Mahindra Holidays Q2 Results October 21, 2026: Profit Up 16% to ₹19.7 Crore as Resort Revenue Climbs

Mahindra Holidays Q2 results came out during market hours on October 21, 2026, and the Club Mahindra owner had a fairly tidy quarter to show. Consolidated profit after tax rose 16.4% year-on-year to ₹19.7 crore, and revenue from operations grew 9.3% to ₹784.1 crore, according to the reviewed results the company filed with NSE. The stock liked it, at least for a while.

Mahindra Holidays Q2 results: the main numbers

Everything below is for the quarter ended September 30, 2026 (Q2 FY27) against the same quarter a year earlier. Consolidated figures come from the results filing; the operating metrics come from the company’s press release filed with the exchanges.

• Revenue from operations: ₹784.1 crore, up 9.3% from ₹717.3 crore. Total income, including other income, was ₹819.7 crore against ₹749.5 crore.
• Consolidated EBITDA (as given in the press release): ₹194.8 crore, up about 5% from ₹184.9 crore.
• Profit before tax: ₹34.1 crore, slightly lower than ₹35.5 crore.
• Profit after tax: ₹19.7 crore, up 16.4% from ₹16.9 crore. The share belonging to the company’s own shareholders was ₹20.0 crore, up 11.8% from ₹17.9 crore.
• Membership sales value: ₹141 crore, up 6%. Average unit realisation, including upgrades, rose 43% to ₹13.4 lakh, and upgrades alone brought in ₹83 crore, up 26%.
• Resort revenue: ₹96 crore, up 15%, with occupancy at 75.6%, 220 basis points higher.

That 16% versus 12% gap explains why headlines differ. Business Standard’s PTI report used total consolidated profit of ₹19.71 crore, up 16.42%, while CNBC-TV18 used the owners’ share of ₹19.95 crore, up 11.8%. Both are right. The difference is the minority shareholders’ share of losses in subsidiaries, which was bigger a year ago.

Profit rose even though pre-tax profit fell

Here’s the detail we found most interesting. Pre-tax profit actually slipped, yet net profit went up. The reason is tax: total tax expense dropped to ₹14.4 crore from ₹18.6 crore. Costs grew faster than the top line in places too. Employee costs rose about 16% to ₹218.7 crore, finance costs about 11% to ₹53.4 crore and depreciation about 6% to ₹106.5 crore.

The standalone Indian business tells a softer story. Standalone profit fell about 16% to ₹43.3 crore from ₹51.7 crore, and the company issued a revised press release in the evening to correct its standalone EBITDA to ₹124.4 crore, against ₹140.5 crore a year ago. The first version had shown a much higher figure.

Context helps. In the June quarter the group posted a consolidated loss of ₹8.6 crore, so Q2 is a clear sequential turnaround. For the half year, consolidated profit stands at ₹11.2 crore against ₹24.1 crore a year earlier.

Resorts, keys and the stock move

The company ended September with 5,762 keys across 106 resorts. It expanded two resorts, finished transforming two more and exited six based on guest feedback; five transformations are still under way. The member base stood at 3,02,886, deferred revenue at ₹5,828 crore and cash at ₹1,329 crore.

MD and CEO Manoj Bhat said in the release that the company expects to add about 1,000 keys over the next two quarters and is working towards 10,000 keys by FY30. He described the international business, HCRO, as stable despite geopolitical uncertainty and a weak Finnish economy.

On the day, CNBC-TV18 reported the shares rose as much as 8.5% to an intraday high of ₹214.9, then gave back most of that to trade 2.3% higher at ₹202.71 when it checked. The stock was still down 35% for the year.

What it means for investors

The membership and resort numbers are moving in the right direction, but the profit jump leans on a lower tax bill and the standalone business earned less. The next two quarters, when the promised 1,000 keys are due, will show whether growth reaches the bottom line. For another hospitality read from the same day, see IHCL’s Q2 results, and for the method, our guide on how to analyse quarterly results.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or speak to a SEBI-registered adviser before making investment decisions.