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Revenue
₹407 Cr
verification pending
Revenue YoY
4.3%
reported change
EBITDA
₹142 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mahindra Holidays reported a mixed Q4 FY26. Standalone revenue grew 4.3% YoY to ₹407 cr, with resort income up 11%. EBITDA margin expanded 180 bps to 34.9%, driven by lower acquisition costs and operational efficiencies. PAT (ex-impairment) rose 22% YoY to ₹55.4 cr. The India business saw strong upgrade value growth of 33% YoY and new sales AUR up 20%, aided by the Keystone product launch. However, the European subsidiary faced headwinds from weather and credit rejections, leading to a ₹234 cr impairment. Management targets adding >1,000 keys in FY27, with 25-30% owned and the rest via capital-light models. Risk: Prolonged weakness in Finland could further drag consolidated performance.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to add more than 1,000 keys in FY27, with 25-30% owned and the rest via capital-light models.
- Surrender of suboptimal keys (500 surrendered in FY26) will continue for 2-3 quarters, with completion expected by end-FY27.
- A campaign to relaunch the Club Mahindra brand is planned, with timing around Q2 or Q3 FY27, incurring marketing expenses.
- Management will conduct a strategic review of the European subsidiary in FY27, evaluating long-term partnerships or other options.
Risks flagged
- Finland faced weather-related demand disruption and credit rejection issues; management acknowledged the need for operational actions and a strategic review.
- As capex increases, treasury income may decline, impacting overall profitability despite operating margin improvement.
- Focus on quality over quantity may keep member additions low, limiting upfront cash flows from membership sales.
- Euro appreciation and geopolitical tensions could further impact European subsidiary performance; management is monitoring but has not hedged fully.
Key quotes
- We are targeting a utilization metric broadly right... we are moving from probably just thinking about it in terms of members to as guests whether it is member or non-member.
- I think F27 is the time to do a strategic review of the business and assess what are the long-term potential partnerships or others which we can think of.
- Only probably 25 to 30% will be owned. The balance will come from capital light models whether leads or other structures.
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