Mahindra Holidays & Resorts India Limited Q1 FY27 Call Highlights: Keystone Sales Up 22% to ₹154 Cr

Mahindra Holidays & Resorts India Limited has released the transcript of its Q1 FY27 earnings conference call, highlighting healthy growth in membership sales, improved resort occupancy, and continued investments in expanding its resort network. During the call, Managing Director & CEO Manoj Bhat and Chief Financial Officer Rajeev Vaidya discussed the company’s operational performance, membership trends, and strategic priorities for the year.

The company attributed its strong performance to the successful launch of its premium membership offerings, higher customer upgrades, and sustained demand for leisure travel across India.

Keystone Membership Drives Sales Growth

Mahindra Holidays witnessed strong traction for its newly launched Keystone membership product, supported by pricing initiatives and an improved product mix.

Membership Highlights

• Keystone Sales Value: Increased 22% year-on-year (YoY) to ₹154 crore.
• Average Unit Realisation (AUR): Rose 73% YoY to ₹14.4 lakh, reflecting successful premiumisation of membership offerings.
• Upgrade Revenue: Grew 58% YoY to ₹89 crore, driven by existing members upgrading to higher-value products.
• Product Mix: The 10-year “Ivory” membership accounted for over 40% of total sales, emerging as the company’s largest-selling membership category.

The company said the growing contribution from premium memberships reflects strong customer acceptance of its enhanced vacation offerings and long-term membership value proposition.

Resort Business Delivers Steady Performance

Despite temporary room closures for refurbishment, Mahindra Holidays reported healthy growth in its resort operations.

Operational Highlights

• Resort Revenue: Increased 10% YoY to ₹126 crore.
• Occupancy Rate: Improved to 86.7%, supported by continued strength in domestic leisure travel.
• Approximately 400 room keys remained temporarily unavailable during the quarter due to renovation and refurbishment activities.

The company noted that demand remained resilient across its resort portfolio despite the temporary reduction in available inventory.

Expansion Pipeline Remains on Track

Mahindra Holidays reaffirmed its plan to add around 1,000 gross room keys during FY27 as part of its ongoing network expansion strategy.

Upcoming additions are expected across several key leisure destinations, including:

• Jodhpur
• Ganpatipule
• Darjeeling
• Jawai
• Dalhousie

The expansion is aimed at meeting rising demand for vacation ownership while enhancing the overall customer experience.