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Mahindra Holidays & Resorts India Limited (MHRIL)

₹200.97 +0.75% last close, 16 Oct

📊 NSE: MHRIL 🏢 Hotels 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 21 Oct 2026 (board meeting)

Mahindra Holidays & Resorts India Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Mahindra Holidays' revenue was ₹733 Cr (+4.5% year on year, -10.6% on the previous quarter), and net profit ₹-8.6 Cr (against a profit a year earlier); the operating margin was 15.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹733	+4.5%	-10.6%
Operating profit	₹113	-7.9%	-42.7%
Net profit	₹-8.6	to loss	to loss
EPS (₹)	-0.43	to loss	to loss
Operating margin	15.4%	—	—

Full quarterly financials → Results calendar →

MHRIL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 54.49% of the MHRIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.88%. That is close to its usual level. Turnover was only ₹92 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

54.49%Delivery, 16 Oct

52.88%Own 20-session average

0.4×Volume vs its average

₹200.97NSE close · +0.75%

Delivery in the last 5 sessions: 53.2% · 56.3% · 45.5% · 42.3% · 54.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

MHRIL Chief of Strategic Initiatives Rohit Malik Resigns Effective Oct 31, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Oct 2026, 07:07 PM

Mahindra Holidays & Resorts India Limited (MHRIL) announced the resignation of Mr. Rohit Malik, Chief – Strategic Initiatives, effective October 31, 2026. Mr. Malik cited personal, social, and professional interests outside full-time employment after a 30-year corporate career. No other material reasons were stated for his departure. The company has not yet named an immediate successor for the role.

Resignation of Mr. Rohit Malik as Chief – Strategic Initiatives announced on October 15, 2026
Cessation takes effect from close of business hours on October 31, 2026
Reason cited is personal, social, and professional interests after a 30-year corporate career
Event occurred at 12:16 p.m. IST on October 15, 2026

💡 Track whether MHRIL announces a successor to lead strategic initiatives and whether there is any disruption to strategic projects like Keystone or resort portfolio expansion.

MHRIL Receives Rs 36.3 Cr GST Show Cause Notice for FY 2022-23

🔵 WATCH ⭐ 5/10

LEGAL 📅 01 Oct 2026, 01:20 PM

Mahindra Holidays & Resorts India Limited has received a Show Cause Notice (SCN) from the Deputy Commissioner of State Tax, Mumbai, demanding Rs 36.30 crore for FY 2022-23. The demand includes Rs 19.11 crore in tax, Rs 15.27 crore in interest, and Rs 1.92 crore in penalty under Maharashtra and Central GST Acts. The claims pertain to non-payment of GST on stay facilities, cross-charge invoicing issues, and input tax credit matters. The total demand represents ~72.6% of the company's TTM net profit of Rs 50 crore, although the company currently expects no material financial impact.

Total tax demand of Rs 36,29,52,674 received from Deputy Commissioner of State Tax, Mumbai on 30th September 2026
Demand includes tax of Rs 19,10,99,257, interest of Rs 15,26,82,114, and penalty of Rs 1,91,71,303
Notice pertains to FY 2022-23 over alleged GST non-payment on stay facilities, food, travel, and ineligible ITC
Total demand represents ~72.6% of TTM PAT (Rs 50 Cr) and ~1.2% of TTM revenue (Rs 3023 Cr)

💡 Track the company's legal response before the tax authority and subsequent disclosures on whether this SCN crystallizes into a formal demand or is contested via appellate authorities.

MHRIL Schedules Analyst and Institutional Investor Meet on September 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 04:25 PM

Mahindra Holidays & Resorts India Limited has announced an in-person meeting with Anand Rathi Institutional Equities scheduled for Monday, September 21, 2026, from 11:00 am to 2:00 pm IST. The session will comprise group and one-on-one meetings. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction. This is a standard investor relations disclosure under SEBI LODR Regulation 30.

Investor meeting scheduled for Monday, 21st September 2026
Time window set from 11:00 am to 2:00 pm
Conducted with Anand Rathi Institutional Equities as group and one-on-one meetings
Company confirmed no unpublished price sensitive information will be shared

💡 Monitor any post-meet presentations or transcripts uploaded to the exchange, and track the upcoming Q2 FY27 earnings for operational performance.

MHRIL Allots 12,525 Equity Shares Under ESOP Scheme 2020

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 02:07 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has allotted 12,525 equity shares of face value Rs. 10 each pursuant to the exercise of options under its Employees Stock Options Scheme - 2020. The allotment was approved by the Securities Allotment Committee via circular resolution on September 3, 2026. Following the allotment, the company's paid-up share capital increased from Rs. 2,02,05,61,520 to Rs. 2,02,06,86,770, comprising 20,20,68,677 equity shares. The newly allotted shares rank pari-passu with existing equity shares.

Allotment of 12,525 equity shares of face value Rs. 10 each under ESOP Scheme - 2020
Paid-up share capital increased to Rs. 2,02,06,86,770 comprising 20,20,68,677 shares
Share capital prior to allotment stood at Rs. 2,02,05,61,520 (20,20,56,152 shares)
Approved by the Securities Allotment Committee on September 3, 2026

💡 This is a routine administrative filing reflecting negligible equity dilution; no specific action is required from investors.

MHRIL receives GST show cause notice demanding Rs 9.78 Cr for FY23

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 02 Sep 2026, 02:58 PM

Mahindra Holidays & Resorts India Limited has received a Show Cause Notice (SCN) from the Assistant Commissioner of Commercial Taxes (Audit), Madikeri. The notice demands a total of Rs 9.78 Cr for FY 2022-23, comprising Rs 6.23 Cr in tax, Rs 2.92 Cr in interest, and Rs 0.63 Cr in penalty. The dispute involves Input Tax Credit (ITC) claims in GSTR-3B, ineligible ITC, and tax reported under GSTR-7/GSTR-8. The demand amounts to ~0.32% of TTM revenue (Rs 3,023 Cr) and the company states it expects no material financial impact.

Total demand of Rs 9,78,36,455 issued by Commercial Taxes (Audit), Madikeri on September 1, 2026.
Demand includes Rs 6,23,44,203 in tax, Rs 2,92,07,832 in interest, and Rs 62,84,420 in penalty for FY 2022-23.
Issue pertains to ITC claims in GSTR-3B, ineligible ITC availed, and supply reporting under GSTR-7 and GSTR-8.
Demanded amount constitutes approximately 0.32% of FY26 TTM revenue of Rs 3,023 Cr.

💡 Monitor whether the company's reply leads to a dropped demand or formal adverse assessment order during statutory adjudication.

MHRIL receives ₹11.34 Cr GST Show Cause Notice from Dehradun Tax Authority

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 26 Aug 2026, 01:45 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has received a Show Cause Notice (SCN) from the Central GST Audit Commissionerate, Dehradun, demanding ₹11.34 Cr. The demand covers FY 2020-21 through FY 2023-24 and includes ₹11.33 Cr in alleged short payment of taxes and ₹50,000 in penalties. The disputed amount represents ~0.38% of TTM revenue (₹3,023 Cr) and ~22.7% of TTM PAT (₹50 Cr). The company stated that it does not foresee any material financial impact and is preparing legal remedies to contest the notice.

Received SCN demanding aggregate tax and penalty of INR 11,33,69,421 (₹11.34 Cr).
Comprises tax demand of INR 11,33,19,421 and penalty of INR 50,000.
Pertains to 4 financial years: FY 2020-21, FY 2021-22, FY 2022-23, and FY 2023-24.
Notice received on 25th August 2026 at 2:56 PM IST from Central GST Audit, Dehradun.

💡 Track the company's formal response to the GST authority and subsequent adjudication orders or appellate proceedings.

MHRIL Receives 'Strong' ESG Rating of 62 and Core ESG Rating of 69 from CRISIL

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 31 Jul 2026, 02:21 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has received its Environmental, Social, and Governance (ESG) ratings from CRISIL ESG Ratings & Analytics Limited. The company was assigned an ESG rating of 62 and a Core ESG rating of 69, placing it in the 'Strong' category. This disclosure is in compliance with SEBI's updated regulations for ESG rating providers. While these ratings do not impact immediate financial performance, they are increasingly critical for institutional investor mandates and sustainability reporting.

Assigned an overall ESG rating of 62 by CRISIL ESG Ratings & Analytics Limited
Assigned a Core ESG rating of 69, categorized as 'Strong'
Communication of the rating was received on July 30, 2026, at 20:06 IST
The rating follows SEBI Master Circular requirements dated January 30, 2026

💡 Investors should treat this as a compliance and reputational update; watch for whether this 'Strong' rating helps the company attract ESG-focused institutional capital or improves borrowing terms for its Rs 820 Cr debt.

MHRIL Receives 'Strong' ESG Score of 63 from ESG Risk Assessments

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Jul 2026, 04:08 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has been assigned an ESG score of 63 by ESG Risk Assessments & Insights Limited, a SEBI-registered provider. The company is categorized as 'Strong' based on this assessment. This disclosure is in compliance with SEBI's updated ESG rating regulations. While this is a non-financial metric, it is increasingly relevant for institutional investors and ESG-themed funds that manage significant capital.

Assigned an ESG score of 63 by ESG Risk Assessments & Insights Limited
Categorized as 'Strong' under the rating provider's framework
Official communication received by the company on July 27, 2026, at 18:20 IST
Rating provided by a SEBI-registered Category I Subscriber-Pays ESG rating provider

💡 Investors should monitor if this 'Strong' rating leads to increased institutional holding from ESG-mandated funds, though it has no direct impact on near-term earnings.

MHRIL Q1 FY27: Sales Value Up 22% to ₹154 Cr; Plans 1,000 Key Addition in FY27

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 28 Jul 2026, 01:27 PM

Mahindra Holidays & Resorts India Limited (MHRIL) reported a 22% YoY increase in sales value to ₹154 Cr for Q1 FY27, driven by a 73% surge in Average Unit Realisation (AUR) to ₹14.4 lakhs. Despite a ₹22 Cr YoY decline in PAT—attributed to 400 keys being offline for renovation and the stabilization of new resorts—resort revenue grew 10% to ₹126 Cr. The company maintained a high occupancy of 86.7% and plans to add 1,000 keys during FY27. Management is also reviewing the European business (HCR) for potential monetization or partnerships to optimize the international portfolio.

Sales value grew 22% YoY to ₹154 Cr, with upgrade value from existing members rising 58% to ₹89 Cr.
Average Unit Realisation (AUR) increased by 73% YoY to ₹14.4 lakhs, reflecting successful premiumization.
Resort revenue rose 10% YoY to ₹126 Cr despite 400 keys being unavailable due to renovations.
Targeting 1,000 gross key additions in FY27 across destinations like Jodhpur, Goa, and Darjeeling.
Exited over 300 underperforming keys in Q1, with plans to exit another 300-400 keys over the next three quarters.

💡 Monitor the operationalization of the 400 renovated keys in H2 FY27 and the execution of the 1,000-key expansion plan. Watch for any concrete developments regarding the restructuring or monetization of the European subsidiary (HCR).

Q1 FY 2027: MHRIL Releases Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Jul 2026, 07:04 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has released the audio recording of its earnings conference call for the first quarter ended June 30, 2026. The call, which concluded on July 23, 2026, provided management's perspective on the company's financial performance and business outlook. This disclosure is a standard regulatory requirement following the announcement of quarterly results. Investors can access the recording to gain insights into the company's progress toward its long-term goal of quadrupling PAT by FY30.

Earnings call for Q1 FY 2027 concluded on July 23, 2026, at 4:55 p.m. IST.
Company is pursuing a 15% Revenue/Earnings CAGR target through FY30.
Member base stood at 2,97,771 as of the end of the previous fiscal year.
TTM Revenue is reported at Rs 2,991 Cr with an operating profit margin of 20.6%.

💡 Investors should listen to the recording for management's commentary on the execution of the 'Mahindra Signature Resorts' strategy and any updates on the international HCR portfolio performance given European macro headwinds.

99.99% Shareholder Approval for MHRIL FY26 Financials at 30th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jul 2026, 11:40 PM

Mahindra Holidays & Resorts India Limited (MHRIL) successfully passed all three resolutions at its 30th Annual General Meeting held on July 22, 2026. Shareholders approved the audited standalone and consolidated financial statements for FY26 with a near-unanimous 99.99% majority. The re-appointment of Mr. C.P. Gurnani as a Director was also cleared with 99.56% support. The meeting saw participation from 82 shareholders via video conferencing, representing a significant portion of the 20.21 crore total paid-up equity shares.

3 resolutions passed with requisite majority at the 30th AGM held on July 22, 2026
99.99% votes in favor of adopting the FY26 Audited Consolidated Financial Statements
99.56% approval for the re-appointment of Mr. C.P. Gurnani as Director
1,00,761 total shareholders as of the cut-off date of July 15, 2026
16,52,09,889 total valid votes cast for the financial statement resolution

💡 Watch for upcoming quarterly results to verify if the 15% revenue CAGR guidance is being maintained through the 'Mahindra Signature Resorts' rollout.

MHRIL Concludes 30th AGM; Shareholders Adopt FY26 Financials and Re-appoint Director

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jul 2026, 09:21 PM

Mahindra Holidays & Resorts India Limited (MHRIL) successfully conducted its 30th Annual General Meeting on July 22, 2026, via video conferencing. Shareholders reviewed and adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. A key agenda item was the re-appointment of Mr. C.P. Gurnani as a Director liable to retire by rotation. The meeting was attended by 82 members, and the final voting results are expected within two working days.

30th Annual General Meeting held on July 22, 2026, via Video Conferencing
82 members were present to establish the requisite quorum
Adoption of Audited Standalone and Consolidated Financial Statements for FY ended March 31, 2026
Re-appointment of Mr. C.P. Gurnani (DIN: 00018234) as a Director
Voting results to be declared and submitted to exchanges within 2 working days

💡 Investors should monitor the final voting results for any significant dissent on resolutions, though none is expected. The focus remains on the company's execution of its FY30 growth strategy and quarterly performance.

MHRIL Q1 FY27: Standalone PAT Drops 29% to ₹54.3 Cr; Consolidated Loss at ₹8.6 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 22 Jul 2026, 02:34 PM

Mahindra Holidays & Resorts India Limited (MHRIL) reported a weak Q1 FY27 bottom line, with standalone PAT declining 29% YoY to ₹54.3 Cr despite a 3% revenue growth to ₹423.5 Cr. The consolidated performance was significantly impacted by the European subsidiary (HCR), leading to a consolidated net loss of ₹8.6 Cr compared to a profit of ₹7.2 Cr in the previous year. Operationally, the company showed strength in premiumization, with Average Unit Realization (AUR) surging 73% YoY to ₹14.4 Lakh. The resort network remains robust with 8 ongoing projects expected to add approximately 1,000 keys.

Standalone PAT fell 29% YoY to ₹54.3 Cr, with EBITDA margins contracting from 39.2% to 33.4%.
Consolidated net loss of ₹8.6 Cr reported for Q1 FY27, down from a ₹7.2 Cr profit in Q1 FY26.
Average Unit Realization (AUR) increased by 73% YoY to ₹14.4 Lakh, driven by premiumization and upgrades.
Resort occupancy improved to 86.7%, up 130 basis points YoY despite ongoing transformation at 7 resorts.
Expansion pipeline includes 8 greenfield/brownfield projects estimated to add ~1,000 keys to the portfolio.

💡 Investors should monitor the recovery trajectory of the European subsidiary (HCR) and the impact of rising employee costs (up 15% YoY) on domestic margins. The execution timeline of the 1,000-key expansion and the success of the 'Keystone' premium membership will be critical for long-term growth.

MHRIL Q1 FY27: Consolidated Loss of ₹8.6 Cr; Sales Value Up 22% to ₹154 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 22 Jul 2026, 02:27 PM

MHRIL reported a consolidated net loss of ₹8.6 Cr for Q1 FY27, swinging from a profit of ₹7.2 Cr in the same quarter last year, despite a 5% YoY increase in consolidated revenue to ₹773.5 Cr. The loss was primarily attributed to headwinds in the Finnish economy affecting international operations and growth-related costs in India. Operationally, the company showed strength in premiumization, with Average Unit Realisation (AUR) rising 73% YoY to ₹14.4L and membership upgrades growing 58% to ₹89 Cr. The company maintains a strong liquidity position with ₹1,420 Cr in cash and a massive deferred revenue pool of ₹5,825 Cr.

Sales value including upgrades grew 22% YoY to ₹154 Cr in Q1 FY27
Average Unit Realisation (AUR) increased by 73% YoY to ₹14.4L
Consolidated PAT turned to a loss of ₹8.6 Cr from a profit of ₹7.2 Cr YoY
Resort occupancy remained healthy at 86.7% with resort revenue up 10% to ₹126 Cr
Cumulative member base reached 3,03,153 as of June 30, 2026

💡 Monitor the recovery of the international subsidiary (HCR) and the execution of the 1,000-key inventory addition planned for FY27 to offset supply chain delays.

MHRIL Appoints Ashley Thomas as Internal Auditor Effective July 22, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 22 Jul 2026, 02:24 PM

Mahindra Holidays & Resorts India Limited (MHRIL) has appointed Mr. Ashley Thomas as the Internal Auditor of the company effective July 22, 2026. Mr. Thomas, a Chartered Accountant, brings 15 years of experience within the Mahindra Group, specifically in internal audit and governance. His tenure is scheduled to last until the conclusion of the Q4 FY 2027 Board Meeting. This appointment is a routine governance measure recommended by the Audit Committee to oversee internal controls for the company's operations.

Appointment of Mr. Ashley Thomas as Internal Auditor effective July 22, 2026
Mr. Thomas has 15 years of experience across the Mahindra Group in internal audit and risk management
The tenure of the appointment is fixed until the conclusion of the Q4 FY 2027 Board Meeting
The Board meeting for this appointment lasted 3 hours and 24 minutes (10:35 a.m. to 01:59 p.m.)

💡 Investors should treat this as a routine administrative update; no immediate action is required, though the auditor's role is critical for maintaining the integrity of the company's 2,97,771 member-strong business model.

View All MHRIL Announcements on Live Market Tracking →

💰 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.