Mahindra Holidays FY26: Resort Revenue Hits ₹443 Cr, Adds 900+ Keys

May 1, 2026: Mahindra Holidays & Resorts India Ltd. reported ₹443 crore in resort revenue for FY26, marking a 12 per cent year-on-year increase, alongside the addition of over 900 keys across its network. The company maintained occupancy at 81 per cent despite inventory expansion, reflecting sustained demand in its leisure hospitality segment.

Revenue growth and occupancy performance

The company’s resort business continued its upward trajectory during FY26, supported by steady utilisation levels and pricing improvements. Resort revenue stood at ₹443 crore for the full year, while occupancy remained above 80 per cent even as capacity expanded significantly.

Average Unit Realisation (AUR), including upgrades, rose sharply to ₹10.1 lakh, registering a 77 per cent increase year-on-year. Membership upgrades contributed ₹292 crore during the year, up 17 per cent, indicating continued traction in the company’s vacation ownership model.

Deferred revenue reached ₹5,779 crore as of March 31, 2026, while cash reserves stood at ₹1,446 crore, reflecting a stable financial position.

Inventory expansion and network growth

In line with its long-term strategy, Mahindra Holidays accelerated its expansion during FY26, adding approximately 900 keys across its portfolio. This growth included both new managed resorts and expansions of existing properties.

During the fourth quarter alone, the company added 213 keys, taking its total inventory to 6,228 keys. Three new managed resorts were introduced in Dapoli (Maharashtra), North Goa, and Chikkamagaluru (Karnataka), alongside capacity enhancements at three existing resorts.

The expansion reflects the company’s continued focus on strengthening its presence in key leisure destinations and enhancing the overall quality of its offerings.

Q4 FY26 financial highlights

For the quarter ended March 2026, resort revenue stood at ₹120 crore, reflecting an 11 per cent year-on-year increase. Occupancy during the quarter was slightly higher at 82 per cent, supported by seasonal demand and network additions.

Membership upgrades during the quarter grew 33 per cent to ₹93 crore, while AUR rose significantly to ₹14.1 lakh, up 83 per cent year-on-year. The company’s cumulative member base reached 3,03,906 by the end of the quarter.

Standalone total income for Q4 FY26 stood at ₹407 crore, while EBITDA increased to ₹142.1 crore. Profit after tax for the quarter was ₹55.4 crore, reflecting a marginal decline compared to the previous year.

Standalone and consolidated financial performance

On a standalone basis, Mahindra Holidays reported total income of ₹1,613.3 crore for FY26, representing a 4 per cent increase year-on-year. EBITDA rose to ₹592.8 crore, reflecting a 21 per cent growth, while profit after tax reached ₹238.3 crore, up 19 per cent.

Excluding one-off impacts, profit after tax increased to ₹240.6 crore, marking a 22 per cent rise. The company also recorded margin expansion of 220 basis points during the year.

At the consolidated level, total income stood at ₹3,116 crore for FY26, reflecting a 7 per cent increase. However, profitability was impacted by external factors, with consolidated profit after tax declining to ₹67 crore.

The company noted that one-time impacts, including an impairment charge, labour code implementation, and foreign exchange losses, influenced consolidated earnings.

Operational strategy and international challenges

Mahindra Holidays continued to focus on expanding its resort network while enhancing product offerings and driving premiumisation. The company highlighted strong customer response to its new product, KEYSTONE, which contributed to higher upgrade volumes and improved realisations.

Utilisation levels remained above 80 per cent throughout the year, indicating stable demand despite capacity additions. The company also maintained a consistent pipeline of managed resort additions to support future growth.

However, international operations faced headwinds during FY26, including geopolitical challenges, a slowdown in the Finnish economy, and adverse weather conditions. Additionally, currency depreciation and regulatory changes added pressure to overseas performance.

The management indicated a focus on improving operating efficiency in international markets while continuing to strengthen its domestic business.

Overall, Mahindra Holidays’ FY26 performance reflects steady growth in its core resort business, driven by expansion, pricing gains, and membership upgrades, even as external factors weighed on consolidated profitability.