MHMahindra Holidays & Resorts India533088Earnings call transcript

Q2 FY27 call: sales value up 6% to INR141 crores, occupancy 75.6%, about 1,000 gross keys planned in 6 months

Mahindra Holidays has shared the transcript of its Q2 FY27 earnings call held on 21 October 2026.

By ScoutQuest · Tue 27 Oct 2026, 11:29 AM IST · 2 min read

Total sales value incl. upgrades

grew 6% year-on-year to INR141 crores

Occupancy

rose 220 basis points to 75.6%

Average unit realisation incl. upgrades

rose 43% to INR13.4 lakhs

What the call covered

The transcript records management's opening remarks and the start of the question-and-answer session of the Q2 FY27 earnings call held on 21 October 2026.

Sales and members

• Total sales value, including upgrades, grew 6% year-on-year to INR141 crores.
• Upgrade value grew 26% to INR83 crores.
• Average unit realisation, including upgrades, rose 43% to INR13.4 lakhs.
• The member base is about 3,03,000; organic and digital channels contributed 66% of member additions in the quarter.
• Keystone's 10-year Ivory product has the maximum membership; the 10-year and 5-year products together are about 80% of the portfolio.

Resorts and operations

• Occupancy grew 220 basis points to 75.6%.
• Resort revenue grew 15%, described as the highest in the last 8 quarters.
• TRevPAR rose 6% year-on-year to INR8,777 per room as of September end.
• The network stood at 5,762 keys across 106 resorts in September, a net reduction of 103 keys in the quarter after exiting 6 resorts.
• 2 existing properties were transformed in the quarter and about 5 transformations are underway.

Guidance given on the call

• About 1,000 gross keys to be added in the next 6 months.
• The 10,000 keys by F'30 objective is described as on track, with 85% visibility in the funnel.
• 8 greenfield and brownfield projects are ongoing.
• 442 keys are under renovation and currently contributing nothing to revenue.

Financials

Standalone

• Total income grew 4% year-on-year to INR395 crores.
• EBITDA was INR124 crores versus INR141 crores last year; PAT was INR43 crores versus INR52 crores last year, down 12% and 16% respectively, reflecting growth-linked costs.

Consolidated

• Total income grew 9% to INR819 crores, EBITDA rose 5% to INR194.8 crores and PAT rose 17% to INR19.7 crores.
• Deferred revenue was INR5,828 crores and cash INR1,329 crores as of September end.
• H1 capex was about INR312 crores, against INR166 crores a year ago.

International business

Holiday Club Resorts revenue grew 8% to EUR 36.5 million, EBITDA was EUR 1.7 million versus EUR 1.3 million, and the net loss stayed at EUR 0.3 million amid a challenging Finnish economy. The HCRO loss in the Indian books, including interest and forex, was INR18 crores versus INR27 crores in the same quarter last year.

What to keep in mind

The quarter shows growth in sales value, realisations, occupancy and resort revenue, supported by upgrades and premiumisation. At the same time, standalone EBITDA and PAT were lower year-on-year and the Finnish business continued to report a net loss. Management said resort exits and ongoing transformations limit near-term visibility, and that the second-half focus is on adding capacity, accelerating Keystone sales and upgrades, and operating efficiency.

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