Mahindra Holidays & Resorts India Limited · NSE:MHRIL
Mahindra Holidays & Resorts India — Q3 FY2026 Earnings Presentation
35 slides from Mahindra Holidays & Resorts India's earnings presentation, Jan 29, 2026
Slide 1: Exchange intimation letter: Earnings Presentation for Q3 FY2026
29th January 2026 MHRIL/SE/25-26/90 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Floor 25, PJ Towers, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (E), Mumbai - 400 051 Mumbai - 400 001 Symbol: MHRIL Scrip Code: 533088 Dear Sir/Madam, Sub.: Earnings
Slide 2: Mahindra Holidays & Resorts India Ltd. Q3 FY26 Investor Presentation
MAHINDRA HOLIDAYS & RESORTS INDIA LTD. Q3 FY26 INVESTOR PRESENTATION
Slide 3: Outline
Outline Opportunity & Key Business Trends 03 MHRIL Standalone 07 Holiday Club Resorts 22 Consolidated 25 Financials 27 2
Slide 4: India: Opportunity & Key Trends
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 Fastest Large Growing Economy (GDP in $Tn) Rising Household Income 2023 2030 Annual Household income 26.8 34.8 (Rs mn ) High High 23Mn >2.8 9Mn (3%) (6%) 17.7 26.5 Upper mid Upper mid 4.4 7.2 0.5 – 2.8 68M
Slide 6: Hospitality Sector on Strong Growth Trajectory
Hospitality Sector on Strong Growth Trajectory Growing demand in supply constraint market Demand Supply Gap (2023 - 27) Limited Branded Supply; more so in Leisure Hotel demand to outpace Hotel room supply growth 1.7X Penetration (Total Branded Hotel demand growth 2.7 16.3 2.8 0.1 room per 1,000 outp
Slide 7: The Opportunity: $4 Billion Branded Leisure by FY30
The Opportunity : $4 Billion Branded Leisure by FY30 Leisure Segments Growing Demand & Low Branded Penetration Leisure CAGR 2X vs in - city; Only 14% branded keys CAGR ^ 8% 92% ~13% Increasing affluence: Growth in Luxury & Up - upscale Membership Non-Membership 50 New Tourism Destinations with bette
Slide 8: MHRIL Standalone
MHRIL Standalone CLUB MAHINDRA VARCA GOA 7
Slide 9: Unique and Sustainable Vacation Ownership business
Unique and Sustainable Vacation Ownership business MHRIL Vacation Ownership business consists of .. … with unique competitive advantages Strong Brand for quality family vacation experiences Creator of new leisure destinations and world - class resorts 2,000+ curated Strong free ~3 Lakh+ members expe
Slide 10: Multi-Year Sources of Value Creation across the Membership Tenure
Multi -Year Sources of Value Creation across the Membership Tenure Vacation Ownership (VO) Income New Member Membership Fee over the entire tenure Interest Income Referrals Annual Subscription Fee (ASF) Recurring fees Happy Family Referral Program Adjusted for inflation Reduced cost of member acquis
Slide 11: Wide selection of Holiday Destinations & Experiences
Wide selection of Holiday Destinations & Experiences 33 Timeshare/Spa Holiday Exchange Offers 365 - day 6,015 rooms across 125 Resorts Hotel Program with ~400 engagement platform Destinations in partner hotels for members for dining, travel & lifestyle Europe experiences 4,300 Resorts through Exchan
Slide 12: MHRIL Aspiration & Growth Vectors
MHRIL Aspiration & Growth Vectors India’s #1 leisure hospitality player Scaling the Core Building the New Enhancing Creating a luxury leisure member experience hospitality brand 12k keys by FY30 11
Slide 13: Scaling the Core | Q3 Overview
Scaling the Core | Q3 Overview Wider Network Resort Transformation New Product: Keystone • 273 keys added; cum base at • Performance led exits: 7 resorts • Comprehensive membership 6015 keys exited in 9M FY26 refresh : launched in Dec’25 • 3 New Resorts , 3 ongoing • Resort transformation: 2 • Upgra
Slide 14: Improved Member to Room Ratio
Improved Member to Room Ratio # members per key 69 61 58 57 56 52 51 FY20 FY21 FY22 FY23 FY24 FY25 Q3FY26 13
Slide 15: New Resort - Ambaghat, Maharashtra
New Resort - Ambaghat , Maharashtra 14
Slide 16: New Resort - Bandhavgarh, Madhya Pradesh
New Resort - Bandhavgarh, Madhya Pradesh 15
Slide 17: New Resort - Jim Corbett, Uttarakhand
New Resort - Jim Corbett, Uttarakhand 16
Slide 18: Greenfield projects underway
Greenfield projects underway Rendered Image Rendered Image Ganpatipule , MH Theog , HP 17
Slide 19: Keystone Privileged Access
Keystone Privileged Access Our most privileged key. It lets you Access to 46 weeks during peak Access to 24 weeks during our book full 52 weeks wherever you seasons. Ideal to visit destinations at quieter seasons. Perfect for those wish, wherever you choose popular times of the year who prefer relax
Slide 20: Customer Acquisition | Q3 Performance
Customer Acquisition | Q3 Performance Sales Value (Rs Cr) AUR* (Rs Lakh) Member Additions - 21% + 58 % - 50% 9.70 185 69 145 3000 6.20 77 1493 116 68 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 New Membership Sales Upgrades Member Additions through Referral (HFRP) & Digital route at 63 % in Q3 F
Slide 21: Resort Operations | Q3 Performance
Resort Operations | Q3 Performance Resort Revenue (Rs Cr) Occupancy +16 % Keys 5698 6015 125 84.2% 107 81.5% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Resort revenue Including all subsidiaries (except HCR) 20
Slide 22: Standalone Financials | Q3FY26
Standalone Financials | Q3FY26 Rs. Cr Income EBITDA PAT 6% 17% 8% 415.0 391.4 149.1 17% 13% 2.5 6.2 1.7 2.3 146.6 50.7 54.9 127 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 PAT includes one off (labour code & forex impact) loss of Rs 6.2 Cr in Q3FY26 vs one off forex loss of Rs 1.7 Cr in Q3FY25 O
Slide 23: Holiday Club Resorts (HCR)
Holiday Club Resorts (HCR) We Create Dream Holidays 22
Slide 24: HCR – A Leading Timeshare Company
HCR – A Leading Timeshare Company HCR’s business consists of .. …with unique competitive advantages Timeshare Finland - Leader in Timeshare business Widespread network of Spa resorts with varied experiences 33 Timeshare Destinations in 60,000+ Timeshare owners 1 Finland, Sweden & Spain Complementary
Slide 25: HCR Performance | Q3FY26
HCR Performance | Q3FY26 Euro Mn Income EBITDA PAT 34.2 33.0 - 0.5 - 3.8 - 1.7 - 3.1 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Overall performance impacted due to macro economic headwinds & adverse weather conditions. Financials are as per Finnish Accounting Standards (FAS) 24
Slide 26: Consolidated
MANALI CLUB MAHINDRA POOVAR HIMACHAL KERALA PRADESH Consolidated 25
Slide 27: Consolidated Financials | Q3FY26
Consolidated Financials | Q3FY26 Rs. Cr Income EBITDA PAT 10% 2% 96% 782.5 710.4 177.7 11% 6.2 15.8 35.4 16.3 161.9 173.9 14% 19.1 15.1 1.4 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 PAT includes one off ( Labour code & forex impact) loss of Rs 15.1 Cr in Q3FY26 vs Rs 16.3 Cr one off forex gain
Slide 28: Financials
CLUB MAHINDRA MASHOBRA HIMACHAL PRADESH Financials Refer Company’s website and/or Stock Exchange submission for detailed Financials 27
Slide 29: MHRIL Standalone Financials: Income Breakup
MHRIL Standalone Financials Income Breakup Quarter ended Nine months ended Q3 FY26 Q3 FY25 YoY FY26 FY25 YoY In Rs Cr Income from VO 129.0 133.5 -3.4% 386.7 398.1 - 2.9% ASF Income 108.4 102.8 5.4% 323.8 302.5 7.0% Interest & Others 29.6 25.1 17.9% 85.3 75.5 13.0% Total VO Income 267.0 261.4 2.1% 79
Slide 30: MHRIL Standalone Financials: Profit & Loss Statement
MHRIL Standalone Financials Profit & Loss Statement Quarter ended Nine months ended Q3 FY26 Q3 FY25 YoY FY26 FY25 YoY Total Income 415.0 391.4 6.0% 1,206.3 1,146.9 5.2% In Rs Cr Employee Benefit 105.8 100.7 5.1% 298.3 295.7 0.9% Sales & Marketing 24.6 36.2 -32.0% 75.5 125.5 -39.8% Rent 27.3 27.3 0.0
Slide 31: MHRIL Standalone Financials: Snapshot of Balance Sheet
MHRIL Standalone Financials Snapshot of Balance Sheet 31st March 2025 31st Dec 2025 Restated Property, Plant and Equipment 2975 2801 In Rs Cr Right of Use Asset (IND AS 116) 707 553 Trade receivables 1254 1241 Cash and cash equivalents (regrouped) 1470 1555 Deferred Acquisition Cost 793 817 Other As
Slide 32: HCR Financials
HCR Financials In Euro Mn Revenue Details Profit & Loss Statement Nine months Nine months Quarter ended Quarter ended ended ended Q3 FY26 Q3 FY25 FY26 FY25 Q3 FY26 Q3 FY25 FY26 FY25 Timeshare 7.4 9.8 24.7 29.5 Revenue 33.0 34.2 98.5 98.5 Spa Hotels 19.5 18.6 56.7 53.2 Operating Profit (3.1) (0.5) (4
Slide 33: Consolidated Financials: Profit & Loss Statement
Consolidated Financials Profit & Loss Statement Quarter ended Nine months ended In Rs Cr Q3 FY26 Q3 FY25 YoY FY26 FY25 YoY Income from Operations 752.7 678.4 11.0% 2171.4 2002.0 8.5% Non - Operating Revenue 29.8 32.0 - 6.9% 100.6 100.6 0.0% Total Income 782.5 710.4 10.1% 2272.0 2102.6 8.1% Cost of v
Slide 34: Disclaimer
Disclaimer 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 reasonable at this time
Slide 35: Contact us: investors@mahindraholidays.com
Contact us: investors@mahindraholidays.com
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