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Mahindra Holidays & Resorts India

MHRIL NSE
₹191.84 No trade today
P/E
73.22
View as Markdown
MCP
Close 4 Nov 2026 ₹191.84 −132.81 −40.9% 1Y
Start ₹324.65

Key Fundamentals

MicrocapLeisure ServicesConsumer Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
8.12%
Debt to Equity
4.92
EPS (TTM)
₹2.62
Book Value
—
Market Cap
—
P/E (TTM)
73.22
P/B
—
ROE
9.90%
Dividend Yield
0.00%
EBITDA
₹741 Cr
52W High
₹345.95
52W Low
₹177.85
Volume
0

Peer Comparison

Consumer Discretionary › Leisure Services › Hotels & Resorts

Mahindra Holidays peer comparison
Indian Hotels Co
₹849.0056.34₹1,19,540 Cr8.860.39%14.20%17.10%₹9,987 Cr₹2,308 Cr
ITC Hotels
₹173.2941.66₹35,849 Cr3.080.58%7.89%11.20%₹4,260 Cr₹869 Cr
Leela Palaces Hotels & Resorts
₹663.4550.00₹21,595 Cr3.380.00%8.21%8.73%₹1,604 Cr₹444 Cr
EIH
₹299.7526.34₹18,651 Cr3.560.51%14.50%20.70%₹3,023 Cr₹741 Cr
Chalet Hotels
₹816.9033.87₹17,747 Cr4.840.25%19.00%17.00%₹2,387 Cr₹528 Cr
Ventive Hospitality
₹525.5025.60₹12,388 Cr2.230.00%8.33%10.80%₹2,496 Cr₹587 Cr
Lemon Tree Hotels
₹115.5739.04₹9,110 Cr6.580.00%19.20%14.10%₹1,473 Cr₹297 Cr
Mahindra Holidays (this company)
₹191.8473.22₹3,783 Cr—0.00%9.90%8.12%₹3,023 Cr₹51 Cr
Median 8 companies₹412.6340.35₹18,199 Cr3.560.13%12.05%12.65%₹2,760 Cr₹558 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

35 Poor

Data confidence 98/100

Category scores

Quality
69
Strong
Returns, margins, earnings quality 22% weight
Valuation
33
Poor
Cheap vs sector & own history 24% weight
Growth
38
Weak
Sales & profit trajectory 9% weight
Financial Health
14
Poor
Solvency, leverage, coverage 9% weight
Momentum
18
Poor
Trend strength, vol-adjusted 12% weight
Ownership
18
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

7
  • Stock is trading at 5.06 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.6% over past five years.
  • Contingent liabilities of Rs.1,510 Cr.
  • Company might be capitalizing the interest cost
  • Working capital days have increased from 4.84 days to 63.3 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
49.91
Neutral
MACD (12,26,9)
−3.67
Bullish
SMA (50)
197.72
Bearish
SMA (200)
237.35
Bearish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.45%
5Y+11.58%
3Y+5.93%
1Y+7.59%
TTM+6.85%

Net profit

Net profit growth by window
10Y−2.91%
5YTurned to profit
3Y−16.24%
1Y−46.83%
TTM−59.64%

Operating cash flow

Operating cash flow growth by window
10Y+8.18%
5Y+6.81%
3Y−7.96%
1Y−14.49%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.08 pp
5Y+7.19 pp
3Y+2.01 pp
1Y+0.01 pp
TTM−0.97 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,267 Cr
Mar 2018₹2,317 Cr
Mar 2019₹2,239 Cr
Mar 2020₹2,372 Cr
Mar 2021₹1,730 Cr
Mar 2022₹2,013 Cr
Mar 2023₹2,517 Cr
Mar 2024₹2,705 Cr
Mar 2025₹2,781 Cr
Mar 2026₹2,992 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹146 Cr
Mar 2018₹133 Cr
Mar 2019₹60.00 Cr
Mar 2020−₹134 Cr
Mar 2021−₹14.00 Cr
Mar 2022₹68.00 Cr
Mar 2023₹114 Cr
Mar 2024₹116 Cr
Mar 2025₹126 Cr
Mar 2026₹67.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹440 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.7× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Mahindra Holidays & Resorts India (MHRIL) trades at a PE of ~71x with a market cap of Rs 4,756 Cr, while its consolidated FY25 revenue grew only 2.8% YoY to Rs 2,781 Cr and PAT stood at Rs 126 Cr. The company operates a capital-intensive timeshare model with high occupancy (84%) and Rs 5,754 Cr in deferred revenue, but faces declining member additions, rising working capital days, and an interest coverage ratio of ~1.1x.

Bull Case 8
  • High resort occupancy rate of 84% on an expanded inventory base of 5,847 rooms in FY25, indicating strong utilization of assets
  • Deferred revenue of Rs 5,754 Cr provides long-term revenue visibility as members pay upfront for future vacation usage
  • Cash position of Rs 1,470-1,576 Cr provides a buffer for expansion and debt servicing without immediate dilution risk
  • Room inventory grew 10% YoY with 520 rooms added in FY25, and the company targets 10,000 rooms by FY30 (adding 850 rooms in FY26)
  • Cumulative member base of 3,04,508 members (up 2% YoY), reflecting brand stickiness in India's vacation ownership segment
  • 5-year compounded profit CAGR of 42% reflects strong recovery trajectory from pandemic lows, with FY25 PAT at Rs 126 Cr vs Rs 68 Cr in FY22
  • Q3 FY25 EBITDA margin expanded 450 bps YoY to 25%, and consolidated EBITDA for FY25 was Rs 708 Cr, showing operating leverage potential
  • Standalone debt-equity ratio improved to 0.02x in FY25 from 0.03x in FY24, indicating deleveraging at the parent level
Bear Case 7
  • TTM profit declined 43% and 3-year compounded profit CAGR is -14%, showing deteriorating earnings momentum despite revenue growth
  • Stock trades at 71.4x PE and 6.14x book value despite negative 3-year profit growth, suggesting stretched valuations relative to fundamentals
  • Working capital days increased sharply from 4.84 days to 63.3 days, indicating deterioration in cash conversion efficiency
  • Contingent liabilities of Rs 1,510 Cr represent a significant overhang relative to the Rs 4,756 Cr market cap (32% of market cap)
  • New member additions fell sharply — only 12,393 added in FY25 with quarterly additions dropping to ~1,432-1,493, a decline of over 50% from prior periods
  • Zero dividend payout despite repeated profitability; company has never paid a dividend, offering no income return to shareholders
  • Consolidated total debt of Rs 12.3 Bn against shareholder equity of Rs 7.8 Bn gives a consolidated debt-to-equity of 1.58x, and potential interest cost capitalization masks true borrowing costs

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: MHRIL is in a quiet phase dominated by routine governance transitions and compliance filings. The Chikmagalur acquisition for ₹37.5 crore is a modest positive signaling continued resort network expansion. No material headwinds emerged in the period. The outlook is stable with attention turning to AGM outcomes on July 22 and any strategic commentary from the new CFO.

Positives 1
  • Acquires Aditatva Estates ₹37.5Cr Jun 16

    Mahindra Holidays acquired 100% of Aditatva Estates for ₹37.5 crore to expand its leisure resorts footprint in Chikmagalur, signaling continued asset-light-to-owned portfolio growth.

Neutral 4
  • CFO transition effective Jul 1 Jun 30

    Vimal Agarwal ceased as CFO on June 30, 2026; Rajiv Vimal assumes the role from July 1, 2026, ensuring planned leadership continuity.

  • Internal Auditor term concludes Jun 30

    K. N. Vaidyanathan ceased as Internal Auditor on June 30, 2026 following conclusion of his term at the holding company level.

  • 30th AGM set for Jul 22 Jun 27

    MHRIL scheduled its 30th AGM on July 22, 2026 via video conferencing, with agenda items including FY26 financials adoption and re-appointment of C.P. Gurnani as director.

Quarterly Results

₹ Cr
MHRIL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
614
655
635
800
653
671
678
779
701
717
753
820
733
784
Expenses
530
520
530
613
548
548
533
575
579
565
609
623
620
625
Operating Profit
83.94
136
105
187
105
123
146
204
122
152
144
197
113
159
OPM %
13.66%
20.69%
16.56%
23.42%
16.05%
18.29%
21.47%
26.24%
17.38%
21.21%
19.16%
24.04%
15.36%
20.33%
Other Income
37.52
16.9
31.62
30.15
33.23
35.43
32.23
28.33
38.75
32.11
19.02
23.7
40.73
—
Interest
31.6
33.28
44.91
22.43
35.3
37.54
36.96
38.38
38.73
48.13
47.24
46.95
47.07
53.44
Depreciation
81.25
83.79
85.54
86.03
88.66
92.48
92.99
91.87
95.64
101
104
109
109
107
PBT
8.6
35.4
6.3
109
14.04
28.12
47.97
102
26.29
35.5
11.54
65.32
−3.19
34.14
Tax %
89.68%
39.46%
−67.14%
23.74%
56.7%
59.14%
26.14%
28.77%
72.73%
52.28%
87.78%
36.48%
168.03%
42.24%
Net Profit
0.89
21.43
10.53
83.2
6.08
11.49
35.42
72.95
7.17
16.94
1.4
41.49
−8.55
19.72
EPS (₹)
0.01
1.06
0.58
4.08
0.29
0.68
1.72
3.62
0.39
0.88
0.11
2.06
−0.43
—

Sep 2026: from the results filed on 21 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MHRIL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
812
1,602
2,267
2,317
2,239
2,372
1,730
2,013
2,517
2,705
2,781
2,992
3,023
Expenses
623
1,329
1,932
1,948
2,055
1,996
1,489
1,691
2,036
2,182
2,194
2,360
2,417
Operating Profit
189
273
335
369
184
375
241
323
481
522
587
632
606
OPM %
23%
17%
15%
16%
8%
16%
14%
16%
19%
19%
21%
21%
20%
Other Income
−4
−4
27
34
55
58
116
163
106
114
129
113
116
Interest
11
25
32
86
40
85
91
105
126
140
157
197
189
Depreciation
66
98
106
100
101
247
264
271
290
337
366
409
423
PBT
107
146
224
217
98
101
2
111
171
160
194
139
109
Tax %
25%
38%
35%
39%
39%
232%
667%
39%
33%
27%
35%
52%
—
Net Profit
81
90
146
133
60
−134
−14
68
114
116
126
67
51
EPS (₹)
4.07
4.34
7.44
6.61
3.02
−6.59
−0.65
3.37
5.72
5.72
6.32
3.44
2.62
Div. Payout %
43%
51%
30%
40%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
MHRIL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
88
88
88
133
133
133
133
200
201
202
202
202
Reserves
637
418
509
579
149
−87
−48
50
189
323
500
576
Borrowings
124
705
774
810
830
2,434
2,487
2,567
2,623
2,738
3,131
3,829
Other Liabilities
1,981
2,415
2,587
2,984
5,932
6,167
5,748
5,805
6,085
6,367
6,562
6,586
Total Liabilities
2,830
3,625
3,959
4,505
7,044
8,648
8,319
8,621
9,098
9,629
10,394
11,193
Fixed Assets
1,032
1,339
1,273
1,459
2,439
3,862
3,971
4,186
4,418
4,589
5,003
5,741
CWIP
95
75
171
112
227
250
124
122
182
244
407
361
Investments
143
61
104
453
324
406
77
306
573
675
753
695
Other Assets
1,561
2,150
2,411
2,481
4,055
4,129
4,147
4,007
3,924
4,122
4,231
4,398
Total Assets
2,830
3,625
3,959
4,505
7,044
8,648
8,319
8,621
9,098
9,629
10,394
11,193

Cash Flow

₹ Cr
MHRIL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
201
242
276
551
263
561
382
498
681
624
621
531
Investing
−308
−379
−182
−547
−239
−281
−235
−257
−209
−448
−402
−217
Financing
78
274
−6
−144
−21
−254
−154
−217
−459
−190
−285
−315
Net Cash Flow
−30
137
88
−140
4
26
−6
23
14
−13
−66
−1
Free Cash Flow
67
68
128
348
99
417
263
375
425
310
295
139
CFO/OP
127
111
102
173
189
167
159
136
141
110
106
102

Ratios

MHRIL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
392
213
164
169
181
192
204
175
148
149
150
150
Inventory Days
—
703
411
540
499
418
735
746
592
609
753
876
Days Payable
—
478
245
271
250
234
409
480
413
399
383
348
Cash Conversion Cycle
392
438
330
438
431
376
530
441
327
359
520
678
Working Capital Days
230
150
123
115
122
45
138
14
68
−58
9
63
ROCE %
17%
16%
19%
20%
10%
10%
4%
8%
10%
9%
10%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Mahindra Holidays insights

62 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 66.73%
  • Public 15.28%
  • DIIs 10.76%
  • Others 3.83%
  • FIIs 3.41%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Mahindra Holidays & Resorts India

What does Mahindra Holidays & Resorts India Ltd do?
Mahindra Holidays & Resorts India Ltd. (MHRIL), a part of the Leisure and Hospitality sector of the Mahindra Group offers family holidays primarily through vacation ownership memberships. Started in 1996, the company's flagship brand ‘Club Mahindra’ has over 250,000 members.
Where is Mahindra Holidays & Resorts India Ltd (MHRIL) listed?
Mahindra Holidays & Resorts India Ltd trades as MHRIL on the NSE and under code 533088 on the BSE.
Which sector does Mahindra Holidays & Resorts India Ltd belong to?
Mahindra Holidays & Resorts India Ltd is classified under the Leisure Services sector, in the Hotels & Resorts industry.
What is the PE ratio of Mahindra Holidays & Resorts India Ltd?
Mahindra Holidays & Resorts India Ltd trades at a PE ratio of 73.22 as of 4 Nov 2026, on earnings per share of ₹2.62.
What is the 52-week high and low of Mahindra Holidays & Resorts India Ltd?
Over the last 52 weeks Mahindra Holidays & Resorts India Ltd has traded between ₹177.85 and ₹345.95 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Mahindra Holidays & Resorts India Ltd?
Mahindra Holidays & Resorts India Ltd reported a return on equity of 9.90%. Its debt-to-equity ratio is 4.92.

Company Information

Mahindra Holidays & Resorts India Ltd. (MHRIL), a part of the Leisure and Hospitality sector of the Mahindra Group offers family holidays primarily through vacation ownership memberships. Started in 1996, the company's flagship brand ‘Club Mahindra’ has over 250,000 members. The Company is the largest Vacation Ownership company outside the US and is 6th largest globally

Website clubmahindra.com
CEO Mr. Manoj Bhat
Employees 5,383
Listed 16 Jul 2009
Face Value ₹10

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