MHRIL

Mahindra Holidays & Resorts India Limited

Vacation ownership company and resort operator under Mahindra Group

Consumer Discretionary›Consumer Services›Leisure Services›Hotels & Resorts

clubmahindra.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹200.97
Market cap
4,053 Cr
Stock P/E
76.5
P/B
5.21
Dividend yield
0.0%
ROE (FY26)
8.9%
ROCE (FY26)
15.8%
Operating margin (FY26)
6.9%
Debt / equity (FY26)
1.59
OCF / EBITDA (FY26)
86.1%
OCF / EBITDA (3Y)
103.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Mahindra Holidays (Club Mahindra) sells vacation-ownership memberships and runs a network of holiday resorts in India, used by members and by non-member guests, plus a European resort business.

Company snapshot

10thBy market cap

Ranked among 37 companies in Hotels & Resorts.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 58.4% of revenue

SegmentRevenue shareRevenuePBTAssets
HCRO
45.6%
309 Cr-27 Cr2,387 Cr
MHRIL
58.4%
396 Cr69 Cr7,792 Cr
Other Unallocable Income
0.8%
5 Cr6 Cr2 Cr

Shares add up to 105% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓104% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.2% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales655 Cr635 Cr800 Cr653 Cr671 Cr678 Cr779 Cr701 Cr717 Cr753 Cr820 Cr733 Cr
Operating expenses (approx.)519 Cr530 Cr612 Cr547 Cr547 Cr533 Cr574 Cr579 Cr565 Cr609 Cr623 Cr620 Cr
EBITDA136 Cr105 Cr188 Cr105 Cr123 Cr146 Cr204 Cr122 Cr153 Cr144 Cr197 Cr113 Cr
OPM %20.8%16.6%23.5%16.1%18.4%21.5%26.2%17.5%21.3%19.2%24.0%15.4%
Other income17 Cr32 Cr30 Cr33 Cr35 Cr32 Cr28 Cr39 Cr32 Cr30 Cr24 Cr41 Cr
Interest33 Cr45 Cr22 Cr35 Cr38 Cr37 Cr38 Cr39 Cr48 Cr47 Cr47 Cr47 Cr
Depreciation84 Cr86 Cr86 Cr89 Cr92 Cr93 Cr92 Cr96 Cr101 Cr104 Cr109 Cr109 Cr
Profit before tax35 Cr6 Cr109 Cr14 Cr28 Cr48 Cr102 Cr26 Cr36 Cr12 Cr65 Cr-3 Cr
Tax %39.5%-67.2%23.7%56.6%59.1%26.1%28.8%72.7%52.3%87.8%36.5%-167.9%
Net profit21 Cr11 Cr83 Cr6 Cr11 Cr35 Cr73 Cr7 Cr17 Cr1 Cr41 Cr-9 Cr
EPS (₹)₹1.06₹0.58₹4.09₹0.29₹0.68₹1.73₹3.63₹0.39₹0.89₹0.11₹2.06₹-0.43

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,267 Cr2,317 Cr2,239 Cr2,372 Cr1,730 Cr2,013 Cr2,517 Cr2,705 Cr2,781 Cr2,992 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,945 Cr1,970 Cr2,073 Cr2,003 Cr1,499 Cr1,698 Cr2,045 Cr2,191 Cr2,202 Cr2,375 CrSign in free for the trailing twelve months
EBITDA322 Cr347 Cr166 Cr369 Cr231 Cr315 Cr472 Cr514 Cr579 Cr617 CrSign in free for the trailing twelve months
OPM %14.2%15.0%7.4%15.5%13.4%15.7%18.7%19.0%20.8%20.6%Sign in free for the trailing twelve months
Other income28 Cr34 Cr57 Cr59 Cr117 Cr166 Cr107 Cr115 Cr129 Cr124 CrSign in free for the trailing twelve months
Interest20 Cr64 Cr24 Cr79 Cr82 Cr99 Cr119 Cr132 Cr148 Cr181 CrSign in free for the trailing twelve months
Depreciation106 Cr100 Cr101 Cr247 Cr264 Cr271 Cr290 Cr337 Cr366 Cr409 CrSign in free for the trailing twelve months
Profit before tax224 Cr217 Cr98 Cr101 Cr2 Cr111 Cr171 Cr160 Cr193 Cr139 CrSign in free for the trailing twelve months
Tax %35.1%38.7%39.2%232.5%666.0%38.8%33.3%27.2%34.6%51.7%Sign in free for the trailing twelve months
Net profit146 Cr133 Cr60 Cr-134 Cr-14 Cr68 Cr114 Cr116 Cr126 Cr67 CrSign in free for the trailing twelve months
EPS (₹)₹11.23₹9.99₹4.55₹-9.94₹-0.98₹3.38₹5.75₹5.74₹6.33₹3.45Sign in free for the trailing twelve months
Dividend payout %—————0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital88 Cr133 Cr133 Cr133 Cr133 Cr200 Cr201 Cr202 Cr202 Cr202 Cr
Reserves509 Cr579 Cr149 Cr-87 Cr-48 Cr50 Cr189 Cr323 Cr579 Cr576 Cr
Borrowings712 Cr738 Cr585 Cr1,754 Cr2,098 Cr2,567 Cr2,623 Cr2,738 Cr987 Cr1,234 Cr
Other liabilities2,623 Cr3,028 Cr6,416 Cr7,076 Cr6,332 Cr6,020 Cr6,296 Cr6,575 Cr8,838 Cr9,367 Cr
Total liabilities3,960 Cr4,505 Cr7,283 Cr8,886 Cr8,521 Cr8,846 Cr9,317 Cr9,846 Cr10,614 Cr11,385 Cr
Fixed assets (net)1,158 Cr1,325 Cr2,314 Cr3,736 Cr3,836 Cr4,045 Cr4,277 Cr4,455 Cr4,864 Cr5,574 Cr
CWIP169 Cr111 Cr223 Cr243 Cr115 Cr114 Cr160 Cr196 Cr365 Cr325 Cr
Investments104 Cr453 Cr323 Cr406 Cr77 Cr306 Cr573 Cr675 Cr753 Cr683 Cr
Loans & advances——0.22 Cr0.25 Cr0.39 Cr0.63 Cr0.71 Cr0.73 Cr0.48 Cr0.61 Cr
Inventories395 Cr520 Cr570 Cr552 Cr554 Cr541 Cr570 Cr597 Cr694 Cr833 Cr
Trade receivables1,020 Cr1,075 Cr1,112 Cr1,245 Cr966 Cr965 Cr1,020 Cr1,102 Cr1,141 Cr1,229 Cr
Cash & bank196 Cr56 Cr60 Cr86 Cr79 Cr103 Cr116 Cr103 Cr37 Cr36 Cr
Other assets919 Cr965 Cr2,680 Cr2,617 Cr2,894 Cr2,772 Cr2,599 Cr2,718 Cr2,760 Cr2,704 Cr
Total assets3,960 Cr4,505 Cr7,283 Cr8,886 Cr8,521 Cr8,846 Cr9,317 Cr9,846 Cr10,614 Cr11,385 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity276 Cr551 Cr263 Cr561 Cr382 Cr498 Cr681 Cr624 Cr621 Cr531 Cr
Cash from investing-182 Cr-547 Cr-238 Cr-284 Cr-237 Cr-257 Cr-210 Cr-449 Cr-401 Cr-213 Cr
Cash from financing-6 Cr-144 Cr-21 Cr-254 Cr-154 Cr-217 Cr-459 Cr-190 Cr-285 Cr-315 Cr
Net cash flow88 Cr-140 Cr5 Cr22 Cr-6 Cr23 Cr14 Cr-13 Cr-66 Cr-1 Cr
Free cash flow (OCF − Capex)123 Cr340 Cr89 Cr412 Cr261 Cr366 Cr420 Cr287 Cr295 Cr110 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %18.2%19.0%14.0%10.0%3.9%7.4%9.6%8.9%19.2%15.8%
ROE %23.7%18.0%18.7%-237.4%-14.4%26.0%28.9%21.7%16.2%8.9%
Debtor days164169181192203174147149149150
Inventory days56282938511798828191101
Days payable335414648656358534640
Cash conversion cycle391210227229255209172177194211
OCF / EBITDA %85.7%158.9%158.4%152.1%165.1%158.1%144.5%121.5%107.4%86.1%
OCF / EBITDA % (3 years)——130.6%155.9%157.4%157.4%153.4%138.7%123.2%103.9%
Debt / equity1.191.042.0837.8724.7810.276.735.231.271.59
Current ratio2.502.311.871.541.741.481.771.201.591.52
Net debt / EBITDA1.60—3.164.528.737.825.315.131.641.94