Mahindra Holidays & Resorts India Limited announced its unaudited financial results for the third quarter ended December 31, 2025, showcasing improved performance across key metrics. The Board of Directors approved these results on January 29, 2026, following the Audit Committee's recommendation.

Standalone Financial Performance

The company delivered strong standalone results for Q3 FY26, demonstrating growth across revenue and profitability metrics.

For the nine months ended December 31, 2025, standalone revenue from operations reached ₹1,09,228.84 lakhs compared to ₹1,03,896.06 lakhs in the corresponding period last year. Net profit for the nine-month period stood at ₹18,281.19 lakhs versus ₹14,299.05 lakhs in the previous year.

Consolidated Results Overview

On a consolidated basis, the company reported mixed performance with revenue growth but lower profitability.

The consolidated nine-month revenue from operations increased to ₹2,17,144.99 lakhs from ₹2,00,202.87 lakhs in the previous year, while net profit declined to ₹2,551.31 lakhs from ₹5,299.60 lakhs.

Segment Performance Analysis

The company operates through two primary segments: MHRIL (Club Mahindra) and HCRO (Holiday Club Resorts OY). For Q3 FY26, MHRIL segment revenue reached ₹42,215.97 lakhs compared to ₹39,612.97 lakhs in Q3 FY25. The HCRO segment generated revenue of ₹36,030.89 lakhs versus ₹30,909.75 lakhs in the corresponding quarter last year.

Exceptional Items and Regulatory Developments

The company recorded exceptional items of ₹1,090.65 lakhs in standalone results and ₹1,106.23 lakhs in consolidated results for Q3 FY26. These charges relate to incremental employee benefit costs arising from the notification of new Labour Codes by the Government of India on November 21, 2025.

Corporate Actions and Compliance

During Q3 FY26, the company allotted 22,348 equity shares of ₹10 each pursuant to the exercise of stock options under the ESOS 2020 scheme. The paid-up equity share capital stood at ₹20,166.41 lakhs as of December 31, 2025.

The company continues to address observations made by the National Financial Reporting Authority regarding segment reporting and revenue recognition practices. Management has assessed that existing accounting policies and practices remain compliant with applicable Indian Accounting Standards.

Mahindra holidays & Resorts India Ltd received formal disclosure from HDFC Mutual Fund regarding a significant reduction in shareholding under SEBI's substantial acquisition regulations. The fund house communicated the change through its asset management company to the resort operator's compliance officer on January 27, 2026.

Shareholding Reduction Details

HDFC Mutual Fund's aggregate holding in Mahindra Holidays & Resorts decreased substantially from the previously reported levels. The fund house had earlier disclosed a 5.13% stake as of May 23, 2025, which has now been reduced to 3.05% as of January 22, 2026.

Transaction Mechanism

The shareholding reduction was executed through open market transactions, as disclosed in the regulatory filing. HDFC Asset Management Company Limited, acting as the investment manager for HDFC Mutual Fund schemes, conducted the share disposal on behalf of multiple fund schemes.

The affected schemes include:

• HDFC Dividend Yield Fund
• HDFC Hybrid Equity Fund
• HDFC Retirement Savings Fund - Equity Plan
• HDFC Retirement Savings Fund - Hybrid-Equity Plan

Company Capital Structure

Mahindra Holidays & Resorts India Ltd's equity structure remained unchanged during this transaction period. The company's paid-up equity share capital stands at Rs. 2,02,03,93,210, comprising 20,20,39,321 equity shares of Rs. 10 each.

Regulatory Compliance

The disclosure was made in accordance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. HDFC Asset Management Company Limited confirmed that the fund house does not belong to the promoter or promoter group of Mahindra Holidays & Resorts.

Dinesh Bhakade, Deputy Vice President - Compliance at HDFC Asset Management Company Limited, signed the formal disclosure document. The communication was simultaneously sent to the listing departments of both BSE Limited and National Stock Exchange of India Limited, ensuring full regulatory compliance and market transparency.