Mahindra Holidays & Resorts India announces results for Q4 FY26 and full year FY26
ByTT Bureau
2026-05-04
Mahindra Holidays & Resorts India Ltd. has reported its standalone and consolidated financials for the fourth quarter and year ending 31st March 2026
Highlights FY26 of Mahindra Holidays & Resorts
- In line with company’s long-term strategy, inventory expansion accelerated with gross addition of ~900 keys
- Strong growth in resort revenue, Rs 443 Cr (+12% YoY)
- Occupancy at 81% on expanded inventory base
- Average Unit Realisation (AUR) incl. upgrades at Rs 10.1L (+ 77% YoY)
- Membership upgrades of Rs 292 Cr (+17% YoY)
- Deferred Revenue stands at Rs. 5,779 Cr and Cash at Rs. 1446 Cr as on 31st Mar’26
Highlights Q4FY26 of Mahindra Holidays & Resorts
- Inventory expanded by 213 keys to 6228 keys
- Acceleration in resort revenue, Rs 120 Cr (+11% YoY)
- 3 New managed resorts added to the network Dapoli in Maharashtra, North Goa Chikkamagaluru in Karnataka. Expansions completed in three existing resorts.
- Resort occupancy of 82% on expanded inventory base
- Strong growth in membership upgrades of Rs 93 Cr (+33% YoY)
- Average Unit Realisation (AUR) incl. upgrades at Rs 14.1L (+ 83% YoY)
- Cumulative member base at 3,03,906
| MHRIL Standalone | |||||||
| Particulars (In Rs Cr) | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY | |
| Total Income | 407.0 | 398.0 | 2% | 1613.3 | 1544.9 | 4% | |
| EBITDA | 142.1 | 131.7 | 8% | 592.8 | 491.8 | 21% | |
| PBT* | 75.2 | 75.8 | -1% | 323.0 | 269.6 | 20% | |
| PAT* | 55.4 | 57.4 | -3% | 238.3 | 200.5 | 19% | |
| PAT excl. one offs# | 55.1 | 57.2 | -4% | 240.6 | 196.7 | 22% | |
*Excludes ~Rs 234 Cr impairment charge towards equity investment in Mauritius entity driven by HCRO business outlook – no impact on consolidated financials
| MHRIL Consolidated | |||||||
| Particulars (In Rs Cr) | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY | |
| Total Income | 844.0 | 807.1 | 5% | 3116.0 | 2909.8 | 7% | |
| EBITDA | 220.9 | 232.7 | -5% | 741.0 | 707.8 | 5% | |
| PBT | 65.3 | 102.4 | -36% | 138.7 | 192.5 | -28% | |
| PAT | 41.5 | 72.9 | -43% | 67.0 | 125.9 | -47% | |
| PAT excl. one-offs# | 52.3 | 85.0 | -38% | 136.3 | 134.3 | 2% | |
#One off includes impairment charge, new labour code & forex movement impact
Commenting on the performance, Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd., said, “In our India business, we continued to execute on all aspects of our growth strategy. Network expansion with enhanced quality accelerated with 7 new managed resort additions during the year. Resort revenue continues its double-digit growth trajectory while utilisation sustained at 80%+ levels. In our premiumization journey, the strong reception of our new product KEYSTONE has led to robust growth in upgrades, combined with higher average unit sales realisation this quarter. Our profit growth has been robust with FY26 standalone profit excluding one-off growing by 22% and our margin expanding by 220 basis points.”
“Our international operations continued to be impacted by geopolitical headwinds, a slowdown in the Finnish economy and adverse weather conditions during the year. In FY 26, we also saw one-time impacts due to the labour code implementation in India and forex loss due to the depreciation of the rupee in our international operations. The management team is focused on improving the operating performance of our international operations in the coming quarters.”
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