Mahindra Holidays & Resorts India Limited · NSE:MHRIL
Mahindra Holidays & Resorts India — Q2 FY26 Earnings Presentation
32 slides from Mahindra Holidays & Resorts India's earnings presentation, Oct 31, 2025
Slide 1: Earnings presentation cover letter to stock exchanges
October 31, 2025 MHRIL/SE/25-26/61 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Floor 25, PJ Towers, Bandra-Kurla Complex, Dalai Street, Fort, Bandra (E), Mumbai - 400 051. Mumbai - 400 001. Symbol: MHRIL Scrip Code: 533088 Dear Sir/Madam, Sub.: Earning
Slide 2: Mahindra Holidays & Resorts India Ltd. Q2 FY26 Investor Presentation
V. f f ~ ~ INDIA'S MOST POPULAR RliS0RT /J e~ INDIA'S BEST WORKPLACE ~ IN HOSPITALITY Jj RANK#S1 ASIA'S BEST M. ~ WORKPLACES, tJ I TOP 50 INDIA'S RS.ST WORKPLAC:SS 8UIL. DING A CULTUR5 ~ ~ CHAIN d' 2021 a2022 v ~ 2022 d) ,,. OF INNOVATION 8Y .(Y ~ Al.L • LARGli, :10:11 - TIMES TIIAVEL AW D l019 GREA
Slide 3: Outline
Outline .~ ~ ClubMahindra Opportunity & Key Business Trends • I 03 • MHRIL Business Model I 07 02 FY26 Performance (Standalone, Holiday Club Resorts, Consolidated) • I 12 Financials • I 25 2
Slide 4: Opportunity & Key Trends
.~~ ClubMahindra India Opportunity & Key Trends CLUB MAHINDRA KANHA MADHYA PRADESH 3
Slide 5: Indian Economic Outlook in a Sweet Spot
Indian Economic Outlook in a Sweet Spot Led by Favorable Demographics & Discretionary Spending .~~ ClubMahindra Fastest Large Growing Economy (GDP in $Tn) Rising Household Income 2023 2030 Annual I 26.8 34.8 1111 Household income (Rs mn) >2.8 High 9Mn (3%) 17.7 26.5 4.4 7.2 0.5 - 2.8 #5 - 4.2 3.7 6.
Slide 6: Hospitality Sector on Strong Growth Trajectory
Hospitality Sector on Strong Growth Trajectory Growing demand in supply constraint market .~ ~ ClubMahindra Indian Travel & Tourism industry expected to reach USO 512 billion by 2028 Demand Supply Gap (2023-27) Limited Branded Supply; more so in Leisure Hotel demand to outpace Hotel room supply grow
Slide 7: Emerging Trends & Consumer Preferences
Emerging Trends & Consumer Preferences .~ ~ ClubMahindra Rise in Leisure Travel Growing Revenue from MICE & Weddings Hotel demand soaring in 2023, mainly due to rise in leisure CY2023 witnessed resurgence of Corporate MICE and Big Fat Indian travel. High footfall observed in popular tourist destinat
Slide 8: MHRIL Business Model
.~ ~ ClubMahindra MHRIL Business Model CLUB MAHINDRA VARCA GOA 7
Slide 9: Unique and Sustainable Vacation Ownership business
Unique and Sustainable Vacation Ownership business ClLtbMahindra MHRIL Vacation Ownership business consists of .. _[___··_·w_it_h_u_n_iq_u_e_c_o_m_p_e_t_it_iv_e_a_d_v_a_n_t_a_g_e_s______] Strong Brand for quality family vacation experiences @ 0 @ Creator of new leisure destinations and world-class r
Slide 10: Our Business Model is Differentiated
Our Business Model is Differentiated .~ ~ ClubMahindra Focus on Family Vacations Larger Apartments Multi-Product Portfolio • MHRIL's product portfolio strategy has evolved tJl significantly to include multiple products of different ~ tenures, which enables targeting diverse consumer i segments. f ,g
Slide 11: Multi-Year Sources of Value Creation across the Membership Tenure
Multi-Year Sources of Value Creation across the Membership Tenure .~ ~ ClubMahindra Vacation Ownership (VO) Income ) :&·-~ Membership Fee over the entire tenure ~ , tlncome Referrals Annual Subscription Fee (ASF) Recurring fees Happy Family Referral Program Adjusted for inflation Reduced cost of mem
Slide 12: Wide selection of Holiday Destinations & Experiences
Wide selection of Holiday Destinations & Experiences .~~ ClubMahindra Holiday ■ Club •"if ClubM ahin d Ta l--1 o rizo r1s ~S CLUB M E L E C Ta- C l ubM.a hindra 33 Timeshare/Spa Holiday Exchange Offers 365-day 5,742 rooms across 118 Resorts Hotel Program with 450+ engagement platform Destinations in
Slide 13: Standalone Performance
.~ ~ ClubMahindra Standalone Performance CLUB MAHINDRA ASHTAMUDI KERALA 12
Slide 14: FY26 Performance Snapshot
02 FY26 Performance Snapshot .~ ~ ClubMahindra Standalone Income Standalone Profit Cash Surplus Rs. 381 Cr (+3% YoY) Rs. 52 Cr (+10% YoY) Rs. 1532 Cr (+6% YoY) Total Income PAT Treasury balance Rs. 84 Cr (+8% YoY) Rs. 141 Cr (+18% YoY) 6.9% Resort Revenue 2 EBITDA p.a. yield Inventory Memberships Sa
Slide 15: Standalone Financials Q2FY26
Standalone Financials I Q2FY26 .~ ~ ClubMahindra Rs. Cr Income EBITDA PAT :---i I 3% 1----- : I I :-----i 18% I I ~- - - - -----i 10% ~---- I I • I I I I I ! I I I 380.7 371.0 I I I I I .. .. I I I 140.5 51.7 119.5 6.9 ----------~ 47.1 5.1 ---- -- ___ .. 23% 19% 112.6 42.0 r 02 FY25 02 FY26 02 FY25
Slide 16: Customer Acquisition Performance
Customer Acquisition I 02 Performance .~ ~ ClubMahindra Sales Value (Rs Cr) AUR* (Rs Lakh) Member Additions -26% 1----1 -----1 +85 % 1 ---7 !---i -60% 1--- 1 I I I I T I I I 180 I I 9.30 I I 3583 ... 53 134 5.00 66 1432 02 FY25 02 FY26 02 FY25 02 FY26 02 FY25 02 FY26 ■ New Membership Sales Upgrades
Slide 17: Greenfield projects underway
Greenfield projects underway .~ ~ ClubMahindra Rendered Image Theog, HP Ganpatipule. MH 16
Slide 18: Network Expansion: 2X inventory base to ~10k keys by FY30
Network Expansion I 2X inventory base to rvlOk keys by FY30 .~ ~ ClubMahindra Improving Member to Room Ratio FY20 FY21 FY22 FY23 FY24 FY25 Q2FY26 • Cumulative base of 5742 keys • New Resort at Mahabaleshwar in Maharashtra • 4 existing resorts expanded- Kandaghat (HP), Dindi (AP), Patkot (UK), Jaipur
Slide 19: Resort Operations Performance
Resort Operations I 02 Performance .~ ~ ClubMahindra Resort Revenue (Rs Cr) Occupancy ---i +8 % 1---1 I Keys 5492 5742 I I I I + 84 77.3% 77 73.4% 02 FY25 02 FY26 02 FY25 02 FY26 Resort revenue Including all subsidiaries (exc pt HCR) 18
Slide 20: Holiday Club Resorts (HCR)
Slide 21: HCR - A Leading Timeshare Company
HCR - A Leading Timeshare Company .~~ ClubMahindra HCR's business consists of .. ... with unique competitive advantages Timeshare IFinland- Leader in Timeshare business ffff Widespread network of Spa resorts with varied experiences 33 Timeshare Destinations in 60,000+ Finland, Sweden & Spain Timesha
Slide 22: HCR Performance Q2FY26
HCR Performance I 02FY26 .~~ ClubMahindra Euro Mn Income EBITDA PAT 34.2 34.0 - 1.8 0.1 1.3 02 FY25 02 FY26 02 FY25 02 FY26 ■ 02 FY25 02 FY26 Timeshare sales impacted due to changes in credit policy; Spa & Renting revenue improved vs LY Financials are as per Finnish Accounting Standards (FAS)
Slide 23: Consolidated Financials
CLUB MAHINDRA POOVAR KERALA .~ ~ ClubMahindra Consolidated Financials 22
Slide 24: Consolidated Financials Q2FY26
Consolidated Financials I Q2FY26 .~ ~ ClubMahindra Rs. Cr Income EBITDA PAT :---i 6% 1----- : I I I :-----i 16% I I ~- - - - -----i 47% ~---- I I • I I I I I ! I I I I 749.5 I I 706.2 I I I I I I I I 16% .. --• ·-- - - 6 -1 -------- ~ _t4.__ -· ~ -_13~9_-_: 158.8 11.5 r 02 FY25 02 FY26 02 FY25 02 FY
Slide 25: Financials
CLUB MAHINDRA MASHOBRA HIMACHAL PRADESH .~ ~ ClubMahindra Financials Refer Company's website and/or Stock Exchange submission for detailed Financials 24
Slide 26: MHRIL Standalone Financials: Income Breakup
MHRIL Standalone Financials Income Breakup .~ ~ ClubMahindra Quarter ended Half Year ended 02 FY26 02 FY25 YoY FY26 FY25 YoY In Rs Cr Income from VO 129.2 132.5 -2.5% 257.7 264.6 -2.6% ASF Income 108.9 101.7 7.1% 215.3 199.6 7.9% Interest & Others 28.3 24.0 17.9% 55.8 50.4 10.7% Total VO Income 266.
Slide 27: MHRIL Standalone Financials: Profit & Loss Statement
MHRIL Standalone Financials Profit & Loss Statement .~ ~ ClubMahindra Quarter ended Half Year ended 02 FY26 02 FY25 YoY FY26 FY25 YoY Total Income 380.7 371.0 2.6% 791.3 755.5 4.7% In Rs Cr Employee Benefit 94.3 98.2 -4.0% 192.5 195.1 -1.3% Sales & Marketing 25.0 43.7 -42.8% 50.9 89.3 -43.0% Rent 23
Slide 28: MHRIL Standalone Financials: Snapshot of Balance Sheet
MHRIL Standalone Financials Snapshot of Balance Sheet .~ ~ ClubMahindra 31 st March 2025 pt April 2024 30 th Sept 2025 Restated Restated Property, Plant and Equipment 2915 2801 2501 In Rs Cr Right of Use Asset (IND AS 116) 610 553 401 Trade receivables 1242 1241 1220 Cash and cash equivalents (regro
Slide 29: HCR Financials
HCR Financials .~ ~ ClubMahindra In Euro Mn ~ - - - - - -S_e_g_m_e_n _ t_ R_e_v_e_n_u_e_ _ _ _ _ ~I ~I_____P_ro_fi_t_&_L_o_s_s_St_a_t_e_m_e_n_t_ _ _ _~ Quarter ended Half Year ended Quarter ended Half Year ended 02 FY26 02 FY25 FY26 FY25 02 FY26 02 FY25 FY26 FY25 Timeshare 7.7 9.1 17.3 19.8 Revenue
Slide 30: Consolidated Financials: Profit & Loss Statement
Consolidated Financials Profit & Loss Statement Quarter ended Half Year ended .~ ~ ClubMahindra 02 FY26 02 FY25 YoY FY26 FY25 YoY Income from Operations 717.4 670.7 7.0% 1,418.7 1,323.6 7.2% In Rs Cr Non-Operating Revenue 32.1 35.5 -9.6% 70.9 68.7 3.2% Total Income 749.5 706.2 6.1% 1,489.6 1,392.3 7
Slide 31: Disclaimer
Disclaimer .~~ ClubMahindra This presentation may contain 'forward looking statements ' within the meaning of applicable laws and regulations. Investors are cautioned that 'forward looking statements' are based on certain assumptions, which Mahindra Holidays & Resorts India Limited considers reasona
Slide 32: Club Mahindra closing slide
l,f INDIA'S .'f MOSTRESORT POPULAR ~f ~ l,f INDIA'S .'f BEST WORKPLACE ~f ~ f ASIA' RANl<M51 S BEST f TOP SO INDlA'S DC.ST WORKPLACSS ,,, ,,, .e UVILDIHG A CULTUR5 fJ ( ~ ClubMahindra - \f\ IN HOSPITALITY ,,, ~\ CHAIN 1.IY ~ 2021 & 2022 &f WORKPLAC~ 2022 C' OF I VATION IIY ,.B ~ ALL • LARGli, 2021 -
Mahindra Holidays & Resorts India — Q2 FY26 Earnings Presentation on 6ix