Overview

Detailed Summary

Mahindra Holidays & Resorts India Limited specializes in providing holiday experiences through vacation ownership memberships, offering stays in resorts across diverse locations in India and globally.
The company exhibited robust standalone performance with a 6% growth in total income and a 17% increase in EBITDA, driven by strategic interventions and operational optimizations.
Despite challenges, resort income increased by 14% due to high occupancy rates and inventory expansion efforts, indicating strong demand and operational efficiency.
Mahindra Holidays is strategically expanding its resort network and enhancing member experience through its Keystone membership plan, leading to increased sales value and improved customer engagement.
The company's international arm, Holiday Club Resorts, faced hurdles due to macroeconomic factors and geographical challenges but aims to stabilize with strategic reinforcements.

Sector: Leisure Services
Industry: Hotels & Resorts
Market Cap: 5,444 Cr
Volatility: Moderate Risk
P/E Ratio: 49.5
Industry P/E: 39.5
PEG Ratio: 0.6
P/B Ratio: —
52W High: 381.55
52W Low: 225.05

Sales CAGR

1Y: 2.82%
3Y: 13.38%
5Y: 7.46%
10Y: 4.39%

Profit CAGR

1Y: 8.52%
3Y: 9.84%
5Y: —
10Y: 6.52%

ROE

TTM: 18.25%
3Y: 20.82%
5Y: 19.92%
10Y: 16.33%

ROCE

TTM: 4.07%
3Y: 3.88%
5Y: 3.20%
10Y: 3.63%

Technicals

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Forecasts

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Peers

Consumer Discretionary Consumer Services Leisure Services Hotels & Resorts

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DBREALTY		91.80	5,851 Cr	60.35	1.42	0.00	-0.09	1.54	1.18
MHRIL		247.85	5,444 Cr	49.48	0.00	0.00	18.25	4.07	0.90
ITDC		404.40	5,386 Cr	43.96	15.91	0.46	21.34	27.95	10.94
JUNIPER		215.00	4,647 Cr	32.72	1.69	0.00	4.53	6.91	3.35
SAMHI		159.55	3,667 Cr	16.31	2.06	0.00	7.46	9.57	5.54
PARKHOTELS		116.05	2,652 Cr	30.86	2.03	0.40	6.76	9.40	4.15
BRIGHOTEL		63.10	2,599 Cr	87.64	2.86	0.00	3.81	9.64	3.75
Median: 7 Co.	—	159.55	4,647 Cr	43.96	2.03	0.00	6.76	9.40	3.75

Financial Statements

Upcoming Result Date: Apr 26, 2026

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	655	635	800	653	671	678	779	701	717	753
Expenses	519	530	612	547	547	533	574	579	565	609
Operating Profit	136	105	188	105	123	146	204	122	153	144
OPM %	20.76	16.56	23.47	16.14	18.40	21.47	26.24	17.46	21.29	19.15
Other Income	16	32	30	33	35	32	28	38	31	19
Interest	33	45	22	35	38	37	38	39	48	47
Depreciation	84	86	86	89	92	93	92	96	101	104
Profit Before Tax	35	6.30	109	14	28	48	102	26	36	12
Tax %	39.46	-67.14	23.74	56.62	59.14	26.15	28.77	72.73	52.30	87.78
Net Profit	21	11	83	6.09	11	35	73	7.17	17	1.41
EPS in Rs	1.06	0.58	4.09	0.29	0.68	1.73	3.62	0.39	0.89	0.11

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,267	2,317	2,239	2,372	1,730	2,013	2,517	2,705	2,781	2,829
Expenses	1,945	1,970	2,073	2,003	1,499	1,698	2,045	2,191	2,202	2,233
Operating Profit	322	347	166	369	231	315	472	514	579	596
OPM %	14.20	14.97	7.42	15.54	13.37	15.65	18.74	19.00	20.81	21.06
Other Income	28	33	57	59	117	166	108	114	128	133
Interest	20	64	24	79	82	99	119	132	148	152
Depreciation	106	100	101	247	264	271	290	337	366	373
Profit Before Tax	224	217	98	101	2.47	111	171	160	193	205
Tax %	35.06	38.69	39.24	232.51	665.97	38.82	33.30	27.25	34.58	37.97
Net Profit	146	133	60	-134	-14	68	114	116	126	127
EPS in Rs	—	—	3.01	-6.56	-0.90	3.70	5.70	5.74	6.32	5.01
Dividend Payout %	44.64	40.20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	88,05,842	89	133	133	133	133	200	201	202	202
Reserves	418	509	579	149	-87	-48	50	189	323	579
Borrowings	643	712	738	585	1,900	2,487	2,567	2,623	2,738	3,131
Other Liabilities	-88,03,274	2,651	3,055	6,416	6,940	5,950	6,030	6,305	6,584	6,703
Total Liabilities	3,629	3,960	4,505	7,283	8,886	8,521	8,846	9,317	9,846	10,614
Fixed Assets	1,339	1,273	1,459	2,439	3,862	3,971	4,186	4,418	4,589	5,003
CWIP	75	171	112	227	250	124	122	182	244	407
Investments	61	104	453	323	406	77	306	573	675	753
Other Assets	2,153	2,413	2,481	4,293	4,367	4,349	4,232	4,144	4,339	4,451
Total Assets	3,629	3,960	4,505	7,283	8,886	8,521	8,846	9,317	9,846	10,614

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	242	276	551	263	561	382	498	681	624	621
Cash from Investing Activity	-379	-182	-547	-238	-284	-237	-257	-210	-449	-401
Cash from Financing Activity	274	-5.73	-144	-21	-254	-154	-217	-459	-190	-285
Net Cash Flow	137	88	-140	4.89	22	-8.27	24	12	-14	-64

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	67.11%	66.95%	66.91%	66.90%	66.90%	66.89%	66.87%	66.87%	66.87%	66.87%	66.86%	66.86%
FIIs	5.25%	5.19%	5.23%	5.26%	5.34%	5.32%	5.38%	5.37%	5.43%	5.45%	5.53%	5.31%
DIIs	8.32%	10.43%	10.61%	10.73%	10.47%	10.26%	10.21%	10.09%	10.20%	10.03%	10.40%	11.03%
Public	19.32%	17.43%	17.25%	17.11%	17.29%	17.53%	17.53%	17.67%	17.50%	17.65%	17.21%	16.80%
Total Shareholders	77,091	70,620	75,934	76,636	79,175	82,831	84,080	84,856	88,115	88,964	92,347	93,818

Market Transactions

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Projection

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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