Mahindra Holidays & Resorts India Ltd., a leading leisure hospitality company in India, has reported its standalone and consolidated financial results for the quarter ended September 30, 2026, highlighting continued growth in membership sales, resort revenue, and occupancy.
Membership sales reached Rs 141 crore, marking a 6 percent year-on-year (YoY) increase. Meanwhile, average unit realisation (AUR), including upgrades, rose 43 percent YoY to Rs 13.4 lakh. Membership upgrades also recorded strong growth, increasing 26 percent YoY to Rs 83 crore.
Additionally, resort revenue grew 15 percent YoY to Rs 96 crore, while occupancy improved by 220 basis points (bps) to 75.6 percent. As of September 30, 2026, deferred revenue stood at Rs 5,828 crore, while the company held cash reserves of Rs 1,329 crore.
Mahindra Holidays’ inventory portfolio comprised 5,762 keys across 106 resorts during the quarter. The company completed expansions at two resorts and exited six properties based on guest feedback and ratings. It also completed the transformation of two resorts, while five additional projects remained underway. The company’s cumulative membership base reached 3,02,886 by the end of the quarter.
Commenting on the performance, 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 premiumisation 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 percent year-on-year, reflecting robust financial performance.”
