Lemon Tree Hotels Ltd. · NSE:LEMONTREE
Lemon Tree Hotels — Q3 FY26 Earnings Presentation
51 slides from Lemon Tree Hotels's earnings presentation, Feb 6, 2026
Slide 1: Exchange filing cover letter
February 06, 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 Q3 & 9M FY26 Unaud
Slide 2: Q3 and 9M FY26 Earnings Presentation
Aurika, Mumbai SkyCity Q3 and 9M FY26 Earnings Presentation 6th February 2026 6-February-2026 Q3 and 9M FY26 Earnings Presentation 1 Aurika, Udaipur
Slide 3: Disclaimer
6-February-2026 Q3 and 9M 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 could
Slide 4: Executive Chairman's Message
Q3 and 9M FY26 Earnings Presentation 6-February-2026 3 Executive Chairman’s Message Commenting on the performance for Q3 and 9M FY26, Mr. Patanjali Keswani, Executive Chairman – Lemon Tree Hotels Limited said, In Q3, Lemon Tree recorded its highest-ever revenue & EBITDA - at Rs. 407.8 Cr., our reven
Slide 5: We Are Everywhere
6-February-2026 Q3 and 9M FY26 Earnings Presentation 4 WE ARE EVERYWHERE Operational – 130 hotels; 11,772 rooms and 80+ destinations Pipeline – 129 hotels; 10,170 rooms and 90+ destinations Total operational and pipeline – 259 hotels; 21,942 rooms and 150+ unique destinations
Slide 6: Q3 FY26 performance across key financial metrics
6-February-2026 Q3 and 9M FY26 Earnings Presentation 5 Q3 FY26 performance across key financial metrics Lemon Tree Premier, Mumbai Q3 FY26 performance snapshot vs Q3 FY25 (YoY change) Total Revenue Net EBITDA Net EBITDA % Rs. 407.8 Cr Rs. 206.4 Cr 50.6% Up 15% Up 12% Down 133 bps Without GST Net EBI
Slide 7: 9M FY26 performance across key financial metrics
6-February-2026 Q3 and 9M FY26 Earnings Presentation 6 9M FY26 performance across key financial metrics 9M FY26 performance snapshot vs 9M FY25 (YoY change) Total Revenue Net EBITDA Net EBITDA % Rs. 1,033.2 Cr Rs. 481.0 Cr 46.6% Up 14% Up 11% Down 91 bps PAT Cash Profit# Cost of Debt % Rs. 171.9 Cr
Slide 8: Q3 FY26 Performance Highlights – Operational Metrics
6-February-2026 Q3 and 9M FY26 Earnings Presentation 7 Q3 FY26 Performance Highlights – Operational Metrics (Consolidated) Inventory Average Room Rate (Rs.) Owned/Leased rooms Managed/Franchised Total rooms 11% rooms 14% YoY 20% YoY 7,487 7,487 QoQ 11,772 6,763 10,317 6,247 32% YoY 5,759 5,759 6,013
Slide 9: Q3 FY26 Performance Highlights – Financial Metrics
6-February-2026 Q3 and 9M FY26 Earnings Presentation 8 Q3 FY26 Performance Highlights – Financial Metrics (Consolidated) Total Revenue (Rs. Cr) Net EBITDA (Rs. Cr) 15% 12% 32% YoY YoY QoQ 407.8 407.8 206.4 206.4 56% 355.8 184.8 QoQ 308.0 132.4 Q3 FY26 Q3 FY25 Q3 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q3 FY26
Slide 10: Q-o-Q performance of FY26, FY25, FY24 and FY23
6-February-2026 Q3 and 9M FY26 Earnings Presentation 9 Q-o-Q performance of FY26, FY25, FY24 and FY23 Best ever Q3 – highest Q3 ARR, Revenue, EBITDA, PAT and Cash Profit Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Particulars FY26 FY26 FY26 FY25 FY25 FY25 FY25 FY24 FY24 FY24 FY24 FY23 FY23 FY23 FY2
Slide 11: Consolidated Profit & Loss Statement – Q3 FY26
6-February-2026 Q3 and 9M FY26 Earnings Presentation 10 Lemon Tree Consolidated Profit & Loss Statement – Q3 FY26 Q3 FY26 vs Q3 FY26 vs Rs. Cr Q3 FY26 Q2 FY26 Q3 FY25 Q2 FY26 Q3 FY25 Change (%) Change (%) Revenue from operations 406.1 306.3 355.2 33% 14% Other income 1.7 1.7 0.6 -1% 172% Total reven
Slide 12: Discussion on Consolidated Financial & Operational Performance – Q3 FY26
6-February-2026 Q3 and 9M FY26 Earnings Presentation 11 Discussion on Consolidated Financial & Operational Performance – Q3 FY26 ❖ Total Revenue stood at Rs. 407.8 Cr in Q3 FY26 which was up 32% from Rs. 308.0 Cr in Q2 FY26 and was up 15% as compared to Rs. 355.8 Cr in Q3 FY25 ❖ Gross ARR stood at R
Slide 13: Consolidated Profit & Loss Statement – 9M FY26
6-February-2026 Q3 and 9M FY26 Earnings Presentation 12 Lemon Tree Consolidated Profit & Loss Statement – 9M FY26 9M FY26 vs Rs. Cr 9M FY26 9M FY25 9M FY25 Change Revenue from operations 1,028.1 907.6 13% Other income 5.1 1.5 248% Total Income 1,033.2 909.0 14% GST Impact was ~1% of total Total expe
Slide 14: Q3 FY26 Operational Performance by Brands & Region
6-February-2026 Q3 and 9M FY26 Earnings Presentation 13 Q3 FY26 Operational Performance by Brands & Region (for all 41 owned hotels) * Hotel level EBITDAR and EBITDAR Margin % is before renovation expense for both Q3 FY26 and Q3 FY25 Hotel level Average Daily Rate Hotel level EBITDAR Parameters RevP
Slide 15: Impact of Renovations, GST Changes and Tech Investments on Net EBITDA%
6-February-2026 Q3 and 9M FY26 Earnings Presentation 14 Impact of Renovations, GST Changes and Tech Investments on Net EBITDA% - FY23 to FY28 P 0.9% 0.6% Impact of GST is only for half 1.1% year in FY26 2.0% 0.7% 0.5% 4.4% 1.7% 3.6% 2.7% 2.4% 2.1% 1.2% FY23 FY24 FY25 FY26 E FY27 P FY28 P (Normalized
Slide 16: Consolidated P&L: Q3 FY26 vs Q3 FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 15 Consolidated P&L: Q3 FY26 vs Q3 FY25 407.8 Q3 FY26 Consolidated P&L Waterfall – Revenue to Cash Profit (Rs. Cr) (23.0) • Provision for New Labour Code: Rs. 14.5 Cr (59.4) • Ex-Gratia: Rs. 11.1 Cr (20.5) • Property Tax: Rs. 4.8 Cr • Expenses Rel
Slide 17: Consolidated P&L: 9M FY26 vs 9M FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 16 Consolidated P&L: 9M FY26 vs 9M FY25 1033.2 9M FY26 Consolidated P&L Waterfall – Revenue to Cash Profit (Rs. Cr) (62.9) • Provision for New Labour Code: Rs. 14.5 Cr (175.9) • Ex-Gratia: Rs. 11.1 Cr (64.9) • Property Tax: Rs. 4.8 Cr • Expenses R
Slide 18: Cost Structure: Q3 FY26 vs Q3 FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 17 Cost Structure: Q3 FY26 vs Q3 FY25 * Expenses as a percentage of total revenue Up 133 bps Renovation and GST Impact was 49.4% 48.1% ~6% of total revenue in Q3 FY26 vs 2.4% of total revenue in Q3 FY25 Up 351 bps Down 129 bps 24.2% 20.6% 14.6% 15
Slide 19: Cost Structure: 9M FY26 vs 9M FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 18 Cost Structure: 9M FY26 vs 9M FY25 * Expenses as a percentage of total revenue Up 91 bps 53.4% 52.5% Renovation and GST Impact was ~6% of total revenue in 9M FY26 vs ~4% of total revenue in 9M FY25 Up 257 bps Down 73 bps 24.1% 21.5% 17.0% 17.8%
Slide 20: Lemon Tree Consolidated Profit & Loss Statement Breakup
6-February-2026 Q3 and 9M FY26 Earnings Presentation 19 Lemon Tree Consolidated Profit & Loss Statement Breakup Lemon Tree Consolidated Keys Hotels Lemon Tree Consolidated excluding Keys Hotels Rs. Cr Q3 Q2 Q3 QoQ YoY Q3 Q2 Q3 QoQ YoY Q3 Q2 Q3 QoQ YoY FY26 FY26 FY25 Change Change FY26 FY26 FY25 Chan
Slide 21: Total Management Fees | Q3 FY26 vs Q3 FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 20 Total Management Fees | Q3 FY26 vs Q3 FY25 48.2 43.7 25.3 25.3 22.9 18.4 + = Management / Franchise fees from 3rd Management Fees from Fleur Hotels Total Management Fees party hotels Q3 FY26 Q3 FY25 Fees to Lemon Tree Hotels (Rs. Cr) Q3 FY26 Q3
Slide 22: Total Management Fees | 9M FY26 vs 9M FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 21 Total Management Fees | 9M FY26 vs 9M FY25 119.8 104.5 66.6 60.3 53.3 44.3 + = Management / Franchise fees from 3rd Management Fees from Fleur Hotels Total Management Fees party hotels 9M FY26 9M FY25 Fees to Lemon Tree Hotels (Rs. Cr) 9M FY26
Slide 23: Market Segments: Q3 FY26 vs Q3 FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 22 Market Segments: Q3 FY26 vs Q3 FY25 (for all 41 owned hotels) Market Segments: Room Nights Sold Market Segments: Room Revenue Q3 FY26 vs Q3 FY25 Q3 FY26 vs Q3 FY25 57.9% 56.7% 54.2% 52.9% 45.8% 47.1% 42.1% 43.3% Negotiated Non-Negotiated Negoti
Slide 24: Market Segments: 9M FY26 vs 9M FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 23 Market Segments: 9M FY26 vs 9M FY25 (for all 41 owned hotels) Market Segments: Room Nights Sold Market Segments: Room Revenue 9M FY26 vs 9M FY25 9M FY26 vs 9M FY25 55.4% 55.0% 55.2% 55.1% 44.6% 45.0% 44.8% 44.9% Negotiated Non-Negotiated Negoti
Slide 25: Hotel Network Revenue – Delta in Q3 FY26 vs Q3 FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 24 Lemon Tree Hotel Network Revenue – Delta in Q3 FY26 vs Q3 FY25 51 636 35 550 Q3 FY25 Total Network Revenue Owned Hotels Managed and Franchised Hotels Q3 FY26 Total Network Revenue Hotel Network Revenue Q3 FY26 vs Q3 FY25 Change Q3 FY26 Q3 FY25
Slide 26: Hotel Network Revenue – Delta in 9M FY26 vs 9M FY25
6-February-2026 Q3 and 9M FY26 Earnings Presentation 25 Lemon Tree Hotel Network Revenue – Delta in 9M FY26 vs 9M FY25 101 1,600 100 1,400 9M FY25 Total Network Revenue Owned Hotels Managed and Franchised Hotels 9M FY26 Total Network Revenue Hotel Network Revenue 9M FY26 vs 9M FY25 Change 9M FY26 9M
Slide 27: Lemon Tree – Snapshot as on 31st December 2025
6-February-2026 Q3 and 9M FY26 Earnings Presentation 26 Lemon Tree – Snapshot as on 31st December 2025 Operational Pipeline Operational + Pipeline Group 11,772 rooms; 10,170 rooms; 21, 942 rooms; 130 hotels 129 hotels 259 hotels Brand Current Pipeline Operational + Pipeline Aurika Hotels & Resorts 8
Slide 28: Portfolio Breakup as on 31st December 2025 - Operational
6-February-2026 Q3 and 9M FY26 Earnings Presentation 27 Portfolio Breakup as on 31st December 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 T
Slide 29: Portfolio Breakup as on 31st December 2025 - Pipeline
6-February-2026 Q3 and 9M FY26 Earnings Presentation 28 Portfolio Breakup as on 31st December 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 & R
Slide 30: Expansion Plans – Hotels under development (Owned/Leased Hotels)
6-February-2026 Q3 and 9M FY26 Earnings Presentation 29 Expansion Plans – Hotels under development (Owned/Leased Hotels) Expected Opening Under-development hotels Type Rooms date Aurika, Shimla Owned 91 FY27 Aurika, Shillong Leased 165 FY28 Aurika, Nehru Place, New Delhi Leased 550* TBD For Aurika
Slide 31: Hotels opened in Q3 FY26
6-February-2026 Q3 and 9M FY26 Earnings Presentation 30 Hotels opened in Q3 FY26 (managed & franchised contracts) # Hotels Pipeline States Rooms 1 Lemon Tree Premier, Navi Mumbai Maharashtra 67 2 Lemon Tree Premier Hotel, Tirupati Andhra Pradesh 111 3 Keys Lite by Lemon Tree Hotels, Jaipur Rajasthan
Slide 32: Hotels signed in Q3 FY26
6-February-2026 Q3 and 9M FY26 Earnings Presentation 31 Hotels signed in Q3 FY26 (managed & franchised contracts) # Hotels Pipeline States Rooms 1 Keys Select by Lemon Tree Hotels, Haridwar Uttarakhand 52 2 Lemon Tree Hotel, Gandhi Dham Gujarat 54 3 Lemon Tree Resort, Saj by the Mountain, Mahabalesh
Slide 33: Pipeline of managed & franchised contracts (1 of 5)
6-February-2026 Q3 and 9M FY26 Earnings Presentation 32 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 34: Pipeline of managed & franchised contracts (2 of 5)
6-February-2026 Q3 and 9M FY26 Earnings Presentation 33 Expansion Plans – Pipeline of managed & franchised contracts by opening (2 of 5) # Hotel Pipeline State Rooms 26 Keys Select by Lemon Tree Hotels, Anjar Gujarat 61 27 Keys Select by Lemon Tree Hotels, Bareilly Uttar Pradesh 60 28 Keys Select by
Slide 35: Pipeline of managed & franchised contracts (3 of 5)
6-February-2026 Q3 and 9M FY26 Earnings Presentation 34 Expansion Plans – Pipeline of managed & franchised contracts by opening (3 of 5) # Hotel Pipeline State Rooms 51 Lemon Tree Hotel, Anand Gujarat 60 52 Lemon Tree Hotel, Ayodhya Uttar Pradesh 72 53 Lemon Tree Hotel, Badrinath Uttarakhand 72 54 L
Slide 36: Pipeline of managed & franchised contracts (4 of 5)
6-February-2026 Q3 and 9M FY26 Earnings Presentation 35 Expansion Plans – Pipeline of managed & franchised contracts by opening (4 of 5) # Hotel Pipeline State Rooms 76 Lemon Tree Hotel, Kharar Punjab 60 77 Lemon Tree Hotel, Kundapura Karnataka 80 78 Lemon Tree Hotel, Ludhiana Punjab 60 79 Lemon Tre
Slide 37: Pipeline of managed & franchised contracts (5 of 5)
6-February-2026 Q3 and 9M FY26 Earnings Presentation 36 Expansion Plans – Pipeline of managed & franchised contracts by opening (5 of 5) # Hotel Pipeline State Rooms 101 Lemon Tree Premier, Biratnagar Nepal 80 102 Lemon Tree Premier, Dehradun Uttarakhand 80 103 Lemon Tree Premier, Guwahati Assam 350
Slide 38: Annexure
6-February-2026 Q3 and 9M FY26 Earnings Presentation 37 Annexure Hotels under development Lemon Tree Hotel, Dubai
Slide 39: Aurika, Nehru Place, New Delhi | Early Representation
6-February-2026 Q3 and 9M FY26 Earnings Presentation 38 Aurika, Nehru Place, New Delhi | Early Representation
Slide 40: Aurika, Shimla | Representation
6-February-2026 Q3 and 9M FY26 Earnings Presentation 39 Aurika, Shimla | Representation
Slide 41: Aurika, Shimla | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 40 Aurika, Shimla | Current
Slide 42: Aurika, Shimla | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 41 Aurika, Shimla | Current
Slide 43: Aurika, Shimla | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 42 Aurika, Shimla | Current
Slide 44: Aurika, Shimla | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 43 Aurika, Shimla | Current
Slide 45: Aurika, Shimla | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 44 Aurika, Shimla | Current
Slide 46: Aurika, Shillong | Representation
6-February-2026 Q3 and 9M FY26 Earnings Presentation 45 Aurika, Shillong | Representation
Slide 47: Aurika, Shillong | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 46 Aurika, Shillong | Current
Slide 48: Aurika, Shillong | Current
6-February-2026 Q3 and 9M FY26 Earnings Presentation 47 Aurika, Shillong | Current
Slide 49: ESG | Highlights of FY25 initiatives
6-February-2026 Q3 and 9M FY26 Earnings Presentation 48 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 50: Conference Call Details
6-February-2026 Q3 and 9M FY26 Earnings Presentation 49 Conference Call Details Timing 4:00 PM IST, Tuesday, February 10, 2026 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 8
Slide 51: About Lemon Tree Hotels
6-February-2026 Q3 and 9M FY26 Earnings Presentation 50 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