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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4758 Cr.
Stock P/E
37.8
P/B
3.9
Current Price
₹235.5
Book Value
₹ 59.7
Face Value
10
52W High
₹381.6
52W Low
₹ 208.4
Dividend Yield
0%

Mahindra Holi.&Resor Overview

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.

Mahindra Holi.&Resor Share Price

Live · BSE / NSE · Inception: 1996
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Mahindra Holi.&Resor Quarterly Results

#(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

Mahindra Holi.&Resor Profit & Loss

#(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

Mahindra Holi.&Resor Balance Sheet

#(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

Mahindra Holi.&Resor Cash Flow

#(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

Mahindra Holi.&Resor Ratios

# 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

Growth Rates

Compounded annual
# 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%

Mahindra Holi.&Resor Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 66.74 %
FII 5.3 %
DII (MF + Insurance) 11.01 %
Public (retail) 33.26 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 66.7766.7766.7666.7666.7566.7466.7466.7466.7466.74
FII 5.225.255.335.315.375.365.425.445.525.3
DII 10.5810.710.4510.2410.1910.0710.1810.0110.3811.01
Public 33.2333.2333.2433.2433.2533.2633.2633.2633.2633.26
Others 0000000000
Total 100100100100100100100100100100

Mahindra Holi.&Resor Peer Comparison

Hotel, Resort & Restaurants Edit Columns

Mahindra Holi.&Resor Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Mahindra Holi.&Resor Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Company has a low return on equity of 0% over the last 3 years.
  • Debtor days have increased from 402.56 to 403.48days.
  • Stock is trading at 3.9 times its book value.
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