Mahindra Holidays & Resorts India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mahindra Holidays & Resorts India Ltd filed with BSE on 30 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Mahindra Holidays reported Q4 FY26 standalone total income of Rs 407 crores and consolidated income of Rs 844 crores, with standalone EBITDA margin expanding to 34.9%. Management took a Rs 234 crore impairment charge on its Mauritius/HCRO equity investment due to the Finnish business outlook, bringing the holding value in the standalone books to zero. The company added 900 keys during the year, launched a new membership product called Keystone in December, and reported that new-sales AUR rose about 30% year-on-year.
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Numbers mentioned
Total income (standalone): INR407 crores (Q4 FY26)
p. 5
“Our total income was INR407 crores.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
EBITDA (standalone): INR142 crores (Q4 FY26)
p. 5
“EBITDA was INR142 crores, which again was up 8% on a Y-o-Y basis, and our EBITDA margin also expanded by more than 180 bps to 34.9%.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Impairment charge: INR234 crores (Q4 FY26)
p. 5
“This quarter, we have taken an impairment charge, as Manoj mentioned, of INR234 crores towards equity investment in Mauritius entity, driven by HCRO business outlook.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
PAT excluding one-off (standalone): INR55.4 crores (Q4 FY26)
p. 5
“Excluding this one-off charge, our PAT was at INR55.4 crores.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Cash position (standalone): INR1,446 crores (as on 31st March 2026)
p. 5
“Our cash position continues to be healthy at about INR1,446 crores as on 31st March 2026.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Consolidated income: INR844 crores (Q4 FY26)
p. 5
“So far as consolidated Q4 highlights are concerned, our income was at INR844 crores, up by about 5% Y-o-Y basis, and the EBITDA was INR221 crores with an EBITDA margin of 26.2%.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Consolidated PAT: INR41.5 crores (Q4 FY26)
p. 5
“PAT was at INR41.5 crores including forex impact.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Consolidated PAT excluding one-off: INR52.3 crores (Q4 FY26)
p. 5
“Excluding one-off impact, Q4 consol PAT stands at INR52.3 crores.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Standalone total income (full year): INR1,613 crores (FY26)
p. 5
“At a stand-alone level, total income is INR1,613 crores, up 4%.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Standalone EBITDA margin (full year): 36.7% (FY26)
p. 5
“EBITDA for full year was 36.7% versus 31.8% in F'25, an improvement of 5 percentage points.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Standalone reported PAT (full year): INR5 crores (FY26)
p. 5
“Reported PAT for full year was INR5 crores.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Standalone PAT excluding one-off (full year): INR240 crores plus (FY26)
p. 5
“However, if we exclude the one-off charges, then our PAT was INR240 crores plus, which is up 22% on a Y-o-Y basis.”
Vimal Agarwal, page 5 of the filed PDF · View the filing
Consolidated reported PAT (full year): INR67 crores (FY26)
p. 6
“Our total reported PAT for F '26 was INR67 crores.”
Vimal Agarwal, page 6 of the filed PDF · View the filing
Consolidated PAT excluding one-off (full year): INR136 crores (FY26)
p. 6
“However, if we exclude one-off items primarily Labor Code and forex movement, the PAT will be INR136 crores for F'26 versus INR126 crores in FY '25.”
Vimal Agarwal, page 6 of the filed PDF · View the filing
Keys added: about 900 keys (FY26)
p. 3
“During the year, we added about 900 keys.”
Manoj Bhat, page 3 of the filed PDF · View the filing
Total inventory: about 6,228 keys (as of FY26 year end)
p. 3
“Our total inventory today is about 6,228 keys.”
Manoj Bhat, page 3 of the filed PDF · View the filing
Sales value: INR162 crores (Q4 FY26)
p. 4
“And that is at INR162 crores this quarter.”
Manoj Bhat, page 4 of the filed PDF · View the filing
AUR including upgrades: INR14 lakhs (Q4 FY26)
p. 4
“our AUR is now at INR14 lakhs, if I include upgrades.”
Manoj Bhat, page 4 of the filed PDF · View the filing
Upgrade value growth: up 33% year-on-year (Q4 FY26)
p. 4
“Upgrade value was up 33% year-on-year, which is members who are current members are upgrading to either better duration or better plan within the same duration and that is up 33% year-on-year this quarter.”
Manoj Bhat, page 4 of the filed PDF · View the filing
New Keystone members added: 1,144 (FY26)
p. 4
“Overall, at a net level, this is including cancellations, we added 1,144 new Keystone members.”
Manoj Bhat, page 4 of the filed PDF · View the filing
Overall membership base: roughly constant at about 304,000
p. 4
“Our overall membership base is roughly constant at about 304,000.”
Manoj Bhat, page 4 of the filed PDF · View the filing
Resort utilization: above 80% (Q4 FY26)
p. 4
“The other thing is all of these have led to a strong utilization of above 80% and double-digit resort revenue growth this quarter.”
Manoj Bhat, page 4 of the filed PDF · View the filing
Upgrade value trend Q1 to Q4: INR56 crores to INR93 crores (FY26)
p. 9
“So if you look at the last 4 quarters, I think it's been a consistent trend that upgrades were in Q1, about INR56 crores. And in Q4, they are about INR93 crores.”
Manoj Bhat, page 9 of the filed PDF · View the filing
Normalized cash flow from operations: INR300 crores plus (FY26)
p. 16
“Even this year, for example, we have had a INR300 crores plus normalized cash flow from operations.”
Manoj Bhat, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Key additions — more than 1,000 keys · FY27
stated firmly by Manoj Bhat
p. 3
“And I think as we go into F '27, we are looking to build on this and we expect more than 1,000 keys to be added in F '27.”
Manoj Bhat, page 3 of the filed PDF · View the filing
Room upgrade plan (owned resorts) — 300-plus keys · next year
stated firmly by Manoj Bhat
p. 3
“I think the planned upgrades going into next year, this is on the owned resorts, is 300-plus keys in the next year.”
Manoj Bhat, page 3 of the filed PDF · View the filing
Portfolio rationalization (key surrender) — largely done with portfolio rationalization · end of FY27
stated as an aspiration by Manoj Bhat
p. 3
“And hopefully, by the end of F '27, we should be largely done with the portfolio rationalization.”
Manoj Bhat, page 3 of the filed PDF · View the filing
Treasury income — FY27
stated conditionally by Manoj Bhat
p. 7
“The only factor I would say as you look at F '27 is our treasury income could potentially drop because as we do spend on capex, and this I have probably mentioned earlier also, as we look into F '27.”
Manoj Bhat, page 7 of the filed PDF · View the filing
Operating profit trajectory — next 12 months
stated conditionally by Manoj Bhat
p. 7
“So our operating side of the profit, we do expect the trajectory to continue. Now all this is given the current conditions.”
Manoj Bhat, page 7 of the filed PDF · View the filing
Revenue growth (decade vision) — 3x during the decade · over the decade
stated as an aspiration by Manoj Bhat
p. 7
“So first of all, we had said 3x during the decade.”
Manoj Bhat, page 7 of the filed PDF · View the filing
Room transformation/renovation spend — 3x the ~100 rooms transformed · F'27
stated firmly by Vimal Agarwal
p. 12
“On a very small base of about 100 rooms transformation or renovation which we did, we do have plans to invest or move that number at least by, say, 3x in F '27.”
Vimal Agarwal, page 12 of the filed PDF · View the filing
Ganpatipule resort launch — go live · quarter 3 of this year
stated firmly by Vimal Agarwal
p. 13
“Ganpatipule should we should be going live by quarter 3 of this year.”
Vimal Agarwal, page 13 of the filed PDF · View the filing
Signature resort launch — first signature resort ready · F'28
stated conditionally by Manoj Bhat
p. 14
“It's probably going to get pushed to F '28.”
Manoj Bhat, page 14 of the filed PDF · View the filing
Club M brand relaunch spend — Q2 or Q3 of F'27
stated firmly by Manoj Bhat
p. 11
“as we look at F '27, there is a spend which we will do on relaunching the Club M brand.”
Manoj Bhat, page 11 of the filed PDF · View the filing
HCRO strategic review — strategic review of long-term partnerships · F'27
stated firmly by Manoj Bhat
p. 14
“I think F '27 is the time to do a strategic review of the business and assess what are the long-term potential partnerships or others, which we can think of, which will be probably beyond the ambit of operational improvements only.”
Manoj Bhat, page 14 of the filed PDF · View the filing
Occupancy target — around 80%
stated as an aspiration by Manoj Bhat
p. 17
“And so I do believe that we'll target an occupancy of around 80%.”
Manoj Bhat, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said dependency on foreign guests is small and the model is largely domestic, driven by member occupancy plus growing non-member occupancy.
Answered by Manoj Bhat
Asked by Dipak Saha: How did the company achieve 82% occupancy despite geopolitical disruptions and cancellations affecting foreign guests?
p. 6
“So Deepak, first of all, I think our dependency is less on foreign guests.”
Manoj Bhat, page 6 of the filed PDF · View the filing
Management expects continued margin improvement from lower acquisition costs and higher resort revenue, though treasury income could drop in FY27.
Answered by Manoj Bhat
Asked by Dipak Saha: Will the standalone EBITDA margin expansion trend continue or stabilize?
p. 6
“I think as we look into the future, some of the easier ones in terms of getting the benefits are lower.”
Manoj Bhat, page 6 of the filed PDF · View the filing
Management clarified the growth figure is not 17-18% but likely low teens for India, with a separate contribution from Finland.
Answered by Manoj Bhat
Asked by Jayant Parasramka: What is the implied revenue growth rate behind the 3x-in-a-decade vision, given flattish member additions?
p. 7
“I think it will be my calculation, if I remember correctly, it will be low teens kind of number in India.”
Manoj Bhat, page 7 of the filed PDF · View the filing
Management said both new-sales AUR and upgrade AUR are up around 30%, driven by genuine adoption of the simplified Keystone product, and expects momentum to continue absent unforeseen events.
Answered by Manoj Bhat
Asked by Shreyans Gathani: Is the AUR rise sustainable or a one-off tied to the Keystone launch and upgrade front-loading?
p. 9
“So that and as you rightly said, that is contributing to the so that's why I gave the other number. If I remove upgrades also, our base new AUR is also up 30% and that also is a very good sign, right?”
Manoj Bhat, page 9 of the filed PDF · View the filing
Management said non-member channels (travel agents, corporate, social/wedding, website) are separate from membership sales channels, and a Club M brand relaunch with increased marketing spend is planned for Q2/Q3 FY27.
Answered by Manoj Bhat
Asked by Nandan Madhiwalla: What channels will be used to sell increasing non-member room inventory, and will marketing spend increase?
p. 10
“So the channels are very different, right? So if you look at how do we think about non-member channels.”
Manoj Bhat, page 10 of the filed PDF · View the filing
Management pointed to new credit partnerships, cost-side initiatives, and monitoring net euro liability exposure, while noting a large part of euro appreciation is already reflected in the numbers.
Answered by Manoj Bhat
Asked by Sucrit Patil: How will the company derisk international operations given forex volatility and European demand headwinds?
p. 12
“And to me, the current call is that a large portion of the euro appreciation against the rupee is already in the numbers.”
Manoj Bhat, page 12 of the filed PDF · View the filing
Management said this year's international loss splits roughly evenly between forex loss and operational degradation in Finland, and a full strategic review is planned for FY27.
Answered by Manoj Bhat
Asked by Dhvaneet Savla: How confident is management in turning around the HCRO/Finland business and how should investors view its revenue and PAT impact?
p. 14
“I think this year, you can equally split it roughly between forex loss as well as operational kind of degradation in Finland.”
Manoj Bhat, page 14 of the filed PDF · View the filing
Management said the expectation that geopolitical uncertainty would ease has not materialized, prompting them to take the accounting charge now to reflect fair value, with possible future reversal if conditions change.
Answered by Manoj Bhat
Asked by Navin: Why was the impairment taken this particular quarter rather than earlier?
p. 15
“Now if some of these situations changes, 12 months later, we could be having a reversal but that for a future date.”
Manoj Bhat, page 15 of the filed PDF · View the filing
Management confirmed the room addition target is unchanged and that capital is not a constraint, citing over Rs 300 crore in normalized operating cash flow.
Answered by Manoj Bhat
Asked by TVK Vivek Kumar: Is the company still on track for its longer-term room addition targets given lower member additions and cash flow implications?
p. 16
“So the room addition target doesn't change, number one.”
Manoj Bhat, page 16 of the filed PDF · View the filing
Management said only 25-30% of rooms will be owned, with the rest coming through capital-light models such as leases, implying no significant debt addition.
Answered by Manoj Bhat
Asked by TVK Vivek Kumar: Will the company take on debt to fund the doubling of room inventory?
p. 17
“No, nothing will come because I think I have clarified and nobody has asked in this call, let me clarify then.”
Manoj Bhat, page 17 of the filed PDF · View the filing
Risks flagged
LPG crisis affecting industry's ability to serve F&B, though the company mitigated it via alternate energy sources
p. 4
“The other thing I must mention is despite the ongoing LPG crisis, which has impacted some of the industry on the ability to serve customers on the F&B front, we were able to provide that all of the menu options with minimal disruption”
Manoj Bhat, page 4 of the filed PDF · View the filing
Weather conditions in Finland (lack of snow) impacting footfall and early summer effects
p. 5
“And there, I think we did see some impact because of weather conditions in Finland. There was no snow in 1.5 months or so.”
Manoj Bhat, page 5 of the filed PDF · View the filing
High rejection rates on new sales credit applications
p. 5
“The other thing which happened during the quarter is, overall, from a credit perspective, I think there were some rejections, which were very high on some of the new sales.”
Manoj Bhat, page 5 of the filed PDF · View the filing
Geopolitical situation and economic conditions in Finland prompting impairment
p. 5
“The last point is more in the stand-alone books again, recognizing the various geopolitical situations and the economic situation in Finland.”
Manoj Bhat, page 5 of the filed PDF · View the filing
Finnish consumers saving more rather than spending amid economic slowdown
p. 8
“what's happening is if you look at Finland, I think given the slowdown, we are actually seeing that people are tending to save more rather than spend.”
Manoj Bhat, page 8 of the filed PDF · View the filing
Net liability exposure to euro currency movements
p. 11
“And lastly, I think from a forex perspective, I think we are currently carrying a net liability exposure on the euro.”
Manoj Bhat, page 11 of the filed PDF · View the filing
Prolonging geopolitical uncertainty and a new conflict affecting Finland outlook
p. 15
“But I think it's prolonging. And also, we have another conflict which has started, which could have some impact.”
Manoj Bhat, page 15 of the filed PDF · View the filing
Delay in signature resort launch due to added design considerations
p. 14
“And so it's a little bit of a delay compared to where we said we would be.”
Manoj Bhat, page 14 of the filed PDF · View the filing
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