Mahindra Holidays & Resorts India Limited (MHRIL) AI Stock Analysis

• Market Cap: ₹66.93B
• Dividend Yield: N/A
• Average Volume (3M): 4.73K
• Price to Earnings (P/E): 50.0
• Beta (1Y): 0.90
• Revenue Growth: 4.25%
• EPS Growth: 17.51%
• Country: IN
• Employees: 4,339
• Sector: Services
• Sector Strength: N/A
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): 3.00
• Shares Outstanding: 202,016,970
• 10 Day Avg. Volume: 3,427
• 30 Day Avg. Volume: 4,731
• PEG Ratio: 4.58
• Price to Book (P/B): 7.69
• Price to Sales (P/S): 2.22
• P/FCF Ratio: 20.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹360.00 ▲(12.82% Upside)

The overall stock score of 57 reflects solid financial performance with improved profitability and leverage management. However, technical indicators suggest a bearish trend, and the high P/E ratio indicates potential overvaluation. The absence of a dividend yield further impacts the valuation negatively.

Mahindra Holidays & Resorts India Limited Business Overview & Revenue Model

Company Description

Mahindra Holidays & Resorts India Limited operates in the leisure and hospitality sector. It engages in the sale of vacation ownership and other related services. The company's flagship brand is Club Mahindra or CMH25, which entitles its members to a week's holiday every year for 25 years. It also provides Club Mahindra Fundays, a corporate product that allows enrolled organizations to offer holiday entitlements to its employees either as a part of their reward and recognition programs or as an employment prerequisite; Bliss, a points-based product targeted at the 50-plus age group, which offers a week's holiday every year for 10 years; and GoZest, which is a three-year points-based product aimed at millennial travelers in the less than 30 years age-group. The company operates a network of resorts across various destinations, including hill stations, beaches, backwaters, wildlife sanctuaries, forts, and heritage destinations in India, as well as in international destinations, such as Bangkok, Pattaya, Phuket, Kuala Lumpur, Singapore, Dubai, Colombo, and Bhutan. As of March 31, 2022, it operated 4,568 room units across its 84 resorts. The company was incorporated in 1996 and is based in Mumbai, India. Mahindra Holidays & Resorts India Limited is a subsidiary of Mahindra & Mahindra Limited.

How the Company Makes Money

MHRIL generates revenue primarily through its vacation ownership model, where customers purchase a time-share membership that allows them to vacation at any of the company's resorts across India and abroad. This model ensures a steady income stream from membership fees and annual maintenance charges. Additionally, MHRIL earns income from its resort operations, including room rentals, food and beverage services, and other hospitality services provided to guests. The company also engages in partnerships with travel agencies and other service providers, enhancing its offerings and expanding its customer base. Seasonal promotions and special packages further boost revenue, attracting both existing members and new customers seeking vacation options.

Mahindra Holidays & Resorts India Limited Financial Statement Overview

Summary

Mahindra Holidays & Resorts India Limited shows solid revenue growth and improved profitability, with ongoing improvements in leverage and shareholder returns. Cash flow generation is strong, but the company relies heavily on debt, which poses a risk. Overall, the financial health is robust, with areas of concern being leverage and cash flow growth sustainability.

Income Statement

The revenue growth over the years is stable, with a notable increase from 2022 to 2025. Gross profit margin is strong at 65.8% for 2025, showing efficient cost management. Net profit margin has improved from 3.5% in 2022 to 4.6% in 2025, indicating better profitability. However, EBIT and EBITDA margins have seen fluctuations, suggesting some variability in operational efficiency.

Balance Sheet

The debt-to-equity ratio has improved from 10.26 in 2022 to 4.01 in 2025, indicating better leverage management. Return on Equity (ROE) improved significantly to 16.3% in 2025, showcasing enhanced shareholder returns. However, the equity ratio remains low at 7.4% in 2025, suggesting a high reliance on debt financing.

Cash Flow

Free cash flow has been positive and growing, with a marginal increase in 2025. However, the free cash flow growth rate has slowed. The operating cash flow to net income ratio is robust, indicating strong cash generation relative to net income. The free cash flow to net income ratio is also strong, but the growth rate requires attention.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	28.29B	27.07B	26.44B	24.60B	19.55B	16.53B
Gross Profit	16.90B	8.42B	17.04B	16.14B	5.38B	3.50B
EBITDA	7.01B	5.79B	6.37B	5.86B	4.86B	3.64B
Net Income	1.30B	1.28B	1.16B	1.15B	675.11M	-130.77M
Balance Sheet
Total Assets	0.00	106.14B	98.46B	93.17B	88.46B	85.21B
Cash, Cash Equivalents and Short-Term Investments	10.00B	10.00B	9.42B	7.60B	7.15B	4.62B
Total Debt	0.00	31.31B	27.38B	26.23B	25.67B	24.87B
Total Liabilities	-7.89B	98.26B	93.13B	89.19B	85.86B	84.31B
Stockholders Equity	7.89B	7.80B	5.24B	3.90B	2.50B	846.80M
Cash Flow
Free Cash Flow	0.00	2.95B	2.87B	4.20B	3.66B	2.61B
Operating Cash Flow	0.00	6.21B	6.24B	6.81B	4.98B	3.82B
Investing Cash Flow	0.00	-4.01B	-4.49B	-2.10B	-2.57B	-2.37B
Financing Cash Flow	0.00	-2.85B	-1.90B	-4.59B	-2.17B	-1.54B

Mahindra Holidays & Resorts India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 319.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MHRIL, the sentiment is Negative. The current price of 319.1 is below the 20-day moving average (MA) of 333.61, below the 50-day MA of 345.50, and below the 200-day MA of 336.62, indicating a bearish trend. The MACD of -5.79 indicates Positive momentum. The RSI at 29.05 is Positive, neither overbought nor oversold. The STOCH value of 10.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MHRIL.

Mahindra Holidays & Resorts India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TAJGVK	72 Outperform	₹25.76B	17.81	―	0.49%	9.49%	40.16%
ROHLTD	64 Neutral	₹13.21B	26.75	―	0.54%	9.24%	3.74%
ITDC	61 Neutral	₹51.24B	64.25	―	0.49%	18.45%	24.02%
ORIENTHOT	59 Neutral	₹21.52B	43.53	―	0.41%	19.69%	17.02%
MHRIL	57 Neutral	₹66.93B	49.98	―	―	4.25%	17.51%
LEMONTREE	56 Neutral	₹133.10B	61.85	―	―	20.03%	48.49%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

Mahindra Holidays & Resorts India Limited Corporate Events

Mahindra Holidays Faces GST Dispute with No Expected Financial Impact

Mahindra Holidays & Resorts India Limited has disclosed the receipt of Show Cause Notices (SCNs) from the Assistant Commissioner in Chennai regarding a demand for INR 6,52,77,394 related to Goods and Services Tax on Corporate Guarantee for fiscal years 2020-21 to 2023-24. Despite the significant amount involved, the company does not anticipate any material financial impact from these notices and is actively pursuing legal remedies to address the situation.