Lemon Tree Hotels Ltd.'s (LTH) Q1FY26 result was in-line with our estimates on key parameters. The company continued its outperformance and reported yet another the best ever Q1 performance. The management anticipates continued growth in demand, driven by the addition of approximately 1,800 planes in India and improving connectivity through Vande Bharat trains, growing airports, and ambitious highway construction. LTH aims is to complete renovations for the entire portfolio of owned hotels by FY27, with about 65-70% of 4,300 rooms already completed in the last two and a half years. The company is confident of...