Mahindra Holidays & Resorts India (MHRIL) had a P/E of 72.5× on 6 Nov 2026, above the industry P/E of 16.9×, and the shares are 43% below their 52-week high. Its ROCE of 3.6% is the second-lowest among its 6 Resorts & Casinos peers, and sales grew 5.9% a year over 3 years while net profit fell 15%. Debt is 5.43× equity. It is a small-cap company with a market cap of ₹3,990 Cr, ranked 2nd of 7 Resorts & Casinos companies by market cap; the shares fell 41% over the past year.
- ₹196.20
- ₹200.00
- ₹192.65
- ₹196.20
- 1.3 L
Health check
- ReturnsBehind
−40.7% over a year, better than 1 of 6 peers.
- Price tagPricier
P/E 72.5 vs industry 16.9.
- GrowthSlow
Sales +5.9%, profit −15.5% a year over 3 years.
- ProfitabilityWeak
ROCE 3.6% vs peer median 7.6%.
- Balance sheetStretched
Debt 5.43× equity, interest covered 1.8×, Piotroski 7 of 9.
- Red flags4 to check
Return on equity is low at 7.0%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹3,990 Cr
- Small cap
- P/E
- 72.5
- Industry 16.9
- Price to book
- 5.04
- Peers 2.00
- Dividend yield
- 0.00%
- ROE
- 7.0%
- Peers 6.3%
- ROCE
- 3.6%
- Peers 7.6%
- Debt to equity
- 5.43
- Debt ₹4,325 Cr
- EPS (TTM)
- ₹2.73
- Face value ₹10
- OPM (TTM)
- 19.9%
- Net margin 1.8%
- Sales growth
- +9.3%
- Latest quarter vs a year ago
- Profit growth
- +11.2%
- Latest quarter vs a year ago
- Price to sales
- 1.29
- EV/EBITDA 19.0
Strengths and risks
Strengths
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 7.0%.
- Debt is 5.43× equity.
- P/E of 72.5 against an industry P/E of 16.9.
- 43% below its 52-week high.
About Mahindra Holidays & Resorts India
Mahindra Holidays & Resorts India Limited operates in the leisure hospitality sector in India, Finland, Sweden, Spain, Dubai, Thailand, and Malaysia. It provides vacation ownership and other accommodation-related services. The company was incorporated in 1996 and is based in Mumbai, India. Mahindra Holidays & Resorts India Limited operates as a subsidiary of Mahindra & Mahindra Limited.
- Headquarters
- Mumbai
- Employees
- 5,684
- Sector
- Consumer Cyclical
- ISIN
- INE998I01010
- Website
- clubmahindra.com
Price range
- Avg volume (3M)
- 1.6 L
- 1-year return
- minus 40.7%
- From 52-week high
- minus 42.8%
Peers · Resorts & Casinos
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITCHOTELSITC Hotels | 174.41 | minus 1.20% | 36,333 | 38.9 | 3.08 | 9.2% | 8.2% | 35.2% | – | – | 0.57% | minus 17.9% |
| MHRILMahindra Holidays & Resorts India | 197.86 | plus 0.85% | 3,990 | 72.5 | 5.04 | 3.6% | 7.0% | 19.9% | 5.9% | −15.5% | 0.00% | minus 40.7% |
| DELTACORPDelta Corp | 75.14 | minus 1.91% | 2,012 | – | 1.05 | 5.1% | −13.7% | 17.1% | −10.6% | −31.1% | 0.67% | minus 0.3% |
| SSPRLSilverstorm Parks and Resorts | 122.65 | plus 8.20% | 278 | 14.6 | 1.52 | 14.7% | 15.6% | 67.7% | 36.9% | 154.4% | 0.00% | minus 3.4% |
| ESPIREEspire Hospitality | 115.95 | minus 3.62% | 173 | 16.9 | 3.37 | 11.6% | 17.2% | 17.5% | 93.7% | 206.3% | 0.00% | minus 71.4% |
| BHARATAGRIBharat Agri Fert and Realty | 20.60 | plus 2.03% | 109 | – | 2.48 | 1.6% | −10.6% | 26.3% | −1.3% | – | 0.00% | minus 35.2% |
| VALINDIAValencia India | 17.01 | minus 2.13% | 22 | 9.2 | 0.38 | 6.0% | 4.5% | 39.2% | 19.5% | 57.9% | 0.00% | minus 21.0% |
| Median of 6 peers | – | −1.55% | 226 | 15.8 | 2.00 | 7.6% | 6.3% | 30.7% | 19.5% | 106.1% | 0.00% | −19.4% |
Quarterly results
| ₹ Cr | Jun 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 701 | 753 | 820 | 733 | 784 | |
| 579 | 609 | 623 | 620 | 625 | |
| 122 | 144 | 197 | 113 | 159 | |
| 17.5% | 19.2% | 24.0% | 15.4% | 20.3% | |
| 38.2 | 30.1 | 23.7 | 40.5 | 34.7 | |
| 38.7 | 47.2 | 47 | 47.1 | 53.4 | |
| 95.6 | 104 | 109 | 109 | 107 | |
| – | −11.1 | – | – | – | |
| 26.3 | 11.5 | 65.3 | −3.2 | 34.1 | |
| 72.7% | 87.8% | 36.5% | −167.9% | 42.2% | |
| 7.9 | 2.2 | 41.6 | −8.7 | 20 | |
| 0.39 | 0.11 | 2.06 | -0.43 | 0.99 |
Profit & loss
- Sales CAGR 3Y
- +5.9%
- Profit CAGR 3Y
- −15.5%
- EPS CAGR 3Y
- −15.6%
- ROE
- 7.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2,400 | 2,574 | 2,640 | 2,849 | |
| – | +7.2% | +2.6% | +7.9% | |
| 1,955 | 2,103 | 2,113 | 2,241 | |
| 445 | 471 | 527 | 608 | |
| 18.5% | 18.3% | 19.9% | 21.4% | |
| 114 | 112 | 121 | 83.6 | |
| 119 | 132 | 148 | 181 | |
| 290 | 337 | 366 | 409 | |
| 20.9 | 45.3 | 59.4 | 37 | |
| 171 | 160 | 193 | 139 | |
| 33.3% | 27.2% | 34.6% | 51.7% | |
| 115 | 116 | 128 | 69.5 | |
| – | +0.3% | +10.4% | minus 45.5% | |
| 5.73 | 5.74 | 6.33 | 3.44 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 201 | 202 | 202 | 202 | |
| 189 | 243 | 499 | 576 | |
| 2,623 | 2,738 | 3,131 | 3,829 | |
| 6,305 | 6,605 | 6,753 | 6,777 | |
| 9,317 | 9,789 | 10,585 | 11,385 | |
| 4,488 | 4,672 | 5,262 | 5,928 | |
| 211 | 217 | 398 | 354 | |
| 139 | 150 | 25.9 | 15.8 | |
| 760 | 942 | 1,000 | 769 | |
| 3,719 | 3,806 | 3,900 | 4,319 | |
| 9,317 | 9,789 | 10,585 | 11,385 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 681 | 624 | 621 | 531 | |
| −210 | −449 | −401 | −213 | |
| −459 | −190 | −285 | −315 | |
| 12.4 | −14 | −64.1 | 2.2 | |
| −261 | −338 | −326 | −421 | |
| 420 | 287 | 295 | 110 | |
| −0 | −0 | −0 | −0 |
Shareholding pattern
- Promoters66.73%
- Public33.09%
- Employee trusts0.18%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 66.73% | 33.09% | 0.00 | |
| 30 Jun 2026 | 66.73% | 33.09% | minus 0.01 | |
| 31 Mar 2026 | 66.74% | 33.08% | 0.00 | |
| 31 Dec 2025 | 66.74% | 33.08% | 0.00 | |
| 30 Sep 2025 | 66.74% | 33.07% | – |
Major shareholders
Filings & events
News
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