Lemon Tree Hotels
Lemon Tree Hotels
Leisure ServicesKey Fundamentals
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Key Insights
Strengths
1- Company has delivered good profit growth of 31.5% CAGR over last 5 years
Weaknesses
3- Stock is trading at 5.96 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 22.3%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoLemon Tree Hotels Ltd trades at a market cap of ₹8,694 Cr with a PE of 30x and PB of 6.22x. The company has demonstrated strong profit growth (29% CAGR over 3 years) and improving ROE (19% last year), but the stock has declined 27% over the past year and pays no dividend despite consistent profitability.
- Strong compounded profit growth of 29% CAGR over the last 3 years, indicating robust earnings expansion
- 5-year compounded profit growth of 32% CAGR demonstrates sustained long-term earnings momentum
- ROE has improved from 6% (10-year average) to 19% in the last year, showing significant improvement in capital efficiency
- TTM sales growth of 12% indicates continued topline expansion even on a larger revenue base
- 5-year compounded sales CAGR of 42% reflects strong post-pandemic demand recovery and capacity additions
- 3-year ROE of 18% is well above the 10-year average of 6%, suggesting a structural improvement in profitability
- TTM profit growth of 26% continues to outpace revenue growth of 12%, indicating margin expansion
- 5-year stock CAGR of 22% shows the market has rewarded the company's operational turnaround over the medium term
- Stock has declined 27% over the past 1 year, reflecting significant near-term de-rating or earnings concern
- Trading at 6.22x book value is expensive and leaves limited margin of safety if growth slows
- Promoter holding is low at 22.3%, which raises corporate governance and alignment concerns
- Zero dividend yield despite reporting repeated profits suggests limited shareholder return policy
- PE ratio of 30x is demanding and prices in continued high growth with little room for execution misses
- 10-year sales CAGR of 15% versus 5-year CAGR of 42% highlights that much of the recent growth was pandemic recovery rather than normalized expansion
- 10-year ROE average of just 6% shows the business historically struggled to generate adequate returns on equity
- 3-year stock CAGR of only 4% versus 3-year profit CAGR of 29% suggests the market is compressing valuation multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Keys Prima opens in Mussoorie Jul 30
Opened 47-room Keys Prima in Mussoorie, bringing Uttarakhand portfolio to 10 hotels. Managed by subsidiary Carnation Hotels.
- Two new signings Nepal & Vijayawada Jul 29
Signed license agreements in Siddharthanagar, Nepal and Vijayawada, expanding to 8 properties in Nepal and 11 in Andhra Pradesh.
- Keys Select signed in Ujjain Jul 28
Signed 51-room property in Ujjain, Madhya Pradesh, bringing state portfolio to 15 hotels.
- Aurika Delhi LOA extended to 2027 Jul 24
Subsidiary Fleur Hotels extended DDA Letter of Award for Nehru Place 5-star project until August 14, 2027, ensuring project continuity.
- Jorhat 70-room property signed Jul 14
Signed license agreement for 70-room Lemon Tree Hotel in Jorhat, Assam, managed by Carnation Hotels.
- Q1 board meeting set Aug 7 Jul 31
Board meeting scheduled for August 7 to review Q1 financial results. No financial details disclosed.
- Hubli hotel agreement terminated Jul 10
Terminated Hotel Operating Agreement for Lemon Tree Hotel, Hubli due to material breach. No material financial impact reported.
TL;DR: Lemon Tree Hotels is in aggressive expansion mode, signing four new properties and opening one in the span of three weeks across India and Nepal. The Aurika Delhi 5-star project timeline remains intact with the LOA extended to Aug 2027. No financial or demand-side headwinds are visible in recent news, though Q1 results on Aug 7 will provide clarity on operational performance. The expansion trend is clearly accelerating.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 224 | 227 | 290 | 327 | 268 | 284 | 355 | 379 | 316 | 306 | 406 | 416 | 345 |
| Expenses | 118 | 125 | 149 | 156 | 153 | 154 | 171 | 175 | 176 | 176 | 201 | 202 | 195 |
| Operating Profit | 106 | 102 | 141 | 171 | 115 | 131 | 184 | 203 | 140 | 131 | 205 | 215 | 149 |
| OPM % | 47% | 45% | 49% | 52% | 43% | 46% | 52% | 54% | 44% | 43% | 50% | 52% | 43% |
| Other Income | 1 | 3 | 1 | 4 | 0 | 1 | 1 | 1 | 2 | 2 | -30 | 1 | 2 |
| Interest | 48 | 47 | 53 | 53 | 52 | 51 | 50 | 47 | 45 | 42 | 41 | 39 | 36 |
| Depreciation | 23 | 23 | 33 | 33 | 35 | 35 | 35 | 35 | 34 | 34 | 35 | 35 | 36 |
| PBT | 36 | 35 | 56 | 89 | 29 | 45 | 100 | 122 | 63 | 56 | 99 | 142 | 79 |
| Tax % | 24% | 25% | 21% | 6% | 31% | 23% | 20% | 12% | 23% | 25% | 17% | 18% | 28% |
| Net Profit | 28 | 26 | 44 | 84 | 20 | 35 | 80 | 108 | 48 | 42 | 82 | 116 | 57 |
| EPS in Rs | 0.3 | 0.29 | 0.45 | 0.85 | 0.25 | 0.37 | 0.79 | 1.07 | 0.48 | 0.44 | 0.79 | 1.15 | 0.58 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 290 | 368 | 412 | 484 | 550 | 669 | 252 | 402 | 875 | 1,071 | 1,286 | 1,444 | 1,473 |
| Expenses | 239 | 268 | 295 | 348 | 381 | 429 | 194 | 283 | 427 | 548 | 652 | 754 | 774 |
| Operating Profit | 51 | 100 | 117 | 136 | 169 | 241 | 57 | 119 | 448 | 523 | 634 | 690 | 699 |
| OPM % | 18% | 27% | 28% | 28% | 31% | 36% | 23% | 30% | 51% | 49% | 49% | 48% | 47% |
| Other Income | 13 | 5 | 12 | 13 | 15 | 11 | 22 | 22 | 10 | 13 | 13 | -13 | -25 |
| Interest | 72 | 72 | 78 | 78 | 85 | 162 | 190 | 181 | 182 | 208 | 211 | 180 | 159 |
| Depreciation | 52 | 52 | 51 | 53 | 54 | 92 | 108 | 104 | 97 | 112 | 139 | 139 | 141 |
| PBT | -60 | -19 | 0 | 18 | 45 | -2 | -219 | -145 | 178 | 216 | 296 | 359 | 375 |
| Tax % | 5% | 35% | 1452% | 21% | -25% | 499% | -15% | -5% | 21% | 16% | 18% | 20% | — |
| Net Profit | -63 | -26 | -5 | 15 | 56 | -13 | -187 | -137 | 141 | 182 | 243 | 288 | 298 |
| EPS in Rs | -0.81 | -0.35 | -0.08 | 0.18 | 0.67 | -0.12 | -1.6 | -1.1 | 1.45 | 1.87 | 2.48 | 2.87 | 2.96 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 600 |
| Borrowings | 571 | 625 | 799 | 1,011 | 1,196 | 2,017 | 2,159 | 2,128 | 2,177 | 2,336 | 2,148 | 2,004 |
| Other Liabilities | 515 | 572 | 604 | 632 | 701 | 756 | 738 | 674 | 698 | 725 | 763 | 869 |
| Total Liabilities | 1,896 | 2,004 | 2,212 | 2,458 | 2,772 | 3,763 | 3,815 | 3,633 | 3,729 | 4,028 | 4,075 | 4,265 |
| Fixed Assets | 1,236 | 1,231 | 1,418 | 1,460 | 1,604 | 3,307 | 3,194 | 3,051 | 2,957 | 3,641 | 3,556 | 3,563 |
| CWIP | 167 | 259 | 351 | 559 | 664 | 190 | 242 | 297 | 482 | 25 | 59 | 108 |
| Investments | 31 | 6 | 6 | 15 | 35 | 14 | 6 | 10 | 6 | 13 | 45 | 73 |
| Other Assets | 462 | 508 | 436 | 425 | 469 | 252 | 374 | 276 | 284 | 348 | 415 | 520 |
| Total Assets | 1,896 | 2,004 | 2,212 | 2,458 | 2,772 | 3,763 | 3,815 | 3,633 | 3,729 | 4,028 | 4,075 | 4,265 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -51 | 68 | 122 | 115 | 187 | 151 | 41 | 135 | 385 | 465 | 542 | 542 |
| Investing | -150 | -103 | -229 | -260 | -289 | -598 | -66 | -45 | -283 | -397 | -127 | -169 |
| Financing | 159 | 18 | 111 | 149 | 113 | 457 | 111 | -163 | -132 | -59 | -392 | -370 |
| Net Cash Flow | -42 | -16 | 4 | 3 | 10 | 9 | 87 | -73 | -31 | 10 | 22 | 3 |
| Free Cash Flow | -213 | -64 | -108 | -128 | -93 | -482 | -23 | 69 | 223 | 134 | 448 | 406 |
| CFO/OP | -74 | 80 | 108 | 86 | 119 | 63 | 55 | 115 | 91 | 96 | 93 | 85 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 24 | 28 | 40 | 56 | 27 | 45 | 26 | 23 | 24 | 22 | 29 |
| 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 | 29 |
| Working Capital Days | -61 | -169 | -173 | -108 | -103 | -109 | -302 | -166 | -110 | -73 | -48 | -22 |
| ROCE % | — | 3% | 4% | 5% | 5% | 5% | -1% | 1% | 10% | 11% | 13% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY05–FY26.
Documents
Frequently Asked Questions about Lemon Tree Hotels
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Company Information
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]
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