Lemon Tree Hotels Ltd. · NSE:LEMONTREE
Lemon Tree Hotels — Q2 FY27 Earnings Presentation
103 slides from Lemon Tree Hotels's earnings presentation, Nov 5, 2026
Slide 1: Exchange filing cover letter for Investor Presentation
November 05, 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 Q2 & H1 FY27 Unaud
Slide 2: Q2 FY27 Earnings Presentation
Q2 FY27 Earnings Presentation Thursday, 5th November 2026
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation has been prepared by Lemon Tree Hotels Limited (“the Company”) to provide an overview of its business, performance and strategic priorities. It is intended solely for informational purposes and should not be construed as an offer, solicitation or recommendati
Slide 4: Contents
Contents 01 Overview Page 4 to 7 02 Q2 and H1 FY27 Performance Page 8 to 35 03 Hotel openings and signings in Q2 FY27 Page 36 to 40 04 Hotels under development Page 41 to 62 05 Inventory Snapshot Page 63 to 66 06 Proforma Financials upon the Scheme Becoming Effective Page 67 to 69 07 Appendix: Strat
Slide 5: Executive Chairman's Message
For the quarter, total revenue stood at ₹363.8 crores, up 18% ₹22.1 crores, up 11% year on year. Total management fees year on year. Net EBITDA stood at ₹162.2 crores, up 22%. for Lemon Tree stood at ₹40.8 crores, an increase of 19% Like-for-like Net EBITDA (before reduction of GST Impact and year o
Slide 6: We Are Everywhere
We Are Everywhere Sonmarg 2 Hotels 808 Rooms Srinagar 8 Hotels 1,411 Rooms Gulmarg Jammu Dalhousie Katra McLeodganj Kufri Pathankot Manali 12,131 Operational Rooms Amritsar Baddi Kartarpur Mashobra 26 Hotels 3,404 Rooms Shimla Kasauli Dehradun Moga Mussoorie Ludhiana Kurali Rishikesh 138 Operational
Slide 7: Q2 FY27 in Summary
Q2 FY27 in Summary Key Highlights Portfolio as on 30th September 2026 Gross ARR of₹6,751(+8% YoY) Occupancy at 76.1%(+633 bps YoY) 138 12,131 11,930 Operational Hotels Operational Rooms Pipeline Rooms RevPAR of ₹5,137(+18%YoY) ₹363.8 Cr, up 18%YoY Total Revenue of Opened 8 Managed & Franchised Hotel
Slide 8: Lemon Tree Premier, Bandra (East), Mumbai: Land Acquired
Lemon Tree Premier, Bandra (East), Mumbai: Land Acquired Owned development on land acquired in Q2 FY27 WEH ↑ Airport SANTACRUZ Western Rly SCLR Bandra (East), Mumbai BKC Mithi River 172 Lemon Tree Premier Bandra (E) site Rooms KURLA EEH Land consideration BANDRA (W) BKC Connector ~₹120 Cr1 Metro Lin
Slide 9: Operational Performance
Operational Performance Q2 and H1 FY27 ✦ Lemon Tree Hotel, Mukteshwar
Slide 10: Q2 FY27 Performance: Key Financial Metrics
Q2 FY27 Performance: Key Financial Metrics Like-for-like Net EBITDA Like-for-like Net EBITDA Margin% Total Revenue (before reduction of GST Impact and Provision for (before reduction of GST Impact and Provision for Stock Appreciation Rights) Stock Appreciation Rights) ₹363.8 Cr ₹173.7 Cr 47.7% ▲ 18%
Slide 11: H1 FY27 Performance: Key Financial Metrics
H1 FY27 Performance: Key Financial Metrics Like-for-like Net EBITDA Like-for-like Net EBITDA Margin% Total Revenue (before reduction of GST Impact and Provision for (before reduction of GST Impact and Provision for Stock Appreciation Rights) Stock Appreciation Rights) ₹710.6 Cr ₹336.3 Cr 47.3% ▲ 14%
Slide 12: Q2 FY27 Performance: Operational Metrics (Rooms)
Q2 FY27 Performance: Operational Metrics (Consolidated) Owned Rooms Owned/Leased Rooms ↓ 1% 5,679 5,759 5,679 ▼ 1% vs Q2 FY26 Q2 FY26 Q2 FY27 Managed Rooms Managed/Franchised Rooms ↑ 24% 6,452 6,452 5,197 ▲ 24% vs Q2 FY26 Q2 FY26 Q2 FY27 Total Rooms Total Rooms ↑ 11% 12,131 10,956 12,131 ▲ 11% vs Q2
Slide 13: Q2 FY27 Performance: Operational Metrics
Q2 FY27 Performance: Operational Metrics (Consolidated) Average Room Rate Occupancy RevPAR ₹6,751 76.1% ₹5,137 ▲ 8% vs Q2 FY26 ▲ 633 bps vs Q2 FY26 ▲ 18% vs Q2 FY26 ▲ 6% vs Q1 FY27 ▲ 42 bps vs Q1 FY27 ▲ 7% vs Q1 FY27 ↑ 8% ↑ 633 bps ↑ 18% 6,751 75.7% 76.1% 5,137 6,247 6,361 69.8% 4,814 4,358 ↑ 6% ↑ 4
Slide 14: Q2 FY27 Performance: Financial Metrics
Q2 FY27 Performance: Financial Metrics (Consolidated) Total Revenue (₹ Cr) ↑ 18% Net EBITDA (₹ Cr) ↑ 22% 363.8 162.2 ▲ 18% vs Q2 FY26 346.8 ▲ 22% vs Q2 FY26 151.9 308.0 132.4 ▲ 5% vs Q1 FY27 ▲ 7% vs Q1 FY27 ↑ 5% ↑ 7% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 ↑ 157 bps ↑ 28% Net EBITDA Margin (
Slide 15: Sustained Strength
Sustained Strength Q2 Revenue CAGR 17% | Net EBITDA CAGR 15% (Lemon Tree Consolidated, ₹Cr) 47.8% 47.7% 1.8x Revenue Growth 46.1% ₹197 Cr → ₹364 Cr (Q2 FY23 → Q2 FY27) 45.5% 43.0% Revenue Net EBITDA 1.7x Net EBITDA Growth Like-for-Like Net EBITDA Margin 364 ₹94 Cr → ₹162 Cr (Q2 FY23 → Q2 FY27) 308 2
Slide 16: Q-o-Q Performance of FY27, FY26, FY25, FY24 and FY23
Q-o-Q Performance of FY27, FY26, FY25, FY24 and FY23 Best Ever Q2: Highest Q2 ARR, Revenue, EBITDA, PBT, PAT and Cash Profit FY27 FY26 FY25 FY24 FY23 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Particulars FY27 FY27 FY26 FY26 FY26 FY26 FY25 FY25 FY25 FY25 FY24 FY24 FY24 FY24 FY23 FY23 FY23
Slide 17: Consolidated Profit & Loss Statement: Q2 FY27
Consolidated Profit & Loss Statement: Q2 FY27 Q2 FY27 at a glance (₹ Cr) Q2 FY27 Q1 FY27 Q2 FY26 Q-o-Q Change % Y-o-Y Change % Revenue from Operations 361.4 344.6 306.3 5% 18% Total Revenue Other Income 2.4 2.1 1.7 14% 42% Total Revenue Total Expenses 363.8 201.7 346.8 194.9 308.0 175.6 4.9% 3.5% 18
Slide 18: Summary: Q2 FY27 Operational Metrics
Summary Q2 FY27 Operational Metrics 76.1% 18% YoY Revenue Growth 8% YoY Average Room Rate Occupancy in Q2 FY27, up 633 bps YoY Growth to ₹6,751 Notes: ARR, Occupancy and RevPAR are for our owned and leased hotels only 18% YoY RevPAR Growth to ₹5,137 ✦ Lemon Tree Premier, Dwarka ✦ Aurika, Udaipur 17
Slide 19: Summary: Q2 FY27 P&L Metrics
Summary Q2 FY27 P&L Metrics 28% 99% YoY PBT Growth (after 22% YoY Net EBITDA Growth YoY growth in Cash Profit# to ₹97.2 Cr in Q2 FY27 exceptional items); 59% before exceptional items # Cash Profit = PAT + Depreciation + Provision for Stock Appreciation Rights - Non-Cash Exceptional Items 90% YoY PAT
Slide 20: Consolidated Profit & Loss Statement: H1 FY27
Consolidated Profit & Loss Statement: H1 FY27 (₹ Cr) H1 FY27 H1 FY26 Y-o-Y Change % Revenue from Operations 706.0 622.0 13% Other Income 4.6 3.4 36% Total Revenue 710.6 625.4 14% Total Expenses 396.6 350.8 13% Net EBITDA 314.0 274.6 14% Net EBITDA Margin (%) 44.2% 43.9% 29 bps Finance Costs on Borro
Slide 21: Consolidated Balance Sheet: H1 FY27 vs H1 FY26
Consolidated Balance Sheet: H1 FY27 vs H1 FY26 (₹ Cr) H1 FY27 H1 FY26 Y-o-Y Change % Debt to Equity (x) Shareholder's Funds 1,500.1 1,236.6 21% Non-controlling Interests Total Shareholder’s Equity 726.4 2,226.5 643.2 1,879.8 13% 18% 0.64 H1 FY27 0.86 H1 FY26 -25% Y-o-Y Change % Gross Debt 1,429.2 1,
Slide 22: Discussion on Consolidated Financial & Operational Performance – Q2 FY27
Discussion on Consolidated Financial & Operational Performance – Q2 FY27 Revenue Operating Margins ₹363.8 Cr Total revenue ₹162.2 Cr Net EBITDA | 44.6% margin • Total Revenue stood at ₹363.8 Cr in Q2 FY27 which was up 4.9% from ₹346.8 Cr in • Net EBITDA stood at ₹162.2 Cr in Q2 FY27 which was up 6.8
Slide 23: Brand Mix (for all Owned/Leased Hotels)
Brand Mix (for all Owned/Leased Hotels) Aurika and Lemon Tree Premier earn 63% of hotel EBITDAR on 58% of revenue (Q2 FY27 vs Q2 FY26) REVENUE ACROSS BRANDS (Owned Hotels) HOTEL EBITDAR ACROSS BRANDS (Owned Hotels) Aurika Aurika (RevPAR +17%) (Margin 59%) 9% 9% Lemon Tree Premier Lemon Tree Premier
Slide 24: Region Mix (for all Owned/Leased Hotels)
Region Mix(for all Owned/Leased Hotels) Mumbai earns 30% of hotel EBITDAR on 26% of revenue (Q2 FY27 vs Q2 FY26) REVENUE ACROSS REGIONS (Owned Hotels) HOTEL EBITDAR ACROSS REGIONS (Owned Hotels) Mumbai Mumbai (RevPAR +11%) (Margin 61%) Hyderabad 16% Hyderabad 20% (RevPAR +16%) (Margin 61%) 26% 30% D
Slide 25: Q2 FY27 Operational Performance by Brands & Region
Q2 FY27 Operational Performance by Brands & Region (for all Owned/Leased Hotels) Hotel level EBITDAR and EBITDAR Margin% is before renovation expense for both Q2 FY27 and Q2 FY26 Occupancy Average Hotel level EBITDAR Hotel level RevPAR (₹) Rate (%) Daily Rate (₹) /Room (₹ Lacs) EBITDAR Margin (%) Q2
Slide 26: Consolidated P&L: Q2 FY27 vs Q2 FY26
Consolidated P&L: Q2 FY27 vs Q2 FY26 Q2 FY27 Consolidated P&L Waterfall: Revenue 363.8 (21.3) to Cash Profit (66.9) (₹ Cr) (23.7) (71.0) = SAR* of ₹2.9 Cr - Exc. Items* of ₹22.1 Cr (10.1) (8.6) 162.2 (39.5) 3.1 (36.6) 36.6 (19.2) 22.1 110.9 (31.1) (0.3) 97.2 79.8 Total RMC Payroll HLP Other Renovati
Slide 27: Consolidated P&L: H1 FY27 vs H1 FY26
Consolidated P&L: H1 FY27 vs H1 FY26 H1 FY27 Consolidated P&L Waterfall: Revenue 710.6 (41.8) to Cash Profit (131.6) (₹ Cr) (47.7) (138.9) = SAR* of ₹5.5 Cr - Exc. Items* of ₹22.1 Cr (19.9) (16.8) 314.0 (80.0) 7.2 (72.7) 22.1 190.0 (52.9) 72.7 (16.6) 193.2 (0.6) 137.1 Total RMC Payroll HLP Other Ren
Slide 28: Cost Structure: Q2 FY27 vs Q2 FY26
Cost Structure: Q2 FY27 vs Q2 FY26 Q2 FY26 Q2 FY27 57.0% 55.4% Includes provision for Stock Appreciation Includes GST impact: 2.4% of Rights: 0.8% of Total Revenue in Q2 Total Revenue in Q2 FY27 vs FY27 vs 0.0% in Q2 FY26 0.0% in Q2 FY26 24.2% 24.7% 19.0% 18.4% 6.5% 7.3% 6.5% 5.9% Payroll Expenses*
Slide 29: Cost Structure: H1 FY27 vs H1 FY26
Cost Structure: H1 FY27 vs H1 FY26 H1 FY26 H1 FY27 56.1% 55.8% Includes provision for Stock Appreciation Includes GST impact: 2.4% of Rights: 0.8% of Total Revenue in H1 Total Revenue in H1 FY27 vs FY27 vs 0.0% in H1 FY26 0.0% in H1 FY26 24.0% 24.7% 18.6% 18.5% 6.4% 7.1% 6.7% 5.9% Payroll Expenses*
Slide 30: Consolidated Profit & Loss Statement Breakup
Consolidated Profit & Loss Statement Breakup (₹ Cr) Lemon Tree Consolidated Excluding Keys Hotels Keys Hotels Lemon Tree Consolidated Q2 Q1 Q2 Q2 Q1 Q2 Q2 Q1 Q2 QoQ Change YoY Change QoQ Change YoY Change QoQ Change YoY Change FY27 FY27 FY26 FY27 FY27 FY26 FY27 FY27 FY26 Inventory 4,797 4,823 4,823
Slide 31: Market Segments: Q2 FY27 vs Q2 FY26
Market Segments: Q2 FY27 vs Q2 FY26 (for all owned/leased hotels) Market Segments: Room Nights Sold Market Segments: Room Revenue Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 46.1% 47.8% 45.9% 47.6% 53.9% 52.2% 54.1% 52.4% Negotiated Non-Negotiated Negotiated Non-Negotiated 30
Slide 32: Market Segments: H1 FY27 vs H1 FY26
Market Segments: H1 FY27 vs H1 FY26 (for all owned/leased hotels) Market Segments: Room Nights Sold Market Segments: Room Revenue H1 FY26 H1 FY27 H1 FY26 H1 FY27 45.9% 47.5% 45.2% 47.5% 54.1% 52.5% 54.8% 52.5% Negotiated Non-Negotiated Negotiated Non-Negotiated 31
Slide 33: Network Revenue: Delta in Q2 FY27 vs Q2 FY26
Network Revenue: Delta in Q2 FY27 vs Q2 FY26 (₹ Cr) 61 573 45 467 Q2 FY26 Owned Hotels Managed and Franchised Q2 FY27 Total Network Revenue Hotels Total Network Revenue Hotel Network Revenue (₹ Cr) Q2 FY26 Q2 FY27 Y-o-Y Change Owned Hotels 293 (63% of total) 337 (59% of total) 15% Managed and Franch
Slide 34: Network Revenue: Delta in H1 FY27 vs H1 FY26
Network Revenue: Delta in H1 FY27 vs H1 FY26 (₹ Cr) 120 1,149 64 965 H1 FY26 Owned Hotels Managed and Franchised H1 FY27 Total Network Revenue Hotels Total Network Revenue Hotel Network Revenue (₹ Cr) H1 FY26 H1 FY27 Y-o-Y Change Owned Hotels 593 (61% of total) 657 (57% of total) 11% Managed and Fra
Slide 35: Total Management Fees: Q2 FY27 vs Q2 FY26
Total Management Fees: Q2 FY27 vs Q2 FY26 (₹ Cr) Total Management Fees Q2 FY26 Q2 FY27 40.8 40.8 34.3 ₹ Cr + 22.1 = 18.7 19.9 ▲ 19% Y-o-Y Change Q2 FY26 34.3 14.3 Management / Franchise Fees from 3rd Party Owned Hotels Management / Franchise Management Fees from Fleur Hotels Total Management Fees 18
Slide 36: Total Management Fees: H1 FY27 vs H1 FY26
Total Management Fees: H1 FY27 vs H1 FY26 (₹ Cr) Total Management Fees H1 FY26 H1 FY27 86.1 86.1 71.6 ₹ Cr + = 44.7 41.5 41.2 ▲ 20% Y-o-Y Change H1 FY26 71.6 30.4 Management / Franchise Fees from 3rd Party Owned Hotels Management / Franchise Management Fees from Fleur Hotels Total Management Fees 41
Slide 37: Hotel Openings and Signings
Hotel Openings and Signings Managed and Franchised Hotels ✦ Keys Prima, Darjeeling
Slide 38: Hotels Signed in Q2 FY27
Hotels Signed in Q2 FY27 (Managed & Franchised Contracts) Signings in Q2 FY27 11 # Hotel Name Cities States/Country Rooms 1 Keys Lite by Lemon Tree Hotels, Manali Manali Himachal Pradesh 24 2 Keys Select by Lemon Tree Hotels, Bodhgaya Bodhgaya Bihar 70 Hotels 3 Keys Select by Lemon Tree Hotels, McLe
Slide 39: Hotels Opened in Q2 FY27
Hotels Opened in Q2 FY27 (Managed & Franchised Contracts) Openings in Q2 FY27 # Hotel Name Cities States/Country Rooms 8 1 Keys Lite by Lemon Tree Hotels, Moga Moga Punjab 33 2 Keys Prima by Lemon Tree Hotels, Darjeeling Darjeeling West Bengal 65 3 Keys Prima by Lemon Tree Hotels, Kempty Road, Musso
Slide 40: Hotels Deflagged in Q2 FY27
Hotels Deflagged in Q2 FY27 (Leased, Managed & Franchised Contracts) Deflagged in Q2 FY27 5 # Hotel Name City State No. of rooms Contract 1 Lemon Tree Hotel, Dubai Dubai Dubai 114 Managed 2 Lemon Tree Hotel, Hubli Hubli Karnataka 65 Managed 3 Lemon Tree Hotel, Erode Erode Tamil Nadu 64 Managed Hotel
Slide 41: Net Room and Hotels Additions in Q2 FY27
Net Room and Hotels Additions in Q2 FY27 Q2 FY27 Rooms Count Waterfall 523 (338) 12,131 11,946 Q1 FY27 Closing Rooms Count Openings in Q2 FY27 Deflagged in Q2 FY27 Q2 FY27 Closing Rooms Count Q2 FY27 Hotels Count Waterfall 8 (5) 138 135 Q1 FY27 Closing Hotels Count Openings in Q2 FY27 Deflagged in Q
Slide 42: Hotels under development
Hotels under development Owned/Leased Hotels ✦ Aurika, Varanasi
Slide 43: Expansion Plans: Hotels Under Development
Expansion Plans: Hotels Under Development (Owned / Leased Hotels) Aurika, Shimla Aurika, Shillong Aurika, Nehru Place, Aurika, Varanasi Lemon Tree Premier, Delhi Bandra (East), Mumbai Type Rooms Type Rooms Type Rooms Type Rooms Type Rooms Owned 90 Leased 165 Leased 610* Leased 47 Owned 172 Expected
Slide 44: Aurika, Shimla: Representation
Aurika, Shimla: Representation Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 43
Slide 45: Aurika, Shimla | Drone Shot
Aurika, Shimla | Drone Shot Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 44
Slide 46: Aurika, Shimla | Lobby Entrance (1 of 2)
Aurika, Shimla | Lobby Entrance (1 of 2) Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 45
Slide 47: Aurika, Shimla | Lobby Entrance (2 of 2)
Aurika, Shimla | Lobby Entrance (2 of 2) Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 46
Slide 48: Aurika, Shimla | Pre-function area
Aurika, Shimla | Pre-function area Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 47
Slide 49: Aurika, Shimla | Front Office
Aurika, Shimla | Front Office Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 48
Slide 50: Aurika, Shimla | Fitness Centre
Aurika, Shimla | Fitness Centre Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 49
Slide 51: Aurika, Shimla | Rooms (1 of 2)
Aurika, Shimla | Rooms (1 of 2) Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 50
Slide 52: Aurika, Shimla | Rooms (2 of 2)
Aurika, Shimla | Rooms (2 of 2) Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 51
Slide 53: Aurika, Shimla | Swimming Pool
Aurika, Shimla | Swimming Pool Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 52
Slide 54: Aurika, Shimla | Coffee Shop
Aurika, Shimla | Coffee Shop Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 53
Slide 55: Aurika, Shimla | Lawn
Aurika, Shimla | Lawn Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 54
Slide 56: Aurika, Shimla | Entrance Gate
Aurika, Shimla | Entrance Gate Shimla, Himachal Pradesh 90 Rooms Type Owned Expected opening FY27 Capital deployed ~₹122 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 55
Slide 57: Aurika, Shillong: Representation
Aurika, Shillong: Representation Shillong, Meghalaya 165 Rooms Type Leased Expected opening FY28 Capital deployed ~₹47 Cr Capital deployed: total capex already incurred (CWIP + capital advances – capital creditors) as on 30th September 2026. 56
Slide 58: Aurika, Shillong: Current Status
Aurika, Shillong: Current Status Shillong, Meghalaya 165 Rooms Type Leased Expected opening FY28 Capital deployed ~₹47 Cr Capital deployed: total capex already incurred (CWIP + capital advances – capital creditors) as on 30th September 2026. 57
Slide 59: Aurika, Varanasi: Representation
Aurika, Varanasi: Representation Varanasi, Uttar Pradesh 47 Rooms Type Leased Expected opening FY29 Capital deployed ~₹1 Cr Capital deployed: total capex already incurred (CWIP + capital advances – capital creditors) as on 30th September 2026. 58
Slide 60: Aurika, Varanasi: Current Status (1 of 2)
Aurika, Varanasi: Current Status (1 of 2) Varanasi, Uttar Pradesh 47 Rooms Type Leased Expected opening FY29 Capital deployed ~₹1 Cr Capital deployed: total capex already incurred (CWIP + capital advances – capital creditors) as on 30th September 2026. 59
Slide 61: Aurika, Varanasi: Current Status (2 of 2)
Aurika, Varanasi: Current Status (2 of 2) Varanasi, Uttar Pradesh 47 Rooms Type Leased Expected opening FY29 Capital deployed ~₹1 Cr Capital deployed: total capex already incurred (CWIP + capital advances – capital creditors) as on 30th September 2026. 60
Slide 62: Aurika, Nehru Place, Delhi: Representation
Aurika, Nehru Place, Delhi: Representation Nehru Place, Delhi 610* Rooms Type Leased Expected opening CY31 Capital deployed TBD * Final approvals are pending from the authorities and are subject to modification. Expected capital to be deployed will be announced soon. 61
Slide 63: Lemon Tree Premier, Bandra (E), Mumbai: Representation
Lemon Tree Premier, Bandra (E), Mumbai: Representation Bandra (East), Mumbai 172 Rooms Type Owned Expected opening FY30 Capital deployed ~₹129 Cr Capital deployed: total capex already incurred (CWIP + land capitalised + capital advances – capital creditors) as on 30th September 2026. 62
Slide 64: Inventory Snapshot
Inventory Snapshot As on 30th September 2026 ✦ Aurika, Shimla
Slide 65: Snapshot as on 30th September 2026
Snapshot as on 30th September 2026 Operational Pipeline Operational + Pipeline 12,131 Rooms + 11,930 Rooms = 24,061 Rooms 138 Hotels 147 Hotels 285 Hotels Brands Operational Pipeline Operational + Pipeline 808 Rooms; 2 Hotels 1,411 Rooms; 8 Hotels 2,219 Rooms; 10 Hotels 3,404 Rooms; 26 Hotels 2,558
Slide 66: Portfolio Breakup as on 30th September 2026 (Operational)
Portfolio Breakup as on 30th September 2026 (Operational) Owned (incl. on leased land) Leased Managed/ Franchised Total Operational Portfolio Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 1 139 1 669 0 0 2 808 6 1,162 2 361 18 1,881 26 3,404 12 1,160 6 609 53 3,144 71 4,913 4 552 1 91 4 360 9
Slide 67: Portfolio Breakup as on 30th September 2026 (Pipeline)
Portfolio Breakup as on 30th September 2026 (Pipeline) Owned (incl. on leased land) Leased Managed/ Franchised Total Pipeline Portfolio Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms 1 90 3 822 4 499 8 1,411 1 172 0 0 17 2,386 18 2,558 0 0 0 0 77 5,440 77 5,440 0 0 0 0 1 50 1 50 0 0 0 0 8 576 8
Slide 68: Proforma Financials upon the Scheme Becoming Effective
Proforma Financials upon the Scheme Becoming Effective H1 FY27 vs H1 FY26
Slide 69: Lemon Tree Hotels Limited H1 FY27 vs H1 FY26
Lemon Tree Hotels Limited H1 FY27 vs H1 FY26 Proforma Financials upon the Scheme Becoming Effective Revenue (₹ Cr) Net EBITDA (₹ Cr) Net EBITDA Margin (%) ↑ 26% ↑ 19% ↓ 311 bps 130.0 59.4% 59.4% 56.3% 52.1% 103.5 67.7 73.2 61.5 61.5 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 Aft
Slide 70: Fleur Hotels Limited H1 FY27 vs H1 FY26
Fleur Hotels Limited H1 FY27 vs H1 FY26 Proforma Financials upon the Scheme Becoming Effective Revenue (₹ Cr) Net EBITDA (₹ Cr) Net EBITDA Margin (%) ↑ 11% ↑ 8% ↓ 134 bps 640.7 268.4 43.2% 41.9% 577.5 249.6 248.6 38.8% 37.3% 215.4 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 After
Slide 71: Appendix
Appendix ✦ Keys Prima, Nashik
Slide 72: Impact of Renovations, GST Changes and Tech Investments
Impact of Renovations, GST Changes and Tech Investments Impact on Net EBITDA %, FY23 to FY28 E Total Renovation (% of revenue) Technology Investments (% of revenue) GST Impact (% of revenue) Total (Σ) Σ1.3% Σ2.4% Σ3.2% Σ5.8% Σ4.8% Σ3.7% Impact of GST is only 1.0% for half year in FY26 0.6% 2.0% 0.5%
Slide 73: 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 Y-o-Y Change 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,
Slide 74: Sustainability
Sustainability ESG Performance as of FY26 Renewable Energy GHG Emissions Water Energy Consumption 39.38% 35.74% 9.77% (4.47)% FY26 progress FY26 progress FY26 progress FY26 progress Target: 50% renewable energy usage Target: 40% reduction (intensity) vs FY19 Target: 10% reduction (intensity) vs FY19
Slide 75: Two Focused Platforms
Two Focused Platforms Specialising to Win Note: All figures in the following slides are presented on a proforma basis (i.e. based on the post-scheme structure, assuming the de-merger has taken effect), except where explicitly called out
Slide 76: Key Elements of the Re-structuring
Key Elements of the Re-structuring 01 Purchase of APG’s ~41% stake in Fleur by Warburg Pincus 02 Lemon Tree to transfer 17 hotels along with development capabilities; Fleur will issue new shares to Lemon Tree & its shareholders in exchange for these 03 Listing of Fleur as an independent entity post-
Slide 77: 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 78: Benefits of the Re-structuring
Benefits of the Re-structuring 01 02 03 04 Dedicated Leadership at Enhanced Capital Strategic Flexibility Improved Valuation Each Entity Efficiency and Funding Transparency for Growth Dedicated management focus for Capital structure aligned for Creates strategic flexibility for Enables the market to
Slide 79: Synergistic Benefits Accrue to Both
Synergistic Benefits Accrue to Both Lemon Tree and Fleur Hotels Platforms How Lemon Tree Benefits: How Fleur Benefits: By Driving Asset-light, Scalable Growth across Hotel-owners Expansion Flexibility, while having a Reliable Management Partner 01 Operator of choice for hospitality asset owners acro
Slide 80: Proforma Financials for Lemon Tree and Fleur Hotels
Proforma Financials for Lemon Tree and Fleur Hotels (Upon the Scheme Becoming Effective) Lemon Tree Hotels Total Revenue (₹ Cr) Net EBITDA (₹ Cr) PAT (₹ Cr) ↑ 12.3% ↑ 13.6% ↑ 9.4% 247.0 149.3 160.0 220.0 131.5 146.3 99.1 98.1 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 w/o LT's share of Fleur'
Slide 81: 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 transitioning to Non- Executive Chair at Fleur Hotels since 2012 Executive Chair after March 2027 Driving asset development and
Slide 82: Lemon Tree Hotels Limited
Lemon Tree Hotels Limited ✦ Lemon Tree Premier, Jabalpur Pure-Play Asset-Light Management, Brand and Distribution Platform
Slide 83: Lemon Tree Hotels: An Industry Leading Fee-Business
Lemon Tree Hotels: An Industry Leading Fee-Business 01 02 03 04 Distinct Portfolio of Brands, Rapidly Growing and Highly Strong Commercial Engine Significant Growth Profile Operating Pan India Capital Efficient Business Driving Superior Outcomes for Model Hotel Owners Largest mid to upscale hotel ch
Slide 84: Well-positioned to Capture Unbranded Opportunity
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 85: 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 EBITDA Margin 63% 64% 60% 60% 1.4x 19% CAGR 11,811 247 149 10,269 220 132 9,858 117 184
Slide 86: 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: 01 Experienced sales & marketing professionals across the country on-site in 138 ho
Slide 87: 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 88: Steady Revenue Growth and Margin Expansion for 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 89: Significant Growth Pipeline of Rooms Inventory leading to accelerated fee income
Significant Growth Pipeline of Rooms Inventory leading to accelerated fee income No. of Rooms CAGR 18.9% ~26,400 +2,300 3,000+ ~9,100 Limited development due to COVID and Balance Sheet 3,000+ Constraints 2,500+ 2,500+ CAGR 12.7% 12,131 900+ +4,791 5,679* ~17,300 +4,278 CAGR 51.2% 6,452 +1,913 49 +1,
Slide 90: LTH: Scalable, Asset-Light Growth with Best-in-class Returns
LTH: Scalable, Asset-Light Growth with Best-in-class Returns 01 Long Structural Growth Runway India’s largely unbranded hotel market, rising middle class and infrastructure build-out create multi-decade demand for branded hotels 02 Unique Value Proposition to Hotel Owners Brands, loyalty, active rev
Slide 91: Fleur Hotels Limited
Fleur Hotels Limited ✦ Aurika, Udaipur India's Largest1 Hotel Asset Ownership and Development Platform (1) Largest Hotel Asset Ownership by Room Inventory
Slide 92: Fleur Hotels: Built on Core Competitive Strengths
Fleur Hotels: Built on Core Competitive Strengths India’s Largest Hotel Platform Strong Management Team 01 in the mid-market segment with 38 operating hotels 05 with Patanjali Keswani to primarily focus on Fleur, / 5.5k operating rooms, diversified pan-India along with Saurabh Shatdal to accelerate
Slide 93: 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 Lags Pan Air Passenger Traffic (Mn) India Supply… Supply growth from FY25 to FY30 YoY Growth – FY25 vs FY24 (%) 11% 17% 12% 4% 8
Slide 94: 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 17% 22% Ludhiana 27% Gurgaon 34% Udyog Vihar City Center Shi
Slide 95: 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: ~5,476 Rooms across 38 hotels) (~46% without renovation; 42% with higher than usual renovation expen
Slide 96: 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 18% CAGR 44.4% 42.7% 42.8% 41.6% 45.6% 45.2% 45.8% 46.0% 1,333 16% CAGR 1,189 612 991 554 544 510 810 448 423 359 370 FY 2023 FY
Slide 97: Two Decades of Building India's Premier Asset Portfolio
Two Decades of Building India's Premier Asset Portfolio No. of Rooms 10.2% Limited development due to COVID and 2,318 ~2,300 8,900 ~8,900 Balance Sheet Constraints 13.2% 1,084 669 5,476 2,222 48% Shimla (+90) + Shillong (+165) + 1,638 Nehru Place (+610) + Varanasi (+47) + Bandra (+172) 898 49 FY05 F
Slide 98: 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 ~2,300 8,900 ~8,900 Indians Travel 610 47 172 Core Metro Cities 5,476 90 165
Slide 99: Concentrated towards Upscale and Upper Midscale in Portfolio and Pipeline
Concentrated towards 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 GOP ma
Slide 100: Scheme Timeline and Process Update
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 September 2026 CY27 Scheme CCI A
Slide 101: Invitation to Q2 FY27 Earnings Call
takes pleasure in inviting you to join us for our Q2 FY27 Earnings Call Wednesday, 11th November 2026 4:00PM IST Diamond Pass Registration 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: 800 964 448 USA Toll
Slide 102: 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 segments. LTHL delivers differentiated yet superior service offerings, with a compelling value prop
Slide 103: Thank you
Thank you ✦ Lemon Tree Hotel, Nashik