Lemon Tree Hotels Limited (LEMONTREE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+593.2%

₹792.31

vs ₹114.30 price

Levered DCF

₹871.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.99×	55.27×	73.16×	53.28×	-57.12×	-22.98×	-183.33×	119.4×
P/B	5.71×	9.33×	11.24×	7.16×	6.01×	3.18×	1.76×	7.22×
P/S	5.5×	8.43×	10.13×	6.98×	12.4×	11.58×	2.59×	11.48×
EV / EBITDA	14.54×	20.21×	24.87×	18.33×	57.05×	80.2×	15.19×	44.13×
Gross margin	62.1%	70.3%	69.4%	69.4%	58.0%	52.0%	68.3%	69.0%
Operating margin	37.9%	69.5%	68.2%	68.5%	56.7%	50.0%	67.1%	63.3%
Net margin	15.7%	15.3%	13.8%	13.1%	-21.7%	-50.4%	-1.4%	9.6%
Current ratio	1.21×	0.85×	0.57×	0.37×	0.52×	0.78×	0.49×	0.67×
Debt / equity	1.44×	1.85×	2.42×	2.55×	2.56×	2.35×	2.04×	1.37×
Interest coverage	3.05×	4.24×	3.61×	3.29×	1.28×	0.67×	2.79×	4.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.3%	16.9%	15.4%	13.4%	-10.5%	-13.8%	-1.0%	6.0%
Return on invested capital	10.6%	18.6%	15.8%	13.2%	6.1%	2.9%	12.6%	13.7%
Return on assets	5.3%	4.8%	3.7%	3.1%	-2.4%	-3.3%	-0.3%	1.9%
Free cash flow yield	3.5%	2.7%	1.2%	3.6%	1.4%	-1.0%	-28.4%	-1.5%
Earnings yield	2.9%	1.8%	1.4%	1.9%	-1.8%	-4.4%	-0.5%	0.8%
Enterprise value	₹98.5B	₹129.2B	₹131.7B	₹82.7B	₹70.7B	₹49.5B	₹37.1B	₹74.8B
Net debt / EBITDA	2.81×	3.23×	4.35×	4.77×	16.74×	32.91×	8.09×	6.87×
Cash conversion cycle (days)	-6	-23	-56	-53	-81	-166	-70	-136