88%	22.8%	22.77%	22.77%	22.49%	22.28%	22.28%	22.28%	22.32%	22.32%
	24.82%	22.82%	27.09%	27.61%	21.75%	20.01%	20.9%	21.33%	21.45%	21.5%	21.6%	19.45%
	13.41%	14.99%	15.35%	15.2%	18.91%	20.8%	19.69%	19.98%	19.71%	19.46%	15.67%	14.35%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	38.41%	38.91%	34.63%	34.34%	36.51%	36.37%	36.87%	36.36%	36.51%	36.71%	40.36%	43.83%
No. of shareholders	—	—	—	—	—	—	—	—	3,68,811	3,68,933	3,99,213	4,22,447

Promoter holding down 0.96 percentage points since Sep 2023.

33 deals · 3 Jan 2022 – 21 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	44,02,463	₹123.81	₹54.51 Cr
21 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	44,02,463	₹123.75	₹54.48 Cr
21 Apr 2026	QE SECURITIES LLP	Bulk	NSE	Buy	41,61,748	₹123.08	₹51.22 Cr
21 Apr 2026	QE SECURITIES LLP	Bulk	NSE	Sell	41,39,166	₹123.93	₹51.30 Cr
21 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	41,29,394	₹122.65	₹50.65 Cr
21 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	32,82,113	₹123.94	₹40.68 Cr
9 Sept 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	19,27,464	₹177.93	₹34.30 Cr
9 Sept 2025	GOLDMAN SACHS BANK EUROPE SE- ODI	Block	NSE	Buy	19,27,464	₹177.93	₹34.30 Cr
4 Sept 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	8,26,056	₹169.71	₹14.02 Cr
4 Sept 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	8,26,056	₹169.71	₹14.02 Cr

1–10 of 33

1 / 4

Mr. Patanjali Govind KeswaniExecutive Director-Chairperson
Mr. Neelendra SinghExecutive Director-MD
Mr. Aditya Madhav KeswaniNon-Executive - Non Independent Director
Mr. Willem Albertus HazelegerNon-Executive - Non Independent Director
Mr. Kapil SharmaExecutive Director
Mr. Niten MalhanNon-Executive - Independent Director
Mr. Paramartha SaikiaNon-Executive - Independent Director
Mr. Praveen GargNon-Executive - Independent Director
Mr. Sanjiv Nandan SahaiNon-Executive - Independent Director
Mrs. Smita AnandNon-Executive - Independent Director
Mr. Pawan Kumar KumawatCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 13 fund houses

Held by these funds

9.01%

of the company's equity

All mutual funds

13.55%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 13 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	1.91 Cr	203.29	0.25%	2.415%	+61.01 L
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	1.45 Cr	153.75	1.04%	1.827%	-0
Smallcap Fund	SBI Mutual Fund	1.31 Cr	139.01	0.33%	1.652%	-0
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	76.83 L	81.63	0.42%	0.97%	—
ESG Exclusionary Strategy Fund	SBI Mutual Fund	50 L	53.13	0.99%	0.631%	-0
Large and Midcap Fund	SBI Mutual Fund	42.1 L	44.73	0.11%	0.531%	-0
Consumption Opportunities Fund	SBI Mutual Fund	25 L	26.56	0.94%	0.316%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	7.92 L	8.41	0.24%	0.1%	+9,679

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results7 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

45 announcementsExport CSV

30 Sept 2026, 8:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	90.9%	91.5%	92.9%	93.1%	94.3%	94.1%	94.1%	94.1%
EBITDA margin %	30.7%	35.6%	24.3%	29.5%	51.2%	48.9%	49.3%	47.9%
EBIT margin %	20.9%	22.6%	-18.4%	3.6%	40.1%	38.4%	38.5%	38.2%
PAT margin %	10.3%	-2%	-74.1%	-34.2%	16.1%	17%	18.9%	20%
Working capital
Receivable days	56	27	45	26	23	24	22	29
Inventory days	44	53	148	106	77	80	66	59
Payable days	702	15	1,584	767	489	499	295	289
NWC days	-602	65	-1,391	-634	-388	-394	-206	-200
Leverage
Current ratio	0.67	0.49	0.78	0.52	0.37	0.57	0.85	1.21
Debt to EBITDA	6.73	6.34	27.51	14.31	4.86	3.62	3.39	2.9
Debt to equity	1.3	1.53	1.84	2.04	2.55	1.96	1.85	1.44
Interest coverage	1.6	1	-0.2	0.2	2	2.1	2.5	3.4
Asset turnover	0.2	0.18	0.07	0.11	0.23	0.27	0.32	0.34
Return ratios
Return on assets %	2%	-0.3%	-4.9%	-3.8%	3.8%	4.5%	6%	6.7%
Return on capital employed %	5.3%	5.3%	-0.9%	0.8%	10.5%	11.8%	13.4%	14.6%
Return on equity %	6.4%	-1.3%	-20.3%	-16.5%	16.5%	18.8%	20.9%	20.7%

Date	Category	Subject	Filing
30 Sept 2026, 8:20 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
22 Sept 2026, 9:42 pm	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement	PDF
22 Sept 2026, 8:47 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
22 Sept 2026, 8:24 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Sept 2026, 9:24 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
21 Sept 2026, 4:47 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 10:06 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - Outcome Of Board Meeting Of Fleur Hotels Limited, A Material Subsidiary	PDF
18 Sept 2026, 5:49 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	122	115	187	151	41	135	385	465	542	542
	-229	-260	-289	-608	-66	-45	-283	-397	-127	-169
	111	149	113	457	111	-163	-132	-59	-392	-370
Net cash flow	4	3	10	-1	87	-73	-31	10	22	3
Free cash flow	122	115	187	151	-29	68	223	134	446	403
CFO / Operating profit %	49.6%	84.1%	110.6%	63.4%	66.9%	114%	86%	88.9%	85.4%	78.4%

Lemon Tree Hotels Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

1

Announcements

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Lemon Tree Hotels Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1