MHRIL Q4 & FY26 Results: Revenue Up 4.4%, Consolidated PAT ₹67 Cr
MHRIL reported consolidated income of ₹844 crore for Q4 FY26, up 5% YoY. FY26 consolidated income grew 7% to ₹3,116 crore. Standalone FY26 income increased 4% to ₹1,613 crore. Resort revenue rose 12% YoY to ₹443 crore in FY26. Average daily rate (AUR) for new memberships surged 77% YoY.
The results show mixed performance with revenue growth but a notable decline in PAT due to exceptional items. Expansion plans are positive, but the impact is moderate given the mixed financial outcomes.
While revenue shows growth, the consolidated PAT has declined significantly due to one-off impacts. Standalone PAT excluding one-offs shows positive growth, but the overall picture is mixed.
Mahindra Holidays & Resorts India Limited (MHRIL) has announced its audited standalone and consolidated financial results for the fourth quarter and full financial year ended March 31, 2026. The company reported a consolidated income of ₹844 crore for Q4 FY26, a 5% increase from ₹807 crore in Q4 FY25. Consolidated EBITDA stood at ₹221 crore, a decrease of 5% from ₹233 crore in the prior year period. The consolidated Profit After Tax (PAT) was ₹67 crore, down 43% from ₹73 crore in Q4 FY25, impacted by a one-off loss of ₹11 crore related to the new Labour Code and forex. Excluding this one-off impact, PAT increased by 1.5% to ₹136.3 crore.
For the full financial year FY26, consolidated income rose by 7% to ₹3,116 crore from ₹2,910 crore in FY25. Consolidated EBITDA increased by 5% to ₹741 crore from ₹708 crore. The consolidated PAT for FY26 was ₹126 crore, a decrease of 47% from ₹59 crore in FY25. This was significantly impacted by a one-off loss of ₹69 crore in FY26 (Labour code & forex) compared to an ₹8 crore forex loss in FY25. Excluding these one-off impacts, PAT saw a marginal increase of 1.5% to ₹136.3 crore.
On a standalone basis, Q4 FY26 income was ₹407 crore, up 2% from ₹398 crore in Q4 FY25. Standalone EBITDA increased by 8% to ₹142 crore from ₹132 crore. Standalone PAT was ₹57 crore, a 4% decrease from ₹55 crore in Q4 FY25. For FY26, standalone income grew 4% to ₹1,613 crore from ₹1,545 crore in FY25. Standalone EBITDA surged 21% to ₹593 crore from ₹487 crore. Standalone PAT increased by 22% to ₹200 crore from ₹197 crore in FY25, excluding one-off impacts.
The company's resort revenue, including all subsidiaries except HCR, saw a 12% year-on-year increase to ₹443 crore in FY26. Occupancy rates remained strong, with 81% in Q4 FY26 and an average of 84.4% for FY26. MHRIL added approximately 900 gross keys in FY26, bringing the total to 6,228 keys, with 7 new resorts launched and 5 existing resorts expanded. The company also initiated development for 5 new resorts, expected to add around 600 keys by FY30. The average daily rate (AUR) for new memberships increased by 77% YoY to ₹7.7 lakh in Q4 FY26, and by 77% for the full year to ₹10.1 lakh. Member additions grew by 83% in Q4 FY26 and 77% for the full year. The company hosted an earnings conference call on April 27, 2026, at 6:00 p.m. IST, to discuss these results and provide a business overview.
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