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Mahindra Holidays & Resorts India Q2 FY27 Share Price & Earnings Call Analysis

₹178.47-3.25% today
Market cap
₹3,616 Cr
P/E
77.27
ROE
9.90%
PEG
-5.42
Price to sales
1.19
Debt to equity
4.92
52W high / low
₹334 / ₹178
Sales growth (5Y)
11.58%
EBITDA margin
20.05%
Net profit margin
2.36%
Promoter holding
66.73%
Sales (last year)
₹3,023 Cr

Guidance scorecard · Q2 FY27 call

What Mahindra Holidays & Resorts India Ltd's management guided
and where it ranks in Leisure Services

Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ2 FY27 call

10–20%
  • Membership sales, especially upgrades, are expected to increase as indicated by a 26% growth in upgrades and a 43% rise in average unit realization in Q2 FY'27.
  • The company anticipates adding about 1,000 gross keys (resort rooms) over the next two quarters, broadening holiday choice and improving member availability.
  • The member-to-room ratio is expected to improve over the long term as inventory expands.
  • Resort revenues grew 15% in Q2, with TRevPAR up 6% year-on-year, indicating improving yield per room.
  • Capital expenditure is increasing, with INR312 crores spent in H1 FY'27 for expansions and resort transformations, supporting future revenue growth.

2 more points from Mahindra Holidays & Resorts India Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Mahindra Holidays & Resorts India Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • H1 FY '27 Capex totaled approximately INR 312 crores, nearly double from last year’s INR 166 crores.
  • Investments split roughly 70% towards new resort capacity expansion and 30% towards upgrading existing resorts.
  • Approximately 442 keys under renovation, returning to operation mostly by Q3 and Q4.
  • Total pipeline includes 8 resorts adding around 1,000 keys over next two quarters.

2 more points from Mahindra Holidays & Resorts India Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

See what Mahindra Holidays & Resorts India Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • As of the report, Mahindra Holidays & Resorts India Limited has 8 ongoing greenfield and brownfield projects.
  • The current pipeline is expected to add approximately 1,000 keys over the next two quarters.
  • The company has about 85% visibility on its target of reaching 10,000 keys by FY 2030 based on the current identified funnel (locations, initial key views, commercial propositions).

2 more points from Mahindra Holidays & Resorts India Ltd's call on the order book

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Full Q2 FY27 analysis
Full Leisure Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Leisure Services
on management's own guidance

  1. Jubilant Foodworks LtdGood growth
    2
  2. Landmark Global Learning LtdGood growth
    1
  3. Le Travenues Technology LtdGood growth
    3
See all potential multibaggersWhere does Mahindra Holidays & Resorts India Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Leisure Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Landmark Global Learning Ltd20–40%Up 2%+₹21 Cr—
2Jubilant Foodworks Ltd20–40%Flat₹27,579 Cr72.4
3Le Travenues Technology Ltd20–40%Flat₹6,423 Cr54.1
420–40%Flat₹6,285 Cr2553.3
520–40%Flat₹4,827 Cr20.4
620–40%Flat₹2,741 Cr215.1

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Financials of Mahindra Holidays & Resorts India Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Mahindra Holidays & Resorts India Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +66.77%66.77%66.76%66.76%66.75%66.74%66.74%66.74%66.74%66.74%66.73%66.73%
FIIs +5.23%5.26%5.34%5.31%5.37%5.36%5.42%5.44%5.51%5.30%4.01%3.41%
DIIs +10.59%10.70%10.45%10.25%10.19%10.07%10.17%10.01%10.38%11.01%11.00%10.76%
Public +17.21%17.07%17.23%17.49%17.49%17.64%17.45%17.63%17.19%16.76%18.07%18.93%
Others +0.21%0.21%0.20%0.19%0.19%0.19%0.19%0.19%0.19%0.18%0.18%0.18%
No. of Shareholders75,93476,63679,17582,83184,08084,85688,11588,96492,34793,81896,22096,636

Pros & Cons

Mahindra Holidays & Resorts India Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 4.73 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
Raw Insights
  • Stock is trading at 4.73 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

Financials of Mahindra Holidays & Resorts India Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +655635800653671678779701717753820733784
Expenses +520530613548548533574579565609623620626
Operating Profit136105187105123146204122152144197113159
OPM %21%17%23%16%18%21%26%17%21%19%24%15%20%
Other Income +17323033353228393219244136
Interest33452235383738394847474753
Depreciation8486868992939296101104109109107
Profit before tax35610914284810226361265-334
Tax %39%-67%24%57%59%26%29%73%52%88%36%168%42%
Net Profit +2111836113573717141-920
EPS in Rs1.060.584.080.290.681.723.620.390.880.112.06-0.430.99

Financials of Mahindra Holidays & Resorts India Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +8121,6022,2672,3172,2392,3721,7302,0132,5172,7052,7812,9923,090
Expenses +6231,3291,9321,9482,0551,9961,4891,6912,0362,1822,1942,3602,477
Operating Profit189273335369184375241323481522587632613
OPM %23%17%15%16%8%16%14%16%19%19%21%21%20%
Other Income +-4-427345558116163106114129113119
Interest11253286408591105126140157197195
Depreciation6698106100101247264271290337366409429
Profit before tax107146224217981012111171160193139108
Tax %25%38%35%39%39%232%667%39%33%27%35%52%
Net Profit +819014613360-134-14681141161266754
EPS in Rs4.074.347.446.613.02-6.59-0.653.375.725.726.323.442.73
Dividend Payout %43%51%30%40%0%0%0%0%0%0%0%0%

Financials of Mahindra Holidays & Resorts India Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital888888133133133133200201202202202202
Reserves637418509579149-87-4850189323500576590
Borrowings +1247057748108302,4342,4872,5672,6232,7383,1313,8294,325
Other Liabilities +1,9812,4152,5872,9845,9326,1675,7485,8056,0856,3676,5626,5866,840
Total Liabilities2,8303,6253,9594,5057,0448,6488,3198,6219,0989,62910,39411,19311,956
Fixed Assets +1,0321,3391,2731,4592,4393,8623,9714,1864,4184,5895,0035,7416,191
CWIP9575171112227250124122182244407361539
Investments1436110445332440677306573675753695843
Other Assets +1,5612,1502,4112,4814,0554,1294,1474,0073,9244,1224,2314,3984,384
Total Assets2,8303,6253,9594,5057,0448,6488,3198,6219,0989,62910,39411,19311,956

Financials of Mahindra Holidays & Resorts India Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +201242276551263561382498681624621531
Cash from Investing Activity +-308-379-182-547-239-281-235-257-209-448-402-217
Cash from Financing Activity +78274-6-144-21-254-154-217-459-190-285-315
Net Cash Flow-3013788-140426-62314-13-66-1
Free Cash Flow676812834899417263375425310295139
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit127%111%102%173%189%167%159%136%141%110%106%102%

Financials of Mahindra Holidays & Resorts India Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days392213164169181192204175148149150150
Inventory Days703411540499418735746592609753876
Days Payable478245271250234409480413399383348
Cash Conversion Cycle392438330438431376530441327359520678
Working Capital Days230150123115122451381468-58963
ROCE %17%16%19%20%10%10%4%8%10%9%10%8%

Guidance history

How Mahindra Holidays & Resorts India Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlannedPlannedRising
Q1 FY27 call →0–10%FlatPlanned——
Q4 FY26 call →10–20%FlatPlannedNone planned—
Q3 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

6out of 100

Momentum score · price trend

6 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−46.0%8%
Last 6 months−27.8%11%
Last 3 months−18.3%26%

The price is 62.9% below its all-time high of ₹480.8 (21 Jun 2024). Stocks more than 20% below their peak have their score halved, so 13 became 6.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mahindra Holidays & Resorts India Ltd: 0.4 × 8 + 0.4 × 11 + 0.2 × 26 = 13, halved to 6 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

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