Disclosure Context

Mahindra Holidays & Resorts India Limited (MHRIL) submitted an earnings presentation to the National Stock Exchange of India Limited (Symbol: MHRIL) and BSE Limited (Scrip Code: 533088) on 21st October 2026. The submission was made in compliance with Regulation 30 read with Part A, Para A (15)(a) of Schedule III and other applicable provisions of the SEBI Listing Regulations. The presentation was for the Earnings Conference Call scheduled for 4:30 p.m. (IST) on the same day, covering unaudited standalone and consolidated financial results for Q2 and H1 FY2027 ended 30th September 2026. The company confirmed that no Unpublished Price Sensitive Information would be shared during the call.

Company Overview & Business Context

MHRIL positions itself as "India's #1 leisure hospitality player" operating in what it describes as "India's Leisure Consumption Supercycle." The company references projected consumer, lifestyle & e-commerce spending of ~₹1.8 trillion by 2030, with discretionary spending expected to grow at a CAGR of 19% from 2022-2030E.

The company's business model involves a network that attracts guests through multiple channels and monetizes across a diversified ecosystem. MHRIL operates three membership tiers: Keystone (52-week access), Privileged Access (46 weeks during peak seasons), and Standard Access (24 weeks during quieter seasons).

Operational Performance - Q2 FY27

Network Expansion & Rationalization:

  • Portfolio of 5,762 keys across 106 resorts (80 domestic, 26 international)
  • 2 resorts expanded and 6 resorts exited based on guest feedback/ratings
  • 8 ongoing greenfield/brownfield projects estimated to add approximately 1,000 keys
  • 103 keys added during the quarter

Resort Operations:

  • Resort revenue grew 15% YoY
  • Occupancy of 76% (220 bps improvement YoY)
  • 2 resort transformations completed, 5 ongoing
  • 8 new Net Zero Waste to Landfill certifications achieved
  • RCI gold Crown awarded to Assonora & Emerald Palms, Varca - "Best Experience Luxury Resort - West India 2026"

Member Metrics:

  • Cumulative Member Base: 302,886 members
  • Sales value grew 6% YoY, led by premiumization and upgrades
  • Average Unit Realization (AUR) increased 43% YoY
  • Upgrades grew 26% YoY
  • Member additions through organic & digital route at 66% in Q2 FY27

Standalone Financial Performance - Q2 FY27

Income Statement (₹ crore):

  • Total Income: ₹395.3 crore (4% YoY growth)
  • Income from Vacation Ownership: ₹127.6 crore (-1% YoY)
  • ASF Income: ₹109.1 crore (flat YoY)
  • Interest & Others: ₹29.1 crore (3% YoY)
  • Total VO Income: ₹265.8 crore (flat YoY)
  • Resort Income: ₹88.5 crore (14% YoY growth)
  • Non-Operating Income: ₹41.0 crore (12% YoY growth)
  • Employee Benefit Expenses: ₹110.2 crore (17% YoY growth)
  • Sales & Marketing: ₹24.8 crore (-1% YoY)
  • Rent: ₹24.3 crore (3% YoY growth)
  • Other Expenses: ₹111.6 crore (15% YoY growth)
  • Total Expenditure: ₹270.9 crore (13% YoY growth)
  • EBITDA: ₹124.4 crore (-12% YoY)
  • EBITDA Margin: 31.5% (vs 36.9% in Q2 FY26)
  • Finance Cost: ₹16.4 crore (-24% YoY)
  • Depreciation: ₹49.4 crore (3% YoY growth)
  • PBT: ₹58.6 crore (-17% YoY)
  • PBT Margin: 14.8% (vs 18.6% in Q2 FY26)
  • Tax Expenses: ₹15.3 crore (-21% YoY)
  • PAT: ₹43.3 crore (-16% YoY)
  • PAT Margin: 11.0% (vs 13.6% in Q2 FY26)

Balance Sheet Snapshot as of 30th September 2026 (₹ crore):

  • Property, Plant and Equipment: ₹3,254
  • Right of Use Asset (IND AS 116): ₹670
  • Trade receivables: ₹1,296
  • Cash and cash equivalents: ₹1,329
  • Deferred Acquisition Cost: ₹762
  • Other Assets: ₹895
  • Total Assets: ₹8,206
  • Shareholders Equity: ₹202
  • Reserves & Surplus: ₹1,525
  • Revaluation Reserve: ₹999
  • Other Comprehensive Income: (₹4)
  • Transition Difference: (₹1,403)
  • Net-worth: ₹1,319
  • VO Deferred Revenue: ₹5,593
  • ASF Deferred Revenue: ₹235
  • Lease Liability (IND AS 116): ₹739
  • Other Liabilities: ₹320
  • Total Liabilities: ₹8,206

Holiday Club Resorts (HCR) Performance - Q2 FY27

Revenue Details (€ million):

  • Timeshare: €10.3 (vs €7.7 in Q2 FY26)
  • Spa Hotels: €20.2 (vs €20.4 in Q2 FY26)
  • Renting: €4.1 (vs €4.0 in Q2 FY26)
  • Real Estate Management: €1.8 (flat YoY)
  • Villas: €0.1 (flat YoY)
  • Total Revenue: €36.5 (vs €34.0 in Q2 FY26)

Profit & Loss Statement (€ million):

  • Revenue: €36.5
  • Operating Profit: €1.7 (vs €1.3 in Q2 FY26)
  • Depreciation & Amortization: €1.0 (flat YoY)
  • Financial Cost: €1.0 (vs €0.6 in Q2 FY26)
  • PBT: (€0.3) (same as Q2 FY26)
  • Taxes: -
  • PAT: (€0.3) (same as Q2 FY26)

Consolidated Financial Performance - Q2 FY27

Income Statement (₹ crore):

  • Income from Operations: ₹784.1 crore (9% YoY growth)
  • Non-Operating Revenue: ₹35.6 crore (11% YoY growth)
  • Total Income: ₹819.7 crore (9% YoY growth)
  • Cost of vacation ownership weeks: ₹52.3 crore (22% YoY growth)
  • Employee benefit expense: ₹218.7 crore (16% YoY growth)
  • Other expenses: ₹353.9 crore (6% YoY growth)
  • EBITDA: ₹194.8 crore (5% YoY growth)
  • EBITDA Margin: 23.8% (vs 24.7% in Q2 FY26)
  • Finance cost: ₹53.3 crore (11% YoY growth)
  • Depreciation: ₹106.6 crore (6% YoY growth)
  • Share of profit/(loss) of JV & associates: (₹0.8) (33% YoY change)
  • Profit/(Loss) before tax: ₹34.1 crore (-4% YoY)
  • PBT %: 4.2% (vs 4.7% in Q2 FY26)
  • Tax Expenses: ₹14.4 crore
  • PAT: ₹19.7 crore (17% YoY growth)
  • PAT Margin: 2.4% (vs 2.3% in Q2 FY26)

Additional Information

The presentation included forward-looking statements disclaimer noting that statements are based on assumptions considered reasonable at this time and views as of this date, subject to change. The company undertakes no obligation to publicly update or revise any forward-looking statements. The presentation was prepared exclusively for the benefit and internal use of the recipient and does not constitute an offer for sale or invitation to subscribe for or purchase equity shares.