Mahindra Holiday Q1 FY27 Results (NSE: MHRIL)
Signal: Slipped to loss
The read
Consolidated net loss of ₹8.66 Cr (attributable) marks a sharp deterioration from a profit of ₹7.87 Cr last year, driven entirely by the European subsidiary HCRO whose segment loss ballooned to ₹66.73 Cr. The standalone business also weakened, with PAT down 28.7% as cost inflation outpaced revenue. Revenue growth remains tepid at 4.5% for the group.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹732.81 Cr | 4.48% | -10.66% |
| EBIT | ₹44.13 Cr | -32.7% | |
| Net profit | ₹-8.66 Cr | -210.1% | |
| EPS | ₹-0.43 | -210.3% | |
| EBIT margin | 20.92% |
P&L walk
Consolidated revenue grew 4.5% YoY to ₹732.81 Cr but swung to a net loss of ₹8.66 Cr as the European subsidiary HCRO posted a segment loss of ₹66.73 Cr versus ₹38.01 Cr last year, more than offsetting the MHRIL segment's profit of ₹71.36 Cr (down from ₹97.76 Cr). EBITDA margin contracted ~200bps YoY to 20.9% due to higher employee costs (+14.5% YoY) and finance costs (+21.5% YoY) outpacing revenue growth.
Segments
The core MHRIL segment posted a PBT of ₹71.36 Cr, down 27% YoY, while the European HCRO segment's loss widened 75.5% to ₹66.73 Cr, dragging the consolidated result into loss.
Key positives
- Group revenue grew 4.5% YoY despite seasonal weakness.
- MHRIL segment remains profitable with PBT of ₹71.36 Cr.
Key concerns
- European HCRO segment loss widened 75.5% to ₹66.73 Cr, eroding group profitability.
- Standalone EBITDA margin contracted ~640bps YoY to 37.3% due to rising employee and finance costs.
- Consolidated net loss of ₹8.66 Cr vs profit last year signals structural drag from international operations.
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