Hotel, Resort & Restaurants · Founded 1996 · www.clubmahindra.com · BSE 533088 · NSE MAH HOLIDAY · ISIN INE998I01010
No Notes Added Yet
Business
Mahindra Holidays & Resorts India Ltd. (MHRIL) is India's largest vacation ownership company, operating under the "Club Mahindra" brand. The company primarily sells long-term memberships (typically 10 to 25 years) that entitle members to use its network of resorts for a fixed number of days each year. Its core business model is based on upfront membership fees, which are recognized over the membership period, complemented by recurring annual subscription fees from members. It makes money through membership sales, annual fees, and revenue generated from resort operations such as food & beverage, activities, and ancillary services at its owned, leased, and managed properties across India and internationally.
Revenue Mix
MHRIL's revenue is primarily derived from two major streams:
Membership Sales: This includes the upfront fees collected from new members, which are recognized as revenue over the membership term. This is the largest component of its business.
Resort Operations & Annual Subscriptions: This segment includes the recurring annual fees paid by members for maintenance and usage, as well as revenue from accommodation, food & beverage, and other services offered at its resorts.
While specific percentages fluctuate, membership sales typically form the bulk of the overall revenue, with annual subscriptions and resort operations providing a significant recurring revenue base.
Industry
MHRIL operates in the leisure hospitality sector, specifically dominating the organized vacation ownership (timeshare) market in India. The broader industry includes traditional hotels, resorts, and homestays. MHRIL, through its "Club Mahindra" brand, holds a leading position as the largest player in the Indian vacation ownership segment, characterized by its extensive network of resorts and a large member base. It is well-positioned among Indian families seeking planned, recurring holiday experiences.
MOAT
Scale & Network: MHRIL possesses the largest network of resorts and room inventory in the organized vacation ownership space in India. This extensive presence across diverse destinations provides a wide range of choices and enhances the value proposition for members.
Brand Recognition & Trust: "Club Mahindra" is a highly recognized and trusted brand in the Indian leisure travel market, built over decades of operations and supported by the strong reputation of the Mahindra Group.
Customer Lock-in / Switching Costs: Members commit to long-term contracts and pay significant upfront fees, creating moderate switching costs, as they are invested in the Club Mahindra ecosystem.
Growth Drivers
Rising Disposable Incomes: Increasing affluence and a growing middle class in India are leading to higher discretionary spending on leisure travel and holidays.
Expanding Network: Continued addition of new resorts and rooms, both owned and through leases/management contracts, allows MHRIL to cater to more members and diversify holiday options.
Digitalization and Targeted Marketing: Leveraging digital platforms to reach a wider audience and efficiently acquire new members.
Strategic Alliances & International Reach: Partnerships and potential expansion into international markets or attracting outbound Indian tourists.
Focus on Experiential Holidays: Catering to evolving consumer preferences for unique experiences and activities beyond just accommodation.
Risks
Economic Downturns: As a discretionary spending service, MHRIL's business is highly sensitive to economic slowdowns, impacting new membership sales and resort occupancy.
Capital Intensity: Expanding its resort network requires significant capital expenditure for property acquisition, development, and maintenance.
Member Satisfaction & Retention: Ensuring consistent high-quality service, resort availability, and addressing member concerns are crucial to maintain loyalty and brand reputation.
Competition: While leading in timeshare, it faces competition from traditional hotels, online travel agencies (OTAs), and smaller hospitality players.
Regulatory Changes: Potential changes in consumer protection laws or real estate regulations could impact operations.
Pandemics/Global Events: Events like COVID-19 can severely disrupt travel and hospitality, impacting revenues and operational costs.
Management & Ownership
MHRIL is part of the Mahindra Group, one of India's most respected conglomerates, which acts as the promoter. The management team benefits from the group's robust governance framework and often comprises professionals with extensive experience in the hospitality, consumer, and financial sectors. The Mahindra Group holds a significant majority stake, ensuring strong promoter backing and strategic alignment. The remainder is held by institutional investors and the public.
Outlook
MHRIL benefits from India's long-term growth story, particularly the rise in discretionary spending and an increasing preference for organized leisure travel. Its established brand, extensive resort network, and recurring membership-based revenue model provide a degree of stability. The company's ability to continue expanding its inventory, innovating its holiday offerings, and maintaining high member satisfaction will be critical for sustained growth. However, it remains susceptible to economic cycles that impact consumer spending on leisure, and managing customer acquisition costs effectively will be key. Competition from various hospitality segments and the capital-intensive nature of resort expansion also present ongoing challenges.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 635 | 800 | 653 | 671 | 678 | 779 | 701 | 717 | 753 | 820 |
| Other Income | 32 | 30 | 33 | 35 | 32 | 28 | 39 | 32 | 30 | 24 |
| Total Income | 666 | 830 | 686 | 706 | 710 | 807 | 740 | 749 | 782 | 844 |
| Total Expenditure | 530 | 612 | 547 | 547 | 533 | 574 | 579 | 565 | 609 | 623 |
| Operating Profit | 137 | 218 | 139 | 159 | 178 | 233 | 161 | 185 | 174 | 221 |
| Interest | 45 | 22 | 35 | 38 | 37 | 38 | 39 | 48 | 47 | 47 |
| Depreciation | 86 | 86 | 89 | 92 | 93 | 92 | 96 | 101 | 104 | 109 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11 | 0 |
| Profit Before Tax | 6 | 109 | 15 | 29 | 48 | 102 | 27 | 36 | 11 | 65 |
| Provision for Tax | -4 | 26 | 8 | 17 | 13 | 29 | 19 | 19 | 10 | 24 |
| Profit After Tax | 10 | 84 | 7 | 12 | 35 | 73 | 8 | 18 | 1 | 42 |
| Adjustments | 1 | -1 | -1 | 2 | -0 | 0 | 0 | 0 | 1 | 0 |
| Profit After Adjustments | 12 | 82 | 6 | 14 | 35 | 73 | 8 | 18 | 2 | 42 |
| Adjusted Earnings Per Share | 0.6 | 4.1 | 0.3 | 0.7 | 1.7 | 3.6 | 0.4 | 0.9 | 0.1 | 2.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 812 | 1602 | 2267 | 2317 | 2239 | 2372 | 1730 | 2013 | 2517 | 2705 | 2781 | 2991 |
| Other Income | 18 | 11 | 28 | 34 | 57 | 59 | 124 | 166 | 107 | 115 | 129 | 125 |
| Total Income | 830 | 1613 | 2294 | 2351 | 2296 | 2431 | 1854 | 2179 | 2624 | 2820 | 2910 | 3115 |
| Total Expenditure | 623 | 1329 | 1932 | 1948 | 2056 | 1998 | 1490 | 1693 | 2038 | 2182 | 2193 | 2376 |
| Operating Profit | 207 | 284 | 362 | 403 | 239 | 434 | 364 | 486 | 586 | 637 | 717 | 741 |
| Interest | 11 | 25 | 32 | 86 | 40 | 85 | 98 | 105 | 126 | 140 | 157 | 181 |
| Depreciation | 66 | 98 | 106 | 100 | 101 | 247 | 264 | 271 | 290 | 337 | 366 | 410 |
| Exceptional Income / Expenses | -22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11 |
| Profit Before Tax | 107 | 146 | 224 | 217 | 98 | 101 | 2 | 111 | 171 | 160 | 193 | 139 |
| Provision for Tax | 27 | 56 | 79 | 84 | 38 | 236 | 16 | 43 | 57 | 43 | 67 | 72 |
| Profit After Tax | 80 | 90 | 146 | 133 | 60 | -134 | -14 | 68 | 114 | 116 | 126 | 69 |
| Adjustments | 1 | -3 | 3 | -0 | 1 | 2 | 1 | -0 | 1 | -1 | 2 | 1 |
| Profit After Adjustments | 81 | 87 | 149 | 132 | 60 | -132 | -13 | 68 | 115 | 116 | 128 | 70 |
| Adjusted Earnings Per Share | 4.1 | 4.4 | 7.5 | 6.6 | 3 | -6.6 | -0.7 | 3.4 | 5.7 | 5.7 | 6.3 | 3.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3% | 11% | 3% | 13% |
| Operating Profit CAGR | 13% | 14% | 11% | 13% |
| PAT CAGR | 9% | 23% | 0% | 5% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -32% | -7% | 7% | 3% |
| ROE Average | 0% | 0% | 37% | 29% |
| ROCE Average | 59% | 87% | 69% | 45% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 725 | 506 | 597 | 711 | 282 | 46 | 85 | 250 | 390 | 524 | 780 |
| Minority's Interest | 0 | 31 | 28 | 27 | 29 | 9 | 6 | 10 | 9 | 9 | 8 |
| Borrowings | 1626 | 0 | 0 | 713 | 567 | 327 | 807 | 658 | 697 | 20 | 782 |
| Other Non-Current Liabilities | 72 | 1691 | 1881 | 2062 | 4413 | 6211 | 5610 | 5780 | 6124 | 6515 | 6925 |
| Total Current Liabilities | 406 | 1352 | 1408 | 954 | 1318 | 1770 | 1506 | 1658 | 1592 | 2503 | 1904 |
| Total Liabilities | 2830 | 3580 | 3915 | 4467 | 6609 | 8363 | 8014 | 8356 | 8811 | 9571 | 10400 |
| Fixed Assets | 1032 | 1339 | 1273 | 1459 | 2439 | 3862 | 3971 | 4186 | 4418 | 4589 | 5003 |
| Other Non-Current Assets | 850 | 692 | 855 | 807 | 1712 | 1766 | 1418 | 1723 | 1576 | 1969 | 2371 |
| Total Current Assets | 949 | 1549 | 1787 | 2201 | 2459 | 2735 | 2624 | 2447 | 2818 | 3014 | 3026 |
| Total Assets | 2830 | 3580 | 3915 | 4467 | 6609 | 8363 | 8014 | 8356 | 8811 | 9571 | 10400 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 57 | 29 | 108 | 196 | 56 | 60 | 86 | 79 | 103 | 116 | 103 |
| Cash Flow from Operating Activities | 201 | 242 | 276 | 551 | 263 | 561 | 382 | 498 | 681 | 624 | 621 |
| Cash Flow from Investing Activities | -310 | -386 | -182 | -547 | -238 | -284 | -237 | -257 | -210 | -449 | -401 |
| Cash Flow from Financing Activities | 78 | 274 | -6 | -144 | -21 | -254 | -154 | -217 | -459 | -190 | -285 |
| Net Cash Inflow / Outflow | -31 | 131 | 88 | -140 | 5 | 22 | -8 | 24 | 12 | -14 | -64 |
| Closing Cash & Cash Equivalent | 28 | 166 | 196 | 56 | 60 | 86 | 79 | 103 | 116 | 103 | 37 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.1 | 4.38 | 7.48 | 6.65 | 3.03 | -6.62 | -0.66 | 3.38 | 5.74 | 5.73 | 6.33 |
| CEPS(Rs) | 7.4 | 9.47 | 12.67 | 11.69 | 8.07 | 5.66 | 12.54 | 16.93 | 20.12 | 22.46 | 24.4 |
| DPS(Rs) | 4 | 5 | 5 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 36.61 | 25.55 | 29.67 | 35.17 | -25.99 | -37.89 | -37.83 | -34.11 | -27.56 | -21.4 | -14.9 |
| Core EBITDA Margin(%) | 23.26 | 17.04 | 14.76 | 15.94 | 8.16 | 15.78 | 13.86 | 15.92 | 19.05 | 19.31 | 21.13 |
| EBIT Margin(%) | 14.58 | 10.7 | 11.31 | 13.07 | 6.17 | 7.86 | 5.79 | 10.69 | 11.8 | 11.09 | 12.57 |
| Pre Tax Margin(%) | 13.22 | 9.14 | 9.89 | 9.35 | 4.38 | 4.27 | 0.14 | 5.49 | 6.78 | 5.9 | 6.92 |
| PAT Margin (%) | 9.89 | 5.62 | 6.42 | 5.73 | 2.66 | -5.66 | -0.81 | 3.36 | 4.52 | 4.29 | 4.53 |
| Cash Profit Margin (%) | 18.06 | 11.71 | 11.09 | 10.05 | 7.19 | 4.76 | 14.45 | 16.81 | 16.04 | 16.74 | 17.69 |
| ROA(%) | 2.96 | 2.81 | 3.88 | 3.17 | 1.08 | -1.79 | -0.17 | 0.83 | 1.33 | 1.26 | 1.26 |
| ROE(%) | 10.81 | 14.64 | 26.58 | 20.6 | 65.4 | 0 | 0 | 184.71 | 0 | 0 | 0 |
| ROCE(%) | 5.25 | 9.61 | 19.86 | 20.94 | 14.97 | 83.65 | 62.2 | 21.71 | 118.39 | 84.96 | 58.83 |
| Receivable days | 385.74 | 205.7 | 157.36 | 165.03 | 178.28 | 181.36 | 233.23 | 174.99 | 143.89 | 143.21 | 147.23 |
| Inventory Days | 3.66 | 43.9 | 62.38 | 72.11 | 88.82 | 86.3 | 116.71 | 99.28 | 80.58 | 78.77 | 84.74 |
| Payable days | 1478.2 | 342.39 | 256.12 | 257.75 | 239.57 | 224.73 | 409.14 | 452.71 | 387.41 | 402.56 | 403.48 |
| PER(x) | 27.86 | 39.24 | 25.51 | 29.32 | 52.8 | 0 | 0 | 68.06 | 47.02 | 68.47 | 45.04 |
| Price/Book(x) | 3.12 | 6.73 | 6.44 | 5.54 | -6.16 | -2.45 | -3.71 | -6.74 | -9.78 | -18.34 | -19.12 |
| Dividend Yield(%) | 1.56 | 1.29 | 1.16 | 1.37 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 4.77 | 2.5 | 1.92 | 1.99 | 1.76 | 1.02 | 1.93 | 2.53 | 2.36 | 3.14 | 2.32 |
| EV/Core EBITDA(x) | 18.74 | 14.09 | 12.01 | 11.46 | 16.46 | 5.6 | 9.17 | 10.48 | 10.13 | 13.34 | 9.02 |
| Net Sales Growth(%) | -0.55 | 97.33 | 41.48 | 2.22 | -3.36 | 5.93 | -27.06 | 16.38 | 25.02 | 7.45 | 2.82 |
| EBIT Growth(%) | -16.21 | 44.75 | 49.62 | 18.11 | -54.37 | 35.03 | -46.29 | 114.92 | 38.02 | 0.97 | 16.51 |
| PAT Growth(%) | -7.51 | 12.24 | 61.55 | -8.78 | -55.13 | -325.69 | 89.57 | 582.99 | 68.28 | 1.96 | 8.52 |
| EPS Growth(%) | -6.67 | 6.83 | 70.81 | -11.18 | -54.4 | -318.53 | 90.1 | 615.03 | 69.8 | -0.07 | 10.38 |
| Debt/Equity(x) | 2.25 | 1.39 | 1.31 | 1.16 | -1.6 | -1.14 | -1.25 | -1.37 | -1.37 | -2.05 | -3.29 |
| Current Ratio(x) | 2.34 | 1.15 | 1.27 | 2.31 | 1.87 | 1.54 | 1.74 | 1.48 | 1.77 | 1.2 | 1.59 |
| Quick Ratio(x) | 2.32 | 0.87 | 0.99 | 1.76 | 1.43 | 1.23 | 1.37 | 1.15 | 1.41 | 0.97 | 1.22 |
| Interest Cover(x) | 10.68 | 6.88 | 7.94 | 3.51 | 3.44 | 2.19 | 1.03 | 2.06 | 2.35 | 2.14 | 2.23 |
| Total Debt/Mcap(x) | 0.72 | 0.21 | 0.2 | 0.21 | 0.26 | 0.46 | 0.33 | 0.2 | 0.14 | 0.11 | 0.17 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.77 | 66.77 | 66.76 | 66.76 | 66.75 | 66.74 | 66.74 | 66.74 | 66.74 | 66.74 |
| FII | 5.22 | 5.25 | 5.33 | 5.31 | 5.37 | 5.36 | 5.42 | 5.44 | 5.52 | 5.3 |
| DII | 10.58 | 10.7 | 10.45 | 10.24 | 10.19 | 10.07 | 10.18 | 10.01 | 10.38 | 11.01 |
| Public | 17.42 | 17.28 | 17.45 | 17.69 | 17.69 | 17.83 | 17.65 | 17.81 | 17.37 | 16.95 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 |
| FII | 1.05 | 1.06 | 1.08 | 1.07 | 1.09 | 1.08 | 1.1 | 1.1 | 1.11 | 1.07 |
| DII | 2.14 | 2.16 | 2.11 | 2.07 | 2.06 | 2.03 | 2.06 | 2.02 | 2.1 | 2.23 |
| Public | 3.52 | 3.49 | 3.52 | 3.57 | 3.57 | 3.6 | 3.57 | 3.6 | 3.51 | 3.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 20.19 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +3% | +11% | +3% | +13% |
| Operating Profit CAGR | +13% | +14% | +11% | +13% |
| PAT CAGR | +9% | +23% | — | +5% |
| Share Price CAGR | -32% | -7% | +7% | +3% |
| ROE Average | 0% | 0% | +37% | +29% |
| ROCE Average | +59% | +87% | +69% | +45% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.77 | 66.77 | 66.76 | 66.76 | 66.75 | 66.74 | 66.74 | 66.74 | 66.74 | 66.74 |
| FII | 5.22 | 5.25 | 5.33 | 5.31 | 5.37 | 5.36 | 5.42 | 5.44 | 5.52 | 5.3 |
| DII | 10.58 | 10.7 | 10.45 | 10.24 | 10.19 | 10.07 | 10.18 | 10.01 | 10.38 | 11.01 |
| Public | 33.23 | 33.23 | 33.24 | 33.24 | 33.25 | 33.26 | 33.26 | 33.26 | 33.26 | 33.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 |
| FII | 1.05 | 1.06 | 1.08 | 1.07 | 1.09 | 1.08 | 1.1 | 1.1 | 1.11 | 1.07 |
| DII | 2.14 | 2.16 | 2.11 | 2.07 | 2.06 | 2.03 | 2.06 | 2.02 | 2.1 | 2.23 |
| Public | 6.71 | 6.71 | 6.71 | 6.71 | 6.72 | 6.72 | 6.72 | 6.72 | 6.72 | 6.72 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 20.19 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 | 20.2 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.