Lemon Tree Hotels Ltd.
LEMONTREEConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
14 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (1 of 14 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20230607 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230818 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231116 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240213 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240607 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240814 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241122 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250211 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250605 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250814 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251119 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260216 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260603 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260814 | 2026-06-30 | yes |
LEMONTREE
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 106.72 |
| 52-week range | 100.42 – 173.24 |
| Return 1M | -2.28% |
| Return 3M | -10.84% |
| Return 1Y | -37.87% |
| Return 3Y | -5.31% |
| Return 5Y | 160.29% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 345.00 |
| Other income | 2.00 |
| Total income | 347.00 |
| Cost of materials consumed | 20.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 65.00 |
| Finance costs | 36.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.22 | 0.00 |
| institutions foreign | 0.19 | -0.02 |
| institutions domestic | 0.14 | -0.01 |
| mutual funds | 0.14 | -0.01 |
| public | 0.78 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 14 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 197.00 | 234.00 | 253.00 | 222.00 | 227.00 | 289.00 | 327.00 | 268.00 | 284.00 | 355.00 | 379.00 | 316.00 | 306.00 | 406.00 | 416.00 | 345.00 |
| Other income | 1.00 | 1.00 | 2.00 | 2.00 | 3.00 | 2.00 | 4.00 | 0.00 | 0.00 | 1.00 | 1.00 | 2.00 | 2.00 | 2.00 | 3.00 | 2.00 |
| Total income | 197.00 | 234.00 | 255.00 | 225.00 | 230.00 | 291.00 | 331.00 | 268.00 | 285.00 | 356.00 | 379.00 | 317.00 | 308.00 | 408.00 | 420.00 | 347.00 |
| Cost of materials consumed | 12.00 | 13.00 | 13.00 | 12.00 | 13.00 | 17.00 | 21.00 | 16.00 | 17.00 | 20.00 | 23.00 | 20.00 | 20.00 | 23.00 | 22.00 | 20.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 36.00 | 38.00 | 41.00 | 43.00 | 46.00 | 49.00 | 50.00 | 51.00 | 54.00 | 56.00 | 57.00 | 58.00 | 59.00 | 59.00 | 63.00 | 65.00 |
| Finance costs | 45.00 | 44.00 | 45.00 | 48.00 | 47.00 | 53.00 | 53.00 | 52.00 | 51.00 | 50.00 | 47.00 | 45.00 | 42.00 | 41.00 | 39.00 | 36.00 |
| Depreciation and amortisation | 25.00 | 24.00 | 24.00 | 23.00 | 23.00 | 33.00 | 33.00 | 35.00 | 35.00 | 35.00 | 35.00 | 34.00 | 34.00 | 35.00 | 35.00 | 36.00 |
| Other expenses | 55.00 | 56.00 | 59.00 | 63.00 | 66.00 | 83.00 | 85.00 | 86.00 | 82.00 | 95.00 | 94.00 | 97.00 | 97.00 | 119.00 | 116.00 | 110.00 |
| Total expenses | 173.00 | 175.00 | 181.00 | 189.00 | 195.00 | 236.00 | 242.00 | 239.00 | 240.00 | 256.00 | 257.00 | 254.00 | 252.00 | 278.00 | 275.00 | 267.00 |
| Profit before exceptional items and tax | 25.00 | 59.00 | 73.00 | 36.00 | 35.00 | 55.00 | 89.00 | 29.00 | 45.00 | 99.00 | 123.00 | 63.00 | 56.00 | 130.00 | 144.00 | 79.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -31.00 | -2.00 | 0.00 |
| Profit before tax | 25.00 | 59.00 | 73.00 | 36.00 | 35.00 | 55.00 | 89.00 | 29.00 | 45.00 | 99.00 | 123.00 | 63.00 | 56.00 | 99.00 | 142.00 | 79.00 |
| Current tax | 5.00 | 8.00 | 11.00 | 6.00 | 6.00 | 10.00 | 11.00 | 7.00 | 8.00 | 11.00 | 11.00 | 8.00 | 8.00 | 10.00 | 20.00 | 14.00 |
| Deferred tax | 1.00 | 3.00 | 4.00 | 3.00 | 3.00 | 2.00 | -6.00 | 2.00 | 3.00 | 9.00 | 3.00 | 6.00 | 6.00 | 7.00 | 5.00 | 8.00 |
| Tax expense | 6.00 | 11.00 | 14.00 | 9.00 | 9.00 | 12.00 | 5.00 | 9.00 | 10.00 | 20.00 | 14.00 | 15.00 | 14.00 | 17.00 | 25.00 | 22.00 |
| Profit for the period | 19.00 | 49.00 | 59.00 | 28.00 | 26.00 | 44.00 | 84.00 | 20.00 | 35.00 | 80.00 | 108.00 | 48.00 | 42.00 | 82.00 | 116.00 | 57.00 |
| Profit attributable to owners | 17.00 | 40.00 | 44.00 | 23.00 | 23.00 | 35.00 | 67.00 | 20.00 | 30.00 | 62.00 | 85.00 | 38.00 | 35.00 | 63.00 | 91.00 | 46.00 |
| Profit attributable to non-controlling interests | 3.00 | 9.00 | 15.00 | 4.00 | 4.00 | 8.00 | 17.00 | 0.00 | 5.00 | 17.00 | 24.00 | 10.00 | 7.00 | 19.00 | 25.00 | 11.00 |
| Other comprehensive income | 0.00 | 0.00 | -0.00 | 0.00 | 0.00 | 0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 | -0.00 |
| Total comprehensive income | 19.00 | 49.00 | 59.00 | 28.00 | 26.00 | 44.00 | 83.00 | 20.00 | 35.00 | 80.00 | 108.00 | 48.00 | 42.00 | 81.00 | 117.00 | 57.00 |
| Earnings per share, basic | 0.21 | 0.51 | 0.56 | 0.30 | 0.29 | 0.45 | 0.85 | 0.25 | 0.37 | 0.79 | 1.07 | 0.48 | 0.44 | 0.79 | 1.16 | 0.58 |
| Earnings per share, diluted | 0.21 | 0.51 | 0.56 | 0.30 | 0.29 | 0.45 | 0.85 | 0.25 | 0.37 | 0.79 | 1.07 | 0.48 | 0.44 | 0.79 | 1.16 | 0.58 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 550.00 | 669.00 | 252.00 | 402.00 | 875.00 | 1,071.00 | 1,286.00 | 1,445.00 |
| Other income | 10.00 | 6.00 | 13.00 | 14.00 | 4.00 | 6.00 | 2.00 | 8.00 |
| Total income | 559.00 | 675.00 | 265.00 | 416.00 | 879.00 | 1,077.00 | 1,288.00 | 1,453.00 |
| Cost of materials consumed | 50.00 | 57.00 | 18.00 | 28.00 | 50.00 | 63.00 | 76.00 | 85.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 121.00 | 155.00 | 70.00 | 97.00 | 150.00 | 188.00 | 218.00 | 239.00 |
| Finance costs | 80.00 | 156.00 | 182.00 | 174.00 | 177.00 | 202.00 | 201.00 | 167.00 |
| Depreciation and amortisation | 54.00 | 87.00 | 108.00 | 104.00 | 97.00 | 112.00 | 139.00 | 139.00 |
| Other expenses | 210.00 | 219.00 | 102.00 | 158.00 | 228.00 | 297.00 | 357.00 | 429.00 |
| Total expenses | 515.00 | 675.00 | 480.00 | 562.00 | 701.00 | 862.00 | 992.00 | 1,059.00 |
| Profit before exceptional items and tax | 44.00 | 0.00 | -215.00 | -146.00 | 177.00 | 215.00 | 296.00 | 393.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -33.00 |
| Profit before tax | 44.00 | 0.00 | -215.00 | -146.00 | 177.00 | 215.00 | 296.00 | 360.00 |
| Current tax | 14.00 | 10.00 | -0.00 | 0.00 | 27.00 | 34.00 | 36.00 | 47.00 |
| Deferred tax | -25.00 | 1.00 | -32.00 | -7.00 | 11.00 | 1.00 | 17.00 | 24.00 |
| Tax expense | -11.00 | 11.00 | -32.00 | -7.00 | 38.00 | 34.00 | 53.00 | 71.00 |
| Profit for the period | 56.00 | -13.00 | -187.00 | -137.00 | 141.00 | 182.00 | 243.00 | 288.00 |
| Profit attributable to owners | 53.00 | -10.00 | -127.00 | -87.00 | 115.00 | 148.00 | 197.00 | 227.00 |
| Profit attributable to non-controlling interests | 4.00 | -4.00 | -59.00 | -50.00 | 26.00 | 33.00 | 47.00 | 61.00 |
| Other comprehensive income | -0.00 | 0.00 | -0.00 | 0.00 | 0.00 | -0.00 | 0.00 | -0.00 |
| Total comprehensive income | 56.00 | -13.00 | -187.00 | -137.00 | 141.00 | 181.00 | 243.00 | 288.00 |
| Earnings per share, basic | 0.67 | -0.12 | -1.61 | -1.11 | 1.45 | 1.88 | 2.48 | 2.87 |
| Earnings per share, diluted | 0.67 | -0.12 | -1.61 | -1.11 | 1.45 | 1.88 | 2.48 | 2.87 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 3,639.00 | 3,732.00 | 3,957.00 | 4,033.00 | 4,030.00 | 4,082.00 | 4,120.00 | 4,285.00 |
| Non-current assets | 3,509.00 | 3,596.00 | 3,793.00 | 3,828.00 | 3,815.00 | 3,788.00 | 3,773.00 | 3,855.00 |
| Current assets | 130.00 | 136.00 | 164.00 | 205.00 | 215.00 | 293.00 | 348.00 | 429.00 |
| Property, plant and equipment | 2,895.00 | 2,854.00 | 2,828.00 | 3,505.00 | 3,454.00 | 3,428.00 | 3,384.00 | 3,426.00 |
| Capital work-in-progress | 343.00 | 469.00 | 688.00 | 25.00 | 35.00 | 45.00 | 61.00 | 108.00 |
| Goodwill | 95.00 | 95.00 | 95.00 | 95.00 | 95.00 | 95.00 | 95.00 | 95.00 |
| Other intangible assets | 10.00 | 6.00 | 5.00 | 39.00 | 36.00 | 32.00 | 28.00 | 42.00 |
| Inventories | 10.00 | 11.00 | 13.00 | 14.00 | 16.00 | 14.00 | 15.00 | 14.00 |
| Trade receivables | 53.00 | 56.00 | 61.00 | 71.00 | 73.00 | 79.00 | 87.00 | 116.00 |
| Cash and cash equivalents | 21.00 | 24.00 | 21.00 | 34.00 | 26.00 | 55.00 | 39.00 | 58.00 |
| Total equity and liabilities | 3,639.00 | 3,732.00 | 3,957.00 | 4,033.00 | 4,030.00 | 4,082.00 | 4,120.00 | 4,285.00 |
| Equity | 1,415.00 | 1,413.00 | 1,419.00 | 1,546.00 | 1,602.00 | 1,790.00 | 1,880.00 | 2,079.00 |
| Equity share capital | 791.00 | 792.00 | 792.00 | 792.00 | 792.00 | 792.00 | 792.00 | 792.00 |
| Other equity | 56.00 | 62.00 | 73.00 | 175.00 | 224.00 | 372.00 | 445.00 | 600.00 |
| Total liabilities | 2,224.00 | 2,319.00 | 2,538.00 | 2,487.00 | 2,428.00 | 2,292.00 | 2,240.00 | 2,206.00 |
| Non-current liabilities | 1,967.00 | 1,949.00 | 2,113.00 | 2,127.00 | 2,047.00 | 1,948.00 | 1,856.00 | 1,852.00 |
| Current liabilities | 258.00 | 370.00 | 425.00 | 359.00 | 381.00 | 344.00 | 385.00 | 354.00 |
| Borrowings, non-current | 1,961.00 | 1,943.00 | 2,106.00 | 1,677.00 | 1,596.00 | 1,937.00 | 1,399.00 | 1,806.00 |
| Borrowings, current | 150.00 | 234.00 | 253.00 | 217.00 | 227.00 | 211.00 | 212.00 | 198.00 |
| Trade payables | 73.00 | 67.00 | 80.00 | 86.00 | 96.00 | 62.00 | 80.00 | 67.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 134.00 | 385.00 | 168.00 | 465.00 | 201.00 | 542.00 | 234.00 | 542.00 |
| Net cash from investing activities | -61.00 | -283.00 | -242.00 | -397.00 | -39.00 | -127.00 | -73.00 | -169.00 |
| Net cash from financing activities | -105.00 | -132.00 | 71.00 | -59.00 | -171.00 | -392.00 | -178.00 | -370.00 |
| Purchase of property, plant and equipment | 47.00 | 162.00 | 197.00 | 331.00 | 47.00 | 96.00 | 50.00 | 138.00 |
| Net increase in cash | -33.00 | -31.00 | -3.00 | 10.00 | -8.00 | 22.00 | -17.00 | 3.00 |
| con:CFO.BEFORE_TAX | 141.00 | 406.00 | 187.00 | 501.00 | 225.00 | 592.00 | 257.00 | 588.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 8.00 | 21.00 | 18.00 | 36.00 | 23.00 | 50.00 | 23.00 | 47.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 2.00 |
| con:INVESTMENTS_SOLD | 5.00 | 5.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | 0.00 | 1.00 | 0.00 | 3.00 | 1.00 | 2.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 19.00 | 128.00 | 49.00 | 49.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 23.61 | 23.60 | 23.28 | 23.21 | 22.88 | 22.80 | 22.77 | 22.77 | 22.34 | 22.28 | 0.22 | 0.22 | 0.22 | 0.22 |
| Domestic institutions | 10.64 | 10.38 | 13.41 | 14.99 | 15.35 | 15.20 | 18.91 | 20.80 | 19.69 | 19.98 | 0.20 | 0.19 | 0.16 | 0.14 |
| Mutual funds | — | — | — | — | — | — | — | — | 18.21 | 18.44 | 0.18 | 0.18 | 0.15 | 0.14 |
| Insurance companies | 0.09 | 0.21 | 0.89 | 1.84 | 1.60 | 0.93 | 1.08 | 1.00 | 1.11 | 1.11 | 0.01 | 0.01 | 0.00 | 0.00 |
| Foreign institutions | 24.46 | 25.48 | 24.82 | 22.82 | 27.09 | 27.61 | 21.75 | 20.01 | 20.90 | 21.33 | 0.21 | 0.21 | 0.22 | 0.19 |
| Government | — | — | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 |
| Public | 76.31 | 76.32 | 76.64 | 76.72 | 77.07 | 77.15 | 77.17 | 77.18 | 77.61 | 77.67 | 0.78 | 0.78 | 0.78 | 0.78 |
| Non-institutional | 41.21 | 40.46 | 38.41 | 38.91 | 34.62 | 34.34 | 36.51 | 36.38 | 37.02 | 36.36 | 0.37 | 0.37 | 0.40 | 0.44 |
| Shares outstanding | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 | 792246464 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Fleur Hotels Limited | Subsidiary Company | Any other transaction, Sale of goods or services | 1,028,873,000.00 | 2 |
| Iora Hotels Private Limited | Subsidiary Company | Any other transaction, Interest paid, Loan, Sale of | 834,827,000.00 | 13 |
| Hyacinth Hotels Private Limited | Subsidiary Company | Any other transaction, Loan, Sale of goods or servic | 489,364,000.00 | 8 |
| Berggruen Hotels Private Limited | Subsidiary Company | Any other transaction, Loan, Sale of goods or servic | 278,599,000.00 | 7 |
| Totally Foxed Solutions Private Limited | Wholly Owned Subsidiary Company | Any other transaction, Loan, Purchase of goods or se | 101,243,000.00 | 5 |
| Celsia Hotels Private Limited | Subsidiary Company | Any other transaction, Sale of goods or services | 64,387,000.00 | 4 |
| Sukhsagar Complexes Private Limited | Wholly Owned Subsidiary Company | Any other transaction, Loan, Sale of goods or servic | 60,662,000.00 | 8 |
| Oriole Dr. Fresh Hotels Private Limited | Wholly Owned Subsidiary Company | Any other transaction, Loan, Sale of goods or servic | 56,594,000.00 | 7 |
| Toucan Real Estate Private Limited | Enterprise owned or significantly | Any other transaction | 28,723,000.00 | 2 |
| Mr. Patanjali Govind Keswani | Chairman and Managing Director | Remuneration | 23,069,000.00 | 1 |
| Inovoa Hotels and Resorts Limited | Subsidiary Company | Any other transaction, Loan, Sale of goods or servic | 19,596,000.00 | 5 |
| Fleur Hotels Limited | Subsidiary Company | Any other transaction, Interest paid | 12,938,000.00 | 3 |
| Canary Hotels Private Limited | Wholly Owned Subsidiary Company | Any other transaction, Loan, Sale of goods or servic | 7,988,000.00 | 5 |
| Mr. Kapil Sharma | Chief Financial Officer | Remuneration | 7,954,000.00 | 1 |
| Mr. Sumant Jaidka | Whole Time Director of Subsidiary | Remuneration | 4,959,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-14 | Q1FY27 | Read the call | |
| 2026-06-03 | Q4FY26 | Read the call | |
| 2026-02-16 | Q3FY26 | Read the call | |
| 2025-11-19 | Q2FY26 | Read the call | |
| 2025-08-14 | Q1FY26 | Read the call | |
| 2025-06-05 | Q4FY25 | Read the call | |
| 2025-02-11 | Q3FY25 | Read the call | |
| 2024-11-22 | Q2FY25 | Read the call | |
| 2024-08-14 | Q1FY25 | Read the call | |
| 2024-06-07 | Q4FY24 | Read the call | |
| 2024-02-13 | Q3FY24 | Read the call | |
| 2023-11-16 | Q2FY24 | Read the call | |
| 2023-08-18 | Q1FY24 | Read the call | |
| 2023-06-07 | Q4FY23 | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | 140 crore, including capex in the renovation of our hotels. | You highlighted the renovation expense for FY24 to be around Rs.40 crore, 10 crore CAPEX and 30 crore of OPEX. | Also, if you can share what can be our prospective share in that JV and will the benefit be limited to the capital subsidy and the GST reimbursement t… | And does that change the CAPEX number that you had originally given? | Sir, how much is the capital expenditure left for Aurika, Skycity, Mumbai? | But I believe this was the second quarter of operations and the capex would have already been incurred. | It will effectively become, once we make these investments which we are showing as OPEX, but some of them are investments which can be actually other … | That is why in this year, our CAPEX is as high as our renovation spend, in fact, a little higher. |
| Capital allocation | Recently, IHCL's recent acquisition of Clarks Hotels significantly expand its presence in the luxury and mid-scale segment under the Ginger brand. | And the capital that we raise should go into acquisition of supply or creation of supply where the fees flow to Lemon Tree and that asset company beco… | — | Going forward, I hope you will hear a bunch of announcements from us on acquisition/greenfield opportunities. | So, your current ownership will be close to 59%, right, after you do the remaining buyback of CCPS. | — | And if you ask me and this is not discussed to the board, I would expect Lemon Tree to become very asset light, very high in profit and a dividend dis… | Now the point is that if a new asset comes under development or acquisition, and it makes more sense for some other brand to operate it, then I can as… |
| Costs | Now to your other point, it is very valid what you are saying that replacement cost went up in spite of COVID because that was due to the time factor … | — | If the input cost - the cost to build a hotel room including land is lower in Pune than obviously and because that is partly because the earnings also… | — | — | — | — | — |
| Debt and cash | And that too, we did not have so much cash flow. | — | In the absence of that when we look at the cash flow generation, let me give you an example. | But we will come out with clarity on how we are looking at the free cash flow that Lemon Tree generates, considering that the only requirement going f… | They may look for some yield return because it will be a very significant cash flow positive. | We are very confident that our debt will be 0 within the next 4 years, we will be net debt 0 but should we list Fleur before that, which is something … | But there have been multiple delays and each person who builds a hotel has his or her own cash flows which they allocate to the project. | This hotel, the cash flow will be over the next 3.5 years with 60% in the last 18 months, because that is when real money goes into finishing a hotel … |
| Demand | Just as a follow-up on this, if you look at your pipeline of projects, so you have about 2-3 hotels that are currently on the pipeline on your own bal… | Obviously, we are looking at other sources of demand, but till that picks up, some of them like you mentioned very specifically Bangalore and Pune, th… | In order to do it, first we have to build demand such that we can then churn the demand and keep the higher price demand with us in this hotel. | See, we would certainly like to show a good growth pipeline. | Now when Aurika, Skycity, Mumbai opens, it will be opening in October; October and up to the middle of November is a very light period in India for de… | So, this was exceptional because, normally, pricing hikes occur after demand improvement, but this was a counterintuitive call, which amazingly happen… | Typically, once you fill the hotel and there is enough demand generated and awareness of the hotel, both in retail and in negotiated, then you start r… | Karan, we took a call about I think in mid-March that we would start focusing on occupancy growth rather than price growth because in an environment l… |
| Guidance | The IRR that we expect is north of 15% but let me explain how this works. | If you could help us with scheduled debt repayment for FY25 and FY26 as well as some Capex guidance for these 2 years? | You recently mentioned that you expect this property to stabilize by FY26. What kind of RevPAR can we expect for FY26 and what according to you should… | I do not want to give guidance as to how many and where they are, but as I mentioned last time, there are roughly 2,500 rooms we are looking at, and w… | Firstly, I do understand you said that you won't be giving any specific guidance. | On a quarter basis, I think Aurika will do as we expected. | 400 crore repayment every year and maybe some guidance on Aurika, Shillong? | What you can do is look back, okay, let us give a number, look this becomes guidance and if there is a slippage tomorrow, you will correctly ask why d… |
| Margin | If you take this at a 550-room hotel and the current EBITDA of Lemon Tree Premier, Delhi, and this is a Aurika, not a Lemon Tree Premier, then we are … | My first question, I'm referring to slide #11 of your investor presentation, is the decrease in hotel level EBITDA margin Y-o-Y across your portfolio … | 60 crore EBITDA from keys, which means really Rs. | — | And as you know that we have said that we will look at maintaining the EBITDA margins at 50% at least. | It's about a 1.4% impact on overall EBITDA. | Well, in Q4 alone Aurika gave a return of I think an EBITDA of about Rs. | How do we increase our EBITDA margins to the levels they were earlier? |
| People | It is also linked to, as a strategy and as an industry, we have very high attrition. | Bangalore, Hyderabad, Pune and so on, are enormously dependent on the IT sector and hiring in that sector. | He gets transferred to another hotel which is not owned by us at 40,000 instead of hiring a new guy at Rs. | — | — | Nothing to worry about because we have been giving early indications that IT hiring should start in Q3 onwards. | — | One of them being our tech investments and one of them being our hiring of new people. |
| Pricing | And when there was a lot of noise of banging, breaking and drilling and so on and so forth, your pricing also must reflect that. | This was because, a) we wanted corporates who were paying us a fair price and b) we wanted to expand our retail base and therefore we wanted to make o… | Karan Khanna And the last question, if you can highlight the benefits of renovation that you saw this quarter in terms of better pricing or occupancy,… | A bunch of people who would normally have stayed in those micro markets will obviously look at Aerocity as the alternate where they will get much bett… | Number two is, in the balanced portfolio, we feel there is an enormous opportunity to increase pricing in Hyderabad, which you have seen already in ou… | After COVID, in the first year, there was a fairly significant price hike by nearly every player in the hotel industry. | Seems like the ARR, at least the retail ARR or retail pricing continues to stay below about Rs. | Therefore, our strategy in April, where the slowdown continued from March going on into May was very clear that we would adjust pricing, so that our o… |
| Revenue growth | But in the first 15 days of November, not only have we overtaken that, but on an overall basis, we are in the mid-teens in RevPAR, in revenue growth. | And #3 is the capital that we raise in Fleur will enable us to go into the next phase of growth of owned assets. | Abhay Khaitan My question is on the ARR growth of other brands, particularly Lemon Tree, which has seen 5% growth in the third quarter. | It is not visible really because in the RevPAR growth of LTH, but it was quite significant. | So how we should look at it from the top line and margin point of view for Lemon Tree? | If I include the hotels that came up in Dwarka, in this micro market, 6,000 rooms opened over the space of 3.5 years and all the supply was absorbed b… | What we are trying to do in order to not give shocks to people like you is, we are trying to make sure the rate of growth of these extraordinary inves… | The best way to look at growth of openings is look at what we signed, say 3 years ago and use that as a rough benchmark as to what we will open this y… |