LEMONTREE · Consumer Services
Lemon Tree Hotels Ltd. reported revenue of ₹361 cr for July to September 2026, +18.0% on the year and +4.6% on the quarter. That is in line with how this quarter has grown in recent years (+16.4% on average). Over the last four quarters revenue comes to ₹1,528 cr, +12.7% on the four before.
Operating profit (EBITDA) was ₹159 cr, a margin of 44.0%, +123 bps on the year and +86 bps on the quarter. Over the last 8 quarters the margin has ranged from 42.8% to 53.6%, averaging 47.7%. Operating costs grew +15.4% against revenue growth of +18.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹80.0 cr, +90.5% on the year and +40.4% on the quarter, with earnings per share of ₹0.72. Profit before other income, one-offs and tax grew 59.3%, so 31 points of the headline growth came from outside the core business. The tax rate was 28% against an average of 21% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹335 cr, +20.5% on the four before.
Of the 11 companies in Consumer Services that have reported Q2 FY27 so far, Lemon Tree Hotels Ltd. ranks 6th on revenue growth; the sector median is +19.9%. Its margin moved +123 bps on the year against a sector median of +120 bps.
On earnings per share of ₹3.24 over the last four quarters, the stock at ₹115.92 trades at 35.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹290 cr | ₹327 cr | ₹268 cr | ₹284 cr | ₹355 cr | ₹379 cr | ₹316 cr | ₹306 cr | ₹406 cr | ₹416 cr | ₹345 cr | ₹361 cr |
| YoY | — | — | +20% | +25% | +22% | +16% | +18% | +8% | +14% | +10% | +9% | +18% |
| EBITDA margin | 48.6% | 52.3% | 42.9% | 46.1% | 51.8% | 53.6% | 44.3% | 42.8% | 50.5% | 51.7% | 43.2% | 44.0% |
| Other income, % of PBT | 2% | 4% | 0% | 2% | 1% | 1% | 3% | 4% | −30% | 1% | 3% | 23% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 21% | 6% | 31% | 23% | 20% | 12% | 23% | 25% | 17% | 18% | 28% | 28% |
| Net profit | ₹44.0 cr | ₹84.0 cr | ₹20.0 cr | ₹35.0 cr | ₹80.0 cr | ₹108 cr | ₹48.0 cr | ₹42.0 cr | ₹82.0 cr | ₹116 cr | ₹57.0 cr | ₹80.0 cr |
| YoY | — | — | −29% | +35% | +82% | +29% | +140% | +20% | +2% | +7% | +19% | +90% |
| Core profit YoY | — | — | −17% | +38% | +80% | +42% | +110% | +23% | +30% | +17% | +26% | +59% |
| EPS | ₹0.45 | ₹0.85 | ₹0.25 | ₹0.37 | ₹0.79 | ₹1.07 | ₹0.48 | ₹0.44 | ₹0.79 | ₹1.15 | ₹0.58 | ₹0.72 |
| Flags | · | 1 | 1 | ✓ | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Lemon Tree Hotels Ltd. reported revenue of ₹361 cr (+18.0% on the year) and net profit of ₹80.0 cr (+90.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +59.3% on the year, against +90.5% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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