Transcript of conference call with Analysts/ Institutional Investor s

August 14, 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: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Ref: Outcome of Conference Call with Analysts/Institutional Investors Dear Sir/ Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to the disclosure made on August 10, 2026 w.r.t. the audio recording of the conference call on Unaudited Financial Results for the quarter ended June 30, 2026 held on Monday, August 10, 2026 at 4:00 PM IST, please find enclosed herewith the transcript of the conference call with Investors/Analysts. This is for your information and record. Thanking You For Lemon Tree Hotels Limited Pawan Kumar Kumawat Company Secretary & Compliance Officer M. No: A25377 Encl: a/a Lemon Tree Hotels Limited CIN No. L74899HR1992PLC140546 Reg. Office: Lemon Tree Corporate Park, Urban Complex, Ullahawas, Sector 60, Gurugram, Haryana-122011 Corporate Office: Asset No. 6, Aerocity Hospitality District, New Delhi-110037 T +91 124 714 2310 | E hi@lemontreehotels.com Central Reservation: +91 9911 701 701| www.lemontreehotels.com Lemon Tree Hotels Limited Q1 FY27 Earnings Conference Call Transcript August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Lemon Tree Hotels Limited earnings conference call. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, sir. Anoop Poojari: Thank you. Good afternoon, everyone, and thank you for joining us on Lemon Tree Hotels Q1 FY27 earnings conference call. We have with us Mr. Patanjali Keswani, Executive Chairman, Lemon Tree Hotels, Mr. Neelendra Singh, Managing Director, Lemon Tree Hotels, Mr. Kapil Sharma, Executive Director and CFO of Lemon Tree Hotels, Mr. Saurabh Shatdal, Managing Director and CEO of Fleur Hotels, and Mr. Mayank Sharma, CFO of Fleur Hotels. We would like to begin the call with opening remarks from the management, following which we have the forum open for an interactive question-and-answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation that was shared with you earlier. I would now request Mr. Keswani to make his opening remarks. Patanjali Keswani: Good afternoon, everyone, and thank you for joining us. Today, Neelendra Singh, Managing Director of Lemon Tree Hotels, will be covering the business highlights and financial performance for Q1 FY27, post which Saurabh Shatdal, MD and CEO of Fleur, will brief you on Fleur's business development. And lastly, I will share an update on the pro forma financials for Lemon Tree Hotels Limited and Fleur Hotels Limited upon the demerger scheme becoming effective. And of course, post that, we will open the forum for your questions and suggestions. Neel. Page 1 of 31 Neelendra Singh: Great. This is Neel. Let me take you through the key highlights of the quarter. For the quarter, total revenue stood at Rs. 346.8 crore, up 9% year-on-year. Net EBITDA stood at Rs. 151.9 crore, up 7%. Net EBITDA adjusted for GST impact and provision for stock appreciation rights stood at Rs. 162.5 crore in Q1 FY27, up 14% as compared to Rs. 142.1 crore in Q1 FY26. PAT grew 19% to Rs. 57.3 crore and cash profit grew 17% to Rs. 96 crore. Our gross ARR stood at Rs. 6,361, up 2% year-on- year and occupancy was 75.7%, up 314 basis points versus last year. Our net EBITDA margin for Q1 FY27 stood at 43.8%, which was 99 basis points less than 44.8%, which we achieved last year in Q1 FY26. This drop was due to Provision for Stock Appreciation Rights and the loss of input credit in the GST levied, which increased our expenses by 3.1% of total revenue in Q1 this year versus zero in the previous year same quarter. Our gross debt on 30th June 2026 stood at Rs. 1,475 crore, down 11% from Rs. 1,657.9 crore a year ago, and our cost of debt reduced to 7.48%, down 53 basis points versus a year ago. In Q1 FY27, on the asset-light side, we opened 6 managed and franchised hotels with 334 rooms, which we had signed on an average 30 months ago ballpark. In this quarter, we also signed 13 managed and franchised hotels with 1,020 rooms, which is over 3x of the inventory that we opened. Our combined operational and pipeline inventory now stands at 23,381 rooms across 279 hotels in 170+ cities, of which 135 hotels, which is 11,946 rooms across 80-plus cities are already operational. Network revenue for the quarter grew at 16% year-on-year to Rs. 576 crore with owned hotels contributing Rs. 320 crore and managed and franchised hotels contributing Rs. 256 crore. So, owned hotels contributed 56% of the network revenue in this quarter. Fees income from management and franchise contracts from third- party owned hotels stood at Rs. 22.8 crore in Q1 this year, an increase of 42% year- on-year. Fees from Fleur Hotels stood at Rs. 22.6 crore, up 6% year-on-year. Total management fee from Lemon Tree stood at Rs. 45.4 crore, an increase of 21% year- on-year. Now I hand over to Saurabh for an update from Fleur. Saurabh Shatdal: Thank you, Neel. Thank you, everyone, for joining us on the call. Let me give you a quick update on our hotels under development. At Aurika, Shimla, our owned 90-room hotel, we have deployed approximately Rs. 108 crore of capital as on 30th June 2026. Finishing work and operational licenses are in final stage, and we expect the hotel to open shortly. At Aurika, Shillong, a Page 2 of 31 leased 165-room hotel, we have deployed ~Rs. 33 crore as on 30th June 2026, with the expected opening in H2 FY28. At Aurika, Varanasi, a 47-room leased heritage hotel, we have begun the work and with an expected opening in FY29. At Aurika, Nehru Place, Delhi, final approvals are pending from the authorities with expected capital deployment to be announced in due course and an expected opening on or after FY 2030. Recently, an extension of validity of letter of award for another year was received by Fleur from DDA, providing ample time for the project to attain all approvals. We have renovated 300 rooms this quarter, for which we have spent ~Rs. 10 crore, and we anticipate a similar number in the next coming quarter. As for the Keys portfolio, renovation was 2/3rd complete as on 30th June 2026, and the portfolio is showing significantly improved performance with a double-digit growth across all locations. Keys portfolio RevPAR in Q1 FY27 was up 19% year-on-year to Rs. 2,885 on the back of a 350-basis point improvement in occupancy to 67% and 13% growth in average room rate to Rs. 4,311. On the pipeline side, we continue to evaluate a growing number of opportunities, whether in existing operating hotel or development of new hotel. Now I hand over the forum back to Patu. Thank you. Patanjali Keswani: Thanks, Saurabh. I want to take this opportunity to continue our conversation on the demerger scheme. Like last quarter, we have again shared pro forma financials for both Lemon Tree and Fleur Hotels as they would appear upon the scheme becoming effective. For Lemon Tree on a pro forma basis in Q1 FY27, revenue stood at Rs. 65.7 crore versus Rs. 54 crore in Q1 last year, which is up 22%. Net EBITDA before provision for stock appreciation rights was Rs. 38.1 crore versus Rs. 29.3 crore and Net EBITDA margin improved to 58.1% from 54.2%, up 383 basis points. PBT after share of profit of associates was Rs. 46.3 crore versus Rs. 38.4 crore, up 21%. PAT was Rs. 33.6 crore versus Rs. 27.5 crore, up 22% and cash profit was Rs. 40 crore versus Rs. 30.5 crore, up 31%. For Fleur on a pro forma basis, FY27 revenue stood at Rs. 311.4 crore versus Rs. 292 crore, up 7%. Net EBI [Showing first 8,000 characters — download PDF for full document]