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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Licensed and managed hotels, Franchised hotels, Owned hotel operations. Asset-light, multi-brand hotel chain operating primarily through license, management and franchise contracts with selective owned-asset exposure.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 402 | 875 | 1,071 | 1,286 | 1,445 |
| EBITDA (ex other income) | 119 | 448 | 523 | 634 | 658 |
| margin % | 29.5 | 51.2 | 48.8 | 49.3 | 45.5 |
| Owners' profit | (87) | 115 | 148 | 197 | 227 |
| EPS, as reported (₹) | (1.11) | 1.45 | 1.88 | 2.48 | 2.87 |
| ROE % · ROCE % | (9.8) · 0.8 | 9.9 · 10.5 | 11.8 · 11.3 | 13.6 · 13.3 | 13.9 · 13.4 |
| Debt / equity (x) | 1.52 | 1.54 | 1.22 | 1.20 | 0.96 |
| Cash from operations | 135 | 385 | 465 | 542 | 542 |
| Capex | (68) | (162) | (331) | (96) | (138) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 284 | 355 | 379 | 316 | 306 | 406 | 416 | 345 |
| Profit before tax | 45 | 99 | 123 | 63 | 56 | 99 | 142 | 79 |
| Net profit | 35 | 80 | 108 | 48 | 42 | 82 | 116 | 57 |
| EPS (₹) | 0.37 | 0.79 | 1.07 | 0.48 | 0.44 | 0.79 | 1.16 | 0.58 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,02,271 | 47.7 | 6.85 | 27.2 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,180 | 37.1 | 2.75 | 20.9 | 7.0 | 9.0 | — | 37.5 |
| CHALET HOTELS LIMITED | 19,293 | 36.5 | 5.22 | 17.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| EIH LIMITED | 17,976 | 25.3 | 3.32 | 16.8 | 12.2 | 14.9 | 42.7 | 31.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Lemon Tree Hotels subsidiary gets GST demand of about Rs 5.6 crore for FY23 | regulatory legal | high | — | — |
| 8 Sept 2026 · Nomura Fund cuts stake in Lemon Tree Hotels to 3.07% via secondary market sale | ownership changes | high | — | — |
| 4 Sept 2026 · Lemon Tree Hotels signs two new properties in Bodhgaya, adds 145 rooms | business updates | medium | — | — |
| 27 Aug 2026 · Lemon Tree Hotels: 34th AGM on Sept 18, 2026; Annual Report web-link | compliance | minimal | — | — |
| 27 Aug 2026 · Newspaper ad on 34th AGM Notice and Annual Report dispatch | compliance | minimal | — | — |
| 26 Aug 2026 · Lemon Tree opens Lemon Tree Premier hotel in Vadodara, 13th property in Gujarat | business updates | medium | — | — |
| 26 Aug 2026 · Lemon Tree Hotels files BRSR for FY26 with mixed ESG progress | general | medium | — | — |
| 26 Aug 2026 · 34th AGM on Sept 18, 2026 via VC; FY25-26 Integrated Annual Report filed | board shareholder meetings | medium | — | — |
| 26 Aug 2026 · Lemon Tree Hotels 34th AGM on Sept 18, 2026; notice and annual report filed | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Lemon Tree Hotels to hold 34th AGM on September 18, 2026 via video conferencing | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| LEELA PALACES HOTEL LTD | 17,930 | 29.6 | 2.78 | 24.0 | 6.2 | 5.9 | — | 43.2 |
| VENTIVE HOSPITALITY LTD | 13,431 | 28.0 | 1.99 | 11.8 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD ◆ | 8,314 | 35.4 | 4.00 | 15.4 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,888 | 71.8 | 14.33 | 48.1 | 20.0 | 26.6 | 24.7 | 17.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.4 | 24.1 | 41 of 60 | 32% |
| P/B | 4.0 | 1.9 | 48 of 57 | 16% |
| ROCE | 9.2 | 4.9 | 16 of 65 | 77% |
| ROE | 13.9 | 6.4 | 14 of 59 | 78% |
| Debt / Equity | 1.0 | 0.2 | 48 of 59 | 19% |
| EBITDA margin | 44.1 | 29.5 | 15 of 58 | 75% |
| Revenue growth | 9.1 | 7.6 | 27 of 58 | 54% |
| Profit growth | 19.2 | 11.6 | 25 of 55 | 56% |
| Market cap | 8314 | 274 | 7 of 66 | 91% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
