Mahindra Holidays Q2 FY27: Consolidated PAT Up 17% as Resort Revenue Grows 15%

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Mahindra Holidays & Resorts India Ltd. (MHRIL) has reported a 17% year-on-year rise in consolidated PAT for Q2 FY27, the quarter ending 30th September 2026, driven by continued growth in membership sales and double-digit growth in resort revenue.

Highlights

  • Sales at Rs 141 Cr (+6% YoY)

  • Average Unit Realisation (AUR) incl. upgrades at Rs 13.4L (+43% YoY)

  • Membership upgrades of Rs 83 Cr (+26% YoY)

  • Resort revenue at Rs 96 Cr (+15% YoY), with occupancy at 75.6% (+220 bps YoY)

  • Deferred Revenue at Rs. 5,828 Cr and Cash at Rs. 1,329 Cr as on 30th Sept'26

  • Inventory portfolio of 5,762 keys across 106 resorts; 2 resorts were expanded, while 6 resorts were exited based on guest feedback and ratings

  • Transformation of 2 resorts completed and 5 ongoing

  • Cumulative member base at 3,02,886

MHRIL Standalone (In Rs Cr)

  • Total Income: 395.3 in Q2 FY27, against 380.7 in Q2 FY26

  • EBITDA: 124.4, against 140.5

  • PBT: 58.6, against 71.0

  • PAT: 43.3, against 51.7

MHRIL Consolidated (In Rs Cr)

  • Total Income: 819.7 in Q2 FY27, against 749.5 in Q2 FY26

  • EBITDA: 194.8, against 184.9

  • PBT: 34.1, against 35.5

  • PAT: 19.7, against 16.9

Management commentary

Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd., said, "Our domestic business sustained its positive momentum during the quarter. Membership sales grew for the second consecutive quarter, supported by premiumization and upgrades, while resort revenue continued to deliver double-digit growth and occupancy improved by 220 bps.

"Alongside this momentum, we continued to strengthen and expand our domestic resort network. During the quarter, we completed expansions at two resorts and transformed two existing properties, while exiting select resorts based on guest feedback and ratings. Five additional resort transformations are underway, and we expect to add approximately 1,000 keys over the next two quarters. Our development pipeline has also expanded significantly, supporting our progress towards the goal of 10,000 keys by FY30.

"In our international operations, HCRO delivered a stable performance despite continued geopolitical uncertainty and weakness in the Finnish economy. Overall, consolidated PAT grew by 17% year-on-year, reflecting robust financial performance."

Images: courtesy of Mahindra Holidays & Resorts India Ltd. / Adfactors PR