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

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Mahindra Holidays & Resorts India Limited

(NSE:MHRIL)

Select Model

Rating:52Neutral

Price Target:INR 202.00▲(13.10% Upside)

Action:reiterated

Date:09/10/26

The overall score is constrained by high leverage and weakening margins despite solid revenue growth and stable operating cash flow, while a pronounced technical downtrend with oversold momentum and a rich valuation with no evident dividend support further depress the risk‑adjusted appeal of the stock.

Positive Factors

Steady Revenue GrowthContinued revenue expansion indicates that the Club Mahindra offering is retaining demand and adding business over time. Although growth is moderate, its persistence supports a durable operating base and provides scope for future earnings improvement if costs remain controlled.

Negative Factors

High and Rising LeverageDebt has increased while the equity base remains relatively small, leaving the company with limited financial flexibility. High leverage can raise interest sensitivity and make it harder to fund resort expansion or absorb weaker demand without placing additional pressure on cash flows.

Mahindra Holidays & Resorts India Limited (MHRIL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 39.40B
Dividend Yield: ―
Average Volume (3M): 10.81K
Price to Earnings (P/E): 65.4
Beta (1Y): 1.19
Revenue Growth: 7.44%
EPS Growth: -58.80%
Country: India
Employees: 5,684
Sector: General
Sector Strength: 55
Industry: Gambling, Resorts & Casinos

Mahindra Holidays & Resorts India Limited Business Overview & Revenue Model

Company Description

Mahindra Holidays & Resorts India Limited is a prominent player in the leisure and hospitality industry. The company primarily focuses on selling vacation ownership programs and associated services. Its flagship offering, Club Mahindra (CMH25), grant...

How the Company Makes Money

MHRIL primarily makes money through a vacation ownership (timeshare-style) membership model. Under Club Mahindra, customers pay an upfront membership fee that gives them the right to use resort accommodation for a specified number of days each year o...

Mahindra Holidays & Resorts India Limited Financial Statement Overview

Summary

Revenue has grown steadily from INR 16.5B in 2021 to INR 29.9B in 2026 and profitability has recovered from losses to INR 695M, supported by consistently strong operating cash flow of INR 5–6B and improving free cash flow. However, net margins remain modest at roughly 2–5%, gross margin has fallen from 65% to 53%, and leverage is still high with INR 38B debt against INR 7.8B equity despite improvement in debt-to-equity, which keeps overall financial strength only moderately above average.

Income Statement

72Positive

Balance Sheet

45Neutral

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	30.90B	29.92B	27.07B	26.44B	24.60B	19.55B
Gross Profit	16.17B	15.95B	8.42B	17.04B	16.14B	5.38B
EBITDA	5.84B	6.17B	5.79B	6.37B	5.86B	4.86B
Net Income	550.80M	695.12M	1.28B	1.16B	1.15B	675.11M
Balance Sheet
Total Assets	119.56B	113.85B	106.14B	98.46B	93.17B	88.46B
Cash, Cash Equivalents and Short-Term Investments	8.61B	7.69B	10.00B	9.42B	7.60B	7.15B
Total Debt	43.25B	38.29B	31.31B	27.38B	26.23B	25.67B
Total Liabilities	111.59B	106.01B	98.26B	93.13B	89.19B	85.86B
Stockholders Equity	7.92B	7.78B	7.80B	5.24B	3.90B	2.50B
Cash Flow
Free Cash Flow	0	848.29M	2.95B	2.87B	4.20B	3.66B
Operating Cash Flow	0	5.05B	6.21B	6.24B	6.81B	4.98B
Investing Cash Flow	0	-2.38B	-4.01B	-4.49B	-2.10B	-2.57B
Financing Cash Flow	0	-2.65B	-2.85B	-1.90B	-4.59B	-2.17B

Mahindra Holidays & Resorts India Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price178.60

Price Trends

50DMA199.79Negative

100DMA214.51Negative

200DMA239.21Negative

Market Momentum

MACD-4.77Positive

RSI31.45Neutral

STOCH7.14Positive

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 178.60 is below the 20-day moving average (MA) of 191.65, below the 50-day MA of 199.79, and below the 200-day MA of 239.21, indicating a bearish trend. The MACD of -4.77 indicates Positive momentum. The RSI at 31.45 is Neutral, neither overbought nor oversold. The STOCH value of 7.14 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MHRIL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:EIHAHOTELS	70Outperform	INR 16.93B	19.27	―	1.26%	-7.65%	-6.94%
IN:ORIENTHOT	70Outperform	INR 28.74B	42.78	―	0.40%	6.85%	36.01%
IN:TAJGVK	69Neutral	INR 18.96B	4.57	―	0.66%	22.41%	194.35%
IN:PARKHOTELS	62Neutral	INR 21.19B	33.18	―	0.76%	10.04%	-35.45%
IN:ITDC	56Neutral	INR 50.48B	61.50	―	0.50%	-9.37%	3.25%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MHRIL	52Neutral	INR 36.09B	65.37	―	―	7.44%	-58.80%

* General Sector Average

Performance Comparison

IN:MHRIL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MHRIL	Mahindra Holidays & Resorts India Limited	178.60	-152.35	-46.03%
IN:EIHAHOTELS	EIH Associated Hotels Limited	277.90	-103.19	-27.08%
IN:ITDC	India Tourism Development Corp. Ltd.	588.60	-29.45	-4.76%
IN:ORIENTHOT	Oriental Hotels Limited	160.90	38.64	31.60%
IN:PARKHOTELS	Apeejay Surrendra Park Hotels Ltd.	99.30	-50.99	-33.93%
IN:TAJGVK	TAJGVK Hotels & Resorts Ltd.	302.35	-110.47	-26.76%

Mahindra Holidays & Resorts India Limited Corporate Events

Mahindra Holidays Posts Q2 & H1 FY27 Earnings Call Audio for Investors

Oct 21, 2026

Mahindra Holidays & Resorts India Limited has informed exchanges that it concluded an earnings conference call with investors and analysts on October 21, 2026, discussing its financial performance and business overview for the second quarter and...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 10, 2026

Mahindra Holidays & Resorts India Limited AI Stock Analysis

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