Mahindra Holidays & Resorts India Limited

NSE: MHRIL · Hotels & Resorts

52W Range₹208 ₹369

Snapshot

Unlock Mahindra Holidays & Resorts India Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Mahindra Holidays & Resorts India Limited is a leisure and hospitality company primarily engaged in the sale of vacation ownership memberships. It operates an extensive network of resorts across diverse Indian and international destinations under the flagship Club Mahindra brand.

Business Model

The company generates revenue through the sale of long-term vacation ownership memberships, such as its 25-year Club Mahindra product, alongside points-based offerings like Bliss and GoZest. It also provides corporate holiday solutions through its Club Mahindra Fundays program.

  • Resort count:84
  • Room units:4,568

Growth Outlook

Growth is driven by the expansion of its resort network and the diversification of membership products tailored to different demographic segments, including millennials and the 50-plus age group. The company continues to leverage its strong brand presence to capture demand in both domestic and international leisure markets.

Key Risks

  • Cyclical Demand. The leisure and hospitality sector is highly sensitive to economic downturns and fluctuations in discretionary consumer spending.
  • Operational Concentration. Reliance on the vacation ownership model exposes the company to risks associated with long-term membership retention and service delivery standards.
  • Regulatory and Compliance Risk. The company must navigate complex land acquisition laws and hospitality regulations across multiple Indian states and international jurisdictions.
  • Competition. Intense competition from alternative travel platforms and other hospitality providers may impact membership acquisition costs and market share.

Price

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Key Metrics

REVENUE

₹2,992 Cr

TTM · consolidated

+7.6%YoY

NET PROFIT

₹67 Cr

TTM · consolidated

-46.8%YoY

EPS

₹3.45

TTM · consolidated

-45.5%YoY

RETURN ON EQUITY

8.6%

TTM · consolidated

-12.8 ppYoY

RETURN ON CAPITAL EMPLOYED

3.7%

TTM · consolidated

-0.7 ppYoY

P/E

66.7x

Q4 FY26 · consolidated

66.7 vs 62.0x5Y avg

EV/EBITDA

7.9x

Q4 FY26 · consolidated

7.9 vs 11.3x5Y avg

EBITDA MARGIN

24.8%

TTM · consolidated

-0.7 ppYoY

NET PROFIT MARGIN

5.1%

Q4 FY26 · consolidated

-4.3 ppYoY

DEBT TO EQUITY

1.6x

Q4 FY26 · consolidated

+0.32xYoY

Peers · Hotels & Resorts

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Mahindra Holidays & Resorts India LimitedMHRIL
5,00766.667.887.6%24.8%8.6%3.7%-35.8%
Valor Estate Ltd.DBREALTY
5,120241.7549.6340.6%8.8%0.6%3.2%-51.7%
Juniper Hotels LimitedJUNIPER
4,53430.6611.4111.0%42.4%5.1%7.0%-38.8%
India Tourism Development Corporation LimitedITDC
3,45569.9347.255.6%21.9%24.3%32.5%+25.6%
SAMHI Hotels LimitedSAMHI
2,9756.5611.4910.4%37.1%40.4%12.7%-29.7%
ParkHotelsPARKHOTELS
2,25741.7816.11-17.4%32.7%8.7%-88.8%-22.1%

As of Q4 FY26

Financials