NSE: MHRIL · BSE: 533088
MAHINDRA HOLIDAYS LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| MHRIL | 1,625 | 52.2 |
| HCRO | 1,491 | 47.8 |
| Total, before eliminations | 3,116 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,15,701 | 53.9 | 7.74 | 30.7 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED | 34,472 | 39.8 | 2.95 | 22.4 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 19,829 | 32.8 | 3.07 | 26.4 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,135 | 25.5 | 3.35 | 17.0 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 17,782 | 33.6 | 4.81 | 16.2 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,520 | 26.1 | 1.85 | 11.1 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,434 | 35.9 | 4.06 | 15.6 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,146 | 62.8 | 12.52 | 42.0 | 20.0 | 26.6 | 24.7 | 17.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 69.7 | 26.1 | 54 of 57 | 5% |
| P/B | 4.7 | 1.6 | 50 of 57 | 13% |
| ROCE | 1.6 | 4.9 | 45 of 65 | 31% |
| ROE | 8.6 | 6.3 | 22 of 57 | 63% |
| Debt / Equity | 1.6 | 0.2 | 52 of 57 | 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 | 3696 | 237 | 10 of 66 | 86% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27 profit rises 17%; 1,000 keys planned | investor communications | medium | — | — |
| 26 Oct 2026 · No share conversion requests in July to September 2026 | compliance | minimal | — | — |
| 22 Oct 2026 · September quarter and half-year results published in newspapers | compliance | minimal | — | — |
| 21 Oct 2026 · Earnings call audio for Q2 & H1 FY2027 uploaded on website | investor communications | low | — | — |
| 21 Oct 2026 · MHRIL Q2 FY27: Cons PAT up 17% YoY; revised standalone EBITDA | compliance | low | — | — |
| 21 Oct 2026 · ClubMahindra Q2 FY27: Standalone PAT down 16% YoY on higher costs | investor communications | medium | — | — |
| 21 Oct 2026 · Q2 FY27 results: Consolidated PAT up 17% YoY, resort revenue grows 15% | compliance | low | — | — |
| 21 Oct 2026 · MHRIL Q2 FY26 results: Revenue up, H1 profit dips on exceptional charges | results | high | — | — |
| 21 Oct 2026 · MHRIL Q2 FY27 results: PAT down on Labour Code charge | results | high | — | — |
| 15 Oct 2026 · Chief - Strategic Initiatives Rohit Malik resigns effective 31 Oct 2026 | management changes | medium | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
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.