Lemon Tree Hotels Ltd. share price target

Lemon Tree Hotels (LEMONTRE) reported healthy revenue growth of 9% YoY in 1QFY27, led by 5%/42%/30% YoY growth in Room revenue/Management fees/FnB revenue.

Lemon Tree Hotels (LEMONTRE) reported steady Q1FY27 consolidated revenue of INR 3.4bn (up 9% YoY), while EBITDA grew 7% YoY owing to higher employee costs.

We recently met the management of Lemon Tree Hotels (LEMONTRE) to understand the demerger scheme for Lemon Tree and its 59% owned SPV, Fleur Hotels.

Quarterly Update Q4FY26

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 11,811 rooms in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q4FY26 performance: LTHL consolidated revenues recorded 10% YoY growth to Rs.416.4cr in Q4FY26. Revenues were driven by 7% YoY growth in RevPAR to Rs.5855. ADR grew by 6% YoY to Rs.7457 while occupancies improved by 96bps...

Lemon Tree Hotels Ltd.'s (LTH) Q4FY26 result was in-line with our estimates on key parameters. Despite intermittent global headwinds including renewed geopolitical tensions in the Middle East, aviation disruptions and GST changes during the year, FY26 was the best year in Lemon Tree's history across key operational parameters. Further, Q4FY26 turned out to be the best 4th quarter till date for LTH. The management guided that the GST impact will decrease year on year as the numbers of customers paying a rate below Rs7,500 keeps reducing in the medium term with ARR growth. The reiterated that the Indian...

exercise and loss of ITC amid change in GST rates, LEMONTRE IN's operational performance was noteworthy with EBITDA margin of 51.7% (PLe 50.2%). Nonetheless, as opex on renovation, technology investments and hit from GST is likely to be at 4.8%/3.7% of revenue, we expect EBITDA margin of 48.6%/49.5% in FY27E/FY28E respectively. Further, with no big-ticket inventory addition in near term (Aurika, NCR to begin operations in FY30E), we expect 8% revenue CAGR over FY26-FY28E led by inflation indexing and renovation led repricing in same-store RevPAR. Given modest growth prospects and evident margin headwinds, we cut our target EV/EBITDA...

Lemon Tree Hotels (LEMONTRE) reported stable Q4FY26 consolidated revenue of INR 4.2bn (up 10% YoY), while EBITDA grew 6% YoY owing to GST and renovation/technology costs.

Quarterly Update Q3FY26

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 11,772 rooms in 130 hotels in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q3FY26 performance: LTHL consolidated revenues witnessed 14.4% YoY growth to Rs.406.1cr. Growth was aided by 9% RevPAR growth. RevPAR growth was largely driven by 11% YoY growth in ARR. Occupancy for the quarter declined by...

Lemon Tree Hotels Ltd.'s (LTH) Q3FY26 result was in-line with our estimates on key parameters. The management highlighted a structural demand shift postCOVID, with younger travelers increasingly preferring branded hotels, indicating the current upcycle is not purely cyclical but supported by long-term changes in consumer behavior. National hotel occupancy remains around mid-60%, suggesting the industry is still below peak-cycle levels, leaving room for further repricing as occupancies approach the 7580% threshold in key micro-markets. MICE demand is expected to grow structurally with India's expanding corporate and events ecosystem, prompting Lemon Tree to design newer hotels with...

Lemon Tree Hotels (LEMONTRE) reported healthy revenue growth of 14% YoY in 3QFY26, led by 34% YoY growth in FnB revenue and 7% YoY growth in room revenue.

Company Update

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 10,956 rooms in 121 hotels in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree...

Quarterly Update Q2FY26

About the stock: Lemon Tree Hotels (LTHL) is India's largest hotel chain in the mid-priced hotel sector and the third largest overall, based on controlling interest in owned and leased rooms. LTHL currently operates 10,956 rooms in 121 hotels in India and abroad, under its various brands viz. Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels and Keys etc. Q2FY26 performance: LTHL consolidated revenues witnessed 7.7% YoY growth to Rs.306.3cr. Growth was aided by 8% RevPAR growth. RevPAR growth was driven by 6% YoY growth in ARR and 140bps YoY improvement in occupancy. EBIDTA...

Lemon Tree Hotels Ltd.'s (LTH) Q2FY26 result was in-line with our estimates on key parameters. The hospitality industry witnessed multiple headwinds during H1FY26 including geopolitical tensions, floods, tariff wars, and GST revisions, which led to muted demand in Q2. Despite these challenges, LTH reported the best ever Q2 performance. Management noted that demand continues to outpace supply, especially in Tier 2 and Tier 3 markets where branded inventory remains limited and pricing power is improving. Room rates across the industry are still about 20% lower than 200708 levels (inflation-adjusted), indicating...

Lemon Tree Hotels (LEMONTRE) reported muted Q2FY26 consol. revenue of INR 3.1bn (up 8% YoY) – in line with ISec’s estimate – as portfolio ARRs (including Mumbai Aurika) grew 6% YoY.

Lemon Tree Hotels (LEMONTRE) reported decent revenue growth of 8% YoY in 2QFY26, led by average room rate (ARR) growth of 6% YoY to INR6,247.

We are optimistic about the company’s growth prospects, supported by the completion of its extensive renovation program, which is already yielding higher Average Room Rates (ARR) and occupancy gains across key properties.