Mahindra Holidays & Resorts India Ltd. (‘Company’) reported its standalone and consolidated financials for the quarter ending 30 th Sept 2025.
Business highlights
- New resort launched at Mahabaleshwar, Maharashtra
- Four existing resorts expanded – Kandaghat (HP), Dindi (AP), Patkot (UK), and Jaipur (Rajasthan)
- Three ongoing greenfield/brownfield projects progressing well
- Resort revenue: ₹84 Cr (+8% YoY)
- Resort occupancy: 73.4% on an expanded inventory base
- Inventory base: 5,742 keys across 118 resorts
- Membership Sales Value: ₹134 Cr; AUR: ₹9.3L (+85% YoY)
- 1,432 new members added, taking the cumulative member base to 3.04 lakh
- Cash position: ₹1,532 Cr as of Sept 30, 2025 (+5% YoY)
- Deferred revenue: ₹5,747 Cr
Note: Resort revenue includes all subsidiaries except HCRO.
Financial performance
MHRIL Standalone (₹ Cr)
| Particulars | Q2 FY26 | Q2 FY25 | YoY Growth |
|---|---|---|---|
| Total Income | 380.7 | 371.0 | 2.6% |
| EBITDA | 140.5 | 119.5 | 17.6% |
| PBT | 71.0 | 63.7 | 11.5% |
| PAT | 51.7 | 47.1 | 9.8% |
| PAT excl. forex impact | 49.9 | 42.0 | 18.8% |
MHRIL Consolidated (₹ Cr)
| Particulars | Q2 FY26 | Q2 FY25 | YoY Growth |
|---|---|---|---|
| Total Income | 749.5 | 706.2 | 6.1% |
| EBITDA | 184.9 | 158.8 | 16.4% |
| PBT | 35.5 | 28.1 | 26.3% |
| PAT | 16.9 | 11.5 | 47.0% |
| PAT excl. forex impact | 32.4 | 27.3 | 18.6% |
CEO commentary
Commenting on the performance, Manoj Bhat, Managing Director and CEO, Mahindra Holidays & Resorts India Ltd., said: “We have delivered a strong performance despite being affected by unprecedented rain in Himachal and Uttarakhand clusters. We accelerated inventory expansion to add a new resort and expanded four existing ones. We also reviewed customer feedback and exited five resorts during the quarter. Growth in resort revenue and membership upgrades continues as we deliver superlative customer experience across touchpoints. As part of our continued premiumization strategy, we adopted a selective approach to member additions, reflected in higher average sales value. Our European operation, HCRO, despite multiple economic headwinds, has delivered a stable performance. Our overall performance has been robust, with consolidated profits up 47% YoY.”
