Mahindra Holidays & Resorts India Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Services
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.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 97.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 53.7%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.34x)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (161.4% of PBT)
- Recent results are weak - TTM profit is down 106.1% versus prior year
- Valuation is stretched - P/E of 1002.7 is well above its own 5-year median (43.8)
- Contingent liabilities are large at 124.0% of net worth
- Company has delivered a poor profit growth of -48.5% over past five years
- Working capital days have increased from 247 to 397 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDHOTEL | 722.00 | 47.89 | 102771.81 | 0.45 | 390.81 | 18.67 | 2339.19 | 14.61 | 25.70 | 28.75 |
| ITCHOTELS | 155.25 | 37.43 | 32338.66 | 0.64 | 181.91 | 36.05 | 936.02 | 15.71 | 10.54 | 31.62 |
| CHALET | 889.50 | 36.89 | 19479.53 | 0.22 | 86.12 | -57.60 | 512.27 | -42.73 | 17.19 | 45.68 |
| EIHOTEL | 289.45 | 25.44 | 18101.17 | 0.52 | 120.31 | 226.22 | 656.96 | 14.54 | 19.68 | 26.02 |
| THELEELA | 531.70 | 40.07 | 17756.54 | 0.00 | 48.76 | 460.27 | 351.96 | 28.08 | 8.97 | 36.30 |
| VENTIVE | 570.60 | 27.79 | 13325.88 | 0.00 | 124.18 | 227.44 | 542.80 | 6.97 | 13.15 | 35.30 |
| LEMONTREE | 106.25 | 35.85 | 8417.62 | 0.00 | 57.34 | 19.21 | 344.61 | 9.13 | 18.72 | 43.36 |
| ITDC | 630.20 | 65.64 | 5405.19 | 0.47 | 9.39 | -3.63 | 90.10 | 2.68 | 29.05 | 9.25 |
| JUNIPER | 213.80 | 28.68 | 4757.10 | 0.00 | 33.26 | 269.47 | 249.53 | 13.04 | 7.85 | 34.56 |
| MHRIL | 199.70 | 76.17 | 4035.31 | 0.00 | -85.59 | -1293.89 | 7328.14 | 944.78 | 42.30 | 15.36 |
| SAMHI | 152.55 | 6.73 | 3392.10 | 0.00 | 24.93 | 29.72 | 305.21 | 12.12 | 12.38 | 32.18 |
| ORIENTHOT | 139.70 | 37.46 | 2495.03 | 0.47 | 5.30 | -20.06 | 111.48 | 3.56 | 12.52 | 17.26 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 328 | 308 | 336 | 343 | 351 | 328 | 360 | 361 | 369 | 344 | 379 | 377 | 380 | |
| 258 | 227 | 253 | 282 | 271 | 252 | 264 | 266 | 250 | 240 | 266 | 265 | 351 | |
| Operating Profit | 70 | 80 | 83 | 61 | 80 | 77 | 96 | 95 | 119 | 104 | 114 | 112 | 29 |
| OPM % | 21.23% | 26.13% | 24.75% | 17.89% | 22.79% | 23.33% | 26.55% | 26.30% | 32.28% | 30.23% | 29.92% | 29.73% | 7.67% |
| 27 | 25 | 37 | 32 | 34 | 43 | 31 | 37 | 42 | 36 | 25 | -204 | 44 | |
| Interest | 8 | 9 | 8 | 8 | 9 | 11 | 12 | 12 | 13 | 22 | 15 | 16 | 18 |
| Depreciation | 37 | 40 | 40 | 41 | 43 | 45 | 46 | 44 | 45 | 48 | 49 | 51 | 51 |
| Profit before Tax | 51 | 56 | 72 | 44 | 61 | 64 | 69 | 76 | 103 | 71 | 74 | -158 | 73 |
| Tax % | 25.74% | 26.35% | 5.13% | 24.70% | 26.16% | 26.15% | 26.21% | 24.24% | 25.78% | 27.24% | 25.77% | -12.47% | 25.49% |
| Net Profit | 38 | 41 | 68 | 33 | 45 | 47 | 51 | 57 | 76 | 52 | 55 | -178 | 54 |
| 1.89 | 2.06 | 3.38 | 1.66 | 2.24 | 2.34 | 2.52 | 2.85 | 3.78 | 2.56 | 2.72 | -8.84 | 2.69 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,073 | 1,064 | 918 | 977 | 822 | 961 | 1,196 | 1,314 | 1,400 | 1,469 | 1,480 | |
| 818 | 820 | 807 | 790 | 614 | 721 | 917 | 1,012 | 1,046 | 1,007 | 1,122 | |
| Operating Profit | 255 | 244 | 111 | 187 | 208 | 240 | 279 | 302 | 354 | 462 | 359 |
| OPM % | 23.80% | 22.95% | 12.14% | 19.13% | 25.29% | 24.94% | 23.30% | 22.97% | 25.27% | 31.44% | 24.24% |
| 17 | 30 | 45 | 60 | 87 | 110 | 109 | 120 | 145 | -101 | -99 | |
| Interest | 11 | 12 | 5 | 21 | 21 | 26 | 35 | 40 | 51 | 79 | 70 |
| Depreciation | 61 | 55 | 51 | 102 | 104 | 120 | 139 | 159 | 178 | 193 | 199 |
| Profit before Tax | 201 | 207 | 100 | 124 | 169 | 204 | 214 | 223 | 270 | 89 | 59 |
| Tax % | 34.98% | 35.14% | 36.25% | 187.31% | 25.79% | 25.66% | 25.92% | 19.07% | 25.63% | 94.90% | 129.21% |
| Net Profit | 131 | 134 | 64 | -108 | 126 | 151 | 159 | 181 | 200 | 5 | -17 |
| EPS | 9.85 | 10.10 | 4.80 | -8.14 | 9.46 | 7.55 | 7.89 | 8.96 | 9.94 | 0.23 | — |
| Dividend Payout % | 33.77% | 39.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 12%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -28%
- 5 Years:
- -49%
- 3 Years:
- -69%
STOCK PRICE CAGR
- 10 Years:
- 0%
- 5 Years:
- -3%
- 3 Years:
- -22%
- 1 Year:
- -45%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 32%
- 3 Years:
- 54%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 88 | 133 | 133 | 133 | 133 | 200 | 201 | 202 | 202 | 202 |
| 578 | 621 | 151 | 28 | 186 | 346 | 522 | 722 | 985 | 1,009 | |
| 1,879 | 2,047 | 4,773 | 5,137 | 4,673 | 4,753 | 5,030 | 5,242 | 5,525 | 5,772 | |
| Trade Payables | 121 | 127 | 164 | 178 | 195 | 218 | 215 | 230 | 222 | 172 |
| 300 | 347 | 179 | 470 | 502 | 584 | 631 | 968 | 1,104 | 1,100 | |
| Total Liabilities | 2,966 | 3,274 | 5,400 | 5,947 | 5,688 | 6,101 | 6,599 | 7,363 | 8,038 | 8,255 |
| 895 | 858 | 1,799 | 2,013 | 2,176 | 2,445 | 2,594 | 2,692 | 2,976 | 3,470 | |
| Capital Work in Progress | 45 | 89 | 192 | 209 | 100 | 107 | 128 | 192 | 356 | 320 |
| 181 | 544 | 411 | 492 | 162 | 381 | 650 | 1,044 | 1,122 | 827 | |
| 6 | 6 | 6 | 5 | 5 | 6 | 6 | 6 | 7 | 6 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 996 | 1,053 | 1,124 | |
| Cash & Bank | 168 | 25 | 27 | 206 | 343 | 383 | 114 | 201 | 230 | 65 |
| 1,671 | 1,752 | 2,965 | 3,022 | 2,903 | 2,779 | 3,107 | 2,232 | 2,295 | 2,443 | |
| Total Assets | 2,966 | 3,274 | 5,400 | 5,947 | 5,688 | 6,101 | 6,599 | 7,363 | 8,038 | 8,255 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 334 | 407 | 372 | 393 | 271 | 298 | 411 | 519 | 445 | 325 | |
| Cash from Investing | -83 | -415 | -236 | -278 | -226 | -261 | -379 | -407 | -333 | -190 |
| Cash from Financing | -53 | -48 | -62 | -65 | -36 | -58 | -73 | -101 | -129 | -133 |
| 129 | -131 | 2 | -12 | 5 | 37 | -40 | 10 | -17 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Mahindra Holidays & Resorts India Limited has informed the Exchange regarding Allotment of 12525 Shares.
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 - 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 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Copy of Newspaper Publication
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 - 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 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Transcript
2026-07-23 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Link of Recording
2026-07-23 - Mahindra Holidays & Resorts India Limited has informed the Exchange about Copy of Newspaper Publication
News
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