Mahindra Holidays & Resorts India Ltd(MHRIL)

NSE: MHRILBSE: 533088

₹ 185.2-3.16%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,742 crWebsite: www.clubmahindra.comUpdated: 24 Oct 2026

About

Mahindra Holidays & Resorts India Ltd (MHRIL) runs Club M. It is India's largest vacation ownership company and has over 3 lakh members. It also owns Holiday Club Resorts Oy, the largest operator of leisure hotels in Finland. In FY26 the consolidated business reported revenue of ₹2,991.74 crores. In Q2 FY27 the India portfolio was 5,762 keys across 106 resorts.^[1][2][3]

Business segments

MHRIL (India vacation ownership) brought in 52.2% of consolidated revenue (₹1,625.39 Cr) in FY26, with an EBIT margin of 18.6%. Its revenue share rose 5.4 percentage points between FY18 and FY26.^[4]
HCRO (Holiday Club Resorts, Finland) brought in 47.8% of consolidated revenue (₹1,490.67 Cr) in FY26, with an EBIT margin of -5.1%. Its revenue share fell 5.4 percentage points over the same period.^[4]

Products and brands

The India business sells vacation ownership under the Club M brand. In December 2025 it launched Keystone, a simpler membership plan that cut plan variants from 23 to 12 and seasons from 4 to 3.^[5]
Mahindra Signature Resorts is an open-access premium brand run through the wholly owned subsidiary Mahindra Hotels and Residences India Ltd. It targets 2,000 keys by FY 2030.^[1]
Signature Resorts targets an ARR of ₹12,000 - 15,000 and occupancy of 55 - 60%. The first resort, in Theog, Himachal Pradesh, is targeted for Q3 - Q4 FY28.^[5][6]
Members can use more than 4,300 resorts worldwide through RCI exchange affiliations (FY26).^[1]

Resort network

In Q2 FY27 the portfolio was 5,762 keys across 106 resorts, down from 6,228 keys at FY26. During the quarter 2 resorts were expanded and 6 were exited, and 21 partner resorts were also exited based on guest feedback.^[3]
FY26 saw a record ~900 gross key additions, while about 500 lower-rated keys were exited.^[1]
Holiday Club Resorts Oy has 35 resorts: 28 in Finland, 1 in Sweden and 6 in Spain (FY26).^[1]
The member-to-room ratio was 49 in H1 FY27.^[3]

Key operating metrics

Occupancy was 75.6% in Q2 FY27, up 220 bps YoY. It was 80.7% in FY26, against 84.0% in FY25.^[3][1]
TRevPAR was ₹8,777 in Q2 FY27, up 6% YoY. Resort revenue, excluding HCR, grew 15% YoY to ₹96 Cr.^[3]
Sales value was ₹141 Cr in Q2 FY27, up 6% YoY. Average unit realisation (AUR) was ₹13.4 lakh, up 43%, and upgrades grew 26%.^[3]
In FY26, AUR rose 77% YoY to ₹10.1 lakh and upgrade revenue rose 17% to ₹292 crore.^[1]
Deferred revenue from vacation ownership was ₹5,584 Cr as of Q1 FY27.^[7]
HCR revenue was €36.5 Mn in Q2 FY27, against €34.0 Mn a year earlier, and operating profit rose to €1.7 Mn from €1.3 Mn. Timeshare revenue grew to €10.3 Mn from €7.7 Mn.^[3]

Members and distribution

The cumulative member base was 3,02,886 in Q2 FY27, against 3,03,906 at 31 March 2026. 5,593 new members were added during FY26.^[3][1]
Organic and digital channels accounted for 66% of member additions in Q2 FY27, against 71% in Q1 FY27.^[3][7]
The company had 5,684 permanent employees as of 31 March 2026.^[1]

Expansion and capex

As of Q2 FY27, 8 greenfield and brownfield projects are under way and are expected to add ~1,000 keys. Of the resort transformations, 2 are complete and 5 are ongoing.^[3]
Total capex for FY27 is targeted at ₹700 - 750 Cr. Renovation capex is about ₹120 Cr a year for a couple of years.^[5]
A land bank of ~500 acres supports the development pipeline. About 70% of additional keys are planned on a capital-light basis.^[1][6]
Club M targets 10,000 keys by FY 2030. Adding 2,000 Signature Resorts keys brings the combined group target to ~12,000 keys.^[1][5]

Recent developments

In Q4 FY26, MHRIL took a ₹233.7 Cr impairment charge on its investment in the entity that holds the HCR stake.^[6]
A strategic review of HCR, with an external adviser, is under way and is due to conclude within FY27.^[7]
MHRIL does not expect to pay a dividend in FY27 because of an Ind AS 115 transition difference. FY28 is the earliest possible year for a dividend.^[7]

Market Cap

₹3,742 Cr

High / Low

₹345 / 184

Stock P/E

67.8

Price / Book

4.7

Book Value

₹39

EPS

₹3.4

No. of Shares

20.2 Cr

ROCE

8.1%

ROE

8.9%

OPM

10.6%

Debt / Equity

1.59

Sales

₹2,992 Cr

Net Profit

₹67 Cr

Promoter holding

66.7%

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Mahindra Holidays & Resorts India Ltd(MHRIL)

About

Business segments

Products and brands

Resort network

Key operating metrics

Members and distribution

Expansion and capex

Recent developments

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