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Lemon Tree Hotels

LEMONTREE NSE
₹115.57 No trade today
P/E
39.04
View as Markdown
MCP
Close 4 Nov 2026 ₹115.57 −50.48 −30.4% 1Y
Start ₹166.05

Key Fundamentals

MicrocapLeisure ServicesConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.10%
Debt to Equity
1.44
EPS (TTM)
₹2.96
Book Value
₹17.57
Market Cap
—
P/E (TTM)
39.04
P/B
6.58
ROE
19.20%
Dividend Yield
0.00%
EBITDA
₹712 Cr
52W High
₹168.19
52W Low
₹99.61
Volume
0

Peer Comparison

Consumer Discretionary › Leisure Services › Hotels & Resorts

Lemon Tree Hotels peer comparison
Indian Hotels Co
₹849.0056.34₹1,19,540 Cr8.860.39%14.20%17.10%₹9,987 Cr₹2,308 Cr
ITC Hotels
₹173.2941.66₹35,849 Cr3.080.58%7.89%11.20%₹4,260 Cr₹869 Cr
Leela Palaces Hotels & Resorts
₹663.4550.00₹21,595 Cr3.380.00%8.21%8.73%₹1,604 Cr₹444 Cr
EIH
₹299.7526.34₹18,651 Cr3.560.51%14.50%20.70%₹3,023 Cr₹741 Cr
Chalet Hotels
₹816.9033.87₹17,747 Cr4.840.25%19.00%17.00%₹2,387 Cr₹528 Cr
Ventive Hospitality
₹525.5025.60₹12,388 Cr2.230.00%8.33%10.80%₹2,496 Cr₹587 Cr
Lemon Tree Hotels (this company)
₹115.5739.04₹9,110 Cr6.580.00%19.20%14.10%₹1,473 Cr₹297 Cr
Median 7 companies₹525.5039.04₹18,651 Cr3.560.25%14.20%14.10%₹2,496 Cr₹587 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

44 Weak

Data confidence 100/100

Category scores

Quality
71
Strong
Returns, margins, earnings quality 22% weight
Valuation
44
Weak
Cheap vs sector & own history 24% weight
Growth
38
Weak
Sales & profit trajectory 9% weight
Financial Health
22
Poor
Solvency, leverage, coverage 9% weight
Momentum
37
Poor
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 31.5% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 6.30 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding is low: 22.3%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3511
OscillatorsNeutral252
Moving AveragesStrong Bullish109

Key readings

RSI (14)
62.17
Neutral
MACD (12,26,9)
1.21
Bullish
SMA (50)
108.22
Bullish
SMA (200)
113.90
Bullish

As of

Analyst Rating

Based on 24 analysts
BUY92%

22 of 24 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
22
92%
HOLD
2
8%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+14.65%
5Y+41.79%
3Y+18.17%
1Y+12.29%
TTM+10.42%

Net profit

Net profit growth by window
10YTurned to profit
5YTurned to profit
3Y+26.88%
1Y+18.52%
TTM+9.59%

Operating cash flow

Operating cash flow growth by window
10Y+23.07%
5Y+67.59%
3Y+12.08%
1Y0.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+20.61 pp
5Y+25.16 pp
3Y−3.42 pp
1Y−1.52 pp
TTM−1.81 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹412 Cr
Mar 2018₹484 Cr
Mar 2019₹550 Cr
Mar 2020₹669 Cr
Mar 2021₹252 Cr
Mar 2022₹402 Cr
Mar 2023₹875 Cr
Mar 2024₹1,071 Cr
Mar 2025₹1,286 Cr
Mar 2026₹1,444 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹5.00 Cr
Mar 2018₹15.00 Cr
Mar 2019₹56.00 Cr
Mar 2020−₹13.00 Cr
Mar 2021−₹187 Cr
Mar 2022−₹137 Cr
Mar 2023₹141 Cr
Mar 2024₹182 Cr
Mar 2025₹243 Cr
Mar 2026₹288 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹151 Cr −0.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Lemon 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.

Bull Case 8
  • 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
Bear Case 7
  • Stock has declined 27% over the past 1 year, reflecting significant near-term de-rating or earnings concern
  • 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

94d ago

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.

Positives 5
  • 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.

Neutral 2
  • 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.

Quarterly Results

₹ Cr
LEMONTREE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
2.35
3
1
4
0.36
0.47
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
99.42
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 (₹)
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

₹ Cr
LEMONTREE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
−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

₹ Cr
LEMONTREE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
LEMONTREE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

LEMONTREE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Lemon Tree Hotels insights

62 extracted metrics across FY05–FY27.

Shareholding Pattern

As of Sep 2026

  • Public 24.46%
  • Promoters 22.32%
  • Others 20.16%
  • FIIs 18.26%
  • DIIs 14.80%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Lemon Tree Hotels

What does Lemon Tree Hotels Ltd do?
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.
Where is Lemon Tree Hotels Ltd (LEMONTREE) listed?
Lemon Tree Hotels Ltd trades as LEMONTREE on the NSE and under code 541233 on the BSE.
Which sector does Lemon Tree Hotels Ltd belong to?
Lemon Tree Hotels Ltd is classified under the Leisure Services sector, in the Hotels & Resorts industry.
What is the PE ratio of Lemon Tree Hotels Ltd?
Lemon Tree Hotels Ltd trades at a PE ratio of 39.04 as of 4 Nov 2026, on earnings per share of ₹2.96, against a book value of ₹17.57 per share.
What is the 52-week high and low of Lemon Tree Hotels Ltd?
Over the last 52 weeks Lemon Tree Hotels Ltd has traded between ₹99.61 and ₹168.19 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Lemon Tree Hotels Ltd?
Lemon Tree Hotels Ltd reported a return on equity of 19.20%. Its debt-to-equity ratio is 1.44.

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.

Website lemontreehotels.com
CEO Mr. Patanjali Govind Keswani
Employees 5,621
Listed 9 Apr 2018
Face Value ₹10

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