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MHRIL - Mahindra Holiday

📊 NSE: MHRIL 🏢 Hotels 📅 Last Updated: 12/14/2025 9:27

📢 Recent Corporate Announcements

MHRIL Releases Audio Recording for Q4 & FY 2026 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 27 Apr 2026, 08:26 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has released the audio recording of its earnings conference call for the fourth quarter and full fiscal year ended March 31, 2026. The call, which concluded on April 27, 2026, provided a detailed overview of the company's financial performance and business outlook. This disclosure is a routine regulatory requirement under SEBI Listing Regulations to ensure transparency for all stakeholders. Investors can access the full recording through the company's official website link provided in the filing.

Earnings conference call for Q4 and FY 2026 concluded on April 27, 2026, at 7:03 p.m. IST.
Audio recording of the session has been uploaded to the company's investor relations website.
Disclosure made in compliance with Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
The call covered financial performance and business overview for the period ending March 31, 2026.

💡 Investors should listen to the recording to understand management's commentary on membership growth, occupancy trends, and expansion plans. This is a procedural update and does not require immediate portfolio action.

MHRIL FY26 Standalone PAT Up 22% to ₹241 Cr; Consolidated Profit Dragged by International Ops

🔵 WATCH ⭐ 8/10

EARNINGS 📅 27 Apr 2026, 02:59 PM

Mahindra Holidays reported a strong performance in its Indian standalone business with FY26 PAT (excluding one-offs) growing 22% to ₹240.6 Cr, driven by a 21% EBITDA growth. However, consolidated net profit for FY26 fell 47% YoY to ₹67 Cr due to continued headwinds in international operations (HCRO) and one-time impacts like the new labor code and forex losses. The company successfully expanded its inventory by ~900 keys and maintained high occupancy levels of 81% despite the larger base. Premiumization efforts paid off with Average Unit Realisation (AUR) surging 83% YoY to ₹14.1L in Q4 FY26.

Standalone FY26 EBITDA grew 21% YoY to ₹592.8 Cr with margins expanding by 220 basis points.
Consolidated FY26 PAT dropped 47% to ₹67 Cr, impacted by Finnish economy slowdown and geopolitical issues.
Inventory expanded significantly by ~900 keys in FY26, bringing the total count to 6,228 keys.
Average Unit Realisation (AUR) including upgrades saw a massive jump of 83% YoY to ₹14.1L in Q4.
Strong liquidity position with cash balances of ₹1,446 Cr and deferred revenue of ₹5,779 Cr.

💡 Investors should focus on the robust growth and premiumization in the domestic business while monitoring the recovery timeline for international operations. The high cash balance and deferred revenue provide a strong safety net for future expansions.

MHRIL to Acquire 100% Stake in Aditatva Estates for Rs 37.5 Cr for Resort Expansion

🟢 POSITIVE ⭐ 7/10

M&A 📅 27 Apr 2026, 02:55 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has announced the acquisition of a 100% stake in Aditatva Estates Private Limited for Rs 37.5 crore. The target company owns a 50-acre land parcel in Chikmagalur, Karnataka, which is currently a coffee plantation. MHRIL intends to utilize this land to develop a new leisure resort, furthering its expansion strategy in the hospitality sector. The transaction is expected to be completed by July 31, 2026, and will be a cash-based acquisition.

Acquisition of 100% equity stake in Aditatva Estates for a cash consideration of Rs 37.5 crore
Target entity owns approximately 50 acres of land in the high-demand tourist destination of Chikmagalur
Strategic move to convert agricultural land into a leisure resort to expand MHRIL's room inventory
Aditatva Estates reported a turnover of Rs 81.02 lakh for the financial year ended March 31, 2025
The acquisition process is slated for completion by July 31, 2026

💡 Investors should monitor the company's progress in converting this land into a revenue-generating resort, as it strengthens MHRIL's footprint in the premium leisure segment. This is a positive long-term asset addition for the company's portfolio.

MHRIL Files Routine SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Apr 2026, 03:00 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Transfer Agent, KFin Technologies Limited, confirmed that no requests for dematerialization of shares were received during the period from January 1, 2026, to March 31, 2026. This is a standard procedural filing required by Indian stock exchanges to maintain accurate shareholding records. The announcement indicates no changes in the physical-to-electronic share conversion status for the quarter.

Compliance certificate submitted for the quarter ended March 31, 2026.
KFin Technologies Limited confirmed 0 requests for dematerialization were received during the quarter.
The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
The document was officially recorded by the company on April 21, 2026.

💡 This is a routine administrative filing with no impact on the company's financial health or stock performance. No action is required from investors.

Mahindra Holidays to Host Q4 & FY26 Earnings Call on April 27, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 10 Apr 2026, 04:57 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has scheduled its earnings conference call for the fourth quarter and full financial year ended March 31, 2026. The call is slated for Monday, April 27, 2026, at 6:00 PM IST. Senior management, including MD & CEO Manoj Bhat and CFO Vimal Agarwal, will discuss the company's financial and operational performance. This is a routine regulatory notification to ensure transparency and provide a platform for analyst interaction following the results.

Earnings conference call scheduled for April 27, 2026, at 6:00 PM IST.
Management will discuss financial and operational performance for Q4 and FY26.
Key participants include MD & CEO Manoj Bhat and CFO Vimal Agarwal.
Universal dial-in numbers provided: +91 22 6280 1550 and +91 22 7115 8378.

💡 Investors should mark the date to listen for management commentary on membership additions and occupancy trends. No immediate action is required as this is a routine scheduling announcement.

MHRIL Adds 159 Keys with New Resorts in Amba Ghat and Bandhavgarh

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 20 Mar 2026, 12:21 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has announced the launch of two new resorts, adding a total of 159 keys to its portfolio. The expansion includes a 96-key resort in Amba Ghat, Maharashtra, and a 63-key resort in Bandhavgarh, Madhya Pradesh. This move is part of the company's FY26 goal to add 1,000 new rooms and its long-term vision to reach 12,000 keys by FY30. The company continues to follow a capital-efficient, asset-light approach to scale its operations across India.

Added 159 keys through two new resorts in Maharashtra (96 keys) and Madhya Pradesh (63 keys).
Supports the FY26 target of adding 1,000 new rooms to the hospitality portfolio.
Aligned with the long-term strategic roadmap to reach 12,000 keys by FY30.
Utilizing an asset-light model including management contracts and flexible operating models.
Strengthens the network for a growing community of over 3,00,000 members.

💡 Investors should monitor MHRIL's ability to maintain its asset-light growth trajectory and the resulting impact on membership sales and occupancy rates. The steady expansion toward the FY30 target of 12,000 keys signals strong management confidence in leisure travel demand.

MHRIL Allots 4,081 Equity Shares Under ESOP Scheme 2020

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Feb 2026, 05:49 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has allotted 4,081 equity shares of Rs. 10 each following the exercise of options under its 2020 ESOP scheme. This allotment has marginally increased the company's paid-up equity share capital from Rs. 2,02,03,93,210 to Rs. 2,02,04,34,020. The newly allotted shares will rank pari-passu with existing equity shares, making them eligible for all future dividends and corporate benefits. Given the small number of shares issued, the dilution to existing shareholders is negligible.

Allotment of 4,081 equity shares of face value Rs. 10 each pursuant to ESOP exercise
Total paid-up equity share capital increased to 20,20,43,402 shares
Total paid-up share capital value rose to Rs. 2,02,04,34,020
Shares issued under the Mahindra Holidays & Resorts India Limited Employees Stock Options Scheme - 2020

💡 No action is required as this is a routine administrative allotment with minimal impact on the company's valuation or shareholding structure.

Mahindra Holidays to Attend Dolat Capital Corporate Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 05:46 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has announced its participation in the Dolat Capital Corporate Conference 2026. The event, themed "Decoding Growth Strategies," is scheduled for February 18, 2026, from 10:00 am to 5:00 pm. Company officials will engage in one-on-one and group meetings with institutional investors and analysts in person. The company has clarified that no unpublished price sensitive information will be shared during these interactions.

Participation in Dolat Capital Corporate Conference 2026 on February 18, 2026
Meeting format includes both One-on-One and Group sessions in person
Conference theme is 'Decoding Growth Strategies', focusing on future outlook
Interaction scheduled between 10:00 am and 5:00 pm
Compliance disclosure confirms no unpublished price sensitive information (UPSI) will be shared

💡 This is a routine investor engagement activity; investors should watch for any investor presentations uploaded post-conference for insights into growth plans. No immediate trading action is required based on this schedule announcement.

Mahindra Holidays to Attend Dolat Capital Corporate Conference on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 12:47 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has announced its participation in the Dolat Capital Corporate Conference 2026 scheduled for February 18, 2026. The event, themed "Decoding Growth Strategies," will involve one-on-one and group meetings between company officials and institutional investors. The sessions are scheduled to take place in person from 10:00 am to 5:00 pm. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in Dolat Capital Corporate Conference 2026 on February 18, 2026
Event involves both one-on-one and group meetings with institutional investors
Full-day engagement scheduled from 10:00 am to 5:00 pm
Focus of the conference is on 'Decoding Growth Strategies' for the company
Compliance filing confirms no unpublished price sensitive information will be disclosed

💡 Investors should monitor for any post-event investor presentations or transcripts that may be uploaded to the company website for insights into growth plans. No immediate action is required as this is a routine investor engagement activity.

MHRIL Releases Audio Recording of Q3 FY 2026 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 11:12 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has officially released the audio recording of its Earnings Conference Call for the third quarter ended December 31, 2025. The call, which concluded on January 29, 2026, involved discussions with analysts and institutional investors regarding the company's financial performance and business outlook. This disclosure is a standard regulatory requirement under SEBI Listing Regulations to ensure transparency for all shareholders. Investors can access the full recording via the link provided on the company's official website.

Earnings conference call for Q3 FY 2026 was held on January 29, 2026, at 6:30 p.m. IST.
The recording covers financial performance and business overview for the quarter ended December 31, 2025.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Audio recording is publicly available on the Club Mahindra corporate website for investor review.

💡 Investors should listen to the recording to gain insights into management's commentary on member additions and resort occupancy. No immediate action is required as this is a routine procedural update.

MHRIL Updates Fair Disclosure Code for Price Sensitive Information

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 29 Jan 2026, 02:04 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has amended its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI). Effective January 29, 2026, the update aligns the company's internal governance with the latest SEBI (Prohibition of Insider Trading) Regulations. The code outlines strict protocols for the prompt and uniform dissemination of material information such as financial results, dividends, and M&A activities. It also defines 'Legitimate Purpose' for sharing sensitive data with authorized third parties like auditors and lenders.

Board approved amendments to the UPSI disclosure code effective from January 29, 2026
The code identifies 17 specific categories of UPSI including financial results, dividends, and capital structure changes
Designated a Chief Investor Relations Officer (CIRO) to ensure uniform dissemination and avoid selective disclosure
Mandates that transcripts or records of analyst meetings must be posted on the official website for public access

💡 This is a routine regulatory update to ensure compliance with SEBI norms and does not impact the company's fundamentals. Investors should view this as a positive step toward corporate governance and transparency.

MHRIL Q3 FY26: Standalone PAT Up 17% (Excl. One-offs); Consolidated Hit by Forex

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 01:59 PM

Mahindra Holidays & Resorts India Limited (MHRIL) reported a 6% YoY growth in standalone income to ₹415 Cr for Q3 FY26, with adjusted PAT rising 17% to ₹61.1 Cr. However, consolidated PAT saw a sharp decline of 96% to ₹1.4 Cr, primarily due to a ₹15.1 Cr one-off loss from forex and labor code impacts compared to a gain last year. The company expanded its inventory to 6,015 keys and launched 'Keystone,' a premium membership tier to drive higher Average Unit Revenue (AUR). While domestic operations remain debt-free and cash-rich, the European subsidiary (HCR) continues to face macroeconomic headwinds.

Standalone EBITDA grew 17% YoY (excluding one-offs) with margins improving to 35.9%.
Cumulative member base reached 304k, with 63% of new additions coming through digital and referral channels.
Resort inventory increased to 6,015 keys across 125 resorts, though occupancy dipped slightly to 81.5% from 84.2% YoY.
Consolidated performance was dragged down by a ₹15.1 Cr one-off loss and weak performance in the Finnish subsidiary (HCR).
Management reiterated a long-term growth target of reaching 12,000 keys by FY30.

💡 Investors should monitor the scaling of the new premium 'Keystone' product and the progress toward the FY30 room capacity targets. While domestic fundamentals are strong, the volatility in consolidated earnings due to the European business remains a key risk factor.

MHRIL Q3 Results: Consolidated Revenue Up 10% to ₹782 Cr; PAT Slumps 96% on European Headwinds

🔵 WATCH ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 01:56 PM

Mahindra Holidays reported a mixed Q3 FY26, where strong domestic performance was offset by significant losses in its European subsidiary, Holiday Club Resorts (HCR). Consolidated revenue grew 10.1% YoY to ₹782.5 Cr, but PAT plummeted 96% to ₹1.4 Cr due to economic headwinds and adverse weather in Finland. The India standalone business remained resilient with an 8.3% PAT growth to ₹54.9 Cr and a healthy occupancy rate of 81.5%. The company successfully crossed the 6,000-room inventory milestone and launched a new flexible membership product, KEYSTONE.

Consolidated Revenue increased 10.1% YoY to ₹782.5 Cr, while Standalone PAT grew 8.3% to ₹54.9 Cr.
Consolidated PAT fell 96% YoY to ₹1.4 Cr, dragged down by European operations and a one-time labour code impact.
Room inventory crossed the 6,000-key mark with 273 new keys and 3 new managed resorts added in Q3.
Average Unit Realization (AUR) for memberships surged 58% YoY to ₹9.7 Lakhs.
Maintains a strong cash position of ₹1,470 Cr and deferred revenue of ₹5,754 Cr as of Dec 31, 2025.

💡 Investors should focus on the robust growth and premiumization in the Indian standalone business while keeping a close watch on the recovery timeline for the European subsidiary (HCRO). The massive drop in consolidated profitability is a concern, though the core Indian vacation ownership model remains healthy with strong cash reserves.

MHRIL Q3 FY26 Results: 11 Subsidiaries Report Rs 38.59 Cr Net Loss

🔵 WATCH ⭐ 7/10

EARNINGS 📅 29 Jan 2026, 01:52 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has approved its financial results for the quarter ended December 31, 2025. The consolidated performance shows significant pressure from international operations, with 11 reviewed subsidiaries reporting a combined net loss of Rs 38.59 crore for the quarter. Total revenues from these subsidiaries stood at Rs 341.31 crore for Q3. Additionally, the company is addressing a regulatory review by NFRA regarding its accounting policies for revenue recognition and segment reporting, though management maintains current practices are compliant.

11 reviewed subsidiaries reported a combined net loss of Rs 3,859.00 lakhs (Rs 38.59 crore) for Q3 FY26.
Total revenue from 11 reviewed subsidiaries for the quarter was Rs 34,131.40 lakhs (Rs 341.31 crore).
9 unreviewed subsidiaries contributed an additional net loss of Rs 238.29 lakhs during the quarter.
NFRA issued an order to review accounting policies related to Ind AS revenue recognition and segment reporting.
Management and auditors have verified the accounting policies and claim they remain in compliance with Ind AS.

💡 Investors should closely monitor the turnaround of international subsidiaries which are currently impacting consolidated profitability. The outcome of the NFRA accounting review is also a critical factor to watch for any potential impact on future revenue reporting.

Mahindra Holidays (MHRIL) Assigned ESG Score of 74.7 by SES ESG Research

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 19 Jan 2026, 05:35 PM

SES ESG Research Private Limited, a SEBI-registered Category II ESG rating provider, has assigned an Environmental, Social, and Governance (ESG) score of 74.7 to Mahindra Holidays & Resorts India Limited (MHRIL). The rating is based on the company's public data for the financial year 2024-25. Notably, this was an independent assessment by the rating agency and was not commissioned by the company. A score of 74.7 reflects a strong commitment to sustainability and governance, which is increasingly important for institutional investment mandates.

SES ESG Research assigned an ESG score of 74.7 to MHRIL.
The rating is based on independent analysis of public data from FY 2024-25.
MHRIL did not engage or pay the rating agency for this specific report.
The rating was communicated to the company on January 18, 2026.
SES ESG is a SEBI-registered Category II ESG rating provider.

💡 Investors should view this high ESG score as a positive indicator of the company's long-term sustainability and governance standards. While it may not impact short-term stock price, it makes the company more attractive to ESG-focused institutional funds.

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💰 Financial Performance

Revenue Growth by Segment

Standalone Total Income grew 7.7% YoY to INR 1,544.9 Cr. Vacation ownership income (including ASF) grew 6.4% to INR 1,039.5 Cr, while Resort Income grew 7.2% to INR 360.7 Cr. Consolidated income reached INR 2,909.9 Cr, a 3.2% increase from INR 2,819.6 Cr.

Geographic Revenue Split

Standalone operations (primarily India) contribute INR 1,544.9 Cr (53% of consolidated income), while international operations and subsidiaries (primarily HCR in Finland) contribute the remaining INR 1,365 Cr (47%).

Profitability Margins

Standalone Operating Profit Margin improved significantly from 31.60% to 35.10% (up 350 bps). Standalone PAT margin increased from 12.60% to 13.00%. Consolidated PAT margin stands at 4.3% (INR 126 Cr on INR 2,909.9 Cr).

EBITDA Margin

Standalone Operating Profit Margin is 35.10% for FY25, up from 31.60% in FY24. This improvement is driven by a 33% increase in Average Unit Realisation (AUR) and cost optimization measures.

Capital Expenditure

The company is transitioning to a capital-light model where only 30% of incremental inventory will be owned. Capex will be funded through internal accruals of INR 1,555 Cr (standalone cash balance) to avoid new debt.

Credit Rating & Borrowing

MHRIL remains a zero-debt entity on a standalone basis. Consolidated long-term debt increased 11.7% to INR 987.5 Cr from INR 884.1 Cr, primarily associated with overseas subsidiaries (HCR).

⚙️ Operational Drivers

Raw Materials

Food and Beverage (F&B) consumables and resort supplies represent the primary variable costs, though specific % of total cost is not disclosed.

Import Sources

Sourcing is primarily domestic (India) for standalone operations, with centralized procurement used to manage costs across resort locations.

Key Suppliers

Not specifically named; however, the company utilizes centralized procurement to leverage scale and mitigate price volatility.

Capacity Expansion

Member base reached 2,97,771 as of March 31, 2025. Expansion focuses on 'Mahindra Signature Resorts' and 'Keystone' venture using a mix of lease (70%) and owned (30%) models.

Raw Material Costs

Operating and other expenses grew 3.4% YoY to INR 1,053.1 Cr on a standalone basis, representing 68% of total income. Procurement strategies include centralized buying to offset F&B inflation.

Manufacturing Efficiency

Resort revenue growth of 7.2% indicates healthy occupancy and utilization. The company is focusing on 'premium members' to drive higher revenue per available room.

Logistics & Distribution

Not applicable as a traditional % of revenue; distribution is focused on digital and direct sales for membership products.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

The company targets a 4x increase in PAT between FY20 and FY30. This will be achieved through a 15% Revenue/Earnings CAGR driven by: 1) Increasing Average Unit Realisation (up 33% currently), 2) Launching the 'Mahindra Signature Resorts' brand, 3) Expanding via a capital-light model (leasing/management contracts), and 4) Scaling the 'Keystone' venture.

Products & Services

Vacation ownership memberships (Club Mahindra), resort stays, food and beverage services, and curated holiday experiences.

Brand Portfolio

Club Mahindra, Mahindra Signature Resorts, Holiday Club Resorts (HCR), Keystone.

New Products/Services

Mahindra Signature Resorts and the Keystone venture are expected to contribute to the 15% revenue CAGR guidance through FY30.

Market Expansion

Focusing on premium market segments in India and optimizing the international portfolio (HCR) when market situations improve.

Market Share & Ranking

Not disclosed, but MHRIL is a leading player in the Indian vacation ownership market.

Strategic Alliances

The company is increasingly using management contracts and partnerships where third parties build resorts to MHRIL specifications.

🌍 External Factors

Industry Trends

The industry is shifting toward premiumization and 'asset-light' hospitality. MHRIL is positioning itself by focusing on premium member upgrades and management contracts to improve ROCE.

Competitive Landscape

Competes with traditional hotels and other vacation ownership providers; MHRIL differentiates through its large resort network and Mahindra brand trust.

Competitive Moat

The moat is built on a massive INR 5,736 Cr deferred revenue pool and a 2.97 lakh member base, which creates high switching costs and predictable long-term cash flows.

Macro Economic Sensitivity

Sensitive to global economic uncertainty and new tariff policies which impact international travel and subsidiary performance.

Consumer Behavior

Shift toward premium holiday experiences and higher spending on F&B at resorts, supporting the 7.2% growth in resort income.

Geopolitical Risks

Global uncertainty and tariff changes are identified as macroeconomic threats to the international business (HCR).

⚖️ Regulatory & Governance

Industry Regulations

Operations are impacted by land acquisition laws, commercial land usage conversion, and environmental approvals for resort construction.

Environmental Compliance

Resort development is subject to environmental clearances and sustainability (ESG) risks monitored by the Risk Management Committee.

Taxation Policy Impact

Standalone tax expenses were INR 69.1 Cr on PBT of INR 269.6 Cr, implying an effective tax rate of ~25.6%.

Legal Contingencies

The company received 3 shareholder complaints during FY25, all of which were resolved with zero complaints pending as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the impact of capex on treasury income, which may temporarily mute PAT growth relative to revenue. Operational risk involves maintaining service quality for 2.97 lakh members.