Mahindra Holidays & Resorts India Ltd (MHRIL), one of India’s leading leisure hospitality players, delivered a strong performance in the second quarter of FY26, supported by robust resort operations, healthy membership sales, and continued portfolio expansion.
For the quarter ended September 30, 2025, the company reported a total income of ₹380.7 crore, up 2.6% year-on-year. EBITDA increased 17.6% to ₹140.5 crore, while profit before tax rose 11.5% to ₹71 crore. Net profit grew 9.8% to ₹51.7 crore, with profit excluding forex impact up 18.8% at ₹49.9 crore.
“We have delivered a strong performance despite being affected by unprecedented rain in the Himachal & Uttarakhand clusters. We accelerated inventory expansion to add a new resort & expanded four existing resorts. We also reviewed customer feedback and exited five resorts during the quarter. Growth in resort revenue & membership upgrades continues as we deliver a superlative customer experience across touchpoints. As part of our continued premiumization strategy, we adopted a selective approach to member additions, resulting in a higher average sales value. Our European operation, HCRO, despite being impacted by multiple economic headwinds, has delivered a stable performance. Our overall performance has been robust, and consolidated profits are up by 47 percent YoY,” said Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd.
Resort revenue, excluding HCRO, climbed 8% year-on-year to ₹84 crore, driven by stronger occupancies and increased inventory. Occupancy stood at 73.4% across an expanded base of 5,742 keys spread across 118 resorts. During the quarter, MHRIL launched a new resort in Mahabaleshwar, Maharashtra, and expanded four properties in Kandaghat, Dindi, Patkot, and Jaipur. The company also made steady progress on three ongoing greenfield and brownfield projects.
Membership performance remained solid, with 1,432 new members added, bringing the total membership base to 304,000. Membership sales value reached ₹134 crore, while the Average Unit Realisation (AUR) surged 85% year-on-year to ₹9.3 lakh, reflecting strong demand for premium memberships and improved pricing strategy.
As of September 30, 2025, MHRIL’s cash position stood at ₹1,532 crore, up 5% year-on-year, while deferred revenue was at ₹5,747 crore. The company said its healthy liquidity position supports ongoing resort expansion and ensures operational resilience.
MHRIL reaffirmed its focus on enhancing guest experiences, expanding in high-potential leisure destinations, and driving sustainable growth through efficiency improvements and stronger member engagement.
