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Swing Capital

Mahindra Holidays & Resorts India Ltd

NSE: MHRIL BSE: 533088

Mahindra Holidays & Resorts India Ltd. (MHRIL), a part of the Leisure and Hospitality sector of the Mahindra Group offers family holidays primarily through vacation ownership memberships. Started in 1996, the company's flagship brand ‘Club Mahindra’ has over 250,000 members. [1]The Company is the largest Vacation Ownership company outside the US and is 6th largest globally[2]

₹230
52W: ₹220 — ₹382
PE 28.3 · Book ₹60.3 · +281% vs book
Market Cap₹4,641 Cr
Stock P/E28.3Price to Earnings
ROCE20.4%Return on Capital
ROE13.1%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Contingent liabilities of Rs.1,630 Cr.
  • −Company has high debtors of 279 days.
  • −Working capital days have increased from 146 days to 381 days

Shareholding Pattern

Promoters66.74%
FIIs5.3%
DIIs11.01%
Public16.76%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.76%66.76%66.75%▼0.066.74%▼0.066.74%66.74%66.74%66.74%
FIIs5.34%5.31%▼0.05.37%▲0.15.36%▼0.05.42%▲0.15.44%▲0.05.51%▲0.15.3%▼0.2
DIIs10.45%10.25%▼0.210.19%▼0.110.07%▼0.110.17%▲0.110.01%▼0.210.38%▲0.411.01%▲0.6
Public17.23%17.49%▲0.317.49%17.64%▲0.217.45%▼0.217.63%▲0.217.19%▼0.416.76%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales336343351328360361369344379377
Expenses253282271252264266250240266265
Operating Profit836180779695119104114112
OPM %25%18%23%23%27%26%32%30%30%30%
Net Profit683345475157765255-178
EPS ₹3.371.652.242.332.512.853.772.562.72-8.82

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,469Cr, up 4.9% YoY. OPM at 31%.

Debt Position

Borrowings at ₹820Cr. Debt-to-equity ratio: 0.81x. Moderate leverage.

Capex Cycle

CWIP at ₹320Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 11.01% (+2.72pp change). FIIs: 5.3% (+0.06pp change). Promoters hold 66.74%.

Margin & Efficiency

ROCE improving from 18% (Mar 2015) to 20% (Mar 2026). Working capital days: 381.

Valuation

PE 28.3x with 20.4% ROCE. Price is 281% above book value of ₹60.3. Dividend yield: 0%.

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