MHRIL
Mahindra Holidays & Resorts India share price & financials
- Price
- ₹224.34
- Market cap
- ₹4.4k Cr
- Sector
- Consumer Services
- Calls analysed
- 6
Mahindra Holidays & Resorts India Limited Q1 FY27
What went well
- Keystone sales value increased by 22% year-on-year to INR 154 crores.
- Average unit realization for Keystone increased by 73% to INR 14.4 lakhs.
- Upgrade value moved up 58% to INR 89 crores.
What to watch
- Profits were down by about INR 22 crores compared to Q1 last year.
- European business (Holiday Club Finland) increased loss by about INR 20 crores compared to Q1 last year.
What Mahindra Holidays & Resorts India Limited does
Mahindra Holidays & Resorts India Limited (MHRIL) is a vacation-ownership (timeshare) company that sells long-tenure holiday memberships giving members annual usage rights across its resort network, marketed under the Club Mahindra brand. It earns through upfront vacation-ownership fees, recurring Annual Subscription Fees (ASF), interest income on member receivables, and resort-level income from food & beverage, spa and other guest experiences at its owned and managed resorts. Beyond India, MHRIL operates a European timeshare and spa-hotel business, Holiday Club Resorts (HCR), across Finland, Sweden and Spain. Members can also exchange their holiday weeks for stays at thousands of partner resorts worldwide through exchange programs such as RCI and Horizon.
Segments
- Vacation Ownership - India (MHRIL Standalone)
- Holiday Club Resorts (HCR) - Europe
- Cumulative membership base (India)
- ~304,000 members
- India resort room inventory
- 6,228 keys
- India resort network
- 125+ resorts across India
- Global resort footprint
- ~160 resorts globally
- Partner hotel network (India)
- ~400 partner hotels
- Exchange network reach
- 4,300+ resorts accessible via RCI/Horizon exchange programs
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 1 delivered 5 missed 10 open- Gross Room Additions FY26 delivered, diluted said Q1 FY26 Promised: 1,000 rooms by March 2026 Q1 FY27: Promise period (FY26) has ended. Final status was achieved_diluted.
- HCR EBIT FY26 missed said Q3 FY26 Promised: Close to break-even for FY26 Q1 FY27: Promise period (FY26) has ended. Final status was missed.
- First Signature Resort Launch delayed said Q2 FY26 Promised: F'27 Q3 or Q4 Q1 FY27: As of now, I think this will be probably in the second half of F '28, somewhere in probably the fourth quarter is what we are targeting.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.5%, net profit down 219.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 671 | 678 | 779 | 701 | 717 +7% | 753 +11% | 820 +5% | 733 +4% |
| EBITDA | 123 | 146 | 204 | 122 | 152 +24% | 144 −1% | 197 −3% | 113 −8% |
| Net profit | 11 | 35 | 73 | 7 | 17 +47% | 1 −96% | 41 −43% | -9 −219% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −44.9% 1Y
1Y: ₹357.25 on 10 Sept 2025 → ₹196.73. High ₹362.05 (18 Sept 2025), low ₹196.57 (10 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.0%
- 23 Jul
- Q4 FY26
- −1.8%
- 27 Apr
- Q3 FY26
- −2.4%
- 29 Jan
- Q2 FY26
- −3.5%
- 24 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 5.9% a year over 3 years, FY23 to FY26. Operating margin widened to 20.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.5k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹3.0k Cr |
| Operating profit | ₹471 Cr | ₹512 Cr | ₹578 Cr | ₹615 Cr |
| Operating margin | 18.7% | 18.9% | 20.8% | 20.6% |
| Interest | ₹119 Cr | ₹132 Cr | ₹148 Cr | ₹181 Cr |
| Depreciation | ₹290 Cr | ₹337 Cr | ₹366 Cr | ₹409 Cr |
| Net profit | ₹113 Cr | ₹116 Cr | ₹126 Cr | ₹67 Cr |
| Net margin | 4.5% | 4.3% | 4.5% | 2.2% |
| ROCE | 10.0% | 9.0% | 10.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹133 Cr | ₹200 Cr | ₹201 Cr | ₹202 Cr | ₹202 Cr | ₹202 Cr |
| Reserves | ₹-48 Cr | ₹50 Cr | ₹189 Cr | ₹323 Cr | ₹530 Cr | ₹576 Cr |
| Borrowings | ₹2.5k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹2.7k Cr | ₹3.5k Cr | ₹3.8k Cr |
| Other liabilities | ₹5.7k Cr | ₹5.8k Cr | ₹6.1k Cr | ₹6.4k Cr | ₹6.8k Cr | ₹6.6k Cr |
| Total liabilities | ₹8.3k Cr | ₹8.6k Cr | ₹9.1k Cr | ₹9.6k Cr | ₹11.0k Cr | ₹11.2k Cr |
| Fixed assets | ₹4.0k Cr | ₹4.2k Cr | ₹4.4k Cr | ₹4.6k Cr | ₹5.4k Cr | ₹5.7k Cr |
| Capital work in progress | ₹124 Cr | ₹122 Cr | ₹182 Cr | ₹244 Cr | ₹353 Cr | ₹361 Cr |
| Investments | ₹77 Cr | ₹306 Cr | ₹573 Cr | ₹675 Cr | ₹757 Cr | ₹695 Cr |
| Other assets | ₹4.1k Cr | ₹4.0k Cr | ₹3.9k Cr | ₹4.1k Cr | ₹4.5k Cr | ₹4.4k Cr |
| Total assets | ₹8.3k Cr | ₹8.6k Cr | ₹9.1k Cr | ₹9.6k Cr | ₹11.0k Cr | ₹11.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Mutual funds in MHRIL
Filings to Jul 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −1.75 L shares (−4.1%).
- Held by funds
- ₹89 Cr
- 2 schemes
- Biggest holder
- HDFC Hybrid Equity Fund
- ₹69 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹69 Cr | −1.75 L | Dec '22 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹20 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 1 trimmed — net −1.75 L shares (−4.1%)
- Funds are sitting on
- -17%
- vs est. average cost
- Held by funds
- ₹89 Cr
- 2 schemes · ≈ 2.1% of the company
- Biggest holder
- HDFC Hybrid Equity Fund
- ₹69 Cr · 0.3% of that fund
Shares held by these funds −71%
Aug '23 40.70 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Mahindra Holidays & Resorts India Limited
Guides on how to read this kind of business and the numbers that matter.