MHRIL Q3 FY26: Consolidated Revenue Up 10.1% to ₹782.5 Cr; PAT Dips 96% to ₹1.4 Cr
Mahindra Holidays & Resorts India Ltd. reported Q3 FY26 consolidated revenue of ₹782.5 Cr (+10.1% YoY), but PAT fell 96% to ₹1.4 Cr. Standalone revenue grew 6% to ₹415 Cr with PAT up 8.3% to ₹54.9 Cr. Key highlights include resort revenue growth of 16% to ₹125 Cr and AUR increase of 58% to ₹9.7 Lakh.
The announcement includes mixed results with strong standalone performance and revenue growth, but a significant drop in consolidated profits due to external factors impacting European operations. This mixed outlook warrants a medium impact assessment, as it affects overall profitability despite operational strengths in India.
While consolidated revenue saw a modest increase, the sharp 96% decline in consolidated PAT and a 13.6% drop in adjusted PAT, attributed to challenges in European operations, overshadows the positive standalone performance and revenue growth. The significant drop in profitability is the dominant factor.
Mahindra Holidays & Resorts India Limited (MHRIL) announced its unaudited standalone and consolidated financial results for the third quarter and nine months ended 31st December 2025. The Board of Directors meeting was held on 29th January 2026, commencing at 9:52 a.m. and concluding at 01:40 p.m. IST.
For the third quarter of FY26, MHRIL reported consolidated total income of ₹782.5 crore, an increase of 10.1% compared to ₹710.4 crore in the same period last year. However, consolidated Profit After Tax (PAT) saw a significant decline of 96.0%, dropping to ₹1.4 crore from ₹35.4 crore in Q3 FY25. Excluding forex and one-time Labour Code impacts, consolidated PAT decreased by 13.6% to ₹16.5 crore from ₹19.1 crore.
The company's standalone total income for Q3 FY26 grew by 6.0% YoY to ₹415.0 crore. Standalone EBITDA increased by 17.4% to ₹149.1 crore, and PAT rose by 8.3% to ₹54.9 crore. Excluding exceptional charges, standalone PAT grew by 16.7% to ₹61.1 crore.
Key highlights for the quarter include a double-digit growth in resort revenue, up 16% YoY to ₹125 crore, with an occupancy rate of 81.5%. The company launched a new membership product, KEYSTONE, and added three new managed resorts in Amba Ghat, Bandhavgarh National Park, and Corbett National Park, expanding its room inventory by 273 keys to over 6,000. Membership Sales Value stood at ₹145 crore, with Average Unit Realization (AUR) at ₹9.7 lakh, an increase of 58% YoY. The company added 14,93 new members, bringing the cumulative member base to 3,04,351. As of 31st December 2025, the company's cash position was ₹1470 crore, and deferred revenue stood at ₹5,754 crore.
Manoj Bhat, Managing Director and Chief Executive Officer, commented that the quarter was good with strong resort revenue growth driven by the India business. He noted the positive initial response to the new KEYSTONE membership product and continued strong momentum in membership upgrades. He also mentioned the expansion of inventory with new resorts and rooms. However, he pointed out that European operations (HCRO) were impacted by economic headwinds and adverse weather conditions in Finland, negatively affecting consolidated profitability. The company continues to focus on scaling its core business and building new ventures.
As of December 31, 2025, MHRIL operates 125 resorts across India and abroad. Its subsidiary, Holiday Club Resorts Oy (HCR) in Finland, has 33 timeshare properties in Finland, Sweden, and Spain.
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