Board Meeting Details

The meeting was held on Wednesday, 22nd July 2026, commencing at 10:35 AM (IST) and concluding at 1:59 PM (IST). The approval was based on the recommendation of the Audit Committee.

Standalone Financial Results (₹ in Lakhs)

Income:

  • Revenue from operations: ₹37,972.51 (Q1 FY27) vs ₹36,866.00 (Q1 FY26)
  • Other income: ₹4,375.64 (Q1 FY27) vs ₹4,195.75 (Q1 FY26)
  • Total income: ₹42,348.15 (Q1 FY27) vs ₹41,061.75 (Q1 FY26)

Expenses:

  • Employee benefit expense: ₹11,284.63 (Q1 FY27) vs ₹9,816.37 (Q1 FY26)
  • Finance costs: ₹1,771.68 (Q1 FY27) vs ₹1,319.83 (Q1 FY26)
  • Depreciation and amortization: ₹5,101.96 (Q1 FY27) vs ₹4,504.19 (Q1 FY26)
  • Other expenses: ₹16,900.83 (Q1 FY27) vs ₹15,150.55 (Q1 FY26)
  • Total expenses: ₹35,059.10 (Q1 FY27) vs ₹30,790.94 (Q1 FY26)

Profitability:

  • Profit before exceptional items and tax: ₹7,289.05 (Q1 FY27) vs ₹10,270.81 (Q1 FY26)
  • Exceptional items: Nil (Q1 FY27) vs Nil (Q1 FY26)
  • Profit before tax: ₹7,289.05 (Q1 FY27) vs ₹10,270.81 (Q1 FY26)
  • Total tax expense: ₹1,858.26 (Q1 FY27) vs ₹2,648.30 (Q1 FY26)
  • Profit after tax: ₹5,430.79 (Q1 FY27) vs ₹7,622.51 (Q1 FY26)
  • Total comprehensive income: ₹5,414.03 (Q1 FY27) vs ₹7,541.19 (Q1 FY26)

Earnings Per Share (₹, not annualized):

  • Basic EPS: ₹2.69 (Q1 FY27) vs ₹3.78 (Q1 FY26)
  • Diluted EPS: ₹2.69 (Q1 FY27) vs ₹3.78 (Q1 FY26)

Share Capital:

  • Paid-up equity share capital (face value ₹10 per share): ₹20,168.95 lakhs

Consolidated Financial Results (₹ in Lakhs)

Income:

  • Revenue from operations: ₹73,281.39 (Q1 FY27) vs ₹70,140.20 (Q1 FY26)
  • Other income: ₹4,072.58 (Q1 FY27) vs ₹3,875.23 (Q1 FY26)
  • Total income: ₹77,353.97 (Q1 FY27) vs ₹74,015.43 (Q1 FY26)

Expenses:

  • Cost of vacation ownership weeks: ₹4,681.39 (Q1 FY27) vs ₹4,526.75 (Q1 FY26)
  • Employee benefit expense: ₹22,308.80 (Q1 FY27) vs ₹19,474.40 (Q1 FY26)
  • Finance costs: ₹4,706.70 (Q1 FY27) vs ₹3,873.49 (Q1 FY26)
  • Depreciation and amortization: ₹10,940.02 (Q1 FY27) vs ₹9,563.86 (Q1 FY26)
  • Other expenses: ₹35,010.73 (Q1 FY27) vs ₹33,894.14 (Q1 FY26)
  • Total expenses: ₹77,647.64 (Q1 FY27) vs ₹71,332.64 (Q1 FY26)

Profitability:

  • Loss before exceptional items, share of JV/associates and tax: ₹(293.67) (Q1 FY27) vs Profit ₹2,682.79 (Q1 FY26)
  • Exceptional items: Nil (Q1 FY27) vs Nil (Q1 FY26)
  • Share of loss of joint venture and associates: ₹(25.79) (Q1 FY27) vs ₹(53.81) (Q1 FY26)
  • Loss before tax: ₹(319.46) (Q1 FY27) vs Profit ₹2,628.98 (Q1 FY26)
  • Total tax expense: ₹536.44 (Q1 FY27) vs ₹1,912.10 (Q1 FY26)
  • Loss after tax: ₹(855.90) (Q1 FY27) vs Profit ₹716.88 (Q1 FY26)
  • Total comprehensive loss: ₹(893.81) (Q1 FY27) vs Total comprehensive income ₹876.95 (Q1 FY26)

Attribution:

  • Loss after tax attributable to owners: ₹(866.45) (Q1 FY27) vs Profit ₹787.09 (Q1 FY26)
  • Total comprehensive loss attributable to owners: ₹(904.36) (Q1 FY27) vs Total comprehensive income ₹947.16 (Q1 FY26)

Earnings Per Share (₹, not annualized):

  • Basic EPS: ₹(0.43) (Q1 FY27) vs ₹0.39 (Q1 FY26)
  • Diluted EPS: ₹(0.43) (Q1 FY27) vs ₹0.39 (Q1 FY26)

Share Capital:

  • Paid-up equity share capital (face value ₹10 per share): ₹20,168.95 lakhs

Segment Results (Consolidated)

Q1 FY27 Performance:

  • MHRIL segment profit before tax: ₹7,135.70 lakhs
  • HCRO segment loss before tax: ₹(6,673.42) lakhs
  • Total segment results: ₹462.28 lakhs
  • Other unallocable expenditure: ₹(781.74) lakhs
  • Total loss before tax: ₹(319.46) lakhs

Segment Assets (as of June 30, 2026):

  • MHRIL segment assets: ₹8,51,061.04 lakhs
  • HCRO segment assets: ₹2,96,584.80 lakhs
  • Total segment assets: ₹11,47,645.84 lakhs
  • Unallocated corporate assets: ₹305.37 lakhs
  • Total assets: ₹11,47,951.21 lakhs

Segment Liabilities (as of June 30, 2026):

  • MHRIL segment liabilities: ₹7,23,080.92 lakhs
  • HCRO segment liabilities: ₹2,54,204.75 lakhs
  • Total segment liabilities: ₹9,77,285.67 lakhs
  • Unallocated corporate liabilities: ₹93,041.32 lakhs
  • Total liabilities: ₹10,70,326.99 lakhs

Key Notes to Financial Results

1. ESOP Allotment: During the quarter, the company allotted 12,750 equity shares of ₹10 each pursuant to exercise of stock options under ESOS 2020.

2. NFRA Order: The company received an order from NFRA on March 29, 2023, regarding observations on operating segment identification and revenue recognition policy. The management assessed that existing accounting policies are in compliance with Ind AS as of June 30, 2026.

3. Tax Reconciliation: The company identified certain excess deductions claimed in prior years and voluntarily paid relevant tax amounts with interest. Cumulative interest of ₹794.93 lakhs was provided for in FY26. This resulted in restatement of Q1 FY25 figures with reclassification between current and deferred tax.

4. Labour Code Impact: The Group estimated an incremental charge of ₹1,090.65 lakhs (standalone) and ₹1,106.23 lakhs (consolidated) on retiral benefits due to new Labour Codes, presented under "Exceptional Items."

5. Impairment Charge: In FY26, the holding company recognized an impairment charge of ₹23,369.59 lakhs on its investment in MHR Holdings (Mauritius) Limited due to adverse economic conditions in Finland affecting Holiday Club Resorts.

6. Subsidiary Liquidation: On January 29, 2026, the board approved voluntary liquidation of Arabian Dreams Hotels Apartments LLC. The subsidiary continues to be consolidated as control is maintained.

7. Acquisition: The company completed acquisition of 100% equity stake in Aditatva Estates Private Limited on June 15, 2026, making it a wholly owned subsidiary. The transaction was accounted for as an asset acquisition.

Auditor Review

Statutory Auditors B S R & Co. LLP issued an unmodified limited review report on both standalone and consolidated financial results. The report notes that figures for the three months ended March 31, 2026, are balancing figures between audited full-year figures and published year-to-date figures up to the third quarter.