Mahindra Holidays & Resorts India Limited — Investor Meet, 28-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Mahindra Holidays & Resorts (MHRIL) unveiled its F'30 strategy to become India's top leisure hospitality player. It aims for 12,000 keys by F'30, with 10,000 under the rebranded 'Club M' and 2,000 for new luxury 'Mahindra Signature Resorts'. This targets 3x revenue and 4x PAT growth. A new flexible 'Keystone' membership plan is being introduced. The company is pursuing a capital-light expansion, with capex estimated at INR 500-600 Cr this year and INR 700-750 Cr next. Earnings growth may trail revenue due to lower treasury income from capex deployment. Management is focused on premium members, seeing 33% average revenue per user growth. Confident outlook for India's leisure market.