LEMONTREE
Lemon Tree Hotels share price & financials
- Price
- ₹111.97
- Market cap
- ₹8.6k Cr
- Sector
- Consumer Services
- Calls analysed
- 7
Lemon Tree Hotels Limited Q1 FY27
What went well
- Total revenue grew 9% YoY to ₹346.8 crore.
- Adjusted Net EBITDA increased 14% YoY to ₹162.5 crore.
- PAT grew 19% to ₹57.3 crore and cash profit grew 17% to ₹96 crore.
What to watch
- Net EBITDA margin compressed by 99 bps to 43.8% due to SAR provision and GST impact (3.1% of revenue).
- ARR was up only 2% despite 19% growth in Keys, attributed to a volume-based retail strategy in Q1.
What Lemon Tree Hotels Limited does
Lemon Tree Hotels operates a hotel chain spanning the upper-upscale to economy segments through five owned brands — Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox by Lemon Tree Hotels and Keys by Lemon Tree Hotels. It earns revenue both from hotels it owns or leases (room and F&B revenue) and from an asset-light layer where it manages or franchises hotels owned by third parties and by its material subsidiary Fleur Hotels Limited, earning management and franchise fees. The portfolio is concentrated in the mid-market (upscale/upper-midscale/midscale) space, where the company positions itself against a structural gap between hotel demand and supply in India.
Segments
- Owned & leased hotels
- Managed & franchised hotels
- Operational hotels
- 131
- Operational rooms
- 11,811
- Combined operational + pipeline hotels
- 268
- Combined operational + pipeline rooms
- 22,581
- Upcoming (under-development) hotels
- 137
- Upcoming (under-development) rooms
- 10,770
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 1 delivered 2 missed 13 open- Total Inventory (Operational + Pipeline) delivered said Q3 FY25 Promised: 20,000 rooms in next 12-15 months (accelerated from CY28) Q1 FY27: Total inventory increased to 23,381 rooms, maintaining achieved status.
- Aurika Shillong Operational Date went quiet said Q2 FY26 Promised: Mid-2027 Q1 FY27: No update on the opening timeline. Capex deployment of Rs. 33 crore was mentioned, but the target date remains unaddressed.
- Aurika Mumbai Stabilized ARR at risk said Q3 FY25 Promised: Rs. 11,500-12,000 by H2 next year Q1 FY27: Management acknowledged Q1 was an 'aberration' due to a retail-focused strategy amid market softness. Stated they will focus on ARR in Q2, but the target remains at risk.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.2%, net profit up 18.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 284 | 355 | 379 | 316 | 306 +8% | 406 +14% | 416 +10% | 345 +9% |
| EBITDA | 131 | 184 | 203 | 140 | 131 +0% | 205 +11% | 215 +6% | 149 +6% |
| Net profit | 35 | 80 | 108 | 48 | 42 +20% | 82 +3% | 116 +7% | 57 +19% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −39.4% 1Y
1Y: ₹172.87 on 10 Sept 2025 → ₹104.78. High ₹176.49 (15 Sept 2025), low ₹100.42 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.8%
- 10 Aug
- Q4 FY26
- −4.7%
- 29 May
- Q3 FY26
- +2.4%
- 10 Feb
- Q2 FY26
- −4.9%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 18.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 47.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹876 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr |
| Operating profit | ₹448 Cr | ₹520 Cr | ₹633 Cr | ₹691 Cr |
| Operating margin | 51.1% | 48.7% | 49.2% | 47.9% |
| Interest | ₹177 Cr | ₹201 Cr | ₹200 Cr | ₹167 Cr |
| Depreciation | ₹97 Cr | ₹112 Cr | ₹140 Cr | ₹138 Cr |
| Net profit | ₹141 Cr | ₹182 Cr | ₹243 Cr | ₹288 Cr |
| Net margin | 16.1% | 17.0% | 18.9% | 19.9% |
| Cash from operations | ₹385 Cr | ₹465 Cr | ₹542 Cr | ₹542 Cr |
| Free cash flow | ₹223 Cr | ₹134 Cr | ₹448 Cr | ₹406 Cr |
| ROCE | 10.0% | 11.0% | 13.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹790 Cr | ₹791 Cr | ₹792 Cr | ₹792 Cr | ₹792 Cr | ₹792 Cr |
| Reserves | ₹127 Cr | ₹40 Cr | ₹62 Cr | ₹175 Cr | ₹445 Cr | ₹600 Cr |
| Borrowings | ₹2.2k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.3k Cr | ₹2.1k Cr | ₹2.0k Cr |
| Other liabilities | ₹738 Cr | ₹674 Cr | ₹698 Cr | ₹725 Cr | ₹824 Cr | ₹889 Cr |
| Total liabilities | ₹3.8k Cr | ₹3.6k Cr | ₹3.7k Cr | ₹4.0k Cr | ₹4.1k Cr | ₹4.3k Cr |
| Fixed assets | ₹3.2k Cr | ₹3.1k Cr | ₹3.0k Cr | ₹3.6k Cr | ₹3.5k Cr | ₹3.6k Cr |
| Capital work in progress | ₹242 Cr | ₹297 Cr | ₹482 Cr | ₹25 Cr | ₹61 Cr | ₹108 Cr |
| Investments | ₹6 Cr | ₹10 Cr | ₹6 Cr | ₹13 Cr | ₹76 Cr | ₹73 Cr |
| Other assets | ₹374 Cr | ₹276 Cr | ₹284 Cr | ₹348 Cr | ₹459 Cr | ₹540 Cr |
| Total assets | ₹3.8k Cr | ₹3.6k Cr | ₹3.7k Cr | ₹4.0k Cr | ₹4.1k Cr | ₹4.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +7.47 pp while DIIs trimmed −5.63 pp. The shareholder count grew 16% to 4,22,447.
- Promoters
- 22.3%
- FIIs
- 19.4%
- DIIs
- 14.3%
- Public
- 43.8%
- Others
- 0.1%
Since Jun 2025
- Public +7.47 pp
- DIIs −5.63 pp
- FIIs −1.89 pp
How it drifted, 12 quarters
Over this window the public went from 38.4% to 43.8% — +5.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 23.3%, FIIs 24.8%, DIIs 13.4%, Public 38.4%, Others 0.1%.Dec '23: Promoters 23.2%, FIIs 22.8%, DIIs 15.0%, Public 38.9%, Others 0.1%.Mar '24: Promoters 22.9%, FIIs 27.1%, DIIs 15.3%, Public 34.6%, Others 0.1%.Jun '24: Promoters 22.8%, FIIs 27.6%, DIIs 15.2%, Public 34.3%, Others 0.1%.Sep '24: Promoters 22.8%, FIIs 21.8%, DIIs 18.9%, Public 36.5%, Others 0.1%.Dec '24: Promoters 22.8%, FIIs 20.0%, DIIs 20.8%, Public 36.4%, Others 0.1%.Mar '25: Promoters 22.3%, FIIs 20.9%, DIIs 19.7%, Public 37.0%, Others 0.1%.Jun '25: Promoters 22.3%, FIIs 21.3%, DIIs 20.0%, Public 36.4%, Others 0.1%.Sep '25: Promoters 22.3%, FIIs 21.4%, DIIs 19.7%, Public 36.5%, Others 0.1%.Dec '25: Promoters 22.3%, FIIs 21.5%, DIIs 19.4%, Public 36.7%, Others 0.1%.Mar '26: Promoters 22.3%, FIIs 21.6%, DIIs 15.7%, Public 40.4%, Others 0.1%.Jun '26: Promoters 22.3%, FIIs 19.4%, DIIs 14.3%, Public 43.8%, Others 0.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Lemon Tree Hotels Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Spank Management Services Private Limited | 21.12% | unchanged |
| Apg Strategic Real Estate Pool N.V. | 14.99% | unchanged |
| Franklin India Small Cap Fund Mutual fund | 4.81% | −0.52 pp |
| HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund | 2.61% | −0.23 pp |
| SBI Small Cap Fund Mutual fund | 2.52% | −0.79 pp |
| Nomura India Investment Fund Mother Fund Global fund house | 2.04% | −0.31 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.75% | unchanged |
| Allianz Global Investors Gmbh Acting On Behalf Of Allianz Soa Fonds Global fund house | 1.44% | unchanged |
| Sparrow Buildwell Private Limited | 0.86% | unchanged |
| Ila Dubey | 0.31% | unchanged |
| Lillette Dubey | 0.02% | unchanged |
| Toucan Real Estates Private Limited | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LEMONTREE
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +61.15 L shares (+15.3%).
- Held by funds
- ₹491 Cr
- 12 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹203 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹203 Cr | +61.01 L | Jul '23 |
| SBI Smallcap Fund SBI Mutual Fund | ₹139 Cr | held | Aug '21 |
| SBI ESG Exclusionary Strategy Fund SBI Mutual Fund | ₹53 Cr | held | Jun '26 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹45 Cr | held | Aug '21 |
| SBI Consumption Opportunities Fund SBI Mutual Fund | ₹27 Cr | held | Jun '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹8 Cr | +0.10 L | Dec '22 |
| SBI Long Term Advantage Fund - Series IV SBI Mutual Fund | ₹6 Cr | held | Jun '26 |
| SBI Long Term Advantage Fund - Series VI SBI Mutual Fund | ₹5 Cr | held | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +61.15 L shares (+15.3%)
- Funds are sitting on
- +34%
- vs est. average cost
- Held by funds
- ₹491 Cr
- 12 schemes · ≈ 6.0% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹203 Cr · 0.3% of that fund
- Longest holder
- SBI Smallcap Fund
- 5y 1m · since Aug '21
Shares held by these funds −38%
Aug '23 4.01 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Lemon Tree Hotels Limited
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