This stock can be a bet on Mr. Patu Kesvani’s business acumen and capital allocation/management skills, sectoral tailwinds and Lemon Tree’s positioning among the peers since it would take few more quarters for the numbers to reflect the same. One should go through the details of concall and investor presentations since 2019 to get an apple to apple comparison of the performance and to see how he has been able to tide the Corona pandemic in a very elegant way (maintained positive EBITDA margin in all quarters when others have struggled) given the fact that the tourism/hospitality industry was the most affected with no support from government and the banks.
Lemon tree seems to hold a controlling stake with 100% in almost all its subsidiaries. There seems some changes happening in the corporate structure as well.
The audited financial statements of the subsidiaries till Mar 2021 is available on the company’s website
https://www.lemontreehotels.com/investors.aspx
The D/E of 2.56 as per screener is high. Majority of the borrowings are long term with assets and equity shares held as collateral with leading banks of the likes of HDFC bank/Kotak etc. Details are available under notes section in AR 2020-21.
While promoter stake is low, many FIIs/DIIs of the likes of Goldman Sachs/JP Morgan have entered in the recent quarters.
On a lighter note, think yourself to be a HNI (why retail?) 
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