Mahindra Holidays & Resorts India LimitedQ2 FY27 Results & Financial Update
Mahindra Holidays & Resorts India Limited: Q2 FY27 consolidated results and company financials – revenue ₹819.68 Cr, PAT ₹19.72 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Mahindra Holidays & Resorts India Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Mahindra Holidays & Resorts India Limited reported its consolidated financial results for the second quarter ended September 30, 2026, delivering a consolidated total income of INR 819.68 crore and a consolidated profit after tax (PAT) of INR 19.72 crore. s in its investor press release, consolidated PAT grew by 17% year-on-year, underpinned by steady domestic membership sales and double-digit growth in resort operations.
The domestic business sustained robust operating momentum during the quarter. Membership sales reached INR 141 crore, reflecting a 6% year-on-year increase, marking the second consecutive quarter of expansion in membership sales. This growth was accompanied by a 43% surge in Average Unit Realisation (AUR) including upgrades, which touched INR 13.4 lakh, and a 26% increase in membership upgrades to INR 83 crore.
Resort revenue within the domestic operations advanced by 15% year-on-year to INR 96 crore. This top-line performance in resort operations was supported by an occupancy rate of 75.6%, representing a 220 basis point improvement compared to the corresponding period of the previous year.
On the asset and inventory front, the company's consolidated balance sheet reflects a strong liquidity and unearned revenue position as of September 30, 2026. Deferred revenue stood at INR 5,828 crore, representing future recognition from vacation ownership sales, while cash and cash equivalents stood at INR 1,329 crore.
The domestic resort portfolio underwent targeted rationalisation during the quarter. MHRIL expanded two existing resorts, completed transformations at two properties, and initiated five additional resort transformations. Simultaneously, the company exited six resorts based on guest feedback and ratings to preserve service quality standards, bringing its total operating footprint to 5,762 keys across 106 resorts.
International subsidiary Holiday Club Resorts Oy (HCRO) delivered a stable operating performance during the quarter despite continued geopolitical uncertainties and macroeconomic softness in the Finnish economy.
01 · Business model
What does Mahindra Holidays & Resorts India do?
Mahindra Holidays & Resorts India Limited (MHRIL), part of the diversified Mahindra Group, is India's leading leisure hospitality company. Established in 1996, the company pioneered the vacation ownership model in the country and operates under its flagship brand, Club Mahindra, alongside upcoming ventures like Mahindra Signature Resorts.
The company generates its primary revenues through vacation ownership memberships, resort operations (room stays, food and beverage, and leisure services), and annual subscription fees. Its economic model relies on building a predictable deferred revenue base from member acquisitions while scaling its resort inventory to deliver high-occupancy leisure experiences.
MHRIL serves an expanding family demographic, backed by a cumulative member base exceeding 300,000 members. Its property network spans over 100 premium resorts across domestic and international locations, with a stated long-term development objective of reaching 10,000 keys by FY30.
02 · Historical context
What shaped the business before this quarter
Established in 1996, the company pioneered the vacation ownership model in India, subsequently scaling its Club Mahindra brand to a network of over 100 premium resorts.
The company has maintained a multi-year inventory expansion path aimed at achieving a milestone of 10,000 resort keys by FY30.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹819.68 Cr |
| Total income | ₹819.68 Cr |
| Profit before tax | ₹34.14 Cr |
| Profit after tax | ₹19.72 Cr |
| EPS | ₹0.99 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone membership sales reached INR 141 crore during the quarter, representing a 6% year-on-year increase.
Average Unit Realisation (AUR) including upgrades rose by 43% year-on-year to INR 13.4 lakh.
Revenue from membership upgrades grew by 26% year-on-year to reach INR 83 crore.
Domestic resort revenue increased by 15% year-on-year to INR 96 crore, aided by an occupancy rate of 75.6%.
05 · Demand, customers & order book
Where demand is coming from
The company's cumulative member base reached 302,886 members as of September 30, 2026.
Deferred revenue stood at INR 5,828 crore as of September 30, 2026, representing advance collections from members for future holiday usage.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
MHRIL's standalone operations reported total income of INR 395.3 crore, EBITDA of INR 124.4 crore, PBT of INR 58.6 crore, and PAT of INR 43.3 crore for Q2 FY27.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company closed the quarter with an inventory portfolio of 5,762 keys distributed across 106 resorts.
During the quarter, MHRIL expanded 2 resorts and exited 6 resorts based on guest feedback and ratings.
Domestic resort occupancy improved by 220 basis points year-on-year to reach 75.6% for Q2 FY27.
Projects, capex and execution
The company completed transformations at 2 existing resorts during the quarter, while transformations at 5 additional resorts remain ongoing. Management expects to add approximately 1,000 keys over the next two quarters.
08 · Strategy & new businesses
How the company is trying to change its growth mix
MHRIL continues to develop its multi-format holiday platform, incorporating Club Mahindra and upcoming Mahindra Signature Resorts to address diverse travel demographics.
09 · Reported developments
What changed operationally
Consolidated PAT grew by 17% year-on-year to INR 19.72 crore for Q2 FY27.
Membership sales grew for the second consecutive quarter, supported by premiumisation and upgrade momentum.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company maintained a strong liquidity position with cash and cash equivalents of INR 1,329 crore as of September 30, 2026.
11 · Management guidance & targets
What management is targeting from here
Management expects to add approximately 1,000 keys over the next two quarters.
The company's development pipeline is aligned with its stated goal of reaching 10,000 keys by FY30.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Resort Quality Management
MHRIL exited 6 resorts during the quarter based on guest feedback and ratings, reflecting active quality control across its hospitality portfolio.
13 · Key Q&A
The quarter, answered directly
What does Mahindra Holidays & Resorts India do?
Mahindra Holidays & Resorts India Limited (MHRIL), part of the diversified Mahindra Group, is India's leading leisure hospitality company. Established in 1996, the company pioneered the vacation ownership model in the country and operates under its flagship brand, Club Mahindra, alongside upcoming ventures like Mahindra Signature Resorts.
What is the clearest takeaway from Q2 FY27?
Mahindra Holidays & Resorts India Limited reported its consolidated financial results for the second quarter ended September 30, 2026, delivering a consolidated total income of INR 819.68 crore and a consolidated profit after tax (PAT) of INR 19.72 crore. s in its investor press release, consolidated PAT grew by 17% year-on-year, underpinned by steady domestic membership sales and double-digit growth in resort operations.
What drove revenue or demand?
Standalone membership sales reached INR 141 crore during the quarter, representing a 6% year-on-year increase.
What mattered most for margins or profitability?
The company maintained a strong liquidity position with cash and cash equivalents of INR 1,329 crore as of September 30, 2026.
What changed operationally beyond the headline numbers?
The company closed the quarter with an inventory portfolio of 5,762 keys distributed across 106 resorts.
What is management guiding or targeting from here?
Management expects to add approximately 1,000 keys over the next two quarters.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Key Addition Milestones: Progress on the addition of approximately 1,000 keys over the next two quarters.
- 02
Resort Transformation Execution: Completion status of the 5 ongoing resort transformations.
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