Leisure Services
Valuation | |
|---|---|
| Market Cap | 5.93 kCr |
| Price/Earnings (Trailing) | 58.51 |
| Price/Sales (Trailing) | 1.93 |
| EV/EBITDA | 9.55 |
| Price/Free Cashflow | 22.79 |
| MarketCap/EBT | 33.59 |
| Enterprise Value | 7.08 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -0.70% |
| Price Change 1M | -3.4% |
| Price Change 6M | -16.5% |
| Price Change 1Y | -17% |
| 3Y Cumulative Return | 3.4% |
| 5Y Cumulative Return | 13.3% |
| 7Y Cumulative Return | 12.1% |
| 10Y Cumulative Return | 6.1% |
| Revenue (TTM) |
| 3.08 kCr |
| Rev. Growth (Yr) | 10.1% |
| Earnings (TTM) | 98.46 Cr |
| Earnings Growth (Yr) | -96% |
Profitability | |
|---|---|
| Operating Margin | 6% |
| EBT Margin | 6% |
| Return on Equity | 13.33% |
| Return on Assets | 0.90% |
| Free Cashflow Yield | 4.39% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -400.61 Cr |
| Cash Flow from Operations (TTM) | 621.46 Cr |
| Cash Flow from Financing (TTM) | -284.93 Cr |
| Cash & Equivalents | 20.6 Cr |
| Free Cash Flow (TTM) | 295.12 Cr |
| Free Cash Flow/Share (TTM) | 14.61 |
Balance Sheet | |
|---|---|
| Total Assets | 10.98 kCr |
| Total Liabilities | 10.24 kCr |
| Shareholder Equity | 738.8 Cr |
| Current Assets | 3.29 kCr |
| Current Liabilities | 2.48 kCr |
| Net PPE | 5.19 kCr |
| Inventory | 777.28 Cr |
| Goodwill | 118.09 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.11 |
| Debt/Equity | 1.58 |
| Interest Coverage | 0.02 |
| Interest/Cashflow Ops | 5.1 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend Yield | 0.74% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.40% |
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Size: Market Cap wise it is among the top 20% companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Technicals: Bullish SharesGuru indicator.
Balance Sheet: Company does NOT have a very strong balance sheet.
Momentum: Stock is suffering a negative price momentum. Stock is down -3.4% in last 30 days.
Past Returns: Underperforming stock! In past three years, the stock has provided 3.4% return compared to 13.2% by NIFTY 50.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Size: Market Cap wise it is among the top 20% companies of india.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Technicals: Bullish SharesGuru indicator.
Balance Sheet: Company does NOT have a very strong balance sheet.
Momentum: Stock is suffering a negative price momentum. Stock is down -3.4% in last 30 days.
Past Returns: Underperforming stock! In past three years, the stock has provided 3.4% return compared to 13.2% by NIFTY 50.
Investor Care | |
|---|---|
| Dividend Yield | 0.74% |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 5.02 |
Financial Health | |
|---|---|
| Current Ratio | 1.33 |
| Debt/Equity | 1.58 |
Technical Indicators | |
|---|---|
| RSI (14d) | 42.43 |
| RSI (5d) | 39.06 |
| RSI (21d) | 41.89 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal | Buy |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Summary of Mahindra Holidays & Resorts India's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
In the recent earnings conference call for the third quarter and nine months ended December 31, 2025, management of Mahindra Holidays & Resorts India Limited (MHRIL) provided a positive outlook and highlighted several key forward-looking points. The company added 273 keys during the quarter, bringing the total to approximately 6,015. They plan to add a gross level of over 1,000 keys in FY26, with current visibility suggesting about 3,600 keys in the pipeline for future years. The ongoing structural improvement in management led to a 58% increase in average sales value, now at Rs.9.7 lakhs per new member added.
The company also launched its new membership plan, "Keystone," which received positive member feedback. Early indicators show that the average unit realization (AUR) for Keystone memberships might increase by 15-20%. Resort revenue grew by 16% YOY, with an occupancy rate of 81.5%. Consolidated revenue for the quarter rose 10% YOY, with a consolidated PAT at Rs.16.5 crores after adjusting for one-time impacts.
The company continued to focus on enhancing its portfolio quality by exiting seven low-performing resorts and investing in greenfield projects, with ongoing expansions at locations like Puducherry and Ganpatipule. However, management acknowledged slight delays in project completions due to partner-led inventory addition, resulting in an expected net addition of 450-500 keys for the year.
Moreover, management emphasized the importance of maintaining member satisfaction and experience while expanding their portfolio. The overall performance remains strong, confirming their trajectory towards meeting strategic growth targets.
Understand Mahindra Holidays & Resorts India ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| MAHINDRA & MAHINDRA LIMITED | 66.74% |
| HDFC MUTUAL FUND - HDFC DIVIDEND YIELD FUND | 3.37% |
| 3P INDIA EQUITY FUND 1 | 2.81% |
| UTI AGGRESSIVE HYBRID FUND | 1.42% |
| 3P INDIA EQUITY FUND 1M | 1.21% |
| VIJAY KISHANLAL KEDIA | 1% |
| Mahindra Finance CSR Foundation |
Detailed comparison of Mahindra Holidays & Resorts India against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| INDHOTEL | Indian Hotels Co. | 97.25 kCr | 9.3 kCr | -4.50% | -13.50% | 57.7 | 10.45 | - | - |
| EIHOTEL | EIH | 21.77 kCr |
Comprehensive comparison against sector averages
MHRIL metrics compared to Leisure
| Category | MHRIL | Leisure |
|---|---|---|
| PE | 58.51 | 39.47 |
| PS | 1.93 | 6.74 |
| Growth | 5 % | 14.4 % |
Mahindra Holidays & Resorts India Limited operates in the leisure hospitality sector. It engages in the sale of vacation ownership and other accommodation related services. The company's flagship brand is Club Mahindra or CMH25, which entitles its members to a week's holiday every year for 25 years. It provides Club Mahindra Fundays, a corporate product that allows enrolled organizations to offer holiday entitlements to its employees either as a part of their reward and recognition programs or as an employment prerequisite; Bliss, a points-based product targeted at the 50-plus age group, which offers a week's holiday every year for 10 years; CMH4, a shorter duration four year nights-based product; and GoZest, which is a three-year points-based product. The company operates a network of resorts across various destinations, including hill stations, beaches, backwaters, wildlife sanctuaries, forts, and heritage destinations in India, as well as in international destinations, such as Thailand, Indonesia, Malaysia, Turkey, Singapore, Dubai, Sri Lanka, Maldives, Vietnam, Cambodia, Abu Dubai, Nepal, Finland, Sweden, and Spain. Mahindra Holidays & Resorts India Limited was incorporated in 1996 and is based in Mumbai, India. Mahindra Holidays & Resorts India Limited is a subsidiary of Mahindra & Mahindra Limited.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
MHRIL vs Leisure (2021 - 2026)
Question 1: "First one regarding the room inventory addition visibility. So, just wanted to know if there are any projects that are close to completion and how much visibility we have on the room inventory addition side in general."
Answer: We have agreements in place for about 3,600 keys over the next few years, targeting a gross addition of 1,000 keys this financial year. While some delays mean we might reach a net addition of 450-500 keys, we expect to relinquish around 150 keys more in Q4 due to project delays. Overall, our near-term perspective remains positive.
Question 2: "So, HCR first of all, Q3 performance was lower than we expected... I just wanted to get your thoughts on that."
Answer: Q3 performance was impacted by unusually low snow at our resorts, leading to decreased revenue and timeshare sales. Though we are down with a negative PAT of 3.8, Q4 looks promising, and January has shown a normalizing trend, aligning with our stronger second half for HCR.
Question 3: "Could you share early observations on Keystone in terms of ticket size or booking behavior... whether unit economics are shaping up differently at this stage?"
Answer: We've observed a 15% increase in AUR with Keystone after just a month of implementation. The middle-tier plan, Ivory, is gaining traction as the leading seller. Overall, we are delivering more value for similar costs, contributing positively to cost of acquisition and early favorable metrics.
Question 4: "What explains the effective tax rate and do you foresee normalization in coming periods?"
Answer: Our effective tax rate for total tax, including deferred and current tax, stands at 25.5%. We expect stability moving forward, and there's no anticipated significant change as we've historically not created deferred tax assets for smaller entities.
Question 5: "Is this signature resort... becoming operational by when?"
Answer: We aim to have Theog operational by the end of this financial year. Although there might be slight delays as we ensure quality, that's our current target, and we're carefully managing the process to meet this timeline.
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Distribution across major stakeholders
Distribution across major institutional holders
| 2.94 kCr |
| -1.90% |
| -9.30% |
| 32.74 |
| 7.41 |
| - |
| - |
| CCL | CCL Products (India) | 13.23 kCr | 4.08 kCr | +6.50% | +52.50% | 35.13 | 3.24 | - | - |
| LEMONTREE | Lemon Tree Hotels | 10 kCr | 1.41 kCr | -17.60% | -13.60% | 45.4 | 7.08 | - | - |
| THOMASCOOK | Thomas Cook (India) | 5.19 kCr | 8.77 kCr | -22.20% | -23.50% | 20.99 | 0.59 | - | - |
| - |
| -11.06 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| Total profit before tax | -71.4% | 11 | 36 | 27 | 102 | 48 | 29 |
| Current tax | 228.2% | 18 | 6.18 | 18 | 0.03 | 1.39 | 0.88 |
| Deferred tax | -180.5% | -7.86 | 12 | 1.29 | 29 | 11 | 16 |
| Total tax | -50% | 10 | 19 | 19 | 29 | 13 | 17 |
| Total profit (loss) for period | -97.4% | 1.41 | 17 | 7.17 | 73 | 35 | 11 |
| Other comp. income net of taxes | -1040.9% | -1.07 | 1.22 | 1.6 | 88 | -2.06 | 42 |
| Total Comprehensive Income | -103.9% | 0.33 | 18 | 8.77 | 161 | 33 | 54 |
| Earnings Per Share, Basic | -709.1% | 0.11 | 0.89 | 0.39 | 3.63 | 1.73 | 0.68 |
| Earnings Per Share, Diluted | -709.1% | 0.11 | 0.89 | 0.39 | 3.62 | 1.73 | 0.68 |
| 12% |
| 178 |
| 159 |
| 139 |
| 120 |
| 104 |
| 102 |
| Other expenses | -2% | 654 | 667 | 621 | 478 | 380 | 523 |
| Total Expenses | 5.3% | 1,275 | 1,211 | 1,092 | 867 | 739 | 913 |
| Profit Before exceptional items and Tax | 21.2% | 270 | 223 | 214 | 204 | 169 | 124 |
| Total profit before tax | 21.2% | 270 | 223 | 214 | 204 | 169 | 124 |
| Current tax | - | 0 | 0 | 68 | 27 | 0 | 47 |
| Deferred tax | 61.9% | 69 | 43 | -12.4 | 26 | 44 | 185 |
| Total tax | 61.9% | 69 | 43 | 55 | 52 | 44 | 232 |
| Total profit (loss) for period | 10.6% | 200 | 181 | 159 | 151 | 126 | -108.21 |
| Other comp. income net of taxes | 1154.5% | 139 | 12 | 6.38 | 70 | 32 | -0.55 |
| Total Comprehensive Income | 76% | 339 | 193 | 165 | 222 | 157 | -108.76 |
| Earnings Per Share, Basic | 12.2% | 9.95 | 8.98 | 7.92 | 7.58 | 6.306666667 | -5.426666667 |
| Earnings Per Share, Diluted | 12.2% | 9.94 | 8.97 | 7.89 | 7.55 | 6.306666667 | -5.426666667 |
| -6.5% |
| 333 |
| 356 |
| 292 |
| 192 |
| 162 |
| 128 |
| Non-current investments | 0% | 394 | 394 | 394 | 394 | 394 | 116 |
| Loans, non-current | 17.6% | 261 | 222 | 221 | 211 | 198 | 368 |
| Total non-current financial assets | -12% | 1,370 | 1,557 | 1,225 | 1,339 | 1,292 | 1,028 |
| Total non-current assets | -0.7% | 5,959 | 6,004 | 5,457 | 5,381 | 5,325 | 4,972 |
| Total assets | 1.9% | 8,318 | 8,165 | 7,867 | 7,545 | 7,279 | 7,014 |
| Borrowings, non-current | - | 0 | 0 | 0 | 0 | 348 | 341 |
| Total non-current financial liabilities | 10.5% | 613 | 555 | 497 | 364 | 351 | 347 |
| Provisions, non-current | 22.2% | 12 | 10 | 11 | 9.52 | 10 | 8.32 |
| Total non-current liabilities | 0.8% | 5,757 | 5,711 | 5,596 | 5,454 | 5,314 | 5,243 |
| Borrowings, current | - | 0 | 0 | 0 | 0 | 72 | 60 |
| Total current financial liabilities | -10.7% | 326 | 365 | 400 | 385 | 360 | 350 |
| Provisions, current | 33% | 11 | 8.52 | 11 | 6.11 | 10 | 6.82 |
| Current tax liabilities | - | 69 | 0 | 0 | 0 | 32 | 0 |
| Total current liabilities | 4.9% | 1,223 | 1,166 | 1,187 | 1,144 | 1,130 | 1,026 |
| Total liabilities | 1.5% | 6,980 | 6,877 | 6,783 | 6,599 | 6,445 | 6,269 |
| Equity share capital | 0% | 202 | 202 | 202 | 202 | 201 | 201 |
| Total equity | 3.9% | 1,338 | 1,288 | 1,084 | 946 | 834 | 746 |
| Total equity and liabilities | 1.9% | 8,318 | 8,165 | 7,867 | 7,545 | 7,279 | 7,014 |
| -5.8% |
| 441 |
| 468 |
| 411 |
| 326 |
| - |
| - |
| Income taxes paid (refund) | - | -4.3 | 0 | -1.58 | -58.03 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0 | -27.73 | - | - |
| Net Cashflows From Operating Activities | -4.9% | 445 | 468 | 413 | 356 | - | - |
| Cashflows used in obtaining control of subsidiaries | - | 0.03 | 0 | 0 | 0 | - | - |
| Proceeds from sales of PPE | -60.4% | 0.15 | 0.47 | 0.44 | 0.5 | - | - |
| Purchase of property, plant and equipment | 41.9% | 265 | 187 | 156 | 124 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | - | 305 | 0 | 0 | 0 | - | - |
| Interest received | -37.6% | 54 | 86 | 30 | 46 | - | - |
| Income taxes paid (refund) | 98.1% | 0 | -50.65 | 0 | 0 | - | - |
| Other inflows (outflows) of cash | 96.5% | -9.89 | -306.25 | -253.31 | -180.93 | - | - |
| Net Cashflows From Investing Activities | 6.7% | -332.86 | -356.82 | -378.96 | -258.19 | - | - |
| Proceeds from issuing shares | -77.9% | 2.35 | 7.12 | 12 | 6.53 | - | - |
| Proceeds from borrowings | 216.7% | 39 | 13 | 85 | 7.49 | - | - |
| Repayments of borrowings | 216.7% | 39 | 13 | 85 | 7.49 | - | - |
| Payments of lease liabilities | - | 132 | 0 | 57 | 45 | - | - |
| Dividends paid | - | 0.01 | 0 | 0 | 0 | - | - |
| Interest paid | -103% | 0.01 | 34 | 29 | 21 | - | - |
| Other inflows (outflows) of cash | 2% | 0 | -0.02 | 1.14 | -1.12 | - | - |
| Net Cashflows from Financing Activities | -27.9% | -129.36 | -100.93 | -73.33 | -60.91 | - | - |
| Net change in cash and cash eq. | -297.2% | -16.75 | 10 | -39.63 | 37 | - | - |
Analysis of Mahindra Holidays & Resorts India's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2025
| Description | Share | Value |
|---|---|---|
| MHRIL | 54.0% | 422.2 Cr |
| HCRO | 46.0% | 360.3 Cr |
| Total | 782.5 Cr |