Mahindra Holidays Q2 FY27 consolidated PAT rises 17% on resort revenue and upgrade growth
Mahindra Holidays & Resorts India's consolidated profit after tax rose 17% year on year to Rs 19.7 crore in the September 2026 quarter, on double-digit resort revenue growth and a 43% jump in average unit realisation.
- +17% YoY
- Rs 13.4 lakh (+43% YoY)
- Rs 5,828 Cr
- 5,762 keys across 106 resorts
What Happened
Mahindra Holidays & Resorts India Ltd. reported standalone and consolidated financials for the quarter ended 30 September 2026. Consolidated total income was Rs 819.7 crore against Rs 749.5 crore a year earlier, and consolidated profit after tax rose 17% to Rs 19.7 crore from Rs 16.9 crore. Standalone total income was Rs 395.3 crore versus Rs 380.7 crore, but standalone profit after tax fell to Rs 43.3 crore from Rs 51.7 crore. Standalone EBITDA was Rs 124.4 crore against Rs 140.5 crore and standalone profit before tax Rs 58.6 crore against Rs 71.0 crore, while consolidated EBITDA came in at Rs 194.8 crore versus Rs 184.9 crore and consolidated profit before tax at Rs 34.1 crore versus Rs 35.5 crore.
- Rs 819.7 Cr vs Rs 749.5 Cr
- Rs 194.8 Cr vs Rs 184.9 Cr
- Rs 19.7 Cr vs Rs 16.9 Cr
- Rs 395.3 Cr vs Rs 380.7 Cr
- Rs 124.4 Cr vs Rs 140.5 Cr
- Rs 43.3 Cr vs Rs 51.7 Cr
- Membership sales of Rs 141 crore, up 6% year on year
- Average unit realisation including upgrades of Rs 13.4 lakh, up 43% year on year
- Membership upgrades of Rs 83 crore, up 26% year on year
- Resort revenue of Rs 96 crore, up 15% year on year, with occupancy at 75.6%, up 220 bps
- Cumulative member base of 3,02,886
- Inventory portfolio of 5,762 keys across 106 resorts; two resorts were expanded and six exited based on guest feedback and ratings
Rs 5,828 Cr
Cash stood at Rs 1,329 crore as on 30 September 2026.
During the quarter the company completed transformations at two resorts, with five more ongoing, after expanding two resorts and exiting six based on guest feedback and ratings. Management expects to add approximately 1,000 keys over the next two quarters and says its development pipeline has expanded significantly, supporting progress toward a goal of 10,000 keys by FY30. In international operations, HCRO delivered a stable performance despite continued geopolitical uncertainty and weakness in the Finnish economy.
“Our domestic business sustained its positive momentum during the quarter. Membership sales grew for the second consecutive quarter, supported by premiumisation and upgrades, while resort revenue continued to deliver double-digit growth and occupancy improved by 220 bps.”
Why this matters
Mahindra Holidays is part of the diversified Mahindra Group and describes itself as India's leading leisure hospitality company; these results show how its vacation-ownership business is performing for a member base of 3,02,886. Membership sales rose for a second consecutive quarter and the resort network is being expanded, transformed and partly exited on the way to a 10,000-key goal by FY30, which matters to holiday owners and to the resorts it keeps or drops.
Terms in This Story
- Average Unit Realisation (AUR)
- The average revenue a company earns per unit sold; here it is the average realisation per holiday membership, including upgrades.
- Deferred revenue
- Money already collected for goods or services not yet delivered, held on the balance sheet until the service is provided.
- Occupancy
- The share of available accommodation that is actually sold or used, usually expressed as a percentage of available room-nights.
- bps (basis points)
- A unit equal to one hundredth of a percentage point, used to describe small changes in rates such as occupancy.
Summarised from the linked release; details can be imperfect — always verify against the original source.