Lemon Tree Hotels Ltd. · NSE:LEMONTREE
Lemon Tree Hotels — H1 FY26 Earnings Presentation
49 slides from Lemon Tree Hotels's earnings presentation, Nov 12, 2025
Slide 1: NSE filing cover letter for investor presentation
November 12, 2025 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 FY26 Unaud
Slide 2: Q2 and H1 FY26 Earnings Presentation
12-November-2025 Q2 and H1 FY26 Earnings Presentation 1 Q2 and H1 FY26 Earnings Presentation 12th November 2025 Aurika, Mumbai SkyCity Aurika, Udaipur
Slide 3: Disclaimer
12-November-2025 Q2 and H1 FY26 Earnings Presentation 2 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 coul
Slide 4: Chairman & Managing Director's Message
Q2 and H1 FY26 Earnings Presentation 12-November-2025 3 Chairman & Managing Director’s Message Commenting on the performance for Q2 and H1 FY26, Mr. Patanjali Keswani, Chairman & Managing Director – Lemon Tree Hotels Limited said, During the first half of the year, the industry faced multiple headwi
Slide 5: We Are Everywhere
12-November-2025 Q2 and H1 FY26 Earnings Presentation 4 WE ARE EVERYWHERE Operational – 121 hotels; 10,956 rooms and 78 destinations Pipeline – 121 hotels; 9,118 rooms and 90 destinations Total operational and pipeline – 242 hotels; 20,074 rooms and 145+ unique destinations
Slide 6: Q2 FY26 performance across key financial metrics
12-November-2025 Q2 and H1 FY26 Earnings Presentation 5 Q2 FY26 performance across key financial metrics Q2 FY26 performance snapshot vs Q2 FY25 (YoY change) Total Revenue Net EBITDA Net EBITDA % Rs. 308.0 Cr Rs. 132.4 Cr 43.0% Up 8% Up 1% Down 306 bps PAT Cash Profit# Cost of Debt % Rs. 41.9 Cr Rs.
Slide 7: H1 FY26 performance across key financial metrics
12-November-2025 Q2 and H1 FY26 Earnings Presentation 6 H1 FY26 performance across key financial metrics H1 FY26 performance snapshot vs H1 FY25 (YoY change) : Total Revenue Net EBITDA Net EBITDA % Rs. 625.4 Cr Rs. 274.6 Cr 43.9% Up 13% Up 11% Down 68 bps Cost of Debt PAT Cash Profit# % Rs. 90.0 Cr
Slide 8: Q2 FY26 Performance Highlights – Operational Metrics (Consolidated)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 7 Q2 FY26 Performance Highlights – Operational Metrics (Consolidated) Inventory Average Room Rate (Rs.) Owned/Leased rooms Managed/Franchised Total rooms 0.2% rooms 6% QoQ 10,956 YoY 6,247 6% 6,247 6,236 10,318 YoY 5,902 14% YoY 5,759 5,759 5,197
Slide 9: Q2 FY26 Performance Highlights – Financial Metrics (Consolidated)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 8 Q2 FY26 Performance Highlights – Financial Metrics (Consolidated) Total Revenue (Rs. Cr) Net EBITDA (Rs. Cr) 8% -3% YoY 142.1 QoQ 317.4 1% -7% 308.0 308.0 YoY QoQ 132.4 132.4 284.8 131.2 Q2 FY26 Q2 FY25 Q2 FY26 Q1 FY26 Q2 FY26 Q2 FY25 Q2 FY26 Q
Slide 10: Q-o-Q performance of FY26, FY25, FY24 and FY23
12-November-2025 Q2 and H1 FY26 Earnings Presentation 9 Q-o-Q performance of FY26, FY25, FY24 and FY23 Best ever Q2 – highest Q2 ARR, Revenue, EBITDA, PBT, PAT and Cash Profit Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Particulars FY26 FY26 FY25 FY25 FY25 FY25 FY24 FY24 FY24 FY24 FY23 FY23 FY23 FY23
Slide 11: Total Management Fees | Q2 FY26 vs Q2 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 10 Total Management Fees | Q2 FY26 vs Q2 FY25 34.3 31.8 19.9 18.4 14.3 13.4 + = Management / Franchise fees from 3rd Management Fees from Fleur Hotels Total Management Fees party hotels Q2 FY26 Q2 FY25 Y-o-Y Change Fees to Lemon Tree Hotels (Rs.
Slide 12: Total Management Fees | H1 FY26 vs H1 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 11 Total Management Fees | H1 FY26 vs H1 FY25 71.6 60.8 41.2 35.0 30.4 + = 25.9 Management / Franchise fees from 3rd Management Fees from Fleur Hotels Total Management Fees party hotels H1 FY26 H1 FY25 Y-o-Y Change Fees to Lemon Tree Hotels (Rs.
Slide 13: Market Segments: Q2 FY26 vs Q2 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 12 Market Segments: Q2 FY26 vs Q2 FY25 (for all 41 owned hotels) Market Segments Room Nights Sold Market Segments Room Revenue Q2 FY26 vs Q2 FY25 Q2 FY26 vs Q2 FY25 60 .0% 51 .5% 54.0% 54.9% 51.1% 51 .0% 50 .0% 46.0% 45.1% 50 .5% 50.5% 40 .0% 50
Slide 14: Market Segments: H1 FY26 vs H1 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 13 Market Segments: H1 FY26 vs H1 FY25 (for all 41 owned hotels) Market Segments Room Nights Sold Market Segments Room Revenue H1 FY26 vs H1 FY25 H1 FY26 vs H1 FY25 56 .0% 51 .5% 51.2% 54.3% 54 .0% 51 .0% 52.4% 50.5% 52 .0% 50 .5% 50 .0% 50 .0% 4
Slide 15: Q2 FY26 Operational Performance by Brands & Region
12-November-2025 Q2 and H1 FY26 Earnings Presentation 14 Q2 FY26 Operational Performance by Brands & Region (for all 41 owned hotels) Hotel level Average Daily Rate Hotel level EBITDAR Parameters RevPAR (Rs.) Occupancy Rate (%) EBITDAR/room/qtr. (Rs.) Margin %* (Rs. Lacs)* Q2 Q2 Change Q2 Q2 Change
Slide 16: Consolidated P&L: Q2 FY26 vs Q2 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 15 Consolidated P&L: Q2 FY26 vs Q2 FY25 308.0 Q2 FY26 Consolidated P&L Waterfall – Revenue to Cash Profit (Rs. Cr) (20.0) (58.5) (22.6) 132.4 (54.4) (20.1) 2.8 34.3 76.3 (45.1) 0.0 55.8 41.9 (34.3) (13.9) Total Rev. RMC Payroll HLP Other Reno- EB
Slide 17: Consolidated P&L: H1 FY26 vs H1 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 16 Consolidated P&L: H1 FY26 vs H1 FY25 625.4 H1 FY26 Consolidated P&L Waterfall – Revenue to Cash Profit (Rs. Cr) (39.8) (116.5) (44.4) 274.6 (114.9) (35.1) 6.1 68.5 158.6 (93.0) 118.7 90.0 (68.5) (0.4) (28.7) Total Rev. RMC Payroll HLP Other Re
Slide 18: Cost Structure: Q2 FY26 vs Q2 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 17 Cost Structure: Q2 FY26 vs Q2 FY25 Up 306 bps * Expenses as a percentage of total revenue 57.0% 53.9% Up 331 bps Down 6 bps 24.2% 19.0% 19.1% 20.9% Up 48 bps Down 67 bps 6.5% 6.0% 7.3% 8.0% Payroll expenses* F&B/Raw Material Power & Fuel expen
Slide 19: Cost Structure: H1 FY26 vs H1 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 18 Cost Structure: H1 FY26 vs H1 FY25 * Expenses as a percentage of total revenue Up 68 bps 56.1% 55.4% Up 196 bps Down 35 bps 24.0% 22.0% 18.6% 19.0% Down 123 bps Up 30 bps 6.4% 7.1% 8.3% 6.1% Payroll expenses* F&B/Raw Material Power & Fuel expe
Slide 20: Lemon Tree Consolidated Profit & Loss Statement Breakup
12-November-2025 Q2 and H1 FY26 Earnings Presentation 19 Lemon Tree Consolidated Profit & Loss Statement Breakup Lemon Tree Consolidated Keys Hotels Lemon Tree Consolidated excluding Keys Hotels Rs. Cr Q2 Q1 Q2 QoQ YoY Q2 Q1 Q2 QoQ YoY Q2 Q1 Q2 QoQ YoY FY26 FY26 FY25 Change Change FY26 FY26 FY25 Cha
Slide 21: Discussion on Consolidated Financial & Operational Performance – Q2 FY26
12-November-2025 Q2 and H1 FY26 Earnings Presentation 20 Discussion on Consolidated Financial & Operational Performance – Q2 FY26 Total Revenue stood at Rs. 308.0 Cr in Q2 FY26 which was down 3% from Rs. 317.4 Cr in Q1 FY26 and was up 8% as compared to Rs. 284.8 Cr in Q2 FY25 Gross ARR stood at
Slide 22: Lemon Tree Consolidated Profit & Loss Statement – Q2 FY26
12-November-2025 Q2 and H1 FY26 Earnings Presentation 21 Lemon Tree Consolidated Profit & Loss Statement – Q2 FY26 Q2 FY26 vs Q2 FY26 vs Rs. Cr Q2 FY26 Q1 FY26 Q2 FY25 Q1 FY26 Q2 FY25 Change (%) Change (%) Revenue from operations 306.3 315.8 284.4 -3% 8% Other income 1.7 1.6 0.5 5% 263% Total revenu
Slide 23: Lemon Tree Consolidated Profit & Loss Statement – H1 FY26
12-November-2025 Q2 and H1 FY26 Earnings Presentation 22 Lemon Tree Consolidated Profit & Loss Statement – H1 FY26 H1 FY26 vs Rs. Cr H1 FY26 H1 FY25 H1 FY25 Change Revenue from operations 622.0 552.4 13% Other income 3.4 0.8 305% Total Income 625.4 553.2 13% Total expenses 350.8 306.6 14% Net EBITDA
Slide 24: Lemon Tree Consolidated Balance Sheet - H1 FY26 and H1 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 23 Lemon Tree Consolidated Balance Sheet - H1 FY26 and H1 FY25 As on 30th As on 30th H1 FY26 vs # Rs. Cr September 2025 September 2024 H1 FY25 (H1 FY26) (H1 FY25) Change 1 Shareholder's Funds 1,236.6 1,016.3 22% 2 Non-controlling interests 643.2
Slide 25: Lemon Tree Hotel Network Revenue – Delta in Q2 FY26 vs Q2 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 24 Lemon Tree Hotel Network Revenue – Delta in Q2 FY26 vs Q2 FY25 21 20 467 426 Q2 FY25 Total Network Revenue Owned Hotels Managed and Franchised Hotels Q2 FY26 Total Network Revenue Hotel Network Revenue Q2 FY26 vs Q2 FY25 Q2 FY26 Q2 FY25 (Rs. C
Slide 26: Lemon Tree Hotel Network Revenue – Delta in H1 FY26 vs H1 FY25
12-November-2025 Q2 and H1 FY26 Earnings Presentation 25 Lemon Tree Hotel Network Revenue – Delta in H1 FY26 vs H1 FY25 50 965 65 849 H1 FY25 Total Network Revenue Owned Hotels Managed and Franchised Hotels H1 FY26 Total Network Revenue Hotel Network Revenue H1 FY26 vs H1 FY25 H1 FY26 H1 FY25 (Rs. C
Slide 27: Expansion Plans – Hotels under Development
12-November-2025 Q2 and H1 FY26 Earnings Presentation 26 Expansion Plans – Hotels under Development Expected Under-development hotels Type Rooms Opening date Aurika, Shimla Owned 91 FY27 Aurika, Shillong Owned 165 FY28 Aurika, Nehru Place, New Delhi Owned 500* TBD For Aurika, Shimla total capital
Slide 28: Hotel opened in Q2 FY26 (managed & franchised contracts)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 27 Hotel opened in Q2 FY26 (managed & franchised contracts) # Hotels Pipeline States Rooms 1 Lemon Tree Hotel, Erode Tamil Nadu 64 2 Keys Lite by Lemon Tree Hotels, Banswara Rajasthan 54 3 Keys Select by Lemon Tree Hotels, Kufri Himachal Pradesh
Slide 29: Hotels signed in Q2 FY26 (managed & franchised contracts)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 28 Hotels signed in Q2 FY26 (managed & franchised contracts) # Hotels Pipeline States Rooms 1 Lemon Tree Premier, Navi Mumbai Maharashtra 67 2 Lemon Tree Hotel, Jalgaon Maharashtra 100 3 Lemon Tree Hotel, Surat Gujarat 85 4 Lemon Tree Hotel, Rudr
Slide 30: Expansion Plans – Pipeline of managed & franchised contracts (1 of 5)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 29 Expansion Plans – Pipeline of managed & franchised contracts by opening (1 of 5) # Hotel Pipeline State Rooms 1 Aurika, Kasauli Himachal Pradesh 110 2 Aurika, Rishikesh Uttarakhand 132 3 Aurika, Sasan Gir Gujarat 82 4 Aurika, Surat Gujarat 175
Slide 31: Expansion Plans – Pipeline of managed & franchised contracts (2 of 5)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 30 Expansion Plans – Pipeline of managed & franchised contracts by opening (2 of 5) # Hotel Pipeline State Rooms 26 Keys Select By Lemon Tree Hotels, Bokaro Jharkhand 50 27 Keys Select by Lemon Tree Hotels, Chirang Assam 40 28 Keys Select by Lemo
Slide 32: Expansion Plans – Pipeline of managed & franchised contracts (3 of 5)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 31 Expansion Plans – Pipeline of managed & franchised contracts by opening (3 of 5) # Hotel Pipeline State Rooms 51 Lemon Tree Hotel, Bhubuneshwar Odisha 60 52 Lemon Tree Hotel, Bhuj Gujarat 74 53 Lemon Tree Hotel, Bokaro Jharkhand 70 54 Lemon Tr
Slide 33: Expansion Plans – Pipeline of managed & franchised contracts (4 of 5)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 32 Expansion Plans – Pipeline of managed & franchised contracts by opening (4 of 5) # Hotel Pipeline State Rooms 76 Lemon Tree Hotel, Rajahmundry Andhra Pradesh 60 77 Lemon Tree Hotel, Ranchi Jharkhand 45 78 Lemon Tree Hotel, Ranchi Jharkhand 65
Slide 34: Expansion Plans – Pipeline of managed & franchised contracts (5 of 5)
12-November-2025 Q2 and H1 FY26 Earnings Presentation 33 Expansion Plans – Pipeline of managed & franchised contracts by opening (5 of 5) # Hotel Pipeline State Rooms 101 Lemon Tree Premier, Thiruvananthapuram Trivandrum 100 102 Lemon Tree Premier, Tirupathi Andhra Pradesh 111 103 Lemon Tree Premier
Slide 35: Lemon Tree – Snapshot as on 30th September 2025
12-November-2025 Q2 and H1 FY26 Earnings Presentation 34 Lemon Tree – Snapshot as on 30th September 2025 Operational Pipeline Operational + Pipeline Group 10,956 rooms; 9,118 rooms; 20,074 rooms; 121 hotels 121 hotels 242 hotels Brand Current Pipeline Operational + Pipeline Aurika Hotels & Resorts 8
Slide 36: Portfolio Breakup as on 30th September 2025 - Operational
12-November-2025 Q2 and H1 FY26 Earnings Presentation 35 Portfolio Breakup as on 30th September 2025 - Operational Owned (incl. on leased Operational Portfolio Leased Managed/ Franchised Total land) Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Aurika Hotels & Resorts 2 808 0 0 0 0 2 808 Lemon
Slide 37: Portfolio Breakup as on 30th September 2025 - Pipeline
12-November-2025 Q2 and H1 FY26 Earnings Presentation 36 Portfolio Breakup as on 30th September 2025 - Pipeline Owned (incl. on Public Private Managed/ Pipeline Portfolio Leased Total leased land) Partnership Franchised Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Aurika Hotels &
Slide 38: Annexure
12-November-2025 Q2 and H1 FY26 Earnings Presentation 37 Annexure Hotels under development Lemon Tree Hotel, Dubai
Slide 39: Aurika, Shimla | Representation
12-November-2025 Q2 and H1 FY26 Earnings Presentation 38 Aurika, Shimla | Representation
Slide 40: Aurika, Shimla | Current
12-November-2025 Q2 and H1 FY26 Earnings Presentation 39 Aurika, Shimla | Current
Slide 41: Aurika, Shimla | Current
12-November-2025 Q2 and H1 FY26 Earnings Presentation 40 Aurika, Shimla | Current
Slide 42: Aurika, Shimla | Current
12-November-2025 Q2 and H1 FY26 Earnings Presentation 41 Aurika, Shimla | Current
Slide 43: Aurika, Shillong | Representation
12-November-2025 Q2 and H1 FY26 Earnings Presentation 42 Aurika, Shillong | Representation
Slide 44: Aurika, Shillong | Representation
12-November-2025 Q2 and H1 FY26 Earnings Presentation 43 Aurika, Shillong | Representation
Slide 45: Aurika, Shillong | Current
12-November-2025 Q2 and H1 FY26 Earnings Presentation 44 Aurika, Shillong | Current
Slide 46: Aurika, Shillong | Current
12-November-2025 Q2 and H1 FY26 Earnings Presentation 45 Aurika, Shillong | Current
Slide 47: ESG | Highlights of FY25 initiatives
12-November-2025 Q2 and H1 FY26 Earnings Presentation 46 ESG | Highlights of FY25 initiatives Energy Renewable energy Green building Diversity and inclusion 15% -3% 50% 16.99% 100% 34.15% 30% 16% Reduction in Reduction in Renewable energy Renewable energy Certified Green Certified Green ODIs1 in the
Slide 48: Conference Call Details
12-November-2025 Q2 and H1 FY26 Earnings Presentation 47 Conference Call Details Timing 4:00 PM IST, Thursday, November 13, 2025 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 Free Number 1
Slide 49: About Lemon Tree Hotels
12-November-2025 Q2 and H1 FY26 Earnings Presentation 48 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