Mahindra Holidays & Resorts India Ltd

ESG rating update

• Crisil ESG assigns 62 ESG and 69 Core ESG to Mahindra Holidays.
• Rating category is Strong; communication received 30 Jul 2026 20:06 IST.
• Regulation 30 intimation hosted on the company's website.

ESG Rating Update

• ESG score 63, category Strong, assigned by ESG Risk Assessment.
• Rating communicated on 27 July 2026 and hosted on the investor page; viewable at ESGRisk.ai.

Financial Performance

• Stand-alone total income up 3% YoY to INR 424 crores.
• Stand-alone EBITDA INR 142 crores; PAT INR 54 crores.
• Consolidated total income grew 5% YoY to INR 774 crores.
• Deferred revenue INR 5,825 crores; cash INR 1,420 crores.
• Occupancy at 86.7% in Q1.
• Resort revenue rose 10% YoY to INR 126 crores; 400 keys under renovation.
• Keystone upgrades approximately 2,000–2,500 per quarter; upgrade value INR 89 crores.
• Ivory 10-year product now accounts for >40% of sales.
• FY27 gross key additions targeted about 1,000; 600–700 keys reduced this year.

Operational Update

• Resort occupancy strength supports revenue despite renovations.
• Transformation agenda targets two resorts per year.
• European Holiday Club Finland loss around INR 20 crores YoY; strategic review ongoing.
• Technology upgrades include booking engine, paperless check-in, and AI sentiment analytics.

Projects and Capex

• FY27 capex includes about 1,000 gross keys across destinations including Jodhpur, Ganpatipule, Darjeeling, Jawai, Dalhousie, Goa.
• Theog resort delayed; now targeted 2H FY28; second and third resorts in late design.
• Transformation program will renew about two resorts per year; per-room cost varies up to INR 40–50 lakhs.
• Two more resorts are in late-stage design; ground-breaking planned this year.

Outlook and Guidance

• H2 is expected to show stronger growth; no formal standalone revenue guidance.
• ASF and member income are expected flat; resort income to drive growth.

Capital Allocation and Dividends

• Dividend unlikely in FY27; possible in FY28.
• Balance sheet remains strong with cash INR 1,420 crores; deferred revenue INR 5,825 crores.

Q&A Highlights

• Investment committee approved 8,200–8,300 keys; about 2,500 in early stages; 10,000 keys visible.
• HCRO options open; decision expected within this financial year.
• Keystone is not a buyback; focuses on broader choices and lower cancellation fees.
• European business under strategic review with ongoing losses.

Meeting Details

• Q1 FY27 earnings conference call on 23 July 2026 at 4:00 PM IST; dial-in audio conference.

Participants

• MD & CEO; CFO; Senior Management to participate

Purpose

• Discuss Q1 FY27 financial and operational performance

Additional Notes

• Hosted from Mumbai
• Pre-registration link available

Dematerialisation status

• No dematerialisation requests were received during the reporting period, per RTA certificate.

Key Management Change

• Vimal Agarwal ceased to be CFO effective 30 June 2026.
• Rajiv Vimal appointed CFO effective 1 July 2026.

Internal Auditor Cessation

• K. N. Vaidyanathan ceases to be Internal Auditor of the Company effective 30 June 2026.
• Reason: cessation upon conclusion of term as Group Chief Internal Auditor of Mahindra and Mahindra Limited.
• Effective date: close of business hours on 30 June 2026.
• No appointment or replacement details disclosed in this filing.

Meeting Details

• Board meeting scheduled for Wednesday, 22 July 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for Q1 FY2027 (quarter ended 30 June 2026).

Other Notes

• Trading window closed for insiders from 1 July 2026 to 24 July 2026.