Lemon Tree Hotels

LEMONTREE · NSE

— · —

₹104.17

Closing price — 29 Sept 2026

Market cap ₹8,268 Cr · EPS ₹0.67

Valuation

Blended fair value using DCF and peer comparison methods.

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Company in heavy investment phase. DCF based on operating cash flow. Peer comparison weighted more heavily.

The intrinsic value shown is an algorithmic estimate based on publicly available financial data — including DCF analysis, peer comparison, and historical financials. It is not a research report, investment advice, or a recommendation to buy, sell, or hold any security. Stock valuations involve uncertainty and may differ significantly from market prices. Please consult a SEBI-registered investment adviser before making any investment decision.

Peer comparison

How this company stacks up against sector peers on valuation and quality metrics.

Hotels & hospitality · 4 peers · sector medians shown

Better than medianWorse than median

Company	Mkt Cap	P/E	P/B	EV/EBITDA	ROE	Net Margin	Rev CAGR 3y
Lemon Tree Hotels LEMONTREE · you	₹8,425 Cr	37.1×	6.0×	14.8×	16.3%	15.7%	18.2%
Sector median	—	33.5×	3.0×	21.3×	9.5%	22.3%	21.1%
ITC Hotels ITCHOTELS	₹31,932 Cr	38.5×	2.7×	23.8×	7.0%	19.7%	—
EIH EIHOTEL	₹18,226 Cr	28.4×	3.4×	20.4×	11.9%	21.4%	13.3%
Chalet Hotels CHALET	₹16,626 Cr	25.5×	4.5×	15.6×	17.4%	23.3%	34.9%
Leela Palaces Hotels & Resorts THELEELA	₹15,353 Cr	40.9×	2.6×	22.2×	6.3%	26.4%	21.1%

Peer comparison verdict

Lemon is fairly valued relative to sector peers — trading near the sector median on key multiples (P/E ~33.5×, EV/EBITDA ~21.3×). Focus on execution quality and earnings trajectory from here.

Business quality

Valuation

P/E ratio

36.4×

P/B ratio

—

EV/EBITDA

—

Price/Sales

—

Returns

ROE

16.3%

ROCE

13.2%

ROA

—

Growth

Revenue CAGR (3yr)

18.2%

EPS CAGR (3yr)

25.6%

Efficiency

Asset turnover

—

FCF yield

4.9%

Dividend yield

—

Liquidity & Solvency

Debt / Equity

0.94×

Debt / EBITDA

—

Interest coverage

3.1×

Current ratio

1.21×

Quick ratio

—

Financial health

Piotroski F-Score, Altman Z-Score, and key solvency ratios.

Is the business financially healthy?

Two structured frameworks that go beyond a single number to assess financial strength.

Altman Z-Score

Predicts likelihood of financial distress. Above 2.99 = safe zone; 1.81–2.99 = grey zone; below 1.81 = distress.

2.53

Grey zone — watch

0 (distress)2.99 (safe)5+

Piotroski F-Score

7 / 9 — Strong

Nine binary checks across profitability, leverage/liquidity, and operating efficiency. 7+ = financially strong; 4–6 = average; 0–3 = weak signals.

Profitability (1–4)

Leverage (5–7)

Efficiency (8–9)

Positive net income

Positive operating cash flow

Improving return on assets

Cash flow exceeds net income

Debt ratio reduced

Improving current ratio

No equity dilution

Improving gross margin

Improving asset turnover

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Calculated from annual report data sourced via BSE/NSE filings. For precise figures refer to BSE/NSE filings.

Full financial data

Charts and annual statements for income, balance sheet and cash flow.

Income trend

Revenue, profit and margin trends over time.

Revenue

Net profit

Operating margin

Net margin

Revenue

₹1,445 Cr

Net profit

₹227 Cr

Operating margin

—

Net margin

15.7%

Revenue and net profit in ₹ Crores (left axis). Margins % on right axis.

Cash flow

Where cash comes from and where it goes.

Operating CFInvesting CFFinancing CFFree cash flow

Operating CF — Cash earned from running the business. The core engine of financial health.

Investing CF — Cash spent on assets and equipment. Negative is normal — it means the company is investing in growth.

Financing CF — Cash from borrowing or repaying loans and dividends. Negative means debt is being repaid.

Free cash flow — Operating CF minus capex. Cash left after keeping the business running. Positive and growing is ideal.

Operating CF

₹541.61 Cr

Investing CF

₹0 Cr

Financing CF

₹0 Cr

Free cash flow

₹403.27 Cr

Balance sheet

Assets show what the company owns. Liabilities show what it owes. Equity is what's left for shareholders.

How the company is funded — equity is owners' money, debt is long-term borrowing, current liabilities are short-term obligations.

Equity

Debt

Current liabilities

Total assets

—

Total debt

₹1,311 Cr

Equity

₹1,392 Cr

Debt / Equity

0.94×

Numbers are illustrative — order-of-magnitude correct. For precise figures, refer to the company's annual report on BSE/NSE.

Shareholding pattern

Who owns this company and how that has changed.

What shareholding tells you: When promoters (founders/controlling shareholders) increase their stake, it usually signals confidence in the business. Rising FII (foreign funds) interest means international money is moving in. High promoter pledge is a risk — pledged shares can be force-sold if the stock price falls sharply.

Latest quarter

Promoter

22.3%

FII

19.4%

-2.1 pp QoQ

DII

14.3%

-1.3 pp QoQ

Retail

43.8%

Trend over time (%)

Quarterly data

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Change (YoY)
Promoter	23.3%	23.2%	22.9%	22.8%	22.8%	22.8%	22.3%	22.3%	22.3%	22.3%	22.3%	22.3%	+0.0 ppYoY
FII (Foreign)	24.8%	22.8%	27.1%	27.6%	21.8%	20.0%	20.9%	21.3%	21.4%	21.5%	21.6%	19.4%	-1.9 ppYoY
DII (Domestic)	13.4%	15.0%	15.3%	15.2%	18.9%	20.8%	19.7%	20.0%	19.7%	19.4%	15.7%	14.3%	-5.6 ppYoY
Retail	38.4%	38.9%	34.6%	34.3%	36.5%	36.4%	37.0%	36.4%	36.5%	36.7%	40.4%	43.8%	+7.5 ppYoY

Signals from the trend

📉

PromoterDown 1pp — worth monitoring for further declines

📉

FIINet sellers (5.4pp) — foreign institutional interest is declining

📈

DIINet buyers (+0.9pp) — domestic funds are accumulating

Mixed signals — DII buying on the positive side, but promoter selling and FII outflows adds uncertainty.

pp = percentage points. FII = Foreign Institutional Investors. DII = Domestic Institutional Investors (MFs, insurance). Data sourced from NSE/BSE filings. Verify on BSE/NSE before any investment decision.