3 Mid Priced Hotel Chain, Boilers and Environment Solutions Provider and Transmission Towers and Polymer Pipes Maker Stocks With a Strong Future Roadmap: Lemon Tree Hotels, Thermax and Skipper

Lemon Tree Hotels, Thermax and Skipper: ROE of 13.0% to 16.3% and FY22 to FY26 revenue CAGR of 15.3% to 37.7%. Prices as of 4 Nov 2026.

Updated: 5 Nov 2026 • 11:43 am

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3 Mid Priced Hotel Chain, Boilers and Environment Solutions Provider and Transmission Towers and Polymer Pipes Maker Stocks With a Strong Future Roadmap: Lemon Tree Hotels, Thermax and Skipper

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The three hotel, boiler and transmission tower stocks to watch are Lemon Tree Hotels, Thermax and Skipper. Their return on equity ranges from 13.0% to 16.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 37.7%. Lemon Tree Hotels leads on both return on equity at 16.3% and revenue growth at 37.7% a year. Prices are based on the 4 November 2026 close, and this article is educational, not investment advice.

Hotel, boiler and transmission tower stocks bring together companies with a visible plan for the years ahead. Lemon Tree Hotels, Thermax and Skipper cover a mid priced hotel chain, a boilers and environment solutions provider and a towers and polymer pipes maker.

This list covers three hotel, boiler and transmission tower stocks with complete current figures: Lemon Tree Hotels, Thermax and Skipper. Every figure comes from the latest reported financials and the 4 November 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Hotel, Boiler and Transmission Tower Stocks?

Hotel, boiler and transmission tower stocks are listed companies that run mid-priced hotels across India, provide boilers, cooling systems, pollution control and water treatment to industry, and make transmission towers, poles and polymer pipes. Their earnings depend on room demand, industrial investment and grid spending.

Hotel, Boiler and Transmission Tower Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Lemon Tree Hotels	115.57	8,849	29.7	37.9	16.3	1.44
Thermax	3,282.3	38,542	65.2	43.9	13.0	0.42
Skipper	539.2	5,800	25.8	44.4	14.3	0.64

On valuation, Lemon Tree Hotels and Skipper trade at a P/E below the industry P/E, while Thermax trades above it, which reflects the growth the market already expects. Readers comparing hotel, boiler and transmission tower stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.

Why Do Hotel, Boiler and Transmission Tower Stocks Have a Strong Roadmap in India?

Hotel, boiler and transmission tower stocks have a strong roadmap in India because rising domestic travel, growing industrial investment and grid expansion keep widening the market for these companies.

Hotels. Domestic travel fills mid priced rooms.
Energy solutions. Industry needs boilers and clean air systems.
Towers and pipes. Grid and farm projects need towers and pipes.

Why Lemon Tree Hotels Features Among These Hotel, Boiler and Transmission Tower Stocks

Among the hotel, boiler and transmission tower stocks on this list, Lemon Tree Hotels is one of India's largest mid-priced hotel chains, operating and managing hotels under the Lemon Tree, Red Fox, Aurika and Keys brands.

Revenue rose from Rs 408 crore in FY22 to Rs 1,465 crore in FY26, a compound annual growth rate of 37.7%. Net profit grew from Rs 141 crore in FY23 to Rs 288 crore in FY26, which works out to a compound annual growth rate of 27.1%.

In the June 2026 quarter, revenue grew 9.2% year on year to Rs 347 crore, while net profit rose 19.2% to Rs 57.3 crore. The company has a return on equity of 16.3%, a debt to equity ratio of 1.44 and a market capitalisation of Rs 8,849 crore. The stock trades at a P/E of 29.7, below the industry P/E of 37.9.

Roadmap: The company is adding rooms mainly through management contracts, which grow its footprint with limited capital outlay. Rising domestic travel and a focus on the mid-priced segment support healthy occupancy.

What to watch: Monitor new room signings and openings and average room rate trends.

Why Thermax Features Among These Hotel, Boiler and Transmission Tower Stocks

Among the travel, energy equipment and power shares on this list, Thermax provides energy and environment solutions, including boilers, cooling systems, air pollution control and water treatment, to industries in India and overseas.

In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%.

Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9.

Roadmap: The company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.

What to watch: Track order inflows, industrial capital spending and progress in cleaner energy products.

Why Skipper Features Among These Hotel, Boiler and Transmission Tower Stocks

Among the three companies on this list, Skipper is a Kolkata-based maker of power transmission towers and poles and of polymer pipes and fittings, and it also takes on infrastructure projects in India and overseas.

The company has a return on equity of 14.3%, a debt to equity ratio of 0.64 and a market capitalisation of Rs 5,800 crore. The stock trades at a P/E of 25.8, below the industry P/E of 44.4.

Revenue rose from Rs 1,711 crore in FY22 to Rs 5,563 crore in FY26, a compound annual growth rate of 34.3%. Net profit grew from Rs 25.1 crore in FY22 to Rs 213 crore in FY26, which works out to a compound annual growth rate of 70.6%. In the June 2026 quarter, revenue grew 4.5% year on year to Rs 1,314 crore, while net profit rose 25.5% to Rs 56.8 crore.

Roadmap: The company is growing its transmission tower order book and adding polymer pipe capacity, which spreads its earnings across power and water related demand. Grid expansion and housing spending support both businesses.

What to watch: Track tower order inflows, pipe volumes and progress on new capacity.

Lemon Tree Hotels vs Thermax vs Skipper on Key Financials

The table below sets the three hotel, boiler and transmission tower stocks side by side on revenue, profit and margin, using reported figures.

Company	FY22 Revenue (Rs Cr)	FY26 Revenue (Rs Cr)	Revenue CAGR (FY22-FY26)	FY26 Net Profit (Rs Cr)	FY26 Net Margin
Lemon Tree Hotels	408	1,465	37.7%	288	19.7%
Thermax	6,255	11,041	15.3%	720	6.5%
Skipper	1,711	5,563	34.3%	213	3.8%

Lemon Tree Hotels posts the highest return on equity in this group at 16.3%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Lemon Tree Hotels shows the fastest revenue growth with a 37.7% compound annual rate. A useful habit with hotel, boiler and transmission tower stocks is to check each new quarterly result against the capacity plans the company described earlier.

The June 2026 quarter, the latest reported, gives a fresh read on momentum:

Company	Q1 FY26 Revenue (Rs Cr)	Q1 FY27 Revenue (Rs Cr)	Year-on-Year Growth
Lemon Tree Hotels	317	347	9.2%
Thermax	2,223	2,371	6.6%
Skipper	1,257	1,314	4.5%

Key Risks to Check Before Investing in Hotel, Boiler and Transmission Tower Stocks

Every theme carries risks that deserve a check before any decision. For these hotel, boiler and transmission tower stocks, the main points are: Long-term travel, energy equipment and power shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Travel cycles. Bookings and occupancy follow travel demand.
Order timing. Project awards can shift between periods.
Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.

Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.

Use the Univest Stock Screener to filter hotel, boiler and transmission tower stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Hotel, Boiler and Transmission Tower Stocks

Hotel, boiler and transmission tower stocks suit investors who prefer to study business strength before price moves. Lemon Tree Hotels, Thermax and Skipper each have a clear plan to grow. Based on the 4 November 2026 close, Lemon Tree Hotels trades at Rs 115.57, Thermax at Rs 3,282.3 and Skipper at Rs 539.2. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these hotel, boiler and transmission tower stocks to a watchlist.

Download the Univest iOS App or Univest Android App to track hotel, boiler and transmission tower stocks, set price alerts and get research-backed stock ideas.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

What are hotel, boiler and transmission tower stocks?

Ans. Hotel, boiler and transmission tower stocks are listed companies that run mid-priced hotels across India, provide boilers, cooling systems, pollution control and water treatment to industry, and make transmission towers, poles and polymer pipes. Their earnings depend on room demand, industrial investment and grid spending. This list looks at three of them, Lemon Tree Hotels, Thermax and Skipper, using reported FY22 to FY26 financials and the 4 November 2026 closing prices.

Which hotel, boiler and transmission tower stocks are covered in this list?

Ans. This list covers Lemon Tree Hotels, Thermax and Skipper. Based on the 4 November 2026 close, Lemon Tree Hotels traded at Rs 115.57, Thermax at Rs 3,282.3 and Skipper at Rs 539.2. Their return on equity ranges from 13.0% to 16.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.3% to 37.7%.

Why do hotel, boiler and transmission tower stocks have a strong future roadmap in India?

Ans. Hotel, boiler and transmission tower stocks have a strong roadmap in India because rising domestic travel, growing industrial investment and grid expansion keep widening the market for these companies. The main drivers are as follows. Hotels. Domestic travel fills mid priced rooms. Energy solutions. Industry needs boilers and clean air systems. Towers and pipes. Grid and farm projects need towers and pipes. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Lemon Tree Hotels performed financially?

Ans. Revenue rose from Rs 408 crore in FY22 to Rs 1,465 crore in FY26, a compound annual growth rate of 37.7%. Net profit grew from Rs 141 crore in FY23 to Rs 288 crore in FY26, which works out to a compound annual growth rate of 27.1%. In the June 2026 quarter, revenue grew 9.2% year on year to Rs 347 crore, while net profit rose 19.2% to Rs 57.3 crore. The company has a return on equity of 16.3%, a debt to equity ratio of 1.44 and a market capitalisation of Rs 8,849 crore. The stock trades at a P/E of 29.7, below the industry P/E of 37.9. Looking ahead, the company is adding rooms mainly through management contracts, which grow its footprint with limited capital outlay. Rising domestic travel and a focus on the mid-priced segment support healthy occupancy.

How has Thermax performed financially?

Ans. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9. Looking ahead, the company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.

How has Skipper performed financially?

Ans. Revenue rose from Rs 1,711 crore in FY22 to Rs 5,563 crore in FY26, a compound annual growth rate of 34.3%. Net profit grew from Rs 25.1 crore in FY22 to Rs 213 crore in FY26, which works out to a compound annual growth rate of 70.6%. In the June 2026 quarter, revenue grew 4.5% year on year to Rs 1,314 crore, while net profit rose 25.5% to Rs 56.8 crore. The company has a return on equity of 14.3%, a debt to equity ratio of 0.64 and a market capitalisation of Rs 5,800 crore. The stock trades at a P/E of 25.8, below the industry P/E of 44.4. Looking ahead, the company is growing its transmission tower order book and adding polymer pipe capacity, which spreads its earnings across power and water related demand. Grid expansion and housing spending support both businesses.

What risks should investors check before buying hotel, boiler and transmission tower stocks?

Ans. Investors should check a few risks before buying hotel, boiler and transmission tower stocks. Travel cycles. Bookings and occupancy follow travel demand. Order timing. Project awards can shift between periods. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.

Is this list of hotel, boiler and transmission tower stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 4 November 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.