LEMON TREE HOTELS LTD

Operates a multi-brand hotel chain in India spanning economy to upscale segments — brands include Keys Lite, Keys Select, Keys Prima, Lemon Tree and Aurika — earning revenue primarily through asset-light structures: license/management agreements run by subsidiary Carnation Hotels and franchise agreements, rather than owning real estate directly. As of mid-2026, the group runs 130+ operational hotels across 80+ Indian cities with 140+ more in the pipeline, and a total portfolio of 270+ properties including international locations in Nepal, Bhutan and Dubai. FY26 revenue stood at ₹1,444.5 crore with an EBITDA margin of 46.1% and net profit of ₹288.3 crore. The cost base is dominated by employee costs at 16.6% of revenue and other operating expenses at 29.7%, while materials are just 5.9% — typical of a service business; depreciation at 9.6% of revenue indicates some owned assets alongside the managed/franchised model. Recent portfolio activity has been active on both sides, with new license signings across Nepal, Assam, Rajasthan, Madhya Pradesh, Maharashtra and Andhra Pradesh, partly offset by terminations in Erode, Kanha and Hubli and a de-flagging of the Dubai property. Its material subsidiary Fleur Hotels secured a 1-year extension on its DDA award to develop and operate a 5-star Aurika hotel on a 2.256-acre site at Nehru Place in New Delhi.