Mahindra Holidays & Resorts India Limitedresort revenue +15%, standalone PAT -16%

Mahindra Holidays & Resorts' Q2 FY27 call, held on 21 October 2026, showed a business investing ahead of earnings.

Standalone total income rose 4% to ₹395 crore, but EBITDA fell 12% to ₹124 crore and profit after tax fell 16% to ₹43 crore as growth-linked costs rose. Consolidated profit after tax rose 17% to ₹19.7 crore. Total sales value, including upgrades, grew 6% to ₹141 crore, with upgrade value up 26% and average unit realisation up 43%. Resort revenue grew 15%, the highest in eight quarters, and occupancy rose 220 basis points to 75.6%.

The network shrank by a net 103 keys to 5,762 after six resort exits, and 442 keys are under renovation. Management plans to add about 1,000 gross keys in the next six months, aims for 10,000 keys by FY30 and puts about 70% of capital into new resorts. It said the second half is usually more profitable and Q2 the weakest quarter, and that a strategic review of the Finnish unit is in progress. No earlier promises were on file for comparison.