Mahindra Holidays logo

Mahindra Holidays

MHRIL NSE

Key Fundamentals

MicrocapHotels & ResortsLeisure Services
Market Cap
₹3,932 Cr
Volatility
Low Risk
P/E Ratio
75.09
EBITDA
₹741 Cr
Return on Equity
8.55%
Debt to Equity
4.92
Book Value
₹-13.79
EPS
₹6
52W High
₹368.9
52W Low
₹193

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

7
  • Stock is trading at 5.11 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 11.6% over past five years.
  • Contingent liabilities of Rs.1,510 Cr.
  • Company might be capitalizing the interest cost
  • Working capital days have increased from 4.84 days to 63.3 days

Growth Rate

Revenue Growth
7.09% higher than 3Y
Net Income Growth
-46.78% lower than 3Y
Cash Flow Change
-14.59% higher than 3Y
ROE
-51.8% lower than 3Y
ROCE
-9.11% higher than 3Y
EBITDA Margin (Avg.)
-2.22% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Mahindra Holidays & Resorts India (MHRIL) trades at a PE of ~71x with a market cap of Rs 4,756 Cr, while its consolidated FY25 revenue grew only 2.8% YoY to Rs 2,781 Cr and PAT stood at Rs 126 Cr. The company operates a capital-intensive timeshare model with high occupancy (84%) and Rs 5,754 Cr in deferred revenue, but faces declining member additions, rising working capital days, and an interest coverage ratio of ~1.1x.

Bull Case 8
  • High resort occupancy rate of 84% on an expanded inventory base of 5,847 rooms in FY25, indicating strong utilization of assets
  • Deferred revenue of Rs 5,754 Cr provides long-term revenue visibility as members pay upfront for future vacation usage
  • Cash position of Rs 1,470-1,576 Cr provides a buffer for expansion and debt servicing without immediate dilution risk
  • Room inventory grew 10% YoY with 520 rooms added in FY25, and the company targets 10,000 rooms by FY30 (adding 850 rooms in FY26)
  • Cumulative member base of 3,04,508 members (up 2% YoY), reflecting brand stickiness in India's vacation ownership segment
  • 5-year compounded profit CAGR of 42% reflects strong recovery trajectory from pandemic lows, with FY25 PAT at Rs 126 Cr vs Rs 68 Cr in FY22
  • Q3 FY25 EBITDA margin expanded 450 bps YoY to 25%, and consolidated EBITDA for FY25 was Rs 708 Cr, showing operating leverage potential
  • Standalone debt-equity ratio improved to 0.02x in FY25 from 0.03x in FY24, indicating deleveraging at the parent level
Bear Case 8
  • TTM profit declined 43% and 3-year compounded profit CAGR is -14%, showing deteriorating earnings momentum despite revenue growth
  • Interest coverage ratio of just 1.1x on a consolidated basis (EBIT Rs 2.1 Bn vs interest costs) signals thin margin of safety on debt servicing
  • Stock trades at 71.4x PE and 6.14x book value despite negative 3-year profit growth, suggesting stretched valuations relative to fundamentals
  • Working capital days increased sharply from 4.84 days to 63.3 days, indicating deterioration in cash conversion efficiency
  • Contingent liabilities of Rs 1,510 Cr represent a significant overhang relative to the Rs 4,756 Cr market cap (32% of market cap)
  • New member additions fell sharply — only 12,393 added in FY25 with quarterly additions dropping to ~1,432-1,493, a decline of over 50% from prior periods
  • Zero dividend payout despite repeated profitability; company has never paid a dividend, offering no income return to shareholders
  • Consolidated total debt of Rs 12.3 Bn against shareholder equity of Rs 7.8 Bn gives a consolidated debt-to-equity of 1.58x, and potential interest cost capitalization masks true borrowing costs

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 1
  • Acquires Aditatva Estates ₹37.5Cr Jun 16

    Mahindra Holidays acquired 100% of Aditatva Estates for ₹37.5 crore to expand its leisure resorts footprint in Chikmagalur, signaling continued asset-light-to-owned portfolio growth.

Neutral 4
  • CFO transition effective Jul 1 Jun 30

    Vimal Agarwal ceased as CFO on June 30, 2026; Rajiv Vimal assumes the role from July 1, 2026, ensuring planned leadership continuity.

  • Internal Auditor term concludes Jun 30

    K. N. Vaidyanathan ceased as Internal Auditor on June 30, 2026 following conclusion of his term at the holding company level.

  • 30th AGM set for Jul 22 Jun 27

    MHRIL scheduled its 30th AGM on July 22, 2026 via video conferencing, with agenda items including FY26 financials adoption and re-appointment of C.P. Gurnani as director.

  • FY26 ESG report filed Jun 26

    MHRIL filed its BRSR for FY2025-26 reporting reduced emissions intensity and 98.85% waste recovery, reflecting steady sustainability progress.

TL;DR: MHRIL is in a quiet phase dominated by routine governance transitions and compliance filings. The Chikmagalur acquisition for ₹37.5 crore is a modest positive signaling continued resort network expansion. No material headwinds emerged in the period. The outlook is stable with attention turning to AGM outcomes on July 22 and any strategic commentary from the new CFO.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
614
655
635
800
653
671
678
779
701
717
753
820
733
Expenses
530
520
530
613
548
548
533
575
579
565
609
623
620
Operating Profit
83.94
136
105
187
105
123
146
204
122
152
144
197
113
OPM %
13.66%
20.69%
16.56%
23.42%
16.05%
18.29%
21.47%
26.24%
17.38%
21.21%
19.16%
24.04%
15.36%
Other Income
37.63
16.9
31.62
30.15
33.23
35.43
32.23
28.33
38.75
32.11
19.02
23.7
40.73
Interest
31.6
33.28
44.91
22.43
35.3
37.54
36.96
38.38
38.73
48.13
47.24
46.95
47.07
Depreciation
81.25
83.79
85.54
86.03
88.66
92.48
92.99
91.87
95.64
101
104
109
109
PBT
8.72
35.4
6.3
109
14.04
28.12
47.97
102
26.29
35.5
11.54
65.32
-3.19
Tax %
89.68%
39.46%
-67.14%
23.74%
56.7%
59.14%
26.14%
28.77%
72.73%
52.28%
87.78%
36.48%
168.03%
Net Profit
0.89
21.43
10.53
83.21
6.08
11.48
35.42
72.95
7.17
16.93
1.4
41.49
-8.55
EPS in Rs
0.01
1.06
0.58
4.08
0.29
0.68
1.72
3.62
0.39
0.88
0.11
2.06
-0.43
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
812
1,602
2,267
2,317
2,239
2,372
1,730
2,013
2,517
2,705
2,781
2,992
3,023
Expenses
623
1,329
1,932
1,948
2,055
1,996
1,489
1,691
2,036
2,182
2,194
2,360
2,417
Operating Profit
189
273
335
369
184
375
241
323
481
522
587
632
606
OPM %
23%
17%
15%
16%
8%
16%
14%
16%
19%
19%
21%
21%
20%
Other Income
-4
-4
27
34
55
58
116
163
106
114
129
113
116
Interest
11
25
32
86
40
85
91
105
126
140
157
197
189
Depreciation
66
98
106
100
101
247
264
271
290
337
366
409
423
PBT
107
146
224
217
98
101
2
111
171
160
193
139
109
Tax %
25%
38%
35%
39%
39%
232%
667%
39%
33%
27%
35%
52%
—
Net Profit
81
90
146
133
60
-134
-14
68
114
116
126
67
51
EPS in Rs
4.07
4.34
7.44
6.61
3.02
-6.59
-0.65
3.37
5.72
5.72
6.32
3.44
2.62
Div. Payout %
43%
51%
30%
40%
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
88
88
88
133
133
133
133
200
201
202
202
202
Reserves
637
418
509
579
149
-87
-48
50
189
323
500
576
Borrowings
124
705
774
810
830
2,434
2,487
2,567
2,623
2,738
3,131
3,829
Other Liabilities
1,981
2,415
2,587
2,984
5,932
6,167
5,748
5,805
6,085
6,367
6,562
6,586
Total Liabilities
2,830
3,625
3,959
4,505
7,044
8,648
8,319
8,621
9,098
9,629
10,394
11,193
Fixed Assets
1,032
1,339
1,273
1,459
2,439
3,862
3,971
4,186
4,418
4,589
5,003
5,741
CWIP
95
75
171
112
227
250
124
122
182
244
407
361
Investments
143
61
104
453
324
406
77
306
573
675
753
695
Other Assets
1,561
2,150
2,411
2,481
4,055
4,129
4,147
4,007
3,924
4,122
4,231
4,398
Total Assets
2,830
3,625
3,959
4,505
7,044
8,648
8,319
8,621
9,098
9,629
10,394
11,193
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
201
242
276
551
263
561
382
498
681
624
621
531
Investing
-308
-379
-182
-547
-239
-281
-235
-257
-209
-448
-402
-217
Financing
78
274
-6
-144
-21
-254
-154
-217
-459
-190
-285
-315
Net Cash Flow
-30
137
88
-140
4
26
-6
23
14
-13
-66
-1
Free Cash Flow
67
68
128
348
99
417
263
375
425
310
295
139
CFO/OP
127
111
102
173
189
167
159
136
141
110
106
102
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
392
213
164
169
181
192
204
175
148
149
150
150
Inventory Days
—
703
411
540
499
418
735
746
592
609
753
876
Days Payable
—
478
245
271
250
234
409
480
413
399
383
348
Cash Conversion Cycle
392
438
330
438
431
376
530
441
327
359
520
678
Working Capital Days
230
150
123
115
122
45
138
14
68
-58
9
63
ROCE %
17%
16%
19%
20%
10%
10%
4%
8%
10%
9%
10%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.42%Promot.66.73%FIIs4.01%DIIs11.00%Public14.84%As ofJun 2026

Documents

Frequently Asked Questions about Mahindra Holidays

What does Mahindra Holidays & Resorts India Ltd do?
Mahindra Holidays & Resorts India Ltd. (MHRIL), a part of the Leisure and Hospitality sector of the Mahindra Group offers family holidays primarily through vacation ownership memberships. Started in 1996, the company's flagship brand ‘Club Mahindra’ has over 250,000 members. [1]The Company is the...
Where is Mahindra Holidays & Resorts India Ltd (MHRIL) listed?
Mahindra Holidays & Resorts India Ltd trades as MHRIL on the NSE and under code 533088 on the BSE.
Which sector does Mahindra Holidays & Resorts India Ltd belong to?
Mahindra Holidays & Resorts India Ltd is classified under the Leisure Services sector, in the Hotels & Resorts industry.
What is the market capitalisation of Mahindra Holidays & Resorts India Ltd?
Mahindra Holidays & Resorts India Ltd has a market capitalisation of ₹3,932 Cr, which places it in the Small Cap band.
What is the PE ratio of Mahindra Holidays & Resorts India Ltd?
Mahindra Holidays & Resorts India Ltd trades at a PE ratio of 75.09, on earnings per share of ₹6, against a book value of ₹-13.79 per share.
What is the 52-week high and low of Mahindra Holidays & Resorts India Ltd?
Over the last 52 weeks Mahindra Holidays & Resorts India Ltd has traded between ₹193 and ₹368.9.
What is the Return on Equity (ROE) of Mahindra Holidays & Resorts India Ltd?
Mahindra Holidays & Resorts India Ltd reported a return on equity of 8.55%. Its debt-to-equity ratio is 4.92.

Company Information

Mahindra Holidays & Resorts India Ltd. (MHRIL), a part of the Leisure and Hospitality sector of the Mahindra Group offers family holidays primarily through vacation ownership memberships. Started in 1996, the company's flagship brand ‘Club Mahindra’ has over 250,000 members. [1]The Company is the largest Vacation Ownership company outside the US and is 6th largest globally[2]

Website clubmahindra.com
CEO Mr. Manoj Bhat
Employees 5,383
Listed 2009-07-16
Face Value ₹ 10
Issued Size 20,20,39,321

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