Q3 2026 Mahindra Holidays and Resorts India Ltd Earnings Call Transcript
Key Points
- Mahindra Holidays & Resorts India Ltd (BOM:533088) added 273 keys during the quarter, bringing the total to 6,015 keys, and introduced three new resorts in Maharashtra, Madhya Pradesh, and Uttarakhand.
- The company launched a new membership plan, KEYSTONE, which received positive early feedback and is expected to increase average unit realization by 15% to 20%.
- Resort revenue grew by 16% year-on-year, with an occupancy rate of 81.5% on a larger inventory base, indicating strong performance.
- Standalone EBITDA increased by 17% year-on-year, with margins expanding by 350 basis points to 36%, driven by structural interventions.
- The company maintains a healthy cash position of INR1,470 crores as of December 31, 2025, providing financial stability for future growth initiatives.
- The Finnish business, HCRO, reported a negative PAT of EUR3.8 million for Q3, impacted by weather conditions and the ongoing Russia-Ukraine conflict.
- Consolidated PAT was negatively affected by a ForEx loss of INR6 crores and a new labor code impact of INR11 crores.
- The company experienced delays in inventory addition, with 150 to 200 keys deferred to the next financial year due to partner-led model challenges.
- The overseas business continues to struggle, with strategic reviews planned for the next financial year to address ongoing issues.
- The company faces challenges in maintaining a balance between new inventory additions and the exit of underperforming resorts, impacting net growth.
Ladies and gentlemen, good day, and welcome to Mahindra Holidays and Resorts India Limited Q3 and nine months FY26 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Manoj Bhat, MD and CEO of Mahindra Holidays and Resorts India Limited. Thank you, and over to you, sir.
Thank you. Good evening, everyone, and a very warm welcome to our Q3 earnings call. On the call with me today, I have Vimal Agarwal, our CFO. You can also find our results and investor presentation on the exchanges and our company website. I hope you have had a chance to go through them.
Let me start by talking about our last meeting in November where we talked about our new strategy and setting our sights on becoming India's leading leisure hospitality provider. In a lot of ways, this quarter, I think, we have stayed true to the commitment to elevate member experience and
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