Mahindra Holidays & Resorts India Limited (MHRIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+108.7%

₹389.56

vs ₹186.69 price

Levered DCF

₹675.63

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.76

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	65.57×	47.07×	71.83×	46.93×	67.87×	-212.53×	28.4×	52.76×
P/B	5.86×	7.69×	15.83×	13.87×	18.33×	33.03×	40.11×	11.32×
P/S	1.52×	2.22×	3.14×	2.2×	2.34×	1.69×	0.83×	1.52×
EV / EBITDA	13.44×	15.72×	17.16×	13.49×	14.49×	14.29×	9.56×	16.52×
Gross margin	53.3%	31.1%	64.4%	65.6%	27.5%	21.2%	54.7%	55.3%
Operating margin	6.9%	6.1%	5.2%	6.1%	-0.0%	-4.7%	7.2%	4.3%
Net margin	2.3%	4.7%	4.4%	4.7%	3.5%	-0.8%	2.9%	2.9%
Current ratio	1.49×	1.59×	1.2×	1.77×	1.48×	1.74×	1.54×	1.87×
Debt / equity	4.92×	4.01×	5.23×	6.73×	10.27×	29.37×	52.57×	2.95×
Interest coverage	1.15×	1.11×	0.99×	1.18×	-0.01×	-0.79×	1.87×	2.25×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	106.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.9%	16.3%	22.0%	29.5%	27.0%	-15.4%	141.4%	21.5%
Return on invested capital	1.0%	1.2%	1.2%	1.3%	-0.0%	5.9%	1.3%	0.9%
Return on assets	0.6%	1.2%	1.2%	1.2%	0.8%	-0.2%	0.7%	0.8%
Free cash flow yield	1.9%	4.9%	3.5%	7.8%	8.0%	9.3%	22.2%	2.8%
Earnings yield	1.5%	2.1%	1.4%	2.1%	1.5%	-0.5%	3.5%	1.9%
Enterprise value	₹82.9B	₹91B	₹109.3B	₹79.1B	₹70.4B	₹52B	₹42.1B	₹39.6B
Net debt / EBITDA	6.05×	5.34×	4.14×	4.27×	5.07×	6.61×	5.34×	3.22×
Cash conversion cycle (days)	281	220	197	229	236	289	294	308