External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical tensions and Covid threat</li><li>Revenue grew 18% YoY to INR3.2bn, led by a healthy 10% ARR growth, 5% room inventory growth, improved occupancy of 72.5% in Q1FY26, leading to a strong RevPAR growth of +19% YoY</li><li>Total fee income for the quarter was INR 374 mn (+29%YoY)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical tensions and Covid threatRevenue grew 18% YoY to INR3.2bn, led by a healthy 10% ARR growth, 5% room inventory growth, improved occupancy of 72.5% in Q1FY26, leading to a strong RevPAR growth of +19% YoYTotal fee income for the quarter was INR 374 mn (+29%YoY)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Lemon Tree, Greenlam Industries

<ul><li>Apollo Hospitals Enterprise: EBITDA grew 20% YoY, driven by a 13% YoY rise in sales</li><li>The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth</li><li>Healthco grew 17% YoY, with offline and online sales up 17% and 22% YoY, respectively, while AHLL posted 11% YoY growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Hospitals Enterprise: EBITDA grew 20% YoY, driven by a 13% YoY rise in salesThe hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growthHealthco grew 17% YoY, with offline and online sales up 17% and 22% YoY, respectively, while AHLL posted 11% YoY growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Mid-Market players <a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> and <a href="https://www.smartkarma.com/entities/lemon-tree-hotels-ltd" target="_blank" data-smartkarma-citation="entities:26159:1" rel="noopener">Lemon Tree Hotels Ltd (LEMONTRE IN)</a> led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. </li>
<li>FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. </li>
<li>
<a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.</li>
</ul>


Mid-Market players SAMHI Hotels (SAMHI IN) and Lemon Tree Hotels Ltd (LEMONTRE IN) led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. 
FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. 

Indian Hotels (IH IN) and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.


Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

<ul><li>State Bank of India: SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance and reversal of standard asset provisions</li><li>Loan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated further</li><li>Deposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the CASA ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in SA balances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India: SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance and reversal of standard asset provisionsLoan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated furtherDeposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the CASA ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in SA balancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend </li>
<li>The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.</li>
<li>The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.</li>
</ul>


India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend 
The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.
The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.


Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

India

Lemon Tree Hotels operates as an Indian hotel chain, owning, leasing, and managing hotels across the upscale, upper-midscale, midscale, and economy segments under seven distinct brands. The company provides accommodation, dining, and banquet facilities, catering to both business and leisure travelers. Lemon Tree Hotels is headquartered in New Delhi, India, and was founded in 2002.

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Lemon Tree Hotels (LEMONTRE IN)

HSIE Results Daily: Lemon Tree, Greenlam Industries

Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical...

HDFC Securities

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth

HDFC Securities

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance

HDFC Securities

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

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HSIE Results Daily: Lemon Tree, Greenlam Industries

Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical...

HDFC Securities

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth

HDFC Securities

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

​Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

HSIE Results Daily: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance

HDFC Securities

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

​Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.