Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 16 Oct - Fleur Hotels’ GST appeal was partly allowed; interest on irregular ITC won’t arise.
Source: Bse
Lemon Tree Hotels Limited (LEMONTREE)
Large CapConsumer stocks · Large cap · NSE
Lemon Tree Hotels operates owned, managed, and franchised hotels across India, catering to various segments with brands like Lemon Tree, Red Fox, Keys, and Aurika. The company is undergoing a demerger to separate its asset-light management business (Lemon Tree) from its asset-heavy development and acquisition arm (Fleur Hotels).
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:35 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 +2.7% / mo · MACD + · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
LEMONTREED candles · FIT view-8.4%Latest close ₹109.82 on 2026-10-21
Bar
-1.7%
RSI
52
MACD hist
0.27
52W pos
14%
2026-10-21O ₹111.67H ₹113.00L ₹109.16C ₹109.82Vol 18.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
LEMONTREENifty Consumer DurablesNifty 500
- LEMONTREE
- -1.0%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +5.5 pp
Chart stats
21 Oct 2026- From 52W high
- -35.7%
- 52W range position
- 14%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.41x
- Avg traded value
- ₹47.7 Cr
- 20D price channel
- ₹102 - ₹117.9
₹170.7
₹99.6 - ₹170.7
₹3
Latest completed session
20-session average
23.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average37
Revenue +9.2% · PAT +18.8% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-11.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 37/100margin compression · Rev +9% YoY · PAT +19% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹345 Cr | +9.2% | -17.1% |
| EBITDA | ₹149 Cr | +6.4% | -30.7% |
| Operating margin | 43.0% | -100 bps | -900 bps |
| PAT | ₹57 Cr | +18.8% | -50.9% |
| PAT margin | 16.5% | +133 bps | -1136 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.50
- P/B
- 6.31
- EV/EBITDA
- 13.07
- Market Cap
- 8830.00Cr
Profitability
- ROE
- 19.20%
- ROCE
- 14.10%
- ROA
- 6.99%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 42.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 1.54
- Interest Coverage
- 4.40×
- Altman Z
- 3.04
- Book Value
- 17.60
Cash Flow
- FCF Yield
- 4.22%
- FCF Positive Y
- 5/5
- OCF
- 542.00 Cr
- EPS TTM
- 2.96
Shareholding
- Promoter Hold
- 22.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 345-17.1% vs prev
Net Profit
₹ CrLatest: 57.0-50.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.6% over last month) — short-term momentum positive.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
25
RS percentile
Stage 1 Base / Transition
1M return
+3.6%
3M return
-1.0%
6M return
-9.7%
1Y return
-33.5%
RS 1D
+1
RS 20D
+17
Sector rank
#8
Industry rank
#9
Stage evidence
- Price is within 1.6% of the 30-week proxy.
- The 30-week proxy changed -0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price below
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 70-0.74%
RS vs Nifty 50070
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth18/25
Quality12/20
Balance Sheet1/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 4.2%.
- Piotroski is strong at 7/9.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -11.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
34.5
PB
6.3
EV/EBITDA
13.1
ROE
19.2%
ROCE
14.1%
FCF Yield
4.2%
Debt/Equity
1.5
MoS
-11.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-11.4%
Previous: -13.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
44
44
44
44
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹34.24
-220.8% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹98.57
-11.4% MoS
PEG
1.14
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ITDC
Small
India Tourism Development Corporation Limited
Hospitality
match 154
50
68.9
21.0%
-107%
FAIR VALUE
VENTIVE
Small
Ventive Hospitality Limited
Hospitality
match 153
39
26.4
8.3%
+18%
WATCHLIST
JUNIPER
Small
Juniper Hotels Limited
Hospitality
match 153
49
26.0
6.2%
+16%
FAIR VALUE
EIHOTEL
Large
EIH Limited
Hospitality
match 152
50
26.0
14.5%
+20%
FAIR VALUE
CHALET
Large
Chalet Hotels Limited
Hospitality
match 152
54
34.8
19.0%
-5%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T07:48:05.521Z
Management commentary snapshot
Q1 FY27 revenue grew 9% YoY to Rs. 346.8 Cr, with PAT up 19% to Rs. 57.3 Cr. Occupancy improved significantly by 314 bps to 75.7%, but gross ARR saw modest 2% growth. Net EBITDA margin declined 99 bps to 43.8% due to SAR provisions and GST impact.
Q1 performance was impacted by external factors and a tactical shift to boost occupancy at the expense of ARR. Management indicates a strong Q2 recovery and outlines clear strategies for asset-light expansion, renovation benefits, and margin improvement, supporting the long-term thesis despite near-term pressures.
Current business mix
Network Revenue by Source
Latest issuer-disclosed distribution across 2 reported categories.
Owned Hotels56.0%
Managed and Franchised Hotels44.0%
Growth engines
Asset-Light Expansion
Signed 13 managed and franchised hotels with 1,020 rooms in Q1 FY27, over 3x the inventory opened, indicating future fee income growth.
Keys Portfolio Renovation
Renovation of Keys portfolio is 2/3rd complete, showing significantly improved performance with double-digit growth across all locations, targeting Rs. 60 crore EBITDA.
Fleur's Asset Creation
Fleur is pursuing rooms of around 2,500 Keys, with potential acquisitions/developments expected in the next few months, adding to Lemon Tree's fee income.
International Expansion
Interested in markets like UAE, Nepal, Thailand, Maldives (3-hour flight from India) to monetize loyalty program and capture Indian outbound travel.
Capacity and execution
Managed and Franchised Hotels Opened
In Q1 FY27, opened 6 managed and franchised hotels with 334 rooms.
Managed and Franchised Hotels Signed
In Q1 FY27, signed 13 managed and franchised hotels with 1,020 rooms.
Operational and Pipeline Inventory
Combined operational and pipeline inventory now stands at 23,381 rooms across 279 hotels.
Aurika Shimla
Owned 90-room hotel, finishing work and operational licenses in final stage, expected to open shortly.
Tailwinds
Q2 Demand Recovery
Q2 is significantly better, July was 'great,' and August continues to be solid after Q1 softness.
Renovation Impact
Renovated hotels like Keys Pimpri and Whitefield are showing improved performance, with customer response being good.
GST Mitigation Strategy
Constantly looking at how to replace rooms below Rs. 7,500 to over Rs. 7,500 to reduce the GST impact.
Loyalty Program Monetization
Opportunity to monetize 2.5 million loyalty members, especially for short-haul international travel.
Headwinds
West Asia Conflict Impact
Led to lesser inbound traffic and a second-order effect of lesser domestic corporate travel in Q1 FY27.
Mumbai and Gurgaon Market Softness
Could not compensate for the decline in corporate traffic in Mumbai and Gurgaon markets in Q1.
New Supply in Mumbai
Lag effect of 2,000 new rooms opened in the Mumbai airport micro-market in the last 2 years, still being absorbed.
GST Impact
Loss of input credit in GST increased expenses by 3.1% of total revenue in Q1 FY27.
Risk radar
Slippage in Room Openings
Management acknowledges 'a little bit of wash or a slippage here and there' regarding the FY27 target of 2,000 key openings.
Management Contract Terminations
Will terminate agreements due to 'lack of adherence to our brand standards,' leading to some losses in net room additions.
Fleur's Debt Levels
Management states debt may 'briefly cross 2x existing EBITDA' when building 6 big hotels, though long-term plan is to hover around 2x.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly provides year-on-year comparisons for most financial and operational metrics, indicating that seasonal factors are accounted for in this comparison, which is typical for the hospitality sector.
Sector KPIs management disclosed
Total Revenue
Total revenue stood at Rs. 346.8 crore, up 9% year-on-year.
Net EBITDA
Net EBITDA stood at Rs. 151.9 crore, up 7%. Net EBITDA adjusted for GST impact and provision for stock appreciation rights stood at Rs. 162.5 crore in Q1 FY27, up 14%.
PAT
PAT grew 19% to Rs. 57.3 crore.
Gross ARR
Our gross ARR stood at Rs. 6,361, up 2% year-on-year.
Management forward view
FY28 Net EBITDA Margin Target
Expects consolidated net EBITDA margin to be 50% in FY28, citing tapering renovation costs and improved ARRs.
Q2 Onwards Growth Expectation
Expects double-digit growth numbers from Q2 onwards for the company.
Fleur's ROCE Target
Expects Fleur's ROCE to move towards 15% once Keys renovation is finished.
Lemon Tree's Fee Income Trajectory
The fee income stream is 'fairly clearly defined' for the next 3-4 years based on current signings, with acceleration expected over the next 8-12 quarters.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ARR Growth | 2% YoY (Q1 FY27) | Management's stated 'more balanced approach' to drive ARRs higher from Q2 onwards. |
| Net Room Additions (Managed/Franchised) | 334 rooms opened in Q1 FY27 | Progress towards the FY27 target of ~2,000 keys and the rate of new signings versus openings. |
| Keys Portfolio EBITDA | Showing improved performance post-renovation | Achieving the target of Rs. 60 crore EBITDA from the Keys portfolio. |
| Consolidated Net EBITDA Margin | 43.8% (Q1 FY27) | Recovery in H2 FY27 and progress towards the 50% target for FY28, driven by lower renovation costs and higher ARRs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 76th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
190 docs text-extracted · 61 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Consumer: 76th pctile, median 66 · Large: 51st pctile, median 73
Evidence depth
Financial-only
190 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
61
acceptable · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.2%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding is only 22.3%.
- ▸Debt/equity is 1.54.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Lemon Tree Hotels Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 16 Oct - Lemon Tree signs MOU with Omaxe to operate ~4,000 keys, lifting pipeline to nearly 16,000 keys.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Oct - Lemon Tree signed franchise agreement for Keys Select Bareilly, a 52-room hotel in Uttar Pradesh.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 8 Oct - Appeals authority set aside ₹82,554 demand and ₹82,554 penalty for subsidiary Sukhsagar.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Lemon Tree opens Keys Prima hotel in Darjeeling with 65 rooms; third operational property in West Bengal.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 25 Sep - Lemon Tree opens 71-room Nashik resort, second city property and 16th in Maharashtra.
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) Regulations, 2015 24 Sep - Fleur Hotels completed acquisition of Bandra East land for a 172-key Lemon Tree Premier hotel, costing Rs 120 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Sep - Signed Lemon Tree Hotel, Patancheru in Telangana; 90-room property managed by Carnation Hotels.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 8 Sep - Berggruen Hotels received GST DRC-01A for FY23: tax Rs2.94 crore, interest Rs2.31 crore, penalty Rs37.66 lakh.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - Copies of the newspaper advertisement with regard to completion of dispatch of the Notice of 34th Annual General Meeting (AGM) and Integrated Annual Report ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 20 Aug - Lemon Tree opened its Bharuch hotel with 85 rooms, its 12th operational property in Gujarat.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - Signed license agreement for Lemon Tree Premier, Visakhapatnam; 110-room hotel managed by subsidiary.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.