Lemon Tree Hotels Ltd. · NSE:LEMONTREE
Lemon Tree Hotels — Q4 FY26 Earnings Presentation
79 slides from Lemon Tree Hotels's earnings presentation, May 28, 2026
Slide 1: Exchange filing cover letter for investor presentation
May 28, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers Bandra (East) Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Name of Scrip: LEMONTREE BSE Scrip Code: 541233 Subject: Investor Presentation – For Q4 & FY26 Audited Finan
Slide 2: Q4 and FY26 Earnings Presentation
Q4 and FY26 Earnings Presentation Thursday, 28th May 2026
Slide 3: Disclaimer
Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those s
Slide 4: Contents
Contents 1 Overview 5 Hotels under development Page 4 to 5 Page 33 to 43 6 Strategic rationale – ‘Composite Scheme 2 Q4 FY26 and FY26 Performance Page 6 to 29 of Arrangement’ Page 44 to 68 Hotel openings and signings in FY26 7 Appendix 3 Page 30 to 32 Page 69 to 78 ✦ Aurika, Mumbai 3
Slide 5: Executive Chairman's Message
Executive Chairman’s Message Commenting on the performance for Q4 and 12M FY26, Mr. Patanjali Keswani, Executive Chairman – Lemon Tree Hotels Limited said, Despite intermittent global headwinds including renewed geopolitical tensions in the Middle East, aviation disruptions and GST changes during th
Slide 6: We Are Everywhere
2 Hotels We Are Everywhere Srinagar Sonmarg 808 Rooms 8 Hotels Gulmarg Dalhousie 1,374 Rooms Jammu Katra McLeodganj Kufri Pathankot Manali Amritsar 11,811 Operational Rooms Baddi Kartarpur Mashobra 24 Hotels Shimla Kasauli Dehradun 2,984 Rooms 131 Operational Hotels Ludhiana Moga Mussoorie Rishikesh
Slide 7: Operational Performance
Operational Performance Quarter 4 and 12 Months – FY26
Slide 8: Q4 FY26 Performance: Key Financial Metrics
Q4 FY26 Performance: Key Financial Metrics Total Revenue ▲ 11% YoY Net EBITDA ▲ 7% YoY Net EBITDA Margin % ▼ 198 bps ₹419.5 Cr ₹218.3 Cr 52.0% PAT ▲ 8% YoY Cash Profit# ▲ 7% YoY Cost of Debt % ▼ 115 bps ₹116.5 Cr ₹153.4 Cr 7.42%* * As on 31st March 2026 7 # Cash Profit= PAT + Depreciation + Provisio
Slide 9: FY26 Performance: Key Financial Metrics
FY26 Performance: Key Financial Metrics Total Revenue ▲ 13% YoY Net EBITDA ▲ 10% YoY Net EBITDA Margin % ▼ 126 bps ₹1,452.7 Cr ₹699.3 Cr 48.1% PAT ▲ 19% YoY Cash Profit# ▲ 16% YoY Cost of Debt % ▼ 115 bps ₹288.3 Cr ₹443.1 Cr 7.42%* * As on 31st March 2026 8 # Cash Profit= PAT + Depreciation + Provis
Slide 10: Q4 FY26 Performance: Operational Metrics (Consolidated)
Q4 FY26 Performance: Operational Metrics (Consolidated) Inventory Owned/ Managed/ Total Rooms Leased Rooms Franchised Rooms 15% 34% 11,811 10,269 5,759 5,759 6,052 4,510 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Average Room Rate (₹) Occupancy (%) RevPAR (₹) 6% 96 bps 7% 7,487 7,457 77.6 78.5
Slide 11: Q4 FY26 Performance: Financial Metrics (Consolidated)
Q4 FY26 Performance: Financial Metrics (Consolidated) Total Revenue (₹ Cr) Net EBITDA (₹ Cr) 11% 7% 419.5 218.3 407.8 379.4 205.0 206.4 3% 6% Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Net EBITDA Margin (%) Cash Profit# (₹ Cr) 198 bps 7% 54.0 153.4 52.0 143.0 50.6 131.1 143 bps 17% Q4 FY25 Q3 F
Slide 12: Q-o-Q Performance of FY26, FY25, FY24 and FY23
Q-o-Q Performance of FY26, FY25, FY24 and FY23 Best Ever Q4: Highest Q4 ARR, Occ%, Revenue, EBITDA, PBT, PAT and Cash Profit Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Particulars FY26 FY26 FY26 FY26 FY25 FY25 FY25 FY25 FY24 FY24 FY24 FY24 FY23 FY23 FY23 FY23 Gross ARR (₹) 7,457 7,487 6,247 6,2
Slide 13: Y-o-Y Performance of FY26, FY25, FY24 and FY23
Y-o-Y Performance of FY26, FY25, FY24 and FY23 Best Ever FY: Highest FY ARR, Occ%, Revenue, EBITDA, PBT, PAT and Cash Profit Particulars FY26 FY25 FY24 FY23 Gross ARR (₹) 6,875 8% 6,381 5,876 5,340 Occupancy (%) 73.5% 186 bps 71.7% 69.9% 68.1% Revenue (₹ Cr) 1,452.7 13% 1,288.4 1,076.8 878.5 EBITDA
Slide 14: Consolidated Profit & Loss Statement: Q4 FY26
Consolidated Profit & Loss Statement: Q4 FY26 (₹ Cr) Q4 FY26 Q3 FY26 Q4 FY25 Q-o-Q Change % Y-o-Y Change % Revenue from Operations 416.4 406.1 378.5 3% 10% Other Income 3.1 1.7 0.9 83% 252% Total Revenue 419.5 407.8 379.4 3% 11% Total Expenses 201.2 201.4 174.4 0% 15% Net EBITDA 218.3 206.4 205.0 6%
Slide 15: Discussion on Consolidated Financial & Operational Performance – Q4 FY26
Discussion on Consolidated Financial & Operational Performance – Q4 FY26 • Total Revenue stood at Rs. 419.5 Cr in Q4 FY26 which was up 2.9% from Rs. 407.8 Cr in Q3 FY26 and was up 10.6% as compared to Rs. 379.4 Cr in Q4 FY25 Revenue • Gross ARR stood at Rs. 7,457 in Q4 FY26 which remained flat from
Slide 16: Consolidated Profit & Loss Statement: FY26
Consolidated Profit & Loss Statement: FY26 (₹ Cr) FY26 FY25 Y-o-Y Change % Revenue from Operations 1,444.5 1,286.1 12% Other Income 8.2 2.3 250% Total Revenue 1,452.7 1,288.4 13% Total Expenses 753.3 652.0 16% Net EBITDA 699.3 636.5 10% Net EBITDA Margin (%) 48.1% 49.4% -126 bps Finance Costs on Bor
Slide 17: Consolidated Balance Sheet: FY26
Consolidated Balance Sheet: FY26 (₹ Cr) FY26 FY25 Y-o-Y Change % Shareholder's Funds 1,391.9 1,163.5 20% Non-controlling Interests 687.2 626.1 10% Total Shareholder’s Equity 2,079.2 1,789.6 16% Total Debt 1,500.3 1,698.6 -12% Lease Liabilities 503.4 449.0 12% Other Non-current Liabilities 46.0 11.6
Slide 18: Q4 FY26 Operational Performance by Brands & Region
Q4 FY26 Operational Performance by Brands & Region (for all 41 Owned Hotels) * Hotel level EBITDAR and EBITDAR Margin% is before renovation expense for both Q4 FY26 and Q4 FY25 Occupancy Average Hotel level EBITDAR Hotel level RevPAR (₹) Rate (%) Daily Rate (₹) /Room (₹ Lacs) EBITDAR Margin (%) Q4 Q
Slide 19: Consolidated P&L: Q4 FY26 vs Q4 FY25
Consolidated P&L: Q4 FY26 vs Q4 FY25 Q4 FY26 Consolidated 419.5 • Expenses Related to Restructuring: ₹1.9 Cr P&L Waterfall: Revenue to (21.9) Cash Profit (63.3) (20.2) 218.3 (₹ Cr) 3.3 (79.0) (8.9) 141.6 35.5 1.5 153.4 (7.7) 116.5 (42.1) (35.5) (0.6) (1.9) (25.1) Total RMC Payroll HLP Other Renovati
Slide 20: Consolidated P&L: FY26 vs FY25
Consolidated P&L: FY26 vs FY25 FY26 Consolidated 1,452.7 • Provision for New Labour Code: ₹14.5 Cr P&L Waterfall: • Ex-Gratia: ₹11.1 Cr Revenue to (84.8) • Property Tax: ₹4.8 Cr Cash Profit (239.3) • Expenses Related to Restructuring: ₹3.0 Cr (85.1) 699.3 (₹ Cr) (268.6) 12.3 (60.5) (15.1) 138.8 16.0
Slide 21: Cost Structure: Q4 FY26 vs Q4 FY25
Cost Structure: Q4 FY26 vs Q4 FY25 Renovation and GST Impact was 4.0% of Total Revenue in Q4 FY26 198 bps vs 0.7% of Total Revenue in Q4 FY25 48.0% 46.0% 325 bps 6 bps 22.8% 83 bps 51 bps 19.6% 15.0% 15.1% 6.1% 5.2% 5.3% 4.8% Payroll Expenses* F&B/Raw Material Expenses* Power & Fuel Expenses* Other
Slide 22: Cost Structure: FY26 vs FY25
Cost Structure: FY26 vs FY25 Renovation and GST Impact was 5.2% of Total Revenue in FY26 vs 2.7% of Total Revenue in FY25 126 bps 50.6% 51.9% 278 bps 49 bps 8 bps 23.7% 96 bps 20.9% 17.0% 16.5% 5.9% 5.8% 6.8% 5.9% Payroll Expenses* F&B/Raw Material Expenses* Power & Fuel Expenses* Other Expenses* To
Slide 23: Consolidated Profit & Loss Statement Breakup
Consolidated Profit & Loss Statement Breakup Lemon Tree Consolidated Keys Hotels Lemon Tree Consolidated Excluding Keys Hotels Q4 Q3 Q4 QoQ YoY Q4 Q3 Q4 QoQ YoY Q4 Q3 Q4 QoQ YoY (₹ Cr) FY26 FY26 FY25 Change Change FY26 FY26 FY25 Change Change FY26 FY26 FY25 Change Change Inventory 4,823 4,823 4,823
Slide 24: Total Management Fees: Q4 FY26 vs Q4 FY25
Total Management Fees: Q4 FY26 vs Q4 FY25 (₹ Cr) 49.9 44.4 28.3 29.3 20.6 16.0 Management / Franchise Management Fees from Fleur Hotels Total Management Fees Fees From 3ʳᵈ Party Hotels Q4 FY25 Q4 FY26 Fees to Lemon Tree Hotels (₹ Cr) Q4 FY25 Q4 FY26 Q-o-Q Change Management / Franchise Fees from 3rd
Slide 25: Total Management Fees: FY26 vs FY25
Total Management Fees: FY26 vs FY25 (₹ Cr) 169.7 148.9 88.6 95.8 73.9 60.3 Management / Franchise Management Fees from Fleur Hotels Total Management Fees Fees From 3ʳᵈ Party Hotels FY25 FY26 Fees to Lemon Tree Hotels (₹ Cr) FY25 FY26 Q-o-Q Change Management / Franchise Fees from 3rd Party Owned Hote
Slide 26: Market Segments: Q4 FY26 vs Q4 FY25
Market Segments: Q4 FY26 vs Q4 FY25 (for all 41 owned hotels) Market Segments: Room Nights Sold Market Segments: Room Revenue Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 41.0% 42.7% 44.7% 45.6% 55.3% 57.3% 54.4% 59.0% Non-Negotiated Negotiated Non-Negotiated Negotiated 25
Slide 27: Market Segments: FY26 vs FY25
Market Segments: FY26 vs FY25 (for all 41 owned hotels) Market Segments: Room Nights Sold Market Segments: Room Revenue FY25 FY26 FY25 FY26 43.9% 44.6% 44.3% 45.0% 56.1% 55.4% 55.7% 55.0% Non-Negotiated Negotiated Non-Negotiated Negotiated 26
Slide 28: Network Revenue: Delta in Q4 FY26 vs Q4 FY25
Network Revenue: Delta in Q4 FY26 vs Q4 FY25 (₹ Cr) 48 650 582 20 Q4 FY25 Owned Hotels Managed and Franchised Q4 FY26 Total Network Revenue Hotels Total Network Revenue Hotel Network Revenue (₹ Cr) Q4 FY25 Q4 FY26 Q-o-Q Change Owned Hotels 363 (62% of total) 384 (59% of total) 6% Managed and Franchi
Slide 29: Network Revenue: Delta in FY26 vs FY25
Network Revenue: Delta in FY26 vs FY25 (₹ Cr) 120 149 2,251 1,981 FY25 Owned Hotels Managed and Franchised FY26 Total Network Revenue Hotels Total Network Revenue Hotel Network Revenue (₹ Cr) FY25 FY26 Q-o-Q Change Owned Hotels 1,228 (62% of total) 1,348 (60% of total) 10% Managed and Franchised Hot
Slide 30: Impact of Renovations, GST Changes and Tech Investments on Net EBITDA %
Impact of Renovations, GST Changes and Tech Investments on Net EBITDA % (FY23 to FY28 E) Σ5.8% Impact of GST is only for half year in FY26 1.0% Σ4.8% 0.6% Σ3.7% 2.0% Σ3.2% 0.5% 1.7% Σ2.4% 0.9% 4.2% Σ1.3% 0.7% 2.4% 2.7% 1.9% 1.3% 1.3% FY23 FY24 FY25 FY26 FY27 P FY28 E Total Renovation (% of revenue)
Slide 31: Hotel Openings and Signings
Hotel Openings and Signings Managed and Franchised Hotels
Slide 32: Hotels Opened in FY26 and Q4 FY26
Hotels Opened in FY26 and Q4 FY26 (Managed & Franchised Contracts) 20 hotels with 1,523 rooms opened in FY26 Openings in Openings in Openings in Openings in Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 5 392 5 272 9 816 1 43 # Hotel opened in Q4 FY26 States Roo
Slide 33: Hotels Signed in FY26 and Q4 FY26
Hotels Signed in FY26 and Q4 FY26 (Managed & Franchised Contracts) 55 hotels with 4,912 rooms were signed in FY26 Signings in Signings in Signings in Signings in Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 14 1,273 15 1,138 17 1,855 9 646 # Hotels Signed in Q4
Slide 34: Hotels under development
Hotels under development Owned/Leased Hotels
Slide 35: Expansion Plans: Hotels Under Development
Expansion Plans: Hotels Under Development (Owned / Leased Hotels) Aurika, Shimla Aurika, Shillong Aurika, Nehru Place, Delhi Aurika, Varanasi Type Rooms Type Rooms Type Rooms Type Rooms Owned 91 Leased 165 Leased 572* Leased 47 Expected Opening Date Expected Opening Date Expected Opening Date Expect
Slide 36: Aurika, Shimla Representation
Aurika, Shimla Representation 35
Slide 37: Aurika, Shimla Representation
Aurika, Shimla Representation 36
Slide 38: Aurika, Shimla Current Status
Aurika, Shimla Current Status Room Room 37
Slide 39: Aurika, Shimla Current Status
Aurika, Shimla Current Status Room Room 38
Slide 40: Aurika, Shillong Representation
Aurika, Shillong Representation 39
Slide 41: Aurika, Shillong Current Status
Aurika, Shillong Current Status 40
Slide 42: Aurika, Varanasi Representation
Aurika, Varanasi Representation 41
Slide 43: Aurika, Varanasi Current Status
Aurika, Varanasi Current Status 42
Slide 44: Aurika, Nehru Place, Delhi Representation
Aurika, Nehru Place, Delhi Representation 43
Slide 45: Two Focused Platforms
Two Focused Platforms Specialising to Win May 2026 Note: All figures in the following slides are presented on a proforma (ie basis the post-scheme structure assuming the de-merger has taken effect) basis, except where explicitly called out
Slide 46: Key Elements of the Re-structuring
Key Elements of the Re-structuring 1 Purchase of APG’s ~41% stake in Fleur by Warburg Pincus Lemon Tree to transfer 17 hotels along with development capabilities; 2 Fleur will issue new shares to Lemon Tree & its shareholders in exchange for these 3 Listing of Fleur as an independent entity post-Sch
Slide 47: Group Structure Pre and Post Scheme
Group Structure Pre and Post Scheme Re-structuring is value-accretive for public shareholders: Effective ownership in Fleur increases from 45.8% to 57.5%; Total Attributable EBITDA increases by 8%+ post-scheme Current Group Structure Post-Scheme Group Structure (Excluding any primary investment by W
Slide 48: Benefits of the Re-structuring
Benefits of the Re-structuring Enhanced Dedicated Leadership Improved Valuation Capital Efficiency and Strategic Flexibility at Each Entity Transparency Funding for Growth Dedicated management Capital structure aligned Creates strategic flexibility Enables the market to focus for both platforms for
Slide 49: Synergistic Benefits Accrue to Both Lemon Tree and Fleur Hotels Platforms
Synergistic Benefits Accrue to Both Lemon Tree and Fleur Hotels Platforms How Lemon Tree Benefits: How Fleur Benefits: By Driving Asset -light, Scalable Growth Expansion Flexibility, while having a Reliable Management across Hotel-owners Partner ✦ Operator of choice for hospitality asset owners acro
Slide 50: Proforma Financials for Lemon Tree and Fleur Hotels
Proforma Financials for Lemon Tree and Fleur Hotels (Upon the Scheme Becoming Effective) Total Revenue (₹ Cr) Net EBITDA (₹ Cr) PAT (₹ Cr) Investments in technology at ~5% of Revenue suppressing Lemon Tree Hotels EBITDA temporarily 12.3% 60.0% 60.5% 9.4% 13.6% 220 247 146 160 132 149 99 w/o LT's sha
Slide 51: Dedicated Management Team for Lemon Tree and Fleur Hotels
Dedicated Management Team for Lemon Tree and Fleur Hotels Lemon Tree Fleur Patanjali Govind Keswani Patanjali Govind Keswani Executive Chair at Lemon Tree until March 2027 Executive Chair at Fleur Hotels since 2012 transitioning to Non-Executive Chair after March 2027 Driving asset development and F
Slide 52: Lemon Tree Hotels Limited
Lemon Tree Hotels Limited Pure-Play Asset-Light Management, Brand and Distribution Platform
Slide 53: Lemon Tree Hotels: An Industry Leading Fee-Business
Lemon Tree Hotels: An Industry Leading Fee -Business Rapidly Growing and Strong Commercial Engine Distinct Portfolio of Brands, Highly Capital Efficient Driving Superior Outcome Significant Growth Profile Operating Pan India Business Model for Hotel Owners Largest mid to upscale hotel chain ~11,800
Slide 54: Well-positioned to Capture Unbranded Opportunity with Multi-segment Brand Presence
Well-positioned to Capture Unbranded Opportunity with Multi-segment Brand Presence Large Runway of Growth Diversified Brand Portfolio Lemon Tree has a compelling asset-light growth opportunity LTH’s portfolio spans multiple brands and price points, to tap India’s ~2.3 Mn unbranded hospitality rooms
Slide 55: Rapidly Growing and Highly Capital Efficient Fee-Based Business Model
Rapidly Growing and Highly Capital Efficient Fee -Based Business Model No. of Managed Rooms1,2 Total Revenue1,3 (₹ Cr) EBITDA1 (₹ Cr) Investments in technology at ~5% of Revenue impacting EBITDA for FY26 and FY25 1.4x EBITDA Margin 63% 64% 60% 60% 19% CAGR 11,811 247 149 9,858 10,269 220 132 8,382 1
Slide 56: Strong Commercial Engine Driving Superior Outcomes for Hotel Owners
Strong Commercial Engine Driving Superior Outcomes for Hotel Owners Technology Led Distribution Network… …with Industry Leading Occupancy India vs Lemon Tree (same store) Occupancy (%) Dedicated Distribution Network: Experienced sales & marketing professionals across the country on-site in 131 hotel
Slide 57: Lemon Tree Drives Superior Performance for Asset Owners
Lemon Tree Drives Superior Performance for Asset Owners CASE STUDY ✦ Keys Prima Hotel, Pimpri, Pune Keys Prima Hotel, Pimpri, Pune Rooms Previous Under LTH Brand 101 Owned by Berggruen Hotels Nov 2019 onwards Before LTH (Berggruen/Keys) Operated under Berggruen with a smaller distribution footprint
Slide 58: Steady Revenue Growth and Margin Expansion for Our Third Party Hotel Owners
Steady Revenue Growth and Margin Expansion for Our Third Party Hotel Owners • Steady margin expansion – taking both hotels to above 50%+ EBITDA levels • LT’s capability to convert demand profitably for our owners and grow it steadily CASE STUDY CASE STUDY Leisure Hotel Business Hotel Rishikesh Noida
Slide 59: Significant Growth Pipeline of Rooms Inventory leading to accelerated fees income
Significant Growth Pipeline of Rooms Inventory leading to accelerated fees income No. of Rooms CAGR 20.7% ~25,100 +2,500 Limited development 3,300+ ~9,100 due to CoVID and Balance Sheet Constraints 3,000+ 2,500+ CAGR 13.1% 11,811 2,000+ +4,471 5,758* ~16,000 +4,278 CAGR 51.2% 6,053 +1,913 49 +1,100
Slide 60: LTH: Scalable, Asset-Light Growth with Best-in-class Returns
LTH: Scalable, Asset-Light Growth with Best -in-class Returns India’s largely unbranded hotel market, rising middle class 1 Long Structural Growth Runway and infrastructure build-out create multi-decade demand for branded hotels Brands, loyalty, active revenue management and sales 2 Unique Value Pro
Slide 61: Fleur Hotels Limited
Fleur Hotels Limited 1 India's Largest Hotel Asset Ownership and Development Platform (1) Largest Hotel Asset Ownership by Room Inventory
Slide 62: Fleur Hotels: Built on Core Competitive Strengths
Fleur Hotels: Built on Core Competitive Strengths 1 India’s Largest Hotel Platform 5 Strong Management Team in the mid-market segment with 39 with Patanjali Keswani to primarily focus operating hotels / 5.6k operating rooms, on Fleur, along with Saurabh Shatdal to diversified pan-India accelerate po
Slide 63: Structurally Favourable Demand-Supply Dynamics in Top-6 Markets
Structurally Favourable Demand -Supply Dynamics in Top -6 Markets Rising Air Traffic Drives Higher Customer Inflows Branded Hotel Rooms Supply Growth in Top 61 Indian Cities Air Passenger Traffic (Mn) Lags Pan India Supply… Supply growth from FY25 to FY30 YoY Growth – FY25 vs FY24 (%) 11% 17% 12% 4%
Slide 64: Fleur's Footprint is Concentrated in Top-6 Markets
Fleur’s Footprint is Concentrated in Top -6 Markets 78% Revenue / 83% EBITDA from Top-6 cities where supply is generally constrained and demand is high Revenue Mix EBITDA Mix Fleur Hotels Presence across Major Commercial and Leisure Markets 22% 17% Ludhiana 27% Gurgaon Udyog Vihar Shimla 34% City Ce
Slide 65: Well-positioned in the Industry, with Largest Room-Inventory and Peer-leading EBITDA Margins
Well-positioned in the Industry, with Largest Room- Inventory and Peer-leading EBITDA Margins Highest Number of Operational Rooms Strong Margins, backed by higher operational efficiency (post-scheme: ~5,556 Rooms across 39 hotels) (~46% without renovation; 42% with higher than usual renovation expen
Slide 66: Track Record of Strong Performance
Track Record of Strong Performance Consistently Delivering High Growth… …and Resilient Margin profile Total Revenue1 (₹ Cr) Net EBITDA Post Management Fees1 (₹ Cr) Margin CAGR 18% 44.4% 42.7% 42.8% 41.6% 45.6% 45.2% 45.8% 46.0% 1,333 1,189 991 CAGR 16% 810 612 510 544 554 423 448 359 370 FY 2023 FY
Slide 67: Two Decades of Building India's Premier Asset Portfolio
Two Decades of Building India's Premier Asset Portfolio No. of Rooms 12.5% Limited development 2,490 ~2,500 8,900+ 8,900 due to CoVID and Balance Sheet Constraints 13.5%+ 875 669 5,556 2,302 48%+ Shimla (+91) + Shillong (+165) + 1,639 Nehru Place (+572) + Varanasi (+47) 898 49 FY05 FY06-10 FY11-15 F
Slide 68: Attractive Pipeline, backed with Growth Capital
Attractive Pipeline, backed with Growth Capital Visible Pipeline of Fleur Hotels Strong Pipeline with Clear Supports Expansion to 8,900+ Rooms Expansion Visibility across Domestic Markets and International Markets wherever ~2,500 8,900+ 8,900 Indians Travel 572 47 Core Metro Cities 5,556 91 165 Inte
Slide 69: Concentrated towards Upper Upscale and Upper Midscale
Concentrated towards Upper Upscale and Upper Midscale in both Current Portfolio and Future Expansion Pipeline Concentrated in Upscale and Upper Midscale Segments New Pipeline Weighted towards Aurika Aurika has emerged as a key contributor since the first hotel in 2019. Aurika is the highest ARR and
Slide 70: Appendix
lomo ce HOTELS Appendix
Slide 71: Appendix C: Scheme Timeline and Process Update
Appendix C: Scheme Timeline and Process Update The composite scheme of arrangement (appointed date: 1 April 2026) requires approvals from shareholders, creditors, stock exchanges, SEBI, NCLT, CCI and other regulatory authorities. Completed In Progress Pending Jan 2026 April 2026 12-15 Months CY27 Sc
Slide 72: Lemon Tree Hotels Limited FY26 vs FY25: Proforma Financials
Lemon Tree Hotels Limited FY26 vs FY25: Proforma Financials upon the Scheme Becoming Effective Revenue (₹ Cr) Net EBITDA (₹ Cr) Net EBITDA Margin (%) 12% 14% 59 bps 149.4 247.0 131.5 60.0% 60.5% 220.0 FY25 FY26 FY25 FY26 FY25 FY26 PBT (₹ Cr) PAT (₹ Cr) Cash Profit (₹ Cr) 9% 13% 1% 139.6 178.4 120.8
Slide 73: Fleur Hotels Limited FY26 vs FY25: Proforma Financials
Fleur Hotels Limited FY26 vs FY25: Proforma Financials upon the Scheme Becoming Effective Revenue (₹ Cr) Net EBITDA (₹ Cr) Net EBITDA Margin (%) 12% 9% 127 bps 1332.7 554.1 1189.3 509.5 42.8% 41.6% FY25 FY26 FY25 FY26 FY25 FY26 PBT (₹ Cr) PAT (₹ Cr) Cash Profit (₹ Cr) 35% 16% 36% 190.1 331.1 250.2 2
Slide 74: Snapshot as on 31 March 2026
st Snapshot as on 31 March 2026 Portfolio 11,811 10,770 22, 581 Rooms Rooms Rooms 131 137 268 Hotels Hotels Hotels Operational Pipeline Operational + Pipeline Brands Operational Pipeline Operational + Pipeline 808 Rooms; 2 Hotels 1,374 Rooms; 8 Hotels 2,182 Rooms; 10 Hotels 2,984 Rooms; 24 Hotels 1,
Slide 75: Portfolio Breakup as on 31 March 2026 (Operational)
st Portfolio Breakup as on 31 March 2026 (Operational) Owned Leased Managed/ Franchised Total (incl. on leased land) Operational Portfolio Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 2 808 0 0 0 0 2 808 7 1,442 2 161 15 1,381 24 2,984 14 1,448 4 321 54 3,423 72 5,192 4 552 1 91 4 360 9 1,003
Slide 76: Portfolio Breakup as on 31 March 2026 (Pipeline)
st Portfolio Breakup as on 31 March 2026 (Pipeline) Owned Public Private Managed/ Leased Total (incl. on leased land) Partnership Franchised Pipeline Portfolio Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 2 663 1 47 1 165 4 499 8 1,374 0 0 0 0 0 0 14 1,651 14 1,651 0 0 0 0 0 0 71
Slide 77: Conference Call Details
Conference Call Details Lemon Tree Hotels’ Q4 & FY26 Earnings Conference Call Friday, May 29, 2026, at 4:00 PM IST Details of the conference call are as follows : Conference dial-in Primary number +91 22 6280 1141 / +91 22 7115 8042 Singapore Toll Free Number 800 101 2045 Hong Kong Toll Free Number
Slide 78: About Lemon Tree Hotels
About Lemon Tree Hotels Lemon Tree Hotels Limited (LTHL) is one of the largest hotel chains in India and owns/leases/operates/franchises hotels across the upscale, upper-midscale, midscale and economy Founded in 2004 segments. LTHL delivers differentiated yet superior service offerings, with a compe
Slide 79: Thank you
lemortce HOTELS