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Mahindra Holidays & Resorts India Ltd.

•
clubmahindra.comBSE: 533088NSE: MHRIL
Market Cap₹ 4,035 Cr.
Current Price
High / Low₹ 369 / 199
Stock P/E76.2
Book Value₹ -15
Price to Book-15.96
Dividend Yield0.00 %
ROCE42.3 %
ROE0.0 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • MHRIL: 52.2% • HCRO: 47.8%

AI Sector View

AI GENERATED

Consumer Services

Buy

Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.

Confidence
73%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 63.4%
  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.75x)
  • Company generates healthy free cash flow

CONS

  • A large part of profit comes from other income (89.7% of PBT)
  • Recent results are weak - TTM profit is down 68.0% versus prior year
  • Company has a low return on equity of 0.0% over last 3 years
  • Interest coverage is weak at 1.7x - earnings barely cover interest
  • Contingent liabilities are large at 194.2% of net worth

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer ServicesHospitalityHotel, Resort & Restaurants
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.INDHOTEL722.0047.89102771.810.45390.8118.672339.1914.6125.7028.75
2.ITCHOTELS155.2537.4332338.660.64181.9136.05936.0215.7110.5431.62
3.CHALET889.5036.8919479.530.2286.12-57.60512.27-42.7317.1945.68
4.EIHOTEL289.4525.4418101.170.52120.31226.22656.9614.5419.6826.02
5.THELEELA531.7040.0717756.540.0048.76460.27351.9628.088.9736.30
6.VENTIVE570.6027.7913325.880.00124.18227.44542.806.9713.1535.30
7.LEMONTREE106.2535.858417.620.0057.3419.21344.619.1318.7243.36
8.ITDC630.2065.645405.190.479.39-3.6390.102.6829.059.25
9.JUNIPER213.8028.684757.100.0033.26269.47249.5313.047.8534.56
10.MHRIL199.7076.174035.310.00-85.59-1293.897328.14944.7842.3015.36
11.SAMHI152.556.733392.100.0024.9329.72305.2112.1212.3832.18
12.ORIENTHOT139.7037.462495.030.475.30-20.06111.483.5612.5217.26
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
614655635800653671678779701717753820733
530519530612548547533574579565609623776
Operating Profit84136105188105123146204122153144197-44
OPM %13.66%20.76%16.56%23.47%16.14%18.40%21.47%26.24%17.46%21.29%19.15%24.04%-5.96%
38173230333532283932192441
Interest32334522353837383948474747
Depreciation818486868992939296101104109109
Profit before Tax936610915294810227361165-3
Tax %90.93%38.98%-68.56%23.66%54.30%57.70%26.28%28.75%71.26%51.40%90.37%36.47%-167.94%
Net Profit121006113573717141-9
0.011.060.584.090.290.681.733.630.390.890.112.06-0.43

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,2672,3172,2392,3721,7302,0132,5172,7052,7812,9923,023
1,9321,9482,0561,9981,4901,6932,0382,1822,1932,3592,573
Operating Profit334369183374240320479522588633450
OPM %14.76%15.94%8.16%15.78%13.86%15.92%19.05%19.31%21.13%21.14%14.90%
28345759124166107115129113115
Interest3286408598105126140157197189
Depreciation106100101247264271290337366409423
Profit before Tax224217981012111171160193139109
Tax %35.06%38.69%39.24%232.51%665.97%38.82%33.30%27.25%34.58%51.68%52.88%
Net Profit14613360-134-14681141161266752
EPS11.209.954.54-9.94-0.983.375.735.736.333.45—
Dividend Payout %29.69%40.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
6%
5 Years:
12%
3 Years:
6%

COMPOUNDED PROFIT GROWTH

10 Years:
-2%
5 Years:
—
3 Years:
-15%

STOCK PRICE CAGR

10 Years:
0%
5 Years:
-3%
3 Years:
-22%
1 Year:
-45%

RETURN ON EQUITY

10 Years:
30%
5 Years:
37%
3 Years:
0%
Last Year:
0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2021

Sep 8

1:2

Quarterly Results & Bonus issue

2017

Jul 10

1:2

Mahindra Holidays & Resorts India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 19, 2017, inter alia, has: 1. Recommended a dividend of Rs. 5/- (Rupees Five only) per equity share of Rs.10/- each for the financial year ended March 31, 2017. 2. Recommended issue of Bonus Shares in the proportion of 1:2 i.e. 1 (One) bonus equity share of Rs. 10/- each for 2 (Two) fully paid-up equity shares of Rs. 10/- each held as on the Record Date, subject to the approval of the Members of the Company. The Record Date for this purpose is being informed separately.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital88133133133133200201202202202
Minority Interest28272996109986
501568136-101-6430163298476569
2,6292,8305,4276,8156,7146,7087,0996,7937,9208,185
Trade Payables235262285309308348398391353331
4336485991,1999171,0619421,8781,4271,887
Total Liabilities3,9154,4676,6098,3638,0148,3568,8119,57110,38511,180
1,2731,4592,4393,8623,9714,1864,4184,5895,0035,741
Capital Work in Progress15591197215103114160196365325
10445332340677306573675753695
395520570552554541570597694833
00000001,1021,1411,229
Cash & Bank2147279280403435226292271102
1,7731,8723,0023,0472,9062,7732,8632,1212,1582,255
Total Assets3,9154,4676,6098,3638,0148,3568,8119,57110,38511,180

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
342639348625384440680624621531
Cash from Investing-182-547-238-284-237-257-210-449-401-213
Cash from Financing-6-144-21-254-154-217-459-190-285-315
88-140522-82412-14-642

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
66.7666.7666.7566.7466.7466.7466.7466.7466.73
5.345.315.375.365.425.445.515.304.01
10.4510.2510.1910.0710.1710.0110.3811.0111.00
Government0.000.000.000.000.000.000.000.000.00
17.4517.6917.6917.8317.6517.8117.3716.9418.25

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03
ESOP/ESOS/ESPS

2026-09-03 - Mahindra Holidays & Resorts India Limited has informed the Exchange regarding Allotment of 12525 Shares.

2026-09-02
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-02 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-26
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-26 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-17
Copy of Newspaper Publication

2026-08-17 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31
General Updates

2026-07-31 - Mahindra Holidays & Resorts India Limited has informed the Exchange about ESG Rating received from Crisil ESG Ratings & Analytics Limited. Detailed disclosure is attached.

2026-07-28
General Updates

2026-07-28 - Mahindra Holidays & Resorts India Limited has informed the Exchange about ESG Rating received from ESG Risk Assessments & Insights Limited. Detailed disclosure is attached.

2026-07-28
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-28 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Transcript

2026-07-23
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-23 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Link of Recording

2026-07-23
Copy of Newspaper Publication

2026-07-23 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Copy of Newspaper Publication

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