Mahindra Holidays Q4 FY26 Impairs HCRO, Reports 22% PAT Growth

Mahindra Holidays reported 22% YoY stand-alone PAT growth excluding a one-off INR234 crore impairment on its European subsidiary HCRO.
The company added 900 keys, its highest ever, and plans over 1,000 keys in FY27 while surrendering 500 suboptimal keys for portfolio rationalization.
New Keystone product drove a 30% increase in Average Unit Realization (AUR) to ~INR14 lakhs, with upgrade value surging 33% YoY.
Consolidated PAT excluding one-offs grew 2% to INR136 crore despite geopolitical and weather headwinds impacting European operations.