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

Add ratio to table

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 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	INDHOTEL	722.00	47.89	102771.81	0.45	390.81	18.67	2339.19	14.61	25.70	28.75
2.	ITCHOTELS	155.25	37.43	32338.66	0.64	181.91	36.05	936.02	15.71	10.54	31.62
3.	CHALET	889.50	36.89	19479.53	0.22	86.12	-57.60	512.27	-42.73	17.19	45.68
4.	EIHOTEL	289.45	25.44	18101.17	0.52	120.31	226.22	656.96	14.54	19.68	26.02
5.	THELEELA	531.70	40.07	17756.54	0.00	48.76	460.27	351.96	28.08	8.97	36.30
6.	VENTIVE	570.60	27.79	13325.88	0.00	124.18	227.44	542.80	6.97	13.15	35.30
7.	LEMONTREE	106.25	35.85	8417.62	0.00	57.34	19.21	344.61	9.13	18.72	43.36
8.	ITDC	630.20	65.64	5405.19	0.47	9.39	-3.63	90.10	2.68	29.05	9.25
9.	JUNIPER	213.80	28.68	4757.10	0.00	33.26	269.47	249.53	13.04	7.85	34.56
10.	MHRIL	199.70	76.17	4035.31	0.00	-85.59	-1293.89	7328.14	944.78	42.30	15.36
11.	SAMHI	152.55	6.73	3392.10	0.00	24.93	29.72	305.21	12.12	12.38	32.18
12.	ORIENTHOT	139.70	37.46	2495.03	0.47	5.30	-20.06	111.48	3.56	12.52	17.26

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	614	655	635	800	653	671	678	779	701	717	753	820	733
	530	519	530	612	548	547	533	574	579	565	609	623	776
Operating Profit	84	136	105	188	105	123	146	204	122	153	144	197	-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%
	38	17	32	30	33	35	32	28	39	32	19	24	41
Interest	32	33	45	22	35	38	37	38	39	48	47	47	47
Depreciation	81	84	86	86	89	92	93	92	96	101	104	109	109
Profit before Tax	9	36	6	109	15	29	48	102	27	36	11	65	-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 Profit	1	21	0	0	6	11	35	73	7	17	1	41	-9
	0.01	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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,267	2,317	2,239	2,372	1,730	2,013	2,517	2,705	2,781	2,992	3,023
	1,932	1,948	2,056	1,998	1,490	1,693	2,038	2,182	2,193	2,359	2,573
Operating Profit	334	369	183	374	240	320	479	522	588	633	450
OPM %	14.76%	15.94%	8.16%	15.78%	13.86%	15.92%	19.05%	19.31%	21.13%	21.14%	14.90%
	28	34	57	59	124	166	107	115	129	113	115
Interest	32	86	40	85	98	105	126	140	157	197	189
Depreciation	106	100	101	247	264	271	290	337	366	409	423
Profit before Tax	224	217	98	101	2	111	171	160	193	139	109
Tax %	35.06%	38.69%	39.24%	232.51%	665.97%	38.82%	33.30%	27.25%	34.58%	51.68%	52.88%
Net Profit	146	133	60	-134	-14	68	114	116	126	67	52
EPS	11.20	9.95	4.54	-9.94	-0.98	3.37	5.73	5.73	6.33	3.45	—
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

	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
Minority Interest	28	27	29	9	6	10	9	9	8	6
	501	568	136	-101	-64	30	163	298	476	569
	2,629	2,830	5,427	6,815	6,714	6,708	7,099	6,793	7,920	8,185
Trade Payables	235	262	285	309	308	348	398	391	353	331
	433	648	599	1,199	917	1,061	942	1,878	1,427	1,887
Total Liabilities	3,915	4,467	6,609	8,363	8,014	8,356	8,811	9,571	10,385	11,180
	1,273	1,459	2,439	3,862	3,971	4,186	4,418	4,589	5,003	5,741
Capital Work in Progress	155	91	197	215	103	114	160	196	365	325
	104	453	323	406	77	306	573	675	753	695
	395	520	570	552	554	541	570	597	694	833
	0	0	0	0	0	0	0	1,102	1,141	1,229
Cash & Bank	214	72	79	280	403	435	226	292	271	102
	1,773	1,872	3,002	3,047	2,906	2,773	2,863	2,121	2,158	2,255
Total Assets	3,915	4,467	6,609	8,363	8,014	8,356	8,811	9,571	10,385	11,180

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	342	639	348	625	384	440	680	624	621	531
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	-140	5	22	-8	24	12	-14	-64	2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.76	66.76	66.75	66.74	66.74	66.74	66.74	66.74	66.73
	5.34	5.31	5.37	5.36	5.42	5.44	5.51	5.30	4.01
	10.45	10.25	10.19	10.07	10.17	10.01	10.38	11.01	11.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.45	17.69	17.69	17.83	17.65	17.81	17.37	16.94	18.25

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

News

Recent coverage and analyst commentary for MHRIL

Loading news…

🤖

AI Stock Analyst

Mahindra Holidays & Resorts India Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account