Analysts/Institutional Investor Meet/Con. Call Updates

27th October 2026 MHRIL/SE/26-27/62 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Floor 25, PJ Towers, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 051 Mumbai - 400 001 Symbol: MHRIL Scrip Code: 533088 Dear Sir/Madam, Sub: Transcript of Earnings Conference Call for the second quarter and half year ended 30th September 2026 Further to our letter(s) dated 5th October 2026, 21st October 2026 and in compliance with Regulation 30 read with Part A, Para A (15)(b) of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and other applicable provisions, if any, of the SEBI Listing Regulations, please find enclosed herewith the transcript of Earnings Conference call for the second quarter and half year ended 30th September 2026 held on Wednesday, 21st October 2026, which concluded at 05:23 p.m. (IST). In compliance with Regulation 46(2) of the SEBI Listing Regulations, this intimation and the transcript of the aforesaid conference call is also hosted on the website of the Company and can be accessed at https://www.clubmahindra.com/investors/financials/con-call-transcript Kindly take the same on record. Thanking you, For Mahindra Holidays & Resorts India Limited Mansi Laheri Company Secretary Membership No.: A21561 Encl.: a/a Mahindra Holidays & Resorts India Limited Q2 FY '27 Earnings Conference Call” October 21, 2026 MANAGEMENT: MR. MANOJ BHAT – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED MR. RAJIV VIMAL – CHIEF FINANCIAL OFFICER – MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED Page 1 of 13 Mahindra Holidays & Resorts India Limited October 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Mahindra Holidays & Resorts India Limited Q2 FY '27 Earnings Conference Call. As a reminder, all participant lines will be in the listen- only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note, this conference is being recorded. I now hand the conference over to Mr. Manoj Bhat, MD and CEO. Thank you. And over to you, sir. Manoj Bhat: Good evening, everyone, and welcome to Mahindra Holidays Q2 F '27 Earnings Call. Joining me is our CFO, Rajiv Vimal. I'll quickly outline our progress against the strategy and our priorities before Rajiv takes you through the financial results. Our strategy to recap was to scale our core business by enhancing guest experience while building a new luxury leisure hospitality offering. For the core business, I think what we were focused on was strengthening and building our Keystone proposition, which we have launched about 9 months back, widening and getting more premium resorts over a period of time and ensuring greater availability for our guests. In line with the same, we saw progress on all fronts in Q2. So we saw that there was higher resort utilization. We saw premiumization in our product portfolio, while we continue to invest in our network. Our new product Keystone offers greater simplicity, flexibility and enhanced privileges. If I look at the quarter, the total sales value, including upgrades, grew 6% year-on-year to INR141 crores, while the upgrade value grew at 26% to INR83 crores. And upgrades are really a reflection of the confidence our members have in the product and that's a strong growth, which we have seen continuously over many, many quarters. Our average unit realization, including upgrades, grew up by 43% to INR13.4 lakhs. So if I look at from this perspective, we saw growth overall. We saw growth in upgrades, and we saw growth in AUR. So it's been a good quarter on many fronts from that perspective. This upgrade opportunity is supported by our base of about 3,03,000 members. If I look at the breakup of how we have added members, organic and digital have contributed 66% of member additions in the quarter. So clearly, we are seeing that we are sustaining the momentum from referrals, which is again an indication of the strength of the program and the satisfaction of the members. And of course, digital is something which is a new channel, which we have been investing in some time. The premiumization, which we have seen, is supported by really the holiday experience, which has become better for most of our members as we look at the scores from a satisfaction perspective. So overall, from that perspective, this has been a satisfactory quarter. The other area which we have talked about in the past is our resort transformation or the portfolio transformation journey. In Q2, we transformed 2 existing properties, and I think they are both open. I think there are about 5 transformations underway as we speak. If I look at from a continued focus on exiting parts of the portfolio based on guest feedback and ratings, we continue on that journey. Page 2 of 13 Mahindra Holidays & Resorts India Limited October 21, 2026 So overall, during the quarter, we exited 6 resorts, taking the network to 5,762 keys across 106 resorts in September. So overall, there was a net reduction of 103 keys in the quarter. While these exits and ongoing transformation limit near-term visibility, I think overall, we are on track to add about 1,000 gross keys in the next 6 months. That is the current plan. And as they come on stream, they will broaden holiday choice and improve availability for members. During the quarter, occupancy also grew by 220 basis points to 75.6%. And our resort revenue grew by 15%, which is, I think, the highest it has been in the last 8 quarters. And so really, our journey of focusing on premiumization, focusing on getting the right portfolio and also focusing on expanding guest experience, I think that's something which is showing results. The new metric which we have started tracking is TRevPAR across our portfolio. As of September end, it is up 6% Y-o-Y to INR8,777 per room. And to me, this is indicative of the basic yield going up across our properties. Beyond the near-term additions, our objective to reach 10,000 keys by F'30 is very much on track. Currently, we have 8 ongoing greenfield and brownfield projects. And in terms of our funnel, we have 85% visibility on the F'30 target. This larger, better quality network will provide a broader base for resort-led revenue growth in the future. Coming to the investments. On the capital side, we are allocating capital to both scale up the network as well as improve the quality. H1 capex was about INR312 crores. This is supporting some of the resort transformation and the new inventory projects. This is sharply up from INR166 crores a year ago. To summarize what this investment will support is both from a VO income as well as income from stays, food and beverage and experiences of various kinds, including spa and wellness. And to me, this is the journey which will start bearing results as we go into the next few quarters. From a technology and AI journey, I think there are multiple areas where we are using AI capabilities with one focus, which is about how do we improve guest engagement across both service and operations. If I look at the various things around paperless check-ins, around WhatsApp billing, around various tools where we are using it to anticipate guest needs and serve them better, I think that's also going very well. Quickly coming to our international operations. HCRO delivered a stable performance compared to the same quarter last year, although it continued to report a net loss amid a challenging Finnish economic environment. Overall, the Finnish economy is doing better than where it was a year back. And I think as the quarters progress, some of that will translate possibly into better results in terms of growth in the HCRO business, but that is something which we will monitor as we go along. Consolid [Showing first 8,000 characters — download PDF for full document]