Lemon Tree Hotels financials and balance sheet

NSE: LEMONTREEBSE: 541233Leisure ServicesSmall Cap

₹108.94₹2.01 (1.81%)BSE ₹108.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹110.95.

52-week range of traded prices to 23 Oct 2026

₹99.61Low, 16 Mar 2026₹170.68High, 31 Oct 2025

Market cap: ₹8,631 Cr577th largest listed
P/E: 36.8
P/E without one-offs: 32.2
P/B: 6.2
Dividend yield: Nonein the last 12 months
ROE: 18.4%
ROE without one-offs: 21.0%
ROCE: 13.7%
Debt to equity: 0.96
Volume, NSE: 26,28,69542.7% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Lemon Tree Hotels annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,445 Cr, year to Mar 2026A loss in 3 of the 9 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 31.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,445
Materials and goods−85
Employee costs−239
Other expenses−429
Operating profit691
Depreciation−139
Other income+8.2
One-off items−33
Finance costs−167
Profit before tax360
Tax−71
Joint ventures−0.9
Net profit288

What the company owns

Plant, investments and other assets₹3,991 Cr
Receivables₹116 Cr
Cash and bank₹98 Cr
Current investments₹66 Cr
Inventory₹14 Cr

What pays for it: net worth and liabilities

Net worth₹2,079 Cr
Borrowings₹2,004 Cr
Other liabilities₹135 Cr
Owed to suppliers₹67 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Lemon Tree Hotels quarterly results

₹ crore	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 30 May	Mar 2021Filed 16 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
Revenue from operations	484	550	669	252	402	875	1,071	1,286	1,445
	343	381	431	190	284	427	548	652	753
Materials and goods bought	–	50	57	18	28	50	63	76	85
Employee costs	–	121	155	70	97	150	188	218	239
Other expenses	–	210	219	102	158	228	297	357	429
Operating profit before depreciation	141	169	238	61	119	448	523	634	691
Operating margin	29.1%	30.7%	35.6%	24.3%	29.5%	51.2%	48.8%	49.3%	47.8%
Materials, % of revenue	–	9.1%	8.5%	7.1%	6.9%	5.7%	5.9%	5.9%	5.9%
Employee costs, % of revenue	–	21.9%	23.2%	28.0%	24.2%	17.1%	17.5%	17.0%	16.6%
Other expenses, % of revenue	–	38.3%	32.7%	40.6%	39.4%	26.0%	27.8%	27.8%	29.7%
Depreciation and amortisation	53	54	87	108	104	97	112	139	139
Operating profit after depreciation	88	115	151	−46	14	351	411	495	552
Other income	8	10	6	13	14	4	6	2	8
Finance costs	78	80	156	182	174	177	202	201	167
Profit before one-off items and tax	18	44	0	−215	−146	177	215	296	393
One-off items	0	0	0	0	0	0	0	0	−33
Profit before tax	18	44	0	−215	−146	177	215	296	360
	4	−11	11	−32	−7	38	34	53	71
Current tax	6	14	10	0	0	27	34	36	47
Deferred tax	−2	−25	1	−32	−7	11	1	17	24
Share of profit of joint ventures and associates	1	1	−3	−4	1	1	1	0	−1
	14	56	−13	−187	−137	141	182	243	288
Belonging to the company's shareholders	–	53	−10	−127	−87	115	148	197	227
Belonging to outside owners of subsidiaries	–	4	−4	−59	−50	26	33	47	61
Other comprehensive income	–	0	0	0	0	0	0	0	0
Total comprehensive income	–	56	−13	−187	−137	141	181	243	288
Net margin	2.9%	10.3%	−2.0%	−74.1%	−34.1%	16.1%	17.0%	18.9%	20.0%
Net margin without joint ventures and associates	2.8%	10.1%	−1.6%	−72.5%	−34.4%	16.0%	16.9%	18.9%	20.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing states no share of its profit for the other owners of the company's subsidiaries while the periods beside it do, and has no earnings per share and share count to tell the owners' share apart.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 30 May	Mar 2021Filed 16 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
	1,307	1,545	1,535	1,399	1,413	1,546	1,790	2,079
	875	823	918	831	854	967	1,164	1,392
Share capital	789	790	790	791	792	792	792	792
Reserves	86	33	127	40	62	175	372	600
Belonging to outside owners of subsidiaries	432	722	617	568	560	580	626	687
	1,136	1,510	1,573	2,128	2,177	1,894	2,148	2,004
Repayable after a year	1,135	1,451	1,514	1,978	1,943	1,677	1,937	1,806
Repayable within a year	1	60	60	150	234	217	211	198
	292	303	296	253	370	359	344	354
Trade payables	96	42	79	59	67	86	62	67
Other financial liabilities	165	172	137	6	33	15	28	42
Other liabilities	27	25	16	19	31	36	37	39
Provisions	4	4	5	20	6	6	6	8
	1,173	1,915	1,984	1,983	1,949	2,127	1,948	1,852
Other financial liabilities	3	462	467	0	–	442	1	2
Other liabilities	33	–	0	–	–	0	0	1
Provisions	2	2	3	3	2	3	3	14
Deferred tax	–	–	0	2	4	5	7	30
Total assets	2,772	3,763	3,815	3,635	3,732	4,033	4,082	4,285
	2,575	3,604	3,585	3,504	3,596	3,828	3,788	3,855
Plant in use, after depreciation	1,589	2,990	3,077	2,939	2,854	3,505	3,428	3,426
Plant being built	664	190	242	295	469	25	45	108
Intangible assets	12	24	20	15	6	39	32	42
Goodwill	0	95	95	95	95	95	95	95
Intangible assets being developed	0	–	0	2	13	1	13	0
Property held to earn rent	2	2	2	2	2	2	2	0
Investments	6	10	5	4	5	5	6	7
Loans given	2	1	1	0	0	0	0	0
Other financial assets	52	60	70	76	81	88	96	100
Deferred tax	20	4	37	46	36	36	21	20
Other assets	227	227	37	30	34	32	51	57
	197	159	230	131	136	205	293	429
Inventories	6	8	7	8	11	14	14	14
Trade receivables	84	50	31	29	56	71	79	116
Cash and cash equivalents	31	41	127	54	24	34	55	58
Other bank balances	0	0	14	0	4	20	25	40
Current investments	29	4	1	6	1	8	39	66
Other financial assets	3	4	4	2	4	3	1	1
Other assets	43	51	46	31	37	55	81	134
Net debt	1,076	1,465	1,431	2,068	2,148	1,832	2,028	1,840

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 16 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
	41	135	385	465	542	542
	31	137	406	501	592	588
	−31	15	−41	−23	−40	−69
Receivables	18	1	−27	−17	−7	−38
Inventories	1	−1	−2	−3	0	0
Payables	0	−9	4	26	−8	6
Other working capital	−50	24	−15	−28	−25	−36
Tax paid	10	−2	−21	−36	−50	−47
Capital spending	70	68	162	331	96	138
Free cash flow	−29	68	223	134	446	403
	−66	−45	−283	−397	−127	−169
Plant and property sold	6	1	0	1	3	2
Companies bought	0	0	−128	−49	0	0
Interest received	8	8	6	7	1	3
	111	−163	−132	−59	−392	−370
Borrowings raised	131	260	200	367	136	7
Borrowings repaid	−71	−247	−153	−226	−328	−206
Interest paid	−97	−140	−143	−162	−159	−128
Lease payments	0	−37	−38	−39	−40	−42
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	–	1	2	1	0	0
Net change in cash	87	−73	−31	10	22	3

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2021: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 30 May	Mar 2021Filed 16 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
Earnings per share	₹0.18	₹0.67	−₹0.12	−₹1.61	−₹1.11	₹1.45	₹1.88	₹2.48	₹2.87
Diluted earnings per share	₹0.18	₹0.67	−₹0.12	−₹1.61	−₹1.11	₹1.45	₹1.88	₹2.48	₹2.87
Book value per share	–	₹11.09	₹10.41	₹11.61	₹10.51	₹10.78	₹12.21	₹14.69	₹17.58
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	–	6,389	1,743	2,931	5,023	6,120	10,343	10,173	7,956

Shareholder yield is left blank for the year to Mar 2021: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Lemon Tree Hotels PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 30 May	Mar 2021Filed 16 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 1 Jun	Mar 2025Filed 16 Jun	Mar 2026Filed 28 May
Revenue growth	–	13.5%	21.8%	−62.4%	59.8%	117.5%	22.4%	20.1%	12.3%
Operating profit growth	–	19.7%	41.2%	−74.3%	93.7%	277.2%	16.9%	21.2%	9.0%
Net profit growth	–	296.8%	–	–	–	–	29.3%	33.8%	18.6%
Earnings per share growth	–	272.2%	–	–	–	–	29.7%	31.9%	15.7%
	–	6.0%	−1.1%	−14.6%	−10.0%	13.6%	16.3%	18.5%	17.8%
	–	–	−7.2 pts	−13.5 pts	4.6 pts	23.6 pts	2.7 pts	2.1 pts	−0.7 pts
From the net margin	–	–	−6.9 pts	−38.7 pts	8.3 pts	16.0 pts	0.8 pts	1.7 pts	0.5 pts
From asset turnover	–	–	0.0 pts	26.9 pts	−3.9 pts	7.2 pts	2.3 pts	2.7 pts	1.7 pts
From borrowing	–	–	−0.2 pts	−1.7 pts	0.2 pts	0.3 pts	−0.4 pts	−2.2 pts	−2.9 pts
Return on capital employed	–	4.7%	4.9%	−1.5%	0.4%	9.8%	12.0%	12.6%	13.5%
Cash conversion	–	–	–	–	–	273.8%	255.9%	222.7%	187.9%
Interest cover	1.1	1.4	1.0	–	0.1	2.0	2.0	2.5	3.3
Debt to equity	–	0.87	0.98	1.02	1.52	1.54	1.22	1.20	0.96
Receivable days	–	56	27	45	26	23	24	22	29
Inventory days	–	44	53	148	106	77	80	66	59
Payable days	–	702	269	1,611	767	489	499	295	289
Cash conversion cycle, days	–	−602	−189	−1,419	−634	−388	−395	−206	−200
Working capital days	–	−102	−70	−215	−30	−12	0	12	28
Asset turnover	–	0.20	0.20	0.07	0.11	0.24	0.28	0.32	0.35
Assets per rupee of net worth	–	3.17	3.85	4.35	4.26	4.37	4.27	3.81	3.27
Sales per rupee of plant	–	0.35	0.22	0.08	0.14	0.31	0.31	0.38	0.42
Capital spending to depreciation	–	–	–	0.66	0.65	1.68	2.95	0.69	1.00
Plant being built, % of plant in use	–	41.8%	6.3%	7.9%	10.0%	16.4%	0.7%	1.3%	3.2%

Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.4%
Cash from operations against operating profit: 78.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	41.8%	18.2%
Profit growth, yearly rate	–	–	25.6%
Return on equity, average	–	11.2%	17.5%
Return on capital employed, average	–	9.6%	12.7%
Operating margin, average	38.5%	45.3%	48.7%
Net margin, average	−2.8%	7.5%	18.6%
Asset turnover, average	–	0.26	0.31
Cash conversion cycle, days, average	–	−365	−267
Interest cover, average	–	2.0	2.6
Debt to equity, average	–	1.29	1.13

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,068	1,548	542
Cash from investing	−1,021	−693	−169
Cash from financing	−1,116	−821	−370
Capital spending	795	565	138
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	3	1	0
Borrowings raised	970	510	7
Borrowings repaid	1,160	760	206

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	4	5	7	7	6	9
Altman Z-scorePublished threshold 1.1	–	1.11	0.79	0.64	0.52	0.92	1.24	1.85	2.39
Beneish M-scorePublished threshold −1.78	–	–	–	−2.87	−2.71	−1.69	−2.75	−2.73	−2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−4.27	−6.10	1.05	2.92	−4.21	−2.02
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	5.33	2.46	2.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−62.28	23.70	−65.51	−24.88	5.27	−10.08	35.55
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	22.99	56.60	−43.68	−49.63	5.70	−21.39	−11.41
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	1.40	−2.13	−4.12	0.86	1.60	1.83	3.71
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.13	1.25	–	41.61	0.03	0.73	0.79
Effective tax ratePublished threshold 17.16 per cent	21.28	−24.99	2,220.85	–	–	21.25	15.86	17.90	19.67
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.57	−0.88	0.99	6.74

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Aug 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA- /[ICRA]A1+Review, Upgrade	Stable	111.09
17 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Upgrade	Stable	34.91
17 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A+/Watch DevelopingReview, Re-affirm		20

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.