02 Chairman’s message 04 Managing Director & CEO's message 06 Report profile CORPORATE OVERVIEW 08 MHRIL at a glance 10 Product Portfolio 14 Presence 2024-25 KEY HIGHLIGHTS Financial Operational Environment ₹1,545 cr Total Income ( 8% Y-o-Y) 5,847 Total room inventory (520 rooms added in 2024-25) 41 Resorts ZWL (Zero Waste to Landfill) certified ₹492 cr EBITDA ( 18% Y-o-Y) 3,04,508 Cumulative membership base 34 Resorts have commissioned solar power 13.9 MWp cumulative capacity ₹200 cr Profit After Tax (PAT) ( 11% Y-o-Y) 84% Occupancy 29 26 Resorts – Platinum certified 3 Resorts – Gold certified (IGBC) Contents APPROACH TO VALUE CREATION 16 Value creation model 18 Operating context 20 Stakeholder engagement 22 Materiality CAPITAL-WISE PERFORMANCE 28 Financial capital 32 Infrastructure capital 38 Intellectual capital 42 Human capital 52 Social and relationship capital 62 Natural capital 01 02 03
At Mahindra Holidays & Resorts India Limited (MHRIL), we believe that the true essence of a holiday lies not just in the places you visit, but in the moments you cherish. We are committed to transforming ordinary getaways into extraordinary experiences – crafting memories that linger in hearts long after the bags are unpacked. This year, we deepened this promise by expanding our horizons and elevating our offerings. With the addition of 520 keys and 7 new managed resorts across India, our members now have access to a richer tapestry of experiences in charming new destinations like Bharatpur, Pavagadh, Patkote, Agra, Mysuru, Chumbi and Dindi – our first footprint in Andhra Pradesh. Each destination opens a new doorway to discovery, joy and connection. As we journey ahead, our mission remains rooted in enhancing member joy, expanding sustainably and delivering excellence in every moment. Because at MHRIL, we don’t just create holidays – we create memories for life. GOVERNANCE THAT CREATES VALUE 82 Governance 84 Board of Directors 86 Risk management 90 Awards 92 Corporate information STATUTORY REPORTS 94 Board’s Report 124 Management Discussion and Analysis 136 Corporate Governance Report 162 Business Responsibility and Sustainability Report FINANCIAL STATEMENTS 204 Standalone 282 Consolidated 04 05 06 Memories FOR LIFE
EXPANDING HORIZONS, CREATING memories Dear Shareholders, India’s economic landscape continues to evolve positively, with the tourism and hospitality industry emerging as a key driver of growth. The sector contributed approximately 9.1% to India’s GDP in 2025, with domestic tourism playing a pivotal role. Rising disposable incomes, increasing air passenger traffic surpassing 16 crore domestic Chairman’s message flyers in 2024—and a growing preference for experiential travel have fuelled this momentum. Additionally, the Government’s push for infrastructure development, including new airports, enhanced rail connectivity, and digital transformation in tourism services, has further strengthened the industry’s prospects. With a ₹2,479 crore budget allocation for FY25, tourism infrastructure and travel experiences have seen notable enhancements. Looking ahead to 2025, the industry is poised to grow further, with projections of 6.1 million new jobs by 2034. Government initiatives like PRASHAD, Dekho Apna Desh, C.P Gurnani Chairman With a strong leadership team, a dynamic strategy, and an unwavering commitment to excellence, your Company is poised to create more memorable vacations and redefine leisure hospitality. 02 | Mahindra Holidays & Resorts India Limited
Incredible India, and the E-visa scheme are accelerating digitisation, promoting hidden destinations, and boosting sector growth. The Union Budget for FY25 reinforced this trajectory with an allocation of ₹2.4 lakh crore for infrastructure, including tourismlinked projects. The Government’s vision to make India a global tourism hub, coupled with policies promoting sustainable and ecofriendly travel, presents immense opportunities for organised players like your Company. With its strong brand, extensive resort network, and commitment to sustainability, your Company is well-positioned to capitalise on these favourable macroeconomic and policy trends. Against this backdrop, your Company has been unwavering in its commitment to delivering unparalleled vacation experiences while expanding its footprint at an accelerated pace. With a clear vision to reach 10,000 rooms by FY30, your Company has continued its expansion by adding seven new resorts in this fiscal year. Your Company’s financial performance in FY25 remains healthy, further reflecting its robust business model and customercentric approach. The Company added 12,393 members to its vacation ownership business and also added 520 rooms in 2024-25 which is the highest in the Company’s history, taking the total room inventory to 5,847 units across 125 resorts as on March 31, 2025. This growth is a testament to the strong demand for leisure travel and the increasing preference for unique vacation experiences that your company offers. The European business, Holiday Club Resorts Oy (HCRO), has continued its journey towards stability, navigating macroeconomic challenges in the region. While international travel saw some softness, the Company remained focused on operational efficiencies, cost optimisation, and enhancing guest experiences across its resorts in Finland, Sweden, and Spain. Strategic initiatives in HCRO are aimed at strengthening profitability and positioning it for long-term growth, ensuring that your company remains well-diversified across geographies. Your Company’s commitment to sustainability remains integral to its growth. As part of its sustainability efforts, various initiatives have been undertaken not only to enhance operational efficiency but also to reinforce your Company’s role as a sustainability leader in the industry. As the Company steps into its next phase of growth, your trust and support remains invaluable. With a strong leadership team, a dynamic strategy, and an unwavering commitment to excellence, your Company is poised to create more memorable vacations and redefine leisure hospitality. With best wishes, C.P Gurnani Chairman The Company added 12,393 members to its vacation ownership business and also added 520 rooms in 2024-25 which is the highest in the Company’s history, taking the total room inventory to 5,847 units across 125 resorts as on March 31, 2025. 03 Integrated Annual Report 2024-25 |
ELEVATING HOLIDAYS, ENHANCING experiences Managing Director & CEO's message Dear Shareholders, FY 2024–25 was a year of strategic realignment and strong execution for your Company. The Indian tourism sector continued its robust recovery, significantly outpacing global trends. According to industry reports, India witnessed a 15‑18% growth in domestic travel compared to FY24. Industry-wide occupancy rates remained strong at approximately 65-70%, and Average Daily Rates (ADRs) grew by 8-10% year-on-year, underscoring a healthy appetite for leisure travel. The sustained strength in holiday expenditures reflects a positive shift towards valuing leisure and family time. This buoyant demand bodes well for Mahindra Holidays & Resorts India Limited. Recognising shifts in consumer preferences and industry trends, the Company re-evaluated its approach to ensure a stronger product-market fit and reaffirm its commitment to long-term value creation. Building on its strategic realignment, the Company undertook a focused review of its operational footprint, concentrating efforts on key customer segments and streamlining sales channels. Manoj Bhat Managing Director & CEO The focus remains on enhancing the member experience, accelerating digital transformation, and driving sustainability across operations. 04 | Mahindra Holidays & Resorts India Limited
The focus on premiumisation continues to yield results. FY25 saw consistent growth in Average Unit Realisation (AUR) over the previous year, reinforcing the strength of the product proposition. This upward trend not only validates the unique value the Company delivers but also drives revenue growth. In line with its vision for growth, your Company has set an ambitious target of expanding its room inventory to 10,000 rooms by FY30. In FY25, the Company added seven new resorts in Bharatpur – Rajasthan, Pavagadh – Gujarat, Mysuru – Karnataka, Patkote – Uttarakhand, Chumbi – Sikkim, Agra – Uttar Pradesh and Dindi – Andhra Pradesh — bringing the total to 125 resorts and 5,847 rooms. Looking ahead, in FY26, the Company will continue its journey of accelerated inventory growth and expansion into new destinations, further strengthening the value proposition for its members. During the year, the Company launched a unified member app and enhanced its website interface, delivering a seamless digital experience that resulted in 83.4% of total bookings through digital channels. From a sustainability standpoint, your Company remains deeply committed. A total of 29 resorts are IGBC-certified, including 26 Platinum and 3 Gold-rated resorts, reflecting our strong commitment to sustainability and green hospitality. The solar capacity was scaled up to 13.9 MWp across 34 resorts, now meeting approximately 48% of the total energy needs. 41 resorts have now been certified as Zero Waste to Landfill (ZWL). On the financial front, your Company delivered a commendable performance in FY25. As a standalone entity, total income grew to ₹1,545 crore and Profit Before Tax (PBT) and Profit After Tax (PAT) stood at ₹270 crore and ₹200 crore respectively. The consolidated total income reached ₹2,910 crore, with PBT at ₹193 crore and PAT at ₹126 crore. The HCRO (Holiday Club Resorts Oy) business in Finland and Europe experienced a steady recovery, supported by stabilising macroeconomic conditions. With a continued emphasis on cost efficiency and membership sales, HCRO demonstrated resilience and operational stability throughout the year. With its unique model, strategic clarity, and a strong financial foundation, your Company is well‑positioned to grow its leadership in the leisure hospitality sector. The focus remains on enhancing the member experience, accelerating digital transformation, and driving sustainability across operations. Your continued trust and support remain invaluable as your Company strives to create lasting memories for lifetime. With best regards, Manoj Bhat Managing Director & CEO A total of 29 resorts are IGBC-certified, including 26 Platinum and 3 Gold-rated resorts, reflecting our strong commitment to sustainability and green hospitality. 05 Integrated Annual Report 2024-25 |
Report profile ABOUT THE INTEGRATED report This is the first Integrated Report <IR> of MHRIL. It has been prepared with the objective of providing our stakeholders a concise, complete, and transparent assessment of our ability to create long-term value. Through the Integrated Report 2024-25, we aim to share our commitment to value creation with various stakeholders, including our customers, employees, investors, suppliers and vendors, regulators and our communities. This year, we are presenting our financial and non-financial metrics in one consolidated report. This report is aligned with • The principles of the Integrated Reporting Framework outlined by the International Integrated Reporting Council (“IIRC”) • Global Reporting Initiative (GRI) • Indian Accounting Standards • The Companies Act, 2013 and the Rules made thereunder • Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 • Secretarial Standards promulgated by The Institute of Company Secretaries of India 06 | Mahindra Holidays & Resorts India Limited
SCOPE OF REPORTING Reporting period This report provides material information related to our strategy and business, operating matrix, material risks, stakeholder interests, performance, prospects and governance between April 1, 2024 and March 31, 2025. Reporting boundary The disclosures under this report are made on a standalone basis along with only two operational Indian subsidiaries i.e. Gables Promoters Private Limited and Mahindra Hotels and Residences India Limited. Financial and non-financial reporting This report goes beyond financial reporting to include non-financial performance, opportunities, risks and outcomes attributable to or associated with our key stakeholders. Materiality This report focuses on information that is material to our business. It provides a concise overview of the Company’s performance, prospects and ability to provide sustainable value for all its stakeholders. The legitimate interests of all stakeholders have been taken into account and all material information has been included in this report Read more on Page 22 Our capitals All organisations depend on various forms of capital for their value creation. Our ability to create long-term value is interrelated and fundamentally dependent on various forms of capitals available to us (inputs), how we use them (value-accretive activities), our impact on them and the value we deliver (outputs and outcomes). Forward-looking statements Certain statements in this report concerning our future growth prospects are forward-looking statements, which involve several risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company. 07 Integrated Annual Report 2024-25 |
MHRIL at a glance LEADING THE WAY IN VACATION ownership MHRIL, part of the Mahindra Group, is a leader in the hospitality space, renowned for its flagship vacation ownership brand, Club Mahindra. Founded in 1996, MHRIL provides access to 125 resorts across India and international locations to its members. Our wholly owned subsidiary, Holiday Club Resorts Oy (HCR) – one of Europe’s leading vacation ownership companies – manages 33 timeshare properties, including 9 spa resorts, spread across Finland, Sweden, and Spain. As the largest vacation ownership company outside the US, MHRIL stands for trusted, quality family holidays built on a foundation of reliability, customer satisfaction, and memorable experiences. 08 | Mahindra Holidays & Resorts India Limited
MARKET LEADERSHIP IN VACATION OWNERSHIP MHRIL is the largest vacation ownership company outside the United States, with a dominant presence in India and a growing footprint in Europe through its subsidiary, HCR. We have successfully pioneered and scaled the vacation ownership model in India, establishing itself as a trusted brand in leisure hospitality. 5,847 Room inventory 2,000+ Curated experiences 125 Resorts 500+ Partner hotels Key facts Key strengths ROBUST MEMBER BASE With a base of over 3 lakh loyal members which continues to grow, MHRIL enjoys strong customer retention and high lifetime value. This vast community not only ensures a steady revenue stream through memberships but also serves as a powerful word-ofmouth marketing engine. STRONG PARENTAGE – PART OF THE MAHINDRA GROUP As part of the $25+ billion Mahindra Group, we are backed by a legacy of over seven decades built on trust, innovation and responsible growth. This strong foundation brings unmatched credibility, operational excellence and access to synergies across mobility, technology and sustainability. It also enables long-term strategic thinking and financial strength. EXTENSIVE AND DIVERSIFIED RESORT PORTFOLIO MHRIL offers members access to ~160 resorts globally—ranging from hill stations, beaches, backwaters, wildlife sanctuaries and forts, religious and heritage destinations in India to scenic escapes and SPA resorts in Finland, Sweden and Spain. This wide network ensures year-round, multi-location vacation options, catering to varied travel preferences. SEAMLESS, END-TO-END HOLIDAY EXPERIENCE MHRIL has built an integrated holiday ecosystem through Club Mahindra and HCR, offering everything from bookings and stay to in-resort activities and experiences—all under one trusted umbrella. This convenience enhances member satisfaction and brand loyalty. SUSTAINABILITY AND RESPONSIBLE TOURISM INITIATIVES MHRIL is committed to ecofriendly practices across its resorts, including waste management, water conservation and energy efficiency. It also actively engages with local communities to create shared value, aligning with Mahindra Group’s philosophy of Rise for Good. DIGITAL INNOVATION AND CUSTOMER ENGAGEMENT We have embraced digital transformation, offering members a mobile app for seamless bookings, personalised holiday planning, and real-time support. It also uses data analytics to drive insights, improve operations, and enhance customer engagement. HIGH STANDARDS OF CUSTOMER SATISFACTION MHRIL focuses on delivering memorable family holidays, supported by a high standard of service, consistent quality, and engaging member experiences. This has led to strong referrals and member advocacy. Corporate Overview | Statutory Reports | Financial Statements 09 Integrated Annual Report 2024-25 |
OFFERINGS TAILORED TO EVOLVING lifestyles MHRIL offers a thoughtfully segmented portfolio of vacation membership products, designed to meet the evolving needs of different customer segments and life stages. Each product is backed by rich customer insight, offering flexibility, value and memorable holiday experiences. Product portfolio Bliss A flexible, points-based product designed for the 50+ age group, Bliss offers annual holidays for 10 years. This product is grounded in the insight that this demographic tends to be both time-rich and financially secure. Bliss provides the perfect blend of freedom, comfort and meaningful travel experiences. Club Mahindra Holidays (CMH) Our flagship product in the vacation ownership space, CMH is available in two variants – CMH25 and CMH15 – offering members a week‑long holiday each year for 25 and 15 years respectively. Tailored for families, this product targets young couples with no kids, couple with young kids and families with grown up kids, seeking long-term vacation value and holiday experiences. 10 | Mahindra Holidays & Resorts India Limited
GoZest In 2024-25, we restructured and relaunched GoZest as a 5-year points-based product, aimed at prospective members who wish to experience the Club Mahindra lifestyle before committing to a long-term membership. Replacing the earlier 3-year and 4-year offerings, GoZest strengthens our short-tenure product portfolio and enhances customer acquisition through flexibility and ease of entry. Corporate Fundays This corporate offering allows organisations to provide holiday entitlements to their employees, channel partners, and associates – either as part of reward and recognition programmes or as an employment benefit. In 2024-25, new corporate clients were onboarded, and the utilisation of room nights remained robust, underscoring the growing appeal of experiential rewards at the workplace. Corporate Overview | Statutory Reports | Financial Statements 11 Integrated Annual Report 2024-25 |
WIDESPREAD RESORT network MHRIL provides access to 125 resorts across India and abroad, offering diverse holiday experiences in stunning locations. Its subsidiary, HCR, manages 33 timeshare resorts, including 9 spa properties across Finland, Sweden and Spain-cementing MHRIL’s position as the largest vacation ownership company outside the US. Presence Note: Map not to scale Finland Sweden Spain Georgia Dubai Kenya Maldives Nepal Bhutan Thailand Vietnam Cambodia Malaysia Indonesia Sri Lanka Abu Dhabi 14 | Mahindra Holidays & Resorts India Limited
HOLIDAY CLUB RESORTS INTERNATIONAL RESORTS INDIA RESORTS Europe 33 Properties Eurasia & Middle East 30 Properties India 95 Properties Dwarka Gir Diu Ahmedabad Daman Hatgad Pavagadh Jambughoda Alibaug Lonavala Mahabaleshwar Amba Ghat Koyna Goa Madikeri Virajpet Mysuru Wayanad Kochi Arookutty Alleppey Ashtamudi Poovar Thekkady Munnar Kodaikanal Ooty Puducherry Tirupati Bengaluru Hampi Dindi Kanha Khajuraho Ayodhya Bodh Gaya Darjeeling Baiguney Pelling Gangtok Kalimpong Kaziranga Andaman And Nicobar Islands Bharatpur Ranthambore Jaipur Pushkar Jaisalmer Mount Abu Udaipur Kumbhalgarh Agra Corbett Mussoorie Kandaghat Shimla Amritsar Dharamshala Ladakh Srinagar Naldehra Manali Janjehli Rishikesh Kanatal Binsar Bandhavgarh Khopoli Netrang Corporate Overview | Statutory Reports | Financial Statements 15 Integrated Annual Report 2024-25 |
INPUTS OUR ACTIVITIES FINANCIAL CAPITAL • Equity: E201.64 crore • Net debt: Nil INFRASTRUCTURE CAPITAL • No. of owned/ managed/associate resorts: 125 • Total gross asset (owned/managed): E8,165.40 crore INTELLECTUAL CAPITAL • No. of digitisation projects initiated: 15 • Investment in IT: E17 crore HUMAN CAPITAL • Employees: 7,377 • Training hours per employee: 125.28 • Investment in training and development: E2.37 crore SOCIAL AND RELATIONSHIP CAPITAL • Total no. of suppliers: 4,534 • CSR expenditure: E4.26 crore NATURAL CAPITAL • 29* Resorts are Green Building certified by IGBC-CII • Water consumption: 14,05,578 KL • Energy consumed: 2,69,839 GJ • Expenditure on environmental initiatives: E42 crore * 26 Platinum and 3 Gold Resorts MATERIALITY Read more on Page 22 RISK MANAGEMENT Read more on Page 86 ENABLING SHARED success Value creation model BUSINESS Longer tenure products include CMH 25/15 32+ age group Bliss 50+ age group Shorter tenure products have been introduced to target millennials Go-Zest young couples <30 years age group 16 | Mahindra Holidays & Resorts India Limited
OUTPUTS OUTCOMES Enhanced shareholder value • Total Income: E1,545 crore • EBITDA: E492 crore • PAT: E200 crore • Omni Channel customer service and a higher base of loyal customers • Number of occupied room nights: 1.44 million • Holiday Bookings through digital channels: 83.40% • Employee satisfaction score: 4.63 • Diversity: 20.04% • Attrition rate: 47.1% • Customer complaints resolved: 7,537 • Domestically sourced products: 97% • Beneficiaries of CSR projects: 19,438 • Waste diversion rate: >96% • 68% of our Resorts have solar power installed • Reduced emission intensity per unit of revenue, adjusted for Purchasing Power Parity (PPP): 8% Delivered profitable and consistent growth Improved relationships with customers, business partners and community Provided a high-quality product, sustainable services and memorable experiences Significant value to customers Improved brand value Strategic transition to digital transformation Highly committed workforce Improved retention Enhanced positive impact on the natural environment • Diluted EPS: E9.94 • RoCE: 24.4% Corporate Overview | Statutory Reports | Financial Statements 17 Integrated Annual Report 2024-25 |
According to HVS ANAROCK Research, India’s hospitality sector closed 2024 with nationwide occupancy levels of 63-65%, average room rates (ARR) between ₹7,800-8,000, and revenue per available room (RevPAR) in the range of ₹5,000-5,200 - marking a 27-29% increase over preCOVID benchmarks. Government initiatives like PRASHAD, Dekho Apna Desh, Incredible India, and the E-visa scheme are accelerating digitisation, promoting hidden destinations, and boosting sector growth. KEY TRENDS TRANSFORMING THE industry Operating context India’s tourism industry has reached new milestones in 2024, contributing an impressive $199.6 billion to GDP, driven by strong growth in both inbound and outbound travel. Climbing to 39th place in the World Economic Forum’s Travel & Tourism Development Index, India’s global tourism appeal is on the rise. With a ₹2,479 crore budget allocation for FY25, tourism infrastructure and travel experiences have seen notable enhancements. Looking ahead to 2025, the industry is poised to grow further, with projections of 6.1 million new jobs by 2034. Of these, 31% will be direct employment in roles such as tour guides, hotel staff, and operators, while 69% will be indirect, covering areas like supply chains, logistics, IT, and maintenance. $199.6 billion Direct contribution of tourism and hospitality industry to India's GDP 39th rank India’s rank among 119 countries on the World Economic Forum’s Travel and Tourism Development Index 2024 has improved from 54th position in 2021 18 | Mahindra Holidays & Resorts India Limited
KEY GROWTH DRIVERS Surge in leisure travel Hotel demand skyrocketed in 2024, driven by a sharp rise in leisure tourism. Popular hotspots across North India and Goa witnessed record-breaking footfall, signalling a booming travel season. Higher travel spending Indians are channelling more discretionary income into travel, shifting away from material consumption towards creating memorable travel experiences. Government push on tourism & hospitality The Indian Government is targeting a $1 trillion tourism economy by 2047, aiming to welcome 100 million international visitors. MICE & Weddings fuel revenue growth India’s MICE (Meetings, Incentives, Conferences and Events) tourism sector is experiencing strong growth, driven by expanding infrastructure and the country’s rising prominence as a global business destination. The Indian MICE market is projected to grow at a robust CAGR of 13.1% between 2024 and 2030. OUTLOOK The shared vision centres on championing sustainable tourism, accelerating digital transformation, and upgrading infrastructure to deliver unparalleled travel experiences. With robust government backing, cutting-edge technology, and a talented workforce, industry leaders are confidently steering India’s tourism sector towards unprecedented growth and global prominence. The nationwide occupancy is projected to reach 70% by 2026, with ARR expected to surpass the C10,000 mark. Driven by robust domestic demand, growing international visibility, and a shift towards experiential travel, India’s hospitality sector is not just expanding - it is poised to emerge as a global leader. Slow and sustainable travel City life and constant social media have left many people feeling overwhelmed. As a result, more travellers are choosing to slow down and enjoy meaningful, peaceful travel experiences. Instead of rushing to see every tourist spot, they prefer spending more time in one place to truly understand its culture and connect with the local community. Sustainability is also becoming more important. Shift towards experiential travel Modern travellers seek meaningful, immersive experiences over traditional sightseeing. This trend is fuelling demand for Boutique Hotels, Experiential Stays, and Premium Hospitality Brands. Spiritual tourism leads the way Spiritual tourism has emerged as India’s largest tourism segment. Searches for destinations tied to religious significance have soared, with top spiritual centres drawing millions of tourists annually. Corporate Overview | Statutory Reports | Financial Statements 19 Integrated Annual Report 2024-25 |
Stakeholder engagement NURTURING RELATIONSHIPS TO DEEPEN trust Businesses flourish on multifaceted relationships. Establishing successful relationships necessitates a deep understanding of our stakeholders, as they actively engage, exert influence, regulate, or shape the context of our business. Therefore, comprehending and accommodating their interests is crucial, and we achieve this through meaningful interactions at regular intervals. We cultivate enduring relationships with our stakeholders, valuing their insights and actively involving them in shaping our offerings. This collaborative approach ensures the creation of enduring value for all parties involved. 20 | Mahindra Holidays & Resorts India Limited
STAKEHOLDER ENGAGEMENT MECHANISM FREQUENCY • Periodic/ Quarterly investor calls • Annual General Meeting • Public and media announcements • Press releases • Stock exchange intimations • Ongoing meetings/ communication through electronic/ social media • Periodic • Quarterly • Annually Investors Providers of financial resources essential to fund growth • Email • SMS • WhatsApp • Newspaper • Member App • Pamphlets • Advertisement • Website • Call Centres Ongoing Customers Our customers are key stakeholders, who choose MHRIL as their preferred brand and experience our service through multiple touchpoints • Phones • Emails • Supplier meets Suppliers and vendors Partners for resource supplies for optimising value chain • Meetings • Presentation • Reports As and when required Regulators Authorities that establish and enforce laws, regulations, and policies • Community meetings • CSR partnership As and when required Communities To build community support, engage in CSR activities, and ensure sustainable operations • Notice board • Town halls • Training calendar • Newsletter • Daily meetings (briefings) Ongoing Employees Central to organisational success; their knowledge, skill sets, and dedication help us deliver strategies for sustained business growth • Annually • As and when required Corporate Overview | Statutory Reports | Financial Statements 21 Integrated Annual Report 2024-25 |
ADDRESSING SHARED concerns Materiality As a responsible and sustainable business, it is crucial to analyse and address the significant factors that affect our performance and impact stakeholders' perceptions and decisions. Through continuous engagement with our stakeholders, we identify material issues that shape our strategy development, corporate governance and reporting procedures. MHRIL conducted a comprehensive Double Materiality Assessment (DMA) through Aspire Impact- an independent third-party ESG Assurer to identify, validate, and prioritise ESG topics from both financial and impact perspectives. Objective: To identify and prioritise the most significant Environmental, Social, and Governance (ESG) topics for MHRIL. PHASE 1 THEME IDENTIFICATION & SURVEY DESIGN MHRIL mapped a broad spectrum of ESG topics by reviewing the European Sustainability Reporting Standards, World Sustainable Hospitality Alliance frameworks, internal commitments, and benchmarking against industry peers. This exercise yielded 18 core themes and 42 sub-themes, forming the basis of a carefully piloted survey designed to ensure clarity and data quality. PHASE 2 STAKEHOLDER ENGAGEMENT & DATA COLLECTION In collaboration with MHRIL leadership, key internal and external stakeholders were engaged through virtual briefings and a structured survey. A total of 34 participants provided input on the identified themes. PHASE 3 ANALYSIS, MAPPING & VALIDATION Survey responses were analysed, with raw scores (1–5 scale) indexed to a 1–100 scale for integration into the DMA matrix. ESG Prioritisation This exhibit outlines the prioritisation of key Environmental (E), Social (S), and Governance (G) themes based on average materiality scores, which combine Impact Materiality (IM) and Financial Materiality (FM) assessments. According to the stakeholder survey, the highest-ranked themes and their key sub-themes for each ESG pillar are: Environmental Water Conservation emerged as the top priority, with high scores in IM (95.3) and FM (82.4), primarily driven by initiatives like water recycling and Net Zero certification. Social Member/Customer Experience led with IM (90.6) and FM (87.9), driven by a focus on customer well-being. Governance Brand Value Creation scored strongly with IM (88.8) and FM (89.3), largely influenced by brand reputation. As per the DMA, the Top Six key material issues impacting MHRIL include Member/Customer Experience, Governance, Transparency, Ethics & Compliance, Brand Value Creation, Water Conservation, Employee Wellness, Health & Safety, and Talent Management & Retention. 22 | Mahindra Holidays & Resorts India Limited
4 7 10 9 13 15 16 18 11 6 12 5 1 3 8 2 14 Financial Materiality Impact Materiality 70.00 75.00 80.00 85.00 90.00 95.00 70.00 75.00 80.00 85.00 90.00 95.00 MATERIALITY MATRIX 17 Material Issues (Ranking) ENVIRONMENT 4. Water Conservation | 7. Waste Management and Circularity | 9. Energy Management | 10. Pollution 13. Climate Strategy & Action | 15. Biodiversity & Destination Stewardship SOCIAL 1. Member / Customer Experience | 5. Employee Wellness, Health & Safety | 6. Talent Management and Retention 11. Local Community Engagement | 12. Diversity, Equity & Inclusion in Workforce 16. Sustainable, Safe Food & Beverages in Resorts | 17. Engagements with Suppliers | 18. Promote Local Heritage and Culture GOVERNANCE 2. Governance, Transparency, Ethics and Compliance | 3. Brand Value Creation 8. Digital Transformation, Innovation & Automation | 14. Cybersecurity and Disaster Management ENVIRONMENT SOCIAL GOVERNANCE Corporate Overview | Statutory Reports | Financial Statements 23 Integrated Annual Report 2024-25 |
Materiality THEME-SPECIFIC DOUBLE MATERIALITY SCORES The analysis of theme-specific double materiality scores highlight a consistent pattern across all assessed themes- the scores for positive impact and financial opportunity consistently exceed those for negative impact and financial risk. For impact materiality, the average percentage difference between positive and negative impact scores stands at 34%, with individual theme variations ranging between 25% and 55%. For financial materiality, the average percentage difference between opportunity and risk scores is 31%, with a range from 23% to 39%. Here is a close look at scores for our Top Six most significant Materiality Themes: IMPACT MATERIALITY IMPACT MATERIALITY MEMBER CUSTOMER EXPERIENCE GOVERNANCE, TRANSPARENCY, ETHICS & COMPLIANCE Positive 4.53 Positive 4.71 Negative 3.52 Negative 3.72 FINANCIAL MATERIALITY FINANCIAL MATERIALITY Opportunity 4.39 Opportunity 4.33 Risk 3.42 Risk 3.33 IMPACT MATERIALITY IMPACT MATERIALITY BRAND VALUE CREATION WATER CONSERVATION Positive 4.44 Positive 4.76 Negative 3.35 Negative 3.53 FINANCIAL MATERIALITY FINANCIAL MATERIALITY Opportunity 4.47 Opportunity 4.25 Risk 3.34 Risk 3.39 IMPACT MATERIALITY IMPACT MATERIALITY EMPLOYEE WELLNESS, HEALTH & SAFETY TALENT MANAGEMENT & RETENTION Positive 4.44 Positive 4.45 Negative 3.39 Negative 3.48 FINANCIAL MATERIALITY FINANCIAL MATERIALITY Opportunity 4.12 Opportunity 4.23 Risk 3.02 Risk 3.19 Note: Raw scores from 1-5 24 | Mahindra Holidays & Resorts India Limited
Corporate Overview | Statutory Reports | Financial Statements 25 Integrated Annual Report 2024-25 |
FOCUSING ON SUSTAINABLE returns Financial capital Our long-term financial strength relies on the continued support of our investor community. We are committed to transparency to ensure alignment of our investors with the strategic direction of the Company. Maintaining strong financial capital requires disciplined financial management, prudent capital allocation, and rigorous risk oversight. 28 | Mahindra Holidays & Resorts India Limited
Key highlights ₹1,545 crore Total Income ( 8% Y-o-Y) ₹200 crore Profit After Tax ( 11% Y-o-Y) ₹270 crore Profit Before Tax ( 21% Y-o-Y) ₹396 crore Resort Revenue (including all subsidiaries except HCR) ( 8% Y-o-Y) Material issues Brand value creation Stakeholders impacted Investors Employees Regulators Customers Corporate Overview | Statutory Reports | Financial Statements 29 Integrated Annual Report 2024-25 |
2024-25 PERFORMANCE MHRIL reported highest-ever annual inventory addition in 2025, expanding resort network by 520 keys and taking the total inventory to 5,847 keys as of March 2025. Resort revenue for the year grew by 8% year-on-year to ₹396 crore (including all subsidiaries except HCR), supported by strong and steady demand along with a healthy occupancy rate of 84% maintained on the expanded base. We hosted over 1.4 million guests during the year. Notably, the Average Unit Realisation (AUR) saw a sharp increase of 39% yearon-year, reaching ₹5.73 lakh. On a consolidated basis, we posted a total income of ₹2,910 crore. EBITDA stood at ₹708 crore with an EBITDA margin of 24.3%. Profit after tax (excluding one-offs) came in at ₹134 crore, marking a robust 37% increase compared to ₹98 crore in the previous year. Adding economic value to stakeholders We are committed to doing business the right way by adopting best practices and continuously assessing our performance on financial as well as nonfinancial parameters. Financial capital Economic value contribution (C Crore) Economic Value Generated and Distributed (EVG&D) 2024-25 2023-24 Economic Value Generated a. Revenue 1,400 1,314 Economic Value Distributed b. Operating costs 650 663 c. Employee wages and benefits 399 352 d. Payments to providers of capital - - e. Payments to government - - f. Community investments 4 4 Economic Value Retained 347 295 30 | Mahindra Holidays & Resorts India Limited
During the year, we undertook several strategic initiatives to streamline customer acquisition infrastructure and enhance operational efficiency. Key steps included: • Optimising sales network: Consolidated sales presence with a sharper focus on Tier 1 and Tier 2 markets, as well as resort locations. Added virtual sales capabilities to improve reach and relevance. • Brand-led lead generation: Strengthened emphasis on organic lead generation through brand-building, member referrals and both corporate and retail alliances. • Inventory Addition: Our network expansion momentum gained pace with the addition of 520 keys to our portfolio in FY25. • Technology-driven sales enablement: Leveraged technology to customise the sales journey, enhance customer targeting, improve prospect experience and improve overall sales efficiency. • Premiumisation strategy: As part of our premiumisation strategy, FY25 saw consistent growth in Average Unit Realisation (AUR) over the previous year, reinforcing the strength of the product proposition. TOTAL INCOME (₹ Crore) EBITDA (₹ Crore) EBITDA MARGIN (%) PAT MARGIN (%) EPS (DILUTED) (₹) 14.2% CAGR 14.5% CAGR KEY PERFORMANCE INDICATORS (STANDALONE) *Total Income was impacted by lower Resort Revenue due to Covid-19 lockdown restrictions (RoCE %) = Earnings before interest and taxes / shareholder’s equity (ROE %) = Net profits after taxes / Average shareholder’s equity *includes revaluation reserves and transition difference FY25 1,545 FY25 492 FY25 31.8 FY24 1,434 FY24 416 FY24 29.0 FY23 1,306 FY23 382 FY23 29.3 FY22* 1,071 FY22 345 FY22 32.2 FY21* 909 FY21 286 FY21 31.5 PAT (₹ Crore) 12.4% CAGR FY25 200 FY25 13.0 FY25 9.94 FY24 181 FY24 12.6 FY24 8.97 FY23 159 FY23 12.1 FY23 7.89 FY22 151 FY22 14.1 FY22 7.55 FY21 126 FY21 13.8 FY21 6.30 RETURN ON CAPITAL EMPLOYED (ROCE) (%) RETURN ON EQUITY (ROE) (%) NET WORTH* (₹ Crore) FY25 1,288 FY25 24.4 FY25 17.9 FY24 946 FY24 27.2 FY24 21.3 FY23 746 FY23 32.6 FY23 24.2 FY22 564 FY22 39.8 FY22 33.7 FY21 335 FY21 54.5 FY21 49.2 Corporate Overview | Statutory Reports | Financial Statements 31 Integrated Annual Report 2024-25 |
ENABLING CHOICE THROUGH DISTINCTIVE properties Infrastructure capital Our infrastructure capital includes the physical and digital assets that power seamless operations and exceptional guest experiences. We strategically manage and invest in these assets to drive value, adapt to evolving customer needs and mitigate risks linked to market shifts and climate change. 32 | Mahindra Holidays & Resorts India Limited
Material issues Member / Customer Experience Key highlights 1.4 million+ Guests welcomed 7New resorts launched ₹249 crore Membership upgrades (+14%) 84% Occupancy Stakeholders impacted Investors Employees Customers Regulators Communities Suppliers and vendors Corporate Overview | Statutory Reports | Financial Statements 33 Integrated Annual Report 2024-25 |
EXPANSION In 2024-25, we added 520 room units—highest-ever annual addition—growing our total inventory to 5,847 units across 125 resorts, including 30 international properties. This milestone aligns with our strategic goal of reaching 10,000 units by 2029-30. Key additions included new domestic and international destinations, along with a 100-room expansion at Kandaghat, Himachal Pradesh. To achieve long-term target, we have laid out a multi-pronged approach: greenfield developments, expansion of existing resorts, acquisitions, leases, and build-tosuit partnerships. Current projects in Ganpatipule (Maharashtra) and Theog (Himachal Pradesh), along with expansions at Puducherry, Jaipur and Kandaghat, are expected to add another 600+ rooms in the coming years. We also hold a strategic land bank at key locations for future developments. Looking ahead, we are sharpening our focus on the Upscale and Upper-Upscale segments, with a comprehensive resort upgrade plan in place. In 2025‑26 alone, over 400 rooms will undergo enhancements, reinforcing leadership in premium leisure travel. IMPROVING MEMBER TO ROOM RATIO Infrastructure capital FY25 52 FY24 56 FY23 57 FY22 58 FY21 61 FY20 69 FY19 68 34 | Mahindra Holidays & Resorts India Limited
In dining, we continue to innovate with distinctive culinary concepts: Flavour Boat Club Mahindra Varca, Goa a global cuisine journey on a plate Aagni Club Mahindra Nature Resort, Jaipur an open kitchen centered around pit fire, grills and barbeques Vayu Club Mahindra Nature Resort, Jaipur a wellness-focused restaurant using cutting-edge food technology and fresh, sustainable ingredients These join our successful lineup of resort restaurants like Barbeque Bay, Unwind, Curries, Spice, Finz, and Ripples. Our institutionalised Post Holiday Feedback (PHF) system captures member experiences across all operational touchpoints, enabling us to constantly improve and elevate service standards. 29 RCI Gold Crown Resorts 28 Resorts are ISO 22000:2018 certified RESORT OPERATIONS Delivering unforgettable holiday experiences begins with operational excellence at our resorts. At MHRIL, this excellence is driven by three core pillars: infrastructure & facilities, engaging activities, and memorable F&B experiences. We proudly operate 29 RCI Gold Crown and 2 Silver Crown resorts—an industry benchmark for exceptional amenities and service. Additionally, 28 resorts are ISO 22000:2018 certified, a global recognition for superior food safety and hygiene. Our ‘Happy Hub’ initiative anchors family-focused holiday activities, curated across age groups and interests. Signature engagement programmes like ‘Hosts’ and ‘Champs’ deepen member involvement and connection at our resorts. Corporate Overview | Statutory Reports | Financial Statements 35 Integrated Annual Report 2024-25 |
STRENGTHENING PERFORMANCE THROUGH DIGITAL innovation Intellectual capital The Company's intellectual capital encompasses diverse intangibles, including an abundance of ideas, technical expertise, process knowledge and innovation capabilities. Additionally, it comprises robust brand value and corporate culture. 38 | Mahindra Holidays & Resorts India Limited
Material issues Digital transformation, innovation and automation Cybersecurity and disaster management 83.4% Digital bookings 90 Improvement projects 92% New members onboarded digitally 18,000+ e-learning quality module certifications Stakeholders impacted Investors Employees Customers Suppliers and vendors Key highlights Corporate Overview | Statutory Reports | Financial Statements 39 Integrated Annual Report 2024-25 |
At MHRIL, we see technology as a powerful enabler of operational excellence and a key driver in redefining customer journeys. By strategically deploying the best available digital and emerging technologies, we have enhanced our systems and processes while empowering our employees to operate more efficiently and effectively. These efforts ensure a seamless, consistent experience across all customer touchpoints. In FY25, we launched a new, fullservice member app covering all Club Mahindra products, improving accessibility and user convenience. Enhanced season charts simplified resort selection, while curated digital offers led to increase in online bookings. As a result, digital bookings increased to 83.4%. Key membership processes also saw accelerated digitisation. The co-applicant journey was digitised, enabling seamless selfservice updates via the website. Enhancements to the onboarding process ensured better guidance for new members, with 92% of them onboarded digitally, compared to 88% the previous year. To further personalise the holiday experience, MHRIL created a dedicated holiday planning vertical. Using analytics, this team recommends resorts based on member preferences and travel history. This initiative drove unique member holidays to 86% of the eligible base, up from 84% in FY24. For new members, proactive first-holiday planning led to a marked increase in early engagement, with more members holidaying within the first 3 months of eligibility. Building a future-ready IT ecosystem • Implemented a new Property Management System across resorts, enabling better integration of key services and points of sale. • Extended core IT infrastructure to new operating locations, including both resorts and sales offices. • Upgraded IT assets and application environment to digitise key processes across: − Customer acquisition − Resort operations − Member experience • Continued focus on data security with: − Upgraded security infrastructure − Enhanced internal data protection systems and processes • Conducted multiple employee training sessions and phishing awareness drills to strengthen cybersecurity awareness. Intellectual capital 40 | Mahindra Holidays & Resorts India Limited
PROCESS IMPROVEMENTS At MHRIL, excellence is a way of life. Guided by the principles of Total Quality Management (TQM) through The Mahindra Way—the Mahindra Group’s holistic framework for achieving operational excellence— we embed quality into every facet of our business. Our commitment to continuous improvement, enhanced customer satisfaction, and operational efficiency drives us to integrate TQM seamlessly into our core functions. Empowered employees, superior customer experiences, and sustainable practices remain at the heart of our approach. 70,000+ Kaizens 660 Best practices 66 Innovation ideas 2,400+ ‘Make Every Moment Magical’ stories 88%+ Employee participation In 2024-25, we strengthened our quality culture through flagship initiatives like the ‘Quality Marathon’ and ‘Unnati’, which ignited participation across the organisation. The impact speaks for itself: Corporate Overview | Statutory Reports | Financial Statements 41 Integrated Annual Report 2024-25 |
EMPOWERING A DIVERSE workforce Human capital At MHRIL, attracting and retaining diverse, skilled talent is key to our long-term success. We are dedicated to cultivating a culture of performance, respect and well-being, while fostering an open, inclusive and merit-driven environment where every individual is empowered to thrive. 42 | Mahindra Holidays & Resorts India Limited
7,377 Employees 125.28 Training hours per employee 20.04% Women across the workforce Zero No. of fatalities Stakeholders impacted Employees Material issues Employee wellness, health and safety Talent management and retention Diversity, equity and inclusion in workforce Suppliers and vendors Regulators Key highlights Customers Corporate Overview | Statutory Reports | Financial Statements 43 Integrated Annual Report 2024-25 |
We prioritise employee well-being and foster an inclusive and diverse work culture. We promote talent through upskilling and cross-training programmes and provide equal opportunities without discrimination. Our focus on health, safety and employee engagement further reinforces our commitment to building an energising workplace. Human capital TALENT MANAGEMENT AND RETENTION Our employees are central to our growth and brand strength. To support their empowerment, productivity, and retention, our talent management team is committed to nurturing and enabling them through holistic initiatives. We offer a comprehensive benefits package, including short- and long-term benefits, provident and superannuation funds, employee state insurance, gratuity, and compensated leave. Employee engagement remains a key focus at Mahindra Holidays, driven by three pillars: Communication, Joy @ Work, and Rewards & Recognition. These are reinforced through structured programmes and ongoing initiatives designed to build a motivated and connected workforce. To better support the diverse needs of our employees and their families, we expanded our value offerings by introducing programmes focused on health and wellness. We launched Parenting Hub, a holistic support platform offering a wide range of resources tailored to each stage of child development, including access to childcare experts. We also introduced Thrive Together, a mental wellness initiative designed to promote self-care among employees and their families. This programme includes an Employee Assistance helpline, available 24/7, offering confidential access to counsellors and psychologists. Throughout the year, we also hosted various wellness awareness sessions on topics related to women’s health, diet & nutrition and yoga. EMPLOYEE BREAKUP 2024-25 2023-24 Male Female Total Male Female Total Permanent 4,402 981 5,383 3,717 622 4,339 Other than permanent 1,497 497 1,994 621 197 818 Total employees 5,899 1,478 7,377 4,338 819 5,157 44 | Mahindra Holidays & Resorts India Limited
DIVERSITY AND INCLUSION We have remained dedicated to being an equal opportunity employer and actively foster diversity and inclusion. Our commitment goes beyond representation to actively creating spaces where every individual feels seen, heard, and empowered to thrive. Through focused initiatives we are nurturing future-ready women leaders, building supportive communities, and breaking new ground—such as transitioning Acacia Palms, Goa into MHRIL's first all women run resort. We are also deepening our engagement with specially abled persons and ensuring equitable access to opportunities for all. Together, these efforts strengthen our culture of belonging and drives us towards a more inclusive future for our people, guests, and society at large. EvolveHER EvolveHER is a six-month mentorship programme for highpotential women at MHRIL, aimed at grooming them for future leadership roles. Each participant is mentored by a senior leader, focusing on selfawareness, professional growth, and actionable development plans. The programme fosters strong mentormentee connections, continuous feedback, and career confidence— strengthening our culture of inclusion and advancement. All Women – Run Resort This year, we successfully transitioned Acacia Palms, Goa into a first all women run resort. This milestone reflects our deep commitment to Diversity, Equity, and Inclusion, while offering guests a unique, empowering hospitality experience. #ConnectWithHER #ConnectWithHER is MHRIL’s women’s Employee Resource Group (ERG), built to foster connection, inclusion, and community. It provides a platform for women employees to share interests, support one another, and engage in meaningful conversations— reinforcing our commitment to diversity, belonging, and an inclusive workplace culture. Empowering Specially Abled Persons (SAPs) We are expanding inclusive hiring by onboarding SAPs through collaborations with leading NGOs. These partnerships provide access to diverse talent and help us create supportive work environments. We also engage with local communities and participate in job fairs to widen our reach and impact. Inclusive Hiring Practices We are committed to genderbalanced hiring and ensure fair representation of women candidates in all interview processes. This reinforces our vision of building a workforce that mirrors the diversity of our society and drives stronger business outcomes through inclusion. Corporate Overview | Statutory Reports | Financial Statements 45 Integrated Annual Report 2024-25 |
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