Mahindra Holiday Q2 FY27 Results (NSE: MHRIL)
Signal: Growth reaccelerated
The read
The trajectory improved sequentially at the group level, with consolidated PAT recovering from a ₹855.90 lakh loss to ₹1,971.99 lakh and revenue accelerating to +9.3% YoY, but this is not yet a clean operating inflection: the standalone parent's PAT fell 16.2%, employee costs grew 16.4% YoY, finance costs grew 11.0%, and overseas subsidiaries continued to dilute group earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | 78,413.24 lakh | +9.3% | +7.0% |
| Net profit | 1,971.99 lakh | +16.4% | |
| EBIT margin | 24.86% |
P&L walk
Consolidated revenue increased to ₹78,413.24 lakh, +9.3% YoY and +7.0% QoQ, while the adjusted operating-profit proxy before exceptional items, associate/JV losses and tax was ₹3,496.05 lakh versus ₹3,612.64 lakh YoY; PAT nevertheless rose to ₹1,971.99 lakh from ₹1,693.90 lakh as the prior quarter's loss reversed.
Segments
No segment table is disclosed, but the parent generated standalone PAT of ₹4,326.09 lakh while consolidated PAT was only ₹1,971.99 lakh; subsidiary and associate losses therefore absorbed ₹2,354.10 lakh of the parent's profit.
Key positives
- Consolidated revenue reached ₹78,413.24 lakh, up 9.3% YoY and 7.0% QoQ, improving from the prior quarter's ₹73,281.39 lakh.
- Consolidated PAT recovered to ₹1,971.99 lakh from a ₹855.90 lakh loss QoQ and grew 16.4% YoY.
- Operating cash flow remained positive at ₹17,264.69 lakh in H1FY27 despite a 1.7% YoY decline.
- CWIP increased to ₹52,862.78 lakh from ₹32,019.61 lakh, indicating continued investment in the resort and accommodation asset base.
Key concerns
- Standalone PAT declined 16.2% YoY to ₹4,326.09 lakh even as the parent remained profitable, highlighting a widening group-consolidation drag.
- Employee costs rose 16.4% YoY to ₹21,873.76 lakh, materially faster than consolidated revenue growth of 9.3%.
- Finance costs increased 11.0% YoY to ₹5,343.82 lakh and 13.5% QoQ, constraining profit conversion.
- Consolidated adjusted operating profit before exceptional items and associate/JV losses fell to ₹3,496.05 lakh from ₹3,612.64 lakh YoY despite higher revenue.
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