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- Q2 FY27 results
Mahindra Holidays & Resorts India Q2 FY27 results: net profit up 16.4% to ₹19.72 crore, revenue up 9.3%
Mahindra Holidays & Resorts India Limited reported consolidated Q2 FY27 revenue of ₹784.13 crore, up 9.3% from a year ago, while EBITDA rose to ₹159.40 crore and the EBITDA margin fell to 20.3%. Net profit was ₹19.72 crore and basic EPS was ₹0.99, after a net loss of ₹8.56 crore in Q1 FY27.
Key points
- Consolidated revenue rose 9.3% year on year to ₹784.13 crore and increased 7.0% from Q1 FY27.
- EBITDA was ₹159.40 crore in Q2 FY27, up 4.4% year on year, with the margin declining 1.0 percentage point to 20.3%.
- Net profit rose to ₹19.72 crore from ₹16.94 crore a year earlier, and basic EPS was ₹0.99.
- H1 FY27 revenue rose 6.9% to ₹1,516.95 crore, while net profit fell 53.7% to ₹11.16 crore.
- The stock closed 1.8% lower on the reaction day and was down 8.3% by the fifth session.
How did Mahindra Holidays & Resorts India perform in Q2 FY27?
Mahindra Holidays & Resorts India reported consolidated revenue of ₹784.13 crore in Q2 FY27, up ₹66.79 crore or 9.3% from Q2 FY26 and ₹51.32 crore or 7.0% from Q1 FY27. EBITDA was ₹159.40 crore, up ₹6.66 crore or 4.4% year on year and ₹46.60 crore or 41.3% sequentially. The EBITDA margin was 20.3%, down 1.0 percentage point from Q2 FY26 but up 4.9 percentage points from Q1 FY27.
Consolidated net profit was ₹19.72 crore, against ₹16.94 crore in Q2 FY26 and a net loss of ₹8.56 crore in Q1 FY27. Basic EPS was ₹0.99, compared with ₹0.89 a year earlier and a loss of ₹0.43 in the previous quarter. On the standalone basis, revenue was ₹354.3 crore and net profit was ₹43.26 crore; standalone revenue grew 2.9%, while profit was below ₹51.65 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 784.13 | 732.81 | 717.34 | +9.3% | +7.0% |
| Other income | 35.55 | 40.73 | 32.11 | +10.7% | −12.7% |
| Total expenses | 784.72 | 776.48 | 713.33 | +10.0% | +1.1% |
| EBITDA | 159.40 | 112.80 | 152.74 | +4.4% | +41.3% |
| EBITDA margin | 20.3% | 15.4% | 21.3% | −1.0 pp | +4.9 pp |
| Profit before tax | 34.96 | −2.94 | 36.13 | −3.2% | turned to profit |
| Tax | 14.42 | 5.36 | 18.57 | −22.3% | +169.0% |
| Net profit | 19.72 | −8.56 | 16.94 | +16.4% | turned to profit |
| EPS (₹) | 0.99 | −0.43 | 0.89 | +11.2% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mahindra Holidays & Resorts India's costs and profit?
Total expenses rose ₹71.39 crore or 10.0% year on year to ₹784.72 crore, outpacing revenue growth. Employee cost increased ₹30.81 crore or 16.4% to ₹218.74 crore, finance costs rose ₹5.31 crore or 11.0% to ₹53.44 crore, depreciation rose ₹5.95 crore or 5.9% to ₹106.55 crore, and other expenses increased ₹29.33 crore or 7.8% to ₹406 crore. There was no exceptional item in either quarter.
Other income increased ₹3.44 crore or 10.7% to ₹35.55 crore, while tax expense fell ₹4.15 crore or 22.3% to ₹14.42 crore. Profit before tax declined ₹1.17 crore or 3.2% to ₹34.96 crore, but net profit rose ₹2.78 crore or 16.4% to ₹19.72 crore. Sequentially, other income fell ₹5.18 crore and tax rose ₹9.06 crore, while employee cost and depreciation declined by ₹4.35 crore and ₹2.85 crore, respectively.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 218.74 | 187.93 | +30.81 | +16.4% |
| Finance costs | 53.44 | 48.13 | +5.31 | +11.0% |
| Depreciation | 106.55 | 100.60 | +5.95 | +5.9% |
| Other expenses | 406 | 376.67 | +29.33 | +7.8% |
| Total expenses | 784.72 | 713.33 | +71.39 | +10.0% |
| Other income | 35.55 | 32.11 | +3.44 | +10.7% |
| Tax | 14.42 | 18.57 | −4.15 | −22.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,516.95 crore, up ₹98.2 crore or 6.9% from H1 FY26. Total income rose ₹103.61 crore or 7.0% to ₹1,593.22 crore. Profit before tax fell ₹30.93 crore or 49.1% to ₹32.02 crore, and net profit declined ₹12.95 crore or 53.7% to ₹11.16 crore.
Basic EPS for H1 FY27 was ₹0.56, down ₹0.72 or 56.2% from ₹1.28 in H1 FY26. The first-half result therefore recorded higher revenue and total income but lower profit and EPS than a year earlier.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,517 | 1,419 | +6.9% |
| Profit before tax | 32.02 | 62.95 | −49.1% |
| Net profit | 11.16 | 24.11 | −53.7% |
| EPS (₹) | 0.56 | 1.28 | −56.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹11,956.25 crore at 30 September 2026 from ₹11,384.57 crore at 31 March 2026, while total equity rose to ₹797.18 crore from ₹783.65 crore. Borrowings were ₹1,333.05 crore, higher than ₹1,233.99 crore, and cash was ₹26.17 crore compared with ₹35.93 crore. Inventories rose to ₹842.61 crore and trade receivables to ₹1,291.2 crore.
H1 FY27 operating cash flow was ₹252.21 crore, compared with ₹258.13 crore in H1 FY26. Investing cash flow was negative ₹135.48 crore against negative ₹144.97 crore, financing cash flow was negative ₹126.4 crore against negative ₹131.2 crore, and capital expenditure was ₹298.35 crore compared with ₹226.99 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 11,956 | 11,385 |
| Total equity | 797.18 | 783.65 |
| Borrowings | 1,333 | 1,234 |
| Cash and equivalents | 26.17 | 35.93 |
| Inventories | 842.61 | 833.23 |
| Trade receivables | 1,291 | 1,229 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 252.21 | 258.13 |
| Cash from investing | −135.48 | −144.97 |
| Cash from financing | −126.40 | −131.20 |
| Capital expenditure | 298.35 | 226.99 |
Source: Company's results filing (XBRL).
How has Mahindra Holidays & Resorts India done over the last 8 quarters?
Revenue rose year on year in each of the last six quarters. Across the eight-quarter series, revenue was highest at ₹820.29 crore in Q4 FY26 and lowest at ₹678.43 crore in Q3 FY25. It then fell to ₹732.81 crore in Q1 FY27 before rising to ₹784.13 crore in Q2 FY27.
Net profit ranged from a net loss of ₹8.56 crore in Q1 FY27 to ₹72.95 crore in Q4 FY25. It recovered to ₹19.72 crore in Q2 FY27 from ₹1.41 crore in Q3 FY26. The EBITDA margin bottomed at 15.4% in Q1 FY27, peaked at 26.2% in Q4 FY25, and improved to 20.3% in the latest quarter.
Which businesses drove the quarter?
MHRIL recorded revenue of ₹398.15 crore in Q2 FY27, up 4.3% from ₹381.78 crore in Q2 FY26. Its EBIT was ₹51.58 crore, below ₹60.22 crore in the year-ago quarter, and the segment’s EBIT margin was 13.0%.
HCRO reported revenue of ₹422.96 crore, up 15.0% from ₹367.67 crore. Its EBIT was a loss of ₹4.18 crore, compared with a loss of ₹3.95 crore in Q2 FY26, and the segment’s EBIT margin was negative 1.0%. Other unallocable income was negative ₹1.43 crore, with no EBIT.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| MHRIL | 398.15 | +4.3% | 51.58 | 13.0% |
| HCRO | 422.96 | +15.0% | −4.18 | -1.0% |
| Other unallocable income | −1.43 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, based on the Audit Committee’s recommendation. The same-day filings did not announce a dividend, fund raise or appointment. The company also filed its Q2 and H1 FY27 investor presentation for the earnings conference call.
What did Mahindra Holidays & Resorts India's management say?
Management said the current plan was to add about 1,000 gross keys over the next six months, while maintaining the target of 10,000 keys by FY30 with 85% funnel visibility. The company expects occupancy to increase in Q3 and Q4 FY27 and expects the usual revenue split of 35-40% in the first half and 60-65% in the second half. No formal profit-and-loss guidance was provided.
Management said H1 FY27 capex was about ₹312 crores and that longer-term capital would be allocated approximately 70% to new resorts and 30% to existing properties. CFO Rajiv Vimal said, “So we are going to rely on the internal accruals for future expansion as well as transformation.”
Management identified West Asia disruption and inflation as factors affecting airfares and some project costs, with limited occupancy impact and delays to certain openings. It also said 442 keys under renovation were unavailable, HCRO remained loss-making amid Finnish economic weakness, and a strategic review was in progress. MD and CEO Manoj Bhat said, “The strategic review is in progress as we speak. And I think as soon as we reach any kind of conclusions on that, we will come back.”
How did Mahindra Holidays & Resorts India shares react?
The stock initially traded higher after the filing, rising 3.3% within 5 minutes, 3.0% within 15 minutes and 3.2% within 30 minutes. It closed the reaction day 1.8% below its pre-results close. By the next day’s close, it was down 3.8% from that close, and by the fifth session it was down 8.3%.
The Hotels & Resorts industry median fell 1.4% on the reaction day, 1.1% by the next day and 2.7% by the fifth session. Mahindra Holidays & Resorts India underperformed the industry median by 0.4 percentage points on the reaction day, 2.7 percentage points by the next day and 5.6 percentage points by the fifth session. Earlier reaction-day moves included a fall of 6.1% on 22 July 2026 and a fall of 3.8% on 27 April 2026.
| After the filing | Stock | Hotels & Resorts median |
|---|---|---|
| 5 minutes | +3.3% | |
| 15 minutes | +3.0% | |
| 30 minutes | +3.2% | |
| Reaction day | −1.8% | −1.4% |
| Next day | −3.8% | −1.1% |
| 5 days | −8.3% | −2.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 July 2026 | −6.1% |
| 27 April 2026 | −3.8% |
| 29 January 2026 | −3.1% |
| 31 October 2025 | +0.1% |
| 23 July 2025 | +1.9% |
| 31 January 2025 | +4.8% |
| 25 October 2024 | −0.5% |
| 25 July 2024 | +1.5% |
Source: MarketPing price-reaction measurement.
How did other Hotels & Resorts companies do?
Twenty Hotels & Resorts companies had filed for the quarter by 4 November 2026, with a median revenue growth of 12.4%. Of the 19 peers whose profit was compared, 12 reported higher profit. Eight peers grew revenue more slowly than Mahindra Holidays & Resorts India, while 12 grew faster than the company’s 9.3% revenue growth.
| Mahindra Holidays & Resorts India revenue growth (YoY) | +9.3% |
|---|---|
| Median of 20 other Hotels & Resorts companies | +12.4% |
| Companies with slower revenue growth than Mahindra Holidays & Resorts India | 8 of 20 |
| Companies with faster revenue growth than Mahindra Holidays & Resorts India | 12 of 20 |
| Companies whose net profit rose | 12 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mahindra Holidays & Resorts India's revenue in Q2 FY27?
Revenue from operations was ₹784.13 crore, up 9.3% from ₹717.34 crore in Q2 FY26 (consolidated).
Did Mahindra Holidays & Resorts India make a profit in Q2 FY27?
Yes. Net profit was ₹19.72 crore, against a net profit of ₹16.94 crore in Q2 FY26.
What was Mahindra Holidays & Resorts India's EPS in Q2 FY27?
Basic earnings per share were ₹0.99, against ₹0.89 in Q2 FY26.
How did Mahindra Holidays & Resorts India shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.8% from the previous close; the median Hotels & Resorts stock moved −1.4%.
When did Mahindra Holidays & Resorts India announce its Q2 FY27 results?
On 21 October 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting - 21.10.2026 (BSE, 21 October 2026) · PDF
- Board Meeting Outcome For Board Meeting - 21 October 2026 (BSE, 21 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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