Mahindra Holidays Ltd
NSE: MHRIL · Hotels & Resorts · sector
₹184.59NSE close 2026-10-26
Key numbers
Market cap₹3,723 cr
Price₹184.59
52w high / low₹346 / ₹185
P/E67.6xSector median 21.6x
P/B4.7xSector median 1.8x
Book value₹39.2
Dividend yield0.00%Sector median 0.58%
ROE7.2%Sector median 6.5%
ROCE14.3%Sector median 9.1%
OPM19.5%Sector median 26.3%
Debt / equity1.68xSector median 0.20x
EV/EBITDA7.0xSector median 12.9x
Interest cover1.6x
Current ratio1.63x
Sales growth 3y+5.9%Sector median +7.8%
Profit growth 3y-15.5%Sector median +10.9%
PEG–
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 64 companies in Hotels & Resorts (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹769 cr vs borrowings ₹1,234 cr (FY26): borrowings are higher by ₹465 cr.
- Operating profit covered interest 1.6x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 236% of net profit in the last 12 months.
- No dividend in the last 5 financial years.
- Price ₹184.59 on 2026-10-26: -46.6% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹400.60 · low ₹184.59
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 678 | 779 | 701 | 717 | 753 | 820 | 733 | 784 |
| EBITDA | 146 | 204 | 122 | 153 | 133 | 197 | 113 | 159 |
| OPM % | 21.5% | 26.2% | 17.5% | 21.3% | 17.7% | 24.0% | 15.4% | 20.3% |
| Other income | 32 | 28 | 39 | 32 | 30 | 24 | 41 | 36 |
| Net profit | 35 | 73 | 8 | 19 | 2 | 42 | -9 | 20 |
| EPS (₹) | 1.73 | 3.63 | 0.39 | 0.89 | 0.11 | 2.06 | -0.43 | 0.99 |
| Revenue YoY | +10.9% | +5.3% | +4.5% | +9.3% | ||||
| Profit YoY | -93.7% | -43.1% | -210.0% | +4.6% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,013 | 2,517 | 2,705 | 2,781 | 2,992 | 3,090 |
| EBITDA | 315 | 472 | 514 | 579 | 606 | 603 |
| Net profit | 68 | 115 | 116 | 128 | 70 | 55 |
| EPS (₹) | 3.38 | 5.75 | 5.74 | 6.33 | 3.45 | 2.73 |
| Revenue growth | +25.0% | +7.5% | +2.8% | +7.6% | +7.4% | |
| Profit growth | +70.5% | +0.3% | +10.4% | -45.5% | -59.3% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +5.9% | +11.6% | +7.4% |
| Net profit | -15.5% | – | -59.3% |
| EPS | -15.7% | – | – |
| Share price | – | -27.5% (2y) | -41.3% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 390 | 524 | 780 | 778 |
| Borrowings | – | 2,623 | 2,738 | 987 | 1,234 |
| Cash & equivalents | – | 760 | 942 | 1,000 | 769 |
| Total assets | – | 9,317 | 9,846 | 10,614 | 11,385 |
| Fixed assets | – | 4,277 | 4,455 | 4,864 | 5,574 |
| Capital work in progress | – | 160 | 196 | 365 | 325 |
| Investments | – | 9 | 7 | 7 | 0 |
| Receivables | – | 1,020 | 1,102 | 1,141 | 1,229 |
| Inventory | – | 570 | 597 | 694 | 833 |
| Payables | – | 398 | 391 | 353 | 331 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 498 | 681 | 624 | 621 | 531 |
| Cash from investing | -257 | -210 | -449 | -401 | -213 |
| Cash from financing | -217 | -459 | -190 | -285 | -315 |
| Capex | 132 | 261 | 338 | 326 | 421 |
| Free cash flow | 366 | 420 | 287 | 295 | 110 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 29.5% | 22.0% | 16.3% | 8.9% |
| ROCE % | – | 9.6% | 9.0% | 19.3% | 15.9% |
| Debtor days | – | 148 | 149 | 150 | 150 |
| Inventory days | – | 83 | 81 | 91 | 102 |
| Payable days | – | 58 | 53 | 46 | 40 |
| Cash conversion cycle (days) | – | 173 | 177 | 195 | 212 |
| Working capital days | – | 178 | 69 | 147 | 157 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 66.73% |
| FIIs | 3.41% |
| DIIs | 10.76% |
| of which Mutual funds | 4.19% |
| Government | 0.00% |
| Public (non-institutions) | 18.93% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 66.75% | 66.74% | 66.74% | 66.74% | 66.74% | 66.74% | 66.73% | 66.73% |
| Promoter group | % |
|---|---|
| Mahindra and Mahindra Limited | 66.73% |
| Mahindra Steel Service Centre Limited | 0.00% |
| Mahindra First Choice Wheels Limited | 0.00% |
| Mahindra USA, Inc. | 0.00% |
| Gromax Agri Equipment Limited | 0.00% |
| Mahindra Agri Solutions Limited | 0.00% |
| Mahindra and Mahindra South Africa (Proprietary) Limited | 0.00% |
| Mahindra Overseas Investment Company (Mauritius) Limited | 0.00% |
| Mahindra Europe s.r.l. | 0.00% |
| Mahindra Investment Company Mauritius Ltd [Formerly known as Mahindra-BT Investment Company (Mauritius) Limited] | 0.00% |
| Mahindra Accelo Limited | 0.00% |
| Mahindra MiddleEast Electrical Steel Service Centre (FZC) | 0.00% |
| Mahindra Holdings Limited | 0.00% |
| NBS International Limited | 0.00% |
| Mahindra & Mahindra Financial Services Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| 3P India Equity Fund 1 | 4.21% |
| Government Pension Fund Global | 2.60% |
| HDFC Mutual Fund - HDFC Dividend Yield Fund | 1.98% |
| UTI Aggressive Hybrid Fund | 1.61% |
| 3P India Equity Fund 1M | 1.39% |
| Vijay Kishanlal Kedia | 1.00% |
96,636 shareholders. Pledged: 0.00% of promoter shares.
Peers in Hotels & Resorts
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| INDHOTEL | ₹1,13,231 cr | 51.2x | 8.3x | 17.5% | 24.3% | 35.5% | +18.6% | 0.30% |
| ITCHOTELS | ₹34,226 cr | 39.5x | 2.9x | 7.7% | 10.1% | 32.7% | – | – |
| THELEELA | ₹19,468 cr | 31.3x | 3.0x | 5.0% | 9.1% | 48.6% | – | – |
| EIHOTEL | ₹18,060 cr | 25.4x | 3.4x | 14.4% | 19.7% | 33.4% | +13.3% | 0.58% |
| CHALET | ₹17,484 cr | 33.1x | 4.7x | 15.7% | 14.2% | 44.1% | +34.9% | 0.12% |
| VENTIVE | ₹12,654 cr | 26.4x | 2.3x | 9.9% | 12.4% | 42.9% | – | – |
| LEMONTREE | ₹8,721 cr | 37.1x | 6.3x | 18.4% | 15.8% | 45.3% | +18.2% | – |
| ITDC | ₹5,174 cr | 63.1x | 12.2x | 21.3% | 27.2% | 16.9% | +4.8% | 0.48% |
| JUNIPER | ₹4,474 cr | 27.0x | 1.6x | 5.9% | 8.6% | 37.4% | – | – |
| MHRIL | ₹3,723 cr | 67.6x | 4.7x | 7.2% | 14.3% | 19.5% | +5.9% | 0.00% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| MHRIL | ₹1,625 cr | 52.2% | ₹302 cr | 18.6% |
| HCRO | ₹1,491 cr | 47.8% | ₹-76 cr | -5.1% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2021-09-08 | Bonus | Bonus 1:2 |
| 2019-07-23 | Other | Annual General Meeting |
| 2018-07-25 | Dividend | Annual General Meeting / Dividend- Rs 4 Per Share |
| 2017-07-10 | Bonus | Bonus 1:2 |
| 2017-06-05 | Dividend | Annual General Meeting/Dividend - Rs 5/- Per Share |
| 2016-07-21 | Dividend | Annual General Meeting/ Dividend - Rs 5/- Per Share |
| 2015-07-16 | Dividend | Annual General Meeting/Dividend- Rs 4/- Per Share |
| 2014-08-13 | Dividend | Annual General Meeting / Dividend - Rs 4/- Per Share |
| 2013-07-11 | Dividend | Annual General Meeting / Dividend Rs.4/- Per Equity Share |
| 2012-07-12 | Dividend | Annual General Meeting And Dividend Rs.4/- Per Share |
| 2011-07-14 | Dividend | Annual General Meeting And Dividend Rs.4/- Per Share |
| 2010-07-15 | Other | Agm/Div-Rs.4/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Vacation Ownership ("VO"): Vacation Ownership and Accommodation related services
| Sector | Consumer Discretionary |
| Industry | Hotels & Resorts |
| Sub-industry | Hotels & Resorts |
| Symbol | MHRIL |
| BSE code | 533088 |
| ISIN | INE998I01010 |
| Face value | ₹10.0 |
| Incorporated | 1996-09-20 |
| Website | www.clubmahindra.com |
| Plants (India / abroad) | 58 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.