Quarter Ended: March 2026

Mahindra Holidays & Resorts India Ltd – Q4 FY26 Results Analysis

NSE

mhril

BSE

533088

Revenue growth remains steady, but profitability is under pressure on a yearly basis due to rising costs and weaker segment performance in HCRO

key financial highlights

Revenue from Operations:
- Total Income (Q4 FY26): ₹84,398.25 Lakhs
  - QoQ Change: +7.86%
  - YoY Change: +4.56%
- Previous Quarter (Q3 FY26): ₹78,246.86 Lakhs
- Previous Year (Q4 FY25): ₹80,715.63 Lakhs
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹4,148.68 Lakhs
  - QoQ Change: +2,852.73%
  - YoY Change: -43.13%
- Previous Quarter (Q3 FY26): ₹140.53 Lakhs
- Previous Year (Q4 FY25): ₹7,294.91 Lakhs
QoQ Performance
- Revenue Trend: Moderate growth
- Profit Trend: Sharp recovery (low base)

Margin Analysis

Key Drivers:

Rising employee and operating expenses
Higher depreciation and finance costs
Weak performance in HCRO segment

Key Signal: Margins compression visible YoY despite revenue growth

Segment performance

Segment: MHRIL (Core Business)

Revenue: ₹40,675.10 Lakhs

Insights:

Stable performance
Core profit contributor

Segment: HCRO (Holiday Club Resorts Oy)

Revenue: ₹43,723.15 Lakhs

Insights:

Higher revenue contribution
Loss-making at PBT level

Segment insight

Summary:

Growth is supported by both segments, but profitability is impacted by HCRO losses

Characteristics:

Dual geography exposure
High fixed cost structure
Currency and international exposure

Earning quality check

Drivers:

Core operational earnings
Minimal exceptional items impact
High depreciation component

Interpretation:

Earnings quality is moderate, with structural cost pressures affecting profitability

balance sheet Analysis

Total Assets: ₹11,38,456.78 Lakhs
Total Liabilities: ₹10,60,091.39 Lakhs

Insight:

High liability structure with significant deferred revenue and lease liabilities typical of hospitality model

key risks

Losses in international (HCRO) segment
High fixed cost structure
Demand sensitivity to discretionary spending
Currency fluctuation impact

management strategy signals

Improving profitability in HCRO
Cost optimization
Membership growth in core business

Financial Metrics

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹84,398.25 Lakhs	+7.86%	+4.56%
PBT	₹6,531.57 Lakhs	+466.24%	-36.23%
PAT	₹4,148.68 Lakhs	+2852.73%	-43.13%

Mahindra Holidays delivered a mixed quarter, with strong sequential recovery in profitability but clear YoY margin pressure. The drag from the HCRO segment and rising costs remains a concern. Future performance hinges on margin recovery and turnaround in international operations.

Official Exchange Filing: Mahindra Holidays & Resorts India Ltd

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

92%

NET PROFIT AS % OF REVENUE

4.91%

FISCAL YEAR

2025-2026

AUDIT STATUS

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