Mahindra Holidays & Resorts India Limited (MHRIL)

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Mahindra Holidays & Resorts India Limited (MHRIL) · mywealthgrid

About

Mahindra Holidays operates branded resorts and leisure hospitality properties across India in the Consumer Discretionary sector. With a market cap of ₹4,580 Cr and quarterly standalone revenue typically ₹350–820 Cr, it operates at mid-scale in leisure services, primarily through resort memberships and holiday experiences.

Face value: ₹10

Market cap

₹3,938 Cr

P/E

72.6×

P/B

5.1×

Dividend yield

ROE

8.9%

ROCE

3.8%

Debt / equity

1.59

OPM

20.6%

EPS (TTM)

₹2.7

Book value

₹38.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High leverage (D/E 1.59) strained by recent significant losses (Mar 2026: -₹178 Cr; Jun 2026: -₹8.56 Cr) despite positive operating margins; verify debt-servicing capacity and covenant headroom

Losses concentrated below operating line (Mar 2026: 29.7% OPM but -₹178 Cr PAT) indicate material non-operating drag; verify permanence and magnitude of interest/tax charges

Valuation stretched (PE 84.49) on erratic earnings; stock down 35% in 1y; verify what operational turnaround is priced in and likelihood of delivery

FII shareholding contracted from 5.3% to 4.01% in recent quarters; verify whether outflow signals deteriorating confidence or routine rebalancing

Generated analysis · source review pending

Growth drivers

Operating margins sustained at 20–30% (OPM 20.61% overall) provide leverage if revenue expands; verify demand trends and booking momentum

If recent PAT losses are one-time, margin-to-profit conversion improves earnings (other quarters show 2–5% net margins); verify permanence of below-OPM charges

Leisure discretionary recovery in upswing would drive occupancy and pricing; verify consumer spending outlook and industry demand trends

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹194.9+0.2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.6%
+High promoter holding of 66.7% with no pledge

Cons

−Profit declined 15.5% a year over the last 3 years
−Heavily leveraged (debt/equity 1.6)
−Weak interest coverage of 1.8×
−Expensive at 72.6× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 19
Growth: 14
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,372	1,730	2,013	2,517	2,705	2,781	2,992
	2,003	1,499	1,698	2,045	2,191	2,203	2,376
	369	231	315	472	513	578	616
OPM %	15.5%	13.4%	15.7%	18.8%	19%	20.8%	20.6%
Depreciation	247	264	271	290	337	366	409
Interest	79	82	99	119	132	148	181
	59	117	166	107	115	129	113
Profit before tax	101	2	111	171	160	193	139
Tax	236	16	43	57	43	67	72
Tax %	232.5%	664.5%	38.8%	33.3%	27.3%	34.6%	51.7%
	-134	-14	68	114	116	126	67
PAT margin %	-5.7%	-0.8%	3.4%	4.5%	4.3%	4.5%	2.2%
EPS (₹)	-9.9	-1	3.4	5.8	5.7	6.3	3.5
EPS adjusted (₹)	—	-0.7	3.4	5.7	5.7	6.3	3.5
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	133	200	201	202	202	202
Reserves	-48	50	189	323	579	576
Minority interest	6	10	9	9	8	6
	2,098	2,567	2,623	2,738	987	1,234
	6,332	6,020	6,296	6,575	8,838	9,367
Total equity & liabilities	8,521	8,846	9,317	9,846	10,614	11,385
	3,971	4,186	4,418	4,589	5,003	5,741
CWIP	115	114	160	196	365	325
Investments	77	306	573	675	753	683
	4,359	4,239	4,166	4,387	4,494	4,636
Total assets	8,521	8,846	9,317	9,846	10,614	11,385

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
MHRIL	1,625.39	302.16	8,360.66	7,134.89	1,225.77	24.65
HCRO	1,490.67	-75.46

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	15.5%	13.4%	15.7%	18.7%	19%	20.8%	20.6%
EBIT margin %	5.1%	-1.9%	2.2%	7.2%	6.6%	7.7%	6.9%
PAT margin %	-5.7%	-0.8%	3.4%	4.5%	4.3%	4.5%	2.2%
Working capital
Receivable days	—	204	175	148	149	150	150
Inventory days	—	135	116	102	99	115	128
Payable days	—	75	75	71	65	59	51
NWC days	—	264	216	179	183	206	227
Leverage
Current ratio	—	1.74	1.48	1.77	1.2	1.59	1.52
Debt to EBITDA	—	9.07	8.15	5.56	5.33	1.71	2
Debt to equity	—	24.78	10.27	6.73	5.23	1.27	1.59
Interest coverage	2.3	1	2.1	2.4	2.2	2.3	1.8
Asset turnover	—	0.2	0.23	0.27	0.27	0.26	0.26
Return ratios
Return on assets %	—	-0.2%	0.8%	1.2%	1.2%	1.2%	0.6%
Return on capital employed %	—	1.2%	3%	3.9%	3.9%	4.3%	3.8%
Return on equity %	—	-16.5%	27.1%	29.2%	22.1%	16.1%	8.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.81%	66.77%	66.77%	66.76%	66.76%	66.75%	66.74%	66.74%	66.74%	66.74%	66.74%	66.73%
	5.18%	5.22%	5.25%	5.33%	5.31%	5.37%	5.36%	5.42%	5.44%	5.52%	5.3%	4.01%
	10.41%	10.58%	10.7%	10.45%	10.24%	10.19%	10.07%	10.18%	10.01%	10.38%	11.01%	11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	17.39%	17.22%	17.08%	17.26%	17.5%	17.51%	17.64%	17.47%	17.62%	17.18%	16.77%	18.08%
No. of shareholders	—	—	—	—	—	—	—	—	88,964	92,347	93,818	96,220

Promoter holding down 0.08 percentage points since Sep 2023.

Mr. C.P. GurnaniNon-Executive - Non Independent Director-Chairperson
Ms. Sangeeta TalwarNon-Executive - Independent Director
Mr. Diwakar GuptaNon-Executive - Independent Director
Mr. Rajat Kumar JainNon-Executive - Independent Director
Mr. Anish ShahNon-Executive - Non Independent Director
Mr. Ruzbeh IraniNon-Executive - Non Independent Director
Mr. Manoj BhatExecutive Director-CEO-MD
Mr. Rajiv VimalChief Financial Officer
Ms. Mansi LaheriCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

4.43%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	198	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

56 announcementsExport CSV

1 Oct 2026, 1:21 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

29 Sept 2026, 3:35 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 3:28 pmBoard Meeting

Board Meeting Intimation For Consideration And Approval Of Q2 FY 2027 Unaudited Financial Statements Of Mahindra Holidays & Resorts India Limited Scheduled To Be Held On Wednesday, 21 October 2026 And Closure Of Trading Window

Exchange filing PDF

16 Sept 2026, 4:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

3 Sept 2026, 2:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

2 Sept 2026, 2:52 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

26 Aug 2026, 1:40 pmCompany Update

Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

17 Aug 2026, 12:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
1 Oct 2026, 1:21 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
29 Sept 2026, 3:35 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—
EBITDA margin %	15.5%	13.4%	15.7%	18.7%	19%	20.8%	20.6%
EBIT margin %	5.1%	-1.9%	2.2%	7.2%	6.6%	7.7%	6.9%
PAT margin %	-5.7%	-0.8%	3.4%	4.5%	4.3%	4.5%	2.2%
Working capital
Receivable days	—	204	175	148	149	150	150
Inventory days	—	135	116	102	99	115	128
Payable days	—	75	75	71	65	59	51
NWC days	—	264	216	179	183	206	227
Leverage
Current ratio	—	1.74	1.48	1.77	1.2	1.59	1.52
Debt to EBITDA	—	9.07	8.15	5.56	5.33	1.71	2
Debt to equity	—	24.78	10.27	6.73	5.23	1.27	1.59
Interest coverage	2.3	1	2.1	2.4	2.2	2.3	1.8
Asset turnover	—	0.2	0.23	0.27	0.27	0.26	0.26
Return ratios
Return on assets %	—	-0.2%	0.8%	1.2%	1.2%	1.2%	0.6%
Return on capital employed %	—	1.2%	3%	3.9%	3.9%	4.3%	3.8%
Return on equity %	—	-16.5%	27.1%	29.2%	22.1%	16.1%	8.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Itc Hotels LimitedITCHOTELSITCHOTELS	₹33,018 Cr	₹33,019 Cr	₹4,260 Cr	₹1,471 Cr	34.4%	₹864 Cr	19.8%	10.2%	7.3%	600
Leela Palaces Hotels & Resorts LimitedTHELEELATHELEELA	₹19,003 Cr	₹20,560 Cr	₹1,604 Cr	₹785 Cr	48.6%	₹298 Cr	26.4%	8.4%	0.5%	-147
Eih LimitedEIHOTELEIHOTEL	₹18,628 Cr	₹18,628 Cr	₹3,023 Cr	₹1,030 Cr	34.8%	₹712 Cr	22.4%	18.6%	12.7%	-295
Chalet Hotels LimitedCHALETCHALET	₹18,182 Cr	₹20,506 Cr	₹2,387 Cr	₹1,064 Cr	42.9%	₹528 Cr	23.3%	18.4%	19.1%	80
Ventive Hospitality LimitedVENTIVEVENTIVE	₹12,894 Cr	₹14,929 Cr	₹2,496 Cr	₹1,079 Cr	44.4%	₹588 Cr	20.4%	10.2%	9.7%	-201
Lemon Tree Hotels LimitedLEMONTREELEMONTREE	₹8,530 Cr	₹10,533 Cr	₹1,473 Cr	₹700 Cr	47.9%	₹235 Cr	20%	14.6%	17.8%	-200
India Tourism Development Corporation LimitedITDCITDC	₹5,711 Cr	₹5,711 Cr	₹535 Cr	₹91 Cr	17.2%	₹82 Cr	15.5%	28.5%	21.6%	-47
Juniper Hotels LimitedJUNIPERJUNIPER	₹4,784 Cr	₹5,522 Cr	₹1,076 Cr	₹429 Cr	40.3%	₹166 Cr	13.5%	8.1%	5.1%	-32
Mahindra Holidays & Resorts India LimitedMHRILMHRIL	₹3,938 Cr	₹5,172 Cr	₹3,023 Cr	₹607 Cr	20.6%	₹54 Cr	2.2%	3.8%	8.9%	227
Samhi Hotels LimitedSAMHISAMHI	₹3,429 Cr	₹5,137 Cr	₹1,281 Cr	₹439 Cr	34.6%	₹504 Cr	45.4%	9.1%	30.3%	-321
Oriental Hotels LimitedORIENTHOTORIENTHOT	₹2,500 Cr	₹2,597 Cr	₹498 Cr	₹130 Cr	26.8%	₹67 Cr	13.8%	13.1%	12.7%	-164

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	332	263	561	382	498	681	624	621	531
	-415	-238	-284	-237	-257	-210	-449	-401	-213
	-48	-21	-254	-154	-217	-459	-190	-285	-315
Net cash flow	-131	5	22	-8	24	12	-14	-64	2
Free cash flow	—	—	—	261	366	420	287	295	110
CFO / Operating profit %	—	—	152.1%	165.2%	158.1%	144.5%	121.5%	107.4%	86.1%

Mahindra Holidays & Resorts India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

1

9

2

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

HCRO · revenue

Mahindra Holidays & Resorts India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Upcoming and recent1

Dividends9

Board meetings2

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

HCRO · revenue

1

9

2