Lemon Tree Hotels: One Filing a Week — the Sirhind Agreement, and the Pattern Behind It (NSE: LEMONTREE)
On October 27, 2026, Lemon Tree Hotels Ltd (NSE: LEMONTREE, BSE: 541233) filed with BSE that it had signed a license agreement to develop and manage a 76-room hotel in Sirhind, Punjab, under the Lemon Tree Hotel brand, operated by its subsidiary Carnation Hotels. The filing is one line — and it is part of a pattern that has repeated across the past three and a half months.
On October 27, 2026, Lemon Tree Hotels Ltd (NSE: LEMONTREE, BSE: 541233) filed with BSE that it had signed a license agreement to develop and manage a 76-room hotel in Sirhind, Punjab, under the Lemon Tree Hotel brand, operated by its subsidiary Carnation Hotels. The filing is one line — and it is part of a pattern that has repeated across the past three and a half months.
The company has been disclosing new hotel signings, openings, de-flagging events, and a land acquisition at a pace that makes its BSE filing history read like a weekly cadence. What follows is the chronology as the filings show it, without adding anything the documents do not state.
The signings pile up: July through October
The most recent filing is the Sirhind agreement. Before it came Patancheru. Before that, Bodhgaya. The sequence from the BSE filings runs as follows:
On July 14, 2026, the company disclosed a license agreement for a 70-room hotel in Jorhat, Assam — its entry into that city — and simultaneously de-flagged its 112-room managed hotel in Dubai, effective from close of business that day. The same filing stated the Northeast India footprint stood at “seven properties (one operational, six under development).”
On July 24, 2026, the company filed that its material subsidiary Fleur Hotels Limited had extended the validity of a Letter of Award from the Delhi Development Authority for a 5-star hotel at Nehru Place, New Delhi, from August 14, 2026 to August 14, 2027, “by mutual agreement.”
On July 28, 2026, the company filed a license agreement for a 51-room Keys Select hotel in Panthpiplai, Ujjain, Madhya Pradesh.
On August 5, 2026, it filed a franchise agreement for a 24-room Keys Lite property in Manali, Himachal Pradesh.
On August 10, 2026, it filed two license agreements in one announcement: a Lemon Tree Premier in Madurai, Tamil Nadu (100 rooms) and a Keys Select in Mcleodganj, Himachal Pradesh (45 rooms).
On August 13, 2026, it filed a license agreement for a Lemon Tree Premier in Visakhapatnam, Andhra Pradesh, adding 110 rooms.
On September 4, 2026, it filed twin license agreements in Bodhgaya, Bihar — a 75-room Lemon Tree Hotel and a 70-room Keys Select — while also de-flagging the 80-room Lemon Tree Premier, Leisure Valley 2, Gurugram, effective September 3, 2026.
On September 24, 2026, it filed a license agreement for a 90-room Lemon Tree Hotel in Patancheru, Telangana — its 8th property in that state.
And on October 27, 2026, the Sirhind filing — 76 rooms in Punjab.
Across those ten filings, the disclosed room count in new signings alone totals 681 rooms. The company’s own filings do not offer a cumulative figure; the arithmetic is set out here only to show the pace, not to imply anything beyond what individual documents state.
Openings are happening in parallel
The signings tell one side. The openings tell another. Filings from late August through September show several properties moving into operational status:
- August 20, 2026: an 85-room Lemon Tree Hotel opened in Bharuch, Gujarat — the company’s 12th operational hotel in that state, with 20 more in the pipeline per the filing.
- August 26, 2026: a 94-room Lemon Tree Premier opened in Vadodara — 13th operational property in Gujarat.
- September 15, 2026: a Keys Lite opened in Moga, Punjab — 33 rooms as per the filing, against the 30 disclosed earlier.
- September 17, 2026: an 80-room Lemon Tree Premier opened in Jabalpur, Madhya Pradesh — the group’s fourth operational hotel in that state.
- September 22, 2026: Keys Prima opened in Nashik, Maharashtra — 48 rooms, 15th operational hotel in Maharashtra.
- September 25, 2026: Lemon Tree Resort, Nashik — 71 rooms, following the Keys Prima opening three days earlier.
- September 30, 2026: Keys Prima opened in Darjeeling, West Bengal — 65 rooms, the group’s first in that city.
The filings show simultaneous additions and removals. On September 4, 2026, alongside the Bodhgaya signings, the company de-flagged an 80-room Gurugram property. That was the second de-flagging event in the window, following the Dubai property on July 14, 2026.
What management disclosed in Q1FY27
The quarterly filings add a financial layer to the operational activity. There are two data points to note, because they come from different documents filed on the same day and they differ in scale.
The results filing dated August 7, 2026, shows consolidated revenue for Q1FY27 at ₹34,460.61 lakh, up 9.1% year-on-year but down 17.2% quarter-on-quarter. EBITDA margin was 44.1%. Profit after tax attributable to shareholders was ₹4,603.15 lakh, up 20.1% year-on-year.
A separate concall filing dated August 10, 2026, carries different figures: revenue of ₹422.9 Cr for Q1FY27, up 28.6% year-on-year, and PAT of ₹83.1 Cr, up 71.6%. The company’s disclosure in that document also includes management guidance — 800-900 room additions, 54-55% EBITDA margin, and 20%+ revenue growth for FY27. The two documents appear to describe different scopes; both are presented here as filed.
The ₹120 crore Bandra land acquisition filed on September 24, 2026, is a separate line of disclosure. Fleur Hotels completed the acquisition of a 989.30 sqm land parcel in Bandra (East), Mumbai, to develop a 172-key Lemon Tree Premier hotel — the group’s 7th property in Mumbai.
What the filings say comes next
There are stated target periods in the documents, and only these are noted here.
The Aurika, Nehru Place project carries an extended Letter of Award validity until August 14, 2027, “pending necessary compliances by DDA,” per the July 24, 2026 filing.
The management guidance disclosed on August 10, 2026, points to 800-900 room additions and 54-55% EBITDA margin in FY27.
Shareholder approval at the 34th AGM (filed September 21, 2026) sets April 1, 2027 as the date Patanjali Govind Keswani becomes Chairman and Non-Executive Director, after his tenure as Chairman and Executive Director ends on March 31, 2027.
Two regulatory events also sit in the window, and they cut both ways. On September 8, 2026, Berggruen Hotels — a material subsidiary — received a Form GST DRC-01A proposing tax of ₹2.94 Cr, interest of ₹2.31 Cr, and penalty of ₹0.38 Cr for FY2022-23; the company stated it intends to contest. On October 8, 2026, a different subsidiary, Sukhsagar Complexes Private Limited, won a GST appeal where the Commissioner (Appeals) for CGST Jaipur “quashed” a demand of ₹82,554 and penalty of ₹82,554 in full.
The most recent filing in the window is the Sirhind agreement dated October 27, 2026. What the next filing shows is not something this note will speculate on.
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI-registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 14 Jul 2026 | Lemon Tree Hotels signs license agreement for a 70-room hotel in Jorhat, Assam, while simultaneously de-flagging its 112-room Dubai property. | Lemon Tree Hotels announced the signing of a License Agreement for a new 70-room hotel in Jorhat, Assam, marking its entry into the city and expanding its Northeast India footprint to seven properties (one operational, six under development). Simultaneously, the company de-flagged its 112-room managed hotel in Dubai, effective from close of business on July 14, 2026, removing it from the Lemon Tree umbrella. | filing |
| 24 Jul 2026 | Lemon Tree Hotels extends validity of Letter of Award for Aurika, Nehru Place project by one year to August 14, 2027. | Lemon Tree Hotels, through its material subsidiary Fleur Hotels Limited, has extended the validity of the Letter of Award received from the Delhi Development Authority for the development and operation of a 5-star hotel at Nehru Place, New Delhi. The original validity until August 14, 2026, has been extended by mutual agreement to August 14, 2027, pending necessary compliances by DDA. | filing |
| 28 Jul 2026 | Lemon Tree Hotels signs license agreement for Keys Select by Lemon Tree Hotels, Panthpiplai, Ujjain in Madhya Pradesh | Lemon Tree Hotels has signed a license agreement for a new 51-room hotel under its Keys Select brand, located on the Indore-Ujjain highway in Panthpiplai, Ujjain, Madhya Pradesh. The property will be managed by its subsidiary Carnation Hotels. | filing |
| 5 Aug 2026 | Lemon Tree Hotels signs franchise agreement for a 24-room Keys Lite property in Manali, Himachal Pradesh. | Lemon Tree Hotels signed a franchise agreement for a new Keys Lite by Lemon Tree Hotels in Manali, featuring 24 rooms, a restaurant, lounge, and fitness centre. | filing |
| 10 Aug 2026 | Lemon Tree Hotels signs license agreements for Lemon Tree Premier in Madurai (100 rooms) and Keys Select in Mcleodganj (45 rooms). | The company signed two license agreements: a Lemon Tree Premier in Madurai, Tamil Nadu (100 rooms) and a Keys Select in Mcleodganj, Himachal Pradesh (45 rooms), both to be managed by its subsidiary Carnation Hotels. | filing |
| 13 Aug 2026 | Lemon Tree Hotels signs license agreement for Lemon Tree Premier, Visakhapatnam, adding 110 rooms to its pipeline. | Lemon Tree Hotels announced the signing of a License Agreement for a new Lemon Tree Premier property in Visakhapatnam, Andhra Pradesh, featuring 110 rooms and associated amenities, to be managed by its wholly-owned subsidiary Carnation Hotels. | filing |
| 4 Sept 2026 | Lemon Tree Hotels signs twin license agreements in Bodhgaya, adding 145 rooms to its Bihar portfolio, and de-flags an 80-room Gurugram property. | Lemon Tree Hotels signed license agreements for a 75-room Lemon Tree Hotel and a 70-room Keys Select in Bodhgaya, Bihar. Separately, it de-flagged the 80-room Lemon Tree Premier, Leisure Valley 2, Gurugram, effective September 3, 2026, following the earlier termination of the lease deed by its subsidiary Fleur Hotels. | filing |
| 24 Sept 2026 | Lemon Tree Hotels signs license agreement for a 90-room hotel in Patancheru, Telangana. | Lemon Tree Hotels signed a license agreement to manage a 90-room Lemon Tree Hotel in Patancheru, Telangana, its 8th property in the state. | filing |
| 27 Oct 2026 | Lemon Tree Hotels signs license agreement for a 76-room hotel in Sirhind, Punjab. | Lemon Tree Hotels signed a license agreement to develop and manage a 76-room hotel in Sirhind, Punjab, under the Lemon Tree Hotel brand, operated by its subsidiary Carnation Hotels. | filing |
| 8 Jun 2026 | Lemon Tree Hotels Expands Portfolio with Keys Prima by Lemon Tree Hotels in Jaipur | Lemon Tree Hotels Limited has signed a Franchise Agreement for Keys Prima by Lemon Tree Hotels, Jaipur, expanding its portfolio to six properties in the city. | filing |
| 7 Aug 2026 | Q1FY27 consolidated revenue was ₹34460.61 lakh, +9.1% YoY but -17.2% QoQ, while EBITDA margin fell to 44.1% and PAT attributable to shareholders rose 20.1% YoY to ₹4603.15 lakh; the trajectory is growth deceleration with seasonal sequential pressure. | filing | |
| 10 Aug 2026 | Lemon Tree Hotels Q1FY27 revenue surges 28.6% YoY to ₹422.9 Cr, PAT up 71.6% to ₹83.1 Cr; management guides to 800-900 room additions, 54-55% EBITDA margin, and 20%+ revenue growth in FY27. | filing | |
| 20 Aug 2026 | Lemon Tree Hotels opens an 85-room Lemon Tree Hotel in Bharuch, Gujarat, expanding its operational footprint to 12 properties in the state. | Lemon Tree Hotels announced the opening of Lemon Tree Hotel, Bharuch, an 85-room property, marking its 12th operational hotel in Gujarat with 20 more hotels in the pipeline in the state. | filing |
| 26 Aug 2026 | Lemon Tree Hotels opens Lemon Tree Premier, Vadodara with 94 rooms, its 13th operational property in Gujarat. | Lemon Tree Hotels announced the opening of its 94-room Lemon Tree Premier in Vadodara, Gujarat, marking its fourth operational hotel in Vadodara and 13th in the state, with 19 more in pipeline. | filing |
| 8 Sept 2026 | Lemon Tree Hotels' material subsidiary Berggruen Hotels receives GST notice of ~₹5.63 crore for FY23, which the company intends to contest. | Berggruen Hotels, a material subsidiary of Lemon Tree Hotels, received a Form GST DRC-01A from the Deputy Commissioner of Commercial Taxes (Audit), Bengaluru on September 8, 2026, proposing tax (₹2.94 Cr), interest (₹2.31 Cr), and penalty (₹0.38 Cr) for FY 2022-23 due to alleged mismatches in turnover reporting, unsubstantiated ITC, and other compliance issues. | filing |
| 15 Sept 2026 | Lemon Tree Hotels opens Keys Lite by Lemon Tree Hotels, Moga, its fourth operational hotel in Punjab, with 33 rooms. | Lemon Tree Hotels announced the opening of Keys Lite by Lemon Tree Hotels, Moga, a 33-room property (as against the 30 rooms disclosed earlier) in Punjab. This is the group's fourth operational hotel in the state, with nine more properties in the pipeline. The hotel operates under a franchise agreement and features a multi-cuisine restaurant, fitness center, and other amenities. | filing |
| 17 Sept 2026 | Lemon Tree Hotels opens Lemon Tree Premier, Jabalpur with 80 rooms, marking its entry into Jabalpur and fourth operational hotel in Madhya Pradesh. | Lemon Tree Hotels announced the opening of its 80-room Lemon Tree Premier in Jabalpur, Madhya Pradesh, managed by its wholly owned subsidiary Carnation Hotels. This is the group's fourth operational hotel in the state, with eleven more properties in the pipeline. | filing |
| 21 Sept 2026 | Lemon Tree Hotels shareholders approve Patanjali Govind Keswani as Non-Executive Chairman from April 1, 2027, ensuring leadership continuity as he steps down from executive role. | At the 34th AGM held on September 18, 2026, shareholders approved the appointment of Patanjali Govind Keswani as Chairman and Non-Executive Director effective April 1, 2027, upon completion of his tenure as Chairman and Executive Director on March 31, 2027. | filing |
| 22 Sept 2026 | Lemon Tree Hotels opens Keys Prima in Nashik, marking its debut in the city and 15th operational hotel in Maharashtra. | Lemon Tree Hotels opened Keys Prima by Lemon Tree Hotels in Nashik, Maharashtra, with 48 rooms and suites, multi-cuisine restaurant, bar, banquet hall, and fitness centre. The hotel is managed by its subsidiary Carnation Hotels. This marks the company's first hotel in Nashik and 15th operational property in Maharashtra, with 16 more hotels in the state pipeline including two more in Nashik. | filing |
| 24 Sept 2026 | Lemon Tree Hotels' subsidiary acquires land in Bandra, Mumbai for ₹120 crore to develop a 172-room Lemon Tree Premier hotel. | Fleur Hotels, a material subsidiary of Lemon Tree Hotels, completed the acquisition of a 989.30 sqm land parcel in Bandra (East), Mumbai for ₹120 crore. The land will be used to develop a 172-key Lemon Tree Premier hotel, marking the group's 7th property in Mumbai. | filing |
| 25 Sept 2026 | Lemon Tree Hotels opens Lemon Tree Resort, Nashik with 71 rooms, its second property in the city within two days and 16th operational hotel in Maharashtra. | The company announced the opening of Lemon Tree Resort, Nashik, a 71-room lakeside resort near Gangapur Dam, managed by wholly owned subsidiary Carnation Hotels. This follows the Keys Prima opening in Nashik on Sept 22 and brings the group's Maharashtra operational hotel count to 16, with 16 more properties in the state's pipeline. | filing |
| 30 Sept 2026 | Lemon Tree Hotels opens Keys Prima in Darjeeling, its first hotel in the city and third operational property in West Bengal. | Lemon Tree Hotels announced the opening of Keys Prima by Lemon Tree Hotels in Darjeeling, featuring 65 rooms, marking the group's first property in Darjeeling and its third operational hotel in West Bengal. The hotel includes a multi-cuisine restaurant, bar, fitness center, and outdoor lawn. | filing |
| 8 Oct 2026 | Lemon Tree Hotels subsidiary wins GST appeal, Commissioner sets aside entire demand and penalty. | The Commissioner (Appeals) for CGST Jaipur quashed a GST demand of ₹82,554 and penalty of ₹82,554 imposed on Lemon Tree Hotels' subsidiary Sukhsagar Complexes Private Limited, ruling the demand unsustainable and setting it aside in full. | filing |
Quick answers
- What did Lemon Tree Hotel disclose?
- On October 27, 2026, Lemon Tree Hotels Ltd (NSE: LEMONTREE, BSE: 541233) filed with BSE that it had signed a license agreement to develop and manage a 76-room hotel in Sirhind, Punjab, under the Lemon Tree Hotel brand, operated by its subsidiary Carnation Hotels.
- What does Lemon Tree Hotel say comes next?
- There are stated target periods in the documents, and only these are noted here.
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