What was Mahindra Holidays's revenue in Q4 FY26?

Mahindra Holidays reported revenue of ₹407 Cr in Q4 FY26, a +4.3% change year-over-year.

Did Mahindra Holidays management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Mahindra Holidays Q4 FY26 Research Workspace: Revenue ₹407 Cr (+4.3%)

Q: What guidance did Mahindra Holidays management give?

Add >1,000 keys in FY27: Management expects to add more than 1,000 keys in FY27, with 25-30% owned and the rest via capital-light models.

Revenue ₹407 Cr +4.3%

EBITDA ₹142 Cr +8%

PAT ₹55 Cr +22%

EBITDA Margin 34.9% +180bps

Duration 62 min

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2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Risk Intelligence

Prolonged weakness in Finland operations

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Quarter Snapshot

Occupancy Rate 80.7%

+0.7pp YoY

Occupancy remained high despite increased inventory, supported by non-member demand.

Upgrade Value ₹93 cr

+33% YoY

Upgrade value grew 33% YoY, driven by Keystone product adoption among existing members.

New Sales AUR ₹5 lakh

+20% YoY

Average unit realization for new members increased 20% due to mix shift to 10-year product.

Referral & Digital Channel Share 69%

+6pp YoY

Share of customer acquisitions from referral and digital channels improved to 69% from 63%.

Fast read

Guidance and risk preview

Top guidance Add >1,000 keys in FY27

Management expects to add more than 1,000 keys in FY27, with 25-30% owned and the rest via capital-light models.

Top risk Prolonged weakness in Finland operations

Finland faced weather-related demand disruption and credit rejection issues; management acknowledged the need for operational actions and a strateg...