H2 FY27 to be significantly stronger
Management expects Q3 and Q4 to be the two best quarters as 400 renovated keys return to service, new inventory starts flowing, and newer resorts begin generating profits.
MAHINDRAHOLIDAYSANDRESOR / guidance tracker
Keep management guidance in view.
Mahindra Holidays and · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
FY27 inventory additions: ~1,000 gross keys
Pipeline takes total keys to 8,200-8,300 currently with 2,500 more in early evaluation stages, supporting the 10,000-key target by 2030. Some Q1 additions slipped to Q2 due to material constraints.
Signature luxury resort: targeted Q4 FY28 opening
The first signature resort (originally targeted earlier) is now delayed by approximately 3-4 quarters due to redesign and repositioning as a cutting-edge luxury product; civil work nearly complete, focus on interiors.
Dividend earliest FY28
Due to AS115 transition difference (~₹159 crore), the company will not pay dividends in FY27; earliest consideration is FY28.
Add >1,000 keys in FY27
Management expects to add more than 1,000 keys in FY27, with 25-30% owned and the rest via capital-light models.
Portfolio rationalization largely complete by end-FY27
Surrender of suboptimal keys (500 surrendered in FY26) will continue for 2-3 quarters, with completion expected by end-FY27.
Club Mahindra brand relaunch in Q2/Q3 FY27
A campaign to relaunch the Club Mahindra brand is planned, with timing around Q2 or Q3 FY27, incurring marketing expenses.
Strategic review of European business in FY27
Management will conduct a strategic review of the European subsidiary in FY27, evaluating long-term partnerships or other options.