Operates a vacation ownership (timeshare) business in India under the Club Mahindra brand, selling multi-year memberships that entitle members to stays at a network of resorts. Earns revenue from membership sales and upgrades, recurring member subscription and usage fees, and resort stays by both members and non-member walk-in (FIT) guests. Also runs a Finland-based vacation ownership business (Holiday Club Resorts, or HCRO) that is under strategic review with all options including exit on the table. The Indian MHRIL segment contributed 52.2% of segment revenue and an EBIT margin of 18.6%, while the HCRO segment contributed 47.8% but posted an EBIT margin of -5.1%. In Q1 FY27, Keystone membership sales reached INR154 cr with upgrade value of INR89 cr; resort revenue grew 10% YoY to INR126 cr though about 400 keys were offline for renovation, and non-member/FIT business grew 30% YoY. The network target is 10,000 keys by FY30 with ~1,000 gross key additions planned for FY27. The largest cost lines are other operating expenses at 52.2% of revenue and employee costs at 27.2%, with depreciation at 13.7% reflecting the asset-heavy resort model. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. MHRIL (Indian vacation ownership) (52%), HCRO (European vacation ownership) (48%). Asset-heavy resort network funded by multi-year member prepayments reflected as deferred revenue
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,013 | 2,517 | 2,705 | 2,781 | 2,992 |
| EBITDA (ex other income) | 315 | 472 | 514 | 579 | 606 |
| margin % | 15.7 | 18.7 | 19.0 | 20.8 | 20.2 |
| Owners' profit | 68 | 115 | 116 | 128 | 70 |
| EPS, as reported (₹) | 3.38 | 5.75 | 5.74 | 6.33 | 3.45 |
| ROE % · ROCE % | 26.0 · 2.9 | 28.6 · 3.7 | 21.8 · 4.0 | 16.0 · 3.9 | 8.5 · 3.6 |
| Debt / equity (x) | 9.88 | 6.58 | 5.13 | 1.25 | 1.57 |
| Cash from operations | 498 | 681 | 624 | 621 | 531 |
| Capex | (132) | (261) | (338) | (326) | (421) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 671 | 678 | 779 | 701 | 717 | 753 | 820 | 733 |
| Profit before tax | 29 | 48 | 102 | 27 | 36 | 11 | 65 | (3) |
| Net profit | 11 | 35 | 73 | 7 | 17 | 1 | 41 | (9) |
| EPS (₹) | 0.68 | 1.73 | 3.63 | 0.39 | 0.89 | 0.11 | 2.06 | (0.43) |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| MHRIL | 1,625 | 52.2 |
| HCRO | 1,491 | 47.8 |
| Total, before eliminations | 3,116 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,02,271 | 47.7 | 6.85 | 27.2 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 32,180 | 37.1 | 2.75 | 20.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Allotment of 12,525 equity shares under ESOP 2020 scheme | capital market events | low | — | — |
| 2 Sept 2026 · Mahindra Holidays receives GST show cause notice worth Rs 9.78 crore | regulatory legal | high | — | — |
| 26 Aug 2026 · Mahindra Holidays gets GST show cause notice worth about Rs 11.34 crores | regulatory legal | high | — | — |
| 17 Aug 2026 · MHRIL files newspaper ad copies about physical shares demat window | compliance | minimal | — | — |
| 31 Jul 2026 · Mahindra Holidays gets 'Strong' ESG rating of 62 from Crisil | business updates | medium | — | — |
| 28 Jul 2026 · Mahindra Holidays gets ESG score of 63, rated Strong | business updates | medium | — | — |
| 28 Jul 2026 · MHRIL Q1 FY27 call: Keystone sales up 22%, 400 keys under renovation, HCRO review on | investor communications | medium | — | — |
| 23 Jul 2026 · MHRIL Q1 FY27 earnings call audio recording uploaded | investor communications | low | — | — |
| 23 Jul 2026 · Mahindra Holidays Q1 results published; consolidated swings to loss | compliance | minimal | — | — |
| 22 Jul 2026 · 30th AGM voting results - all 3 resolutions passed | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 7.0 |
| 9.0 |
| — |
| 37.5 |
| CHALET HOTELS LIMITED | 19,293 | 36.5 | 5.22 | 17.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| EIH LIMITED | 17,976 | 25.3 | 3.32 | 16.8 | 12.2 | 14.9 | 42.7 | 31.6 |
| LEELA PALACES HOTEL LTD | 17,930 | 29.6 | 2.78 | 24.0 | 6.2 | 5.9 | — | 43.2 |
| VENTIVE HOSPITALITY LTD | 13,431 | 28.0 | 1.99 | 11.8 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,314 | 35.4 | 4.00 | 15.4 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,888 | 71.8 | 14.33 | 48.1 | 20.0 | 26.6 | 24.7 | 17.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 74.8 | 24.1 | 59 of 60 | 2% |
| P/B | 5.1 | 1.9 | 50 of 57 | 13% |
| ROCE | 1.6 | 4.9 | 45 of 65 | 31% |
| ROE | 8.6 | 6.4 | 24 of 59 | 60% |
| Debt / Equity | 1.6 | 0.2 | 54 of 59 | 9% |
| EBITDA margin | 20.9 | 29.5 | 40 of 58 | 32% |
| Revenue growth | 4.5 | 7.6 | 35 of 58 | 40% |
| Profit growth | (219.4) | 11.6 | 52 of 55 | 6% |
| Market cap | 3967 | 274 | 10 of 66 | 86% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
