Please refer the attached file.

28th July 2026 MHRIL/SE/26-27/40 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 first quarter ended 30th June 2026 Further to our letters dated 8th July 2026 , 23rd July 2026 and in compliance with Regulation 30 read with Part A, Para A (15)(b) of Schedule III of SEBI (Listing Obligation and Disclosure Requirements) 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 first quarter ended 30th June 2026 held on Thursday, 23rd July 2026, which concluded at 4:55 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 Q1 FY27 Earnings Conference Call” July 23, 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 16 Mahindra Holidays & Resorts India Limited July 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Mahindra Holidays & Resorts India Limited Q1 FY27 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 that this conference is being recorded. I now hand the conference over to Mr. Manoj Bhat, MD and CEO; and Mr. Rajiv Vimal, CFO. Thank you, and over to you, sir. Manoj Bhat: Good evening, everyone, and thank you for joining us today for the Mahindra Holidays Q1 FY27 Earnings Call. Joining me on the call is our CFO, who just recently joined us, Rajiv Vimal. Our results, investor presentation and press release have been uploaded to the stock exchange and to our website, and I hope you have had the opportunity to review them. As we enter FY27 and report on our Q1 numbers, I want to repeat our focus. I think we had said that we would improve availability and widen our network. That was our first priority. The second priority was improve customer experience by improving resort quality. The third one was actually strengthen our membership proposition by launching Keystone and popularizing it. And the last one was using technology to build a more efficient and an experience-led business. I think these were the 4 priorities for us as we entered the year. As I look at it today after the Q1, let me first turn to Keystone. If I look at our product, Keystone, I think it is stabilizing at a level which is in line at a gross sales level with the previous product. If I look at the sales value, it's up 22% year-on-year to INR154 crores. One of the things we had mentioned was that we will premiumize the product and the combination of price actions as well as the mix has moved the average unit realization by 73% to INR14.4 lakhs during the quarter. One of the heartening things about this is also that our upgrade value moved up 58% to INR89 crores. Now upgrade reflects the confidence of existing members and also talks about the relevance of the new product and in terms of their satisfaction with the experience they've had in the resort. And that kind of adoption rate and that kind of growth is a very healthy sign that we are doing the right things in terms of customer experience for our members. If I look at the mix, I think that is also evolving positively. A majority, about more than 40% of our sales are now coming from the 10-year product, which is the Ivory as we call it, and that is the middle segment. That's the really biggest segment which we have today. If I turn to the resort business, I think it also remains strong. I think revenue -- resort revenue grew 10% year-on-year to INR126 crores. This is despite about 400 keys, which are under renovation and not available for revenue generation. To put it in context, the same number a year back in the quarter 1 was close to 0. Page 2 of 16 Mahindra Holidays & Resorts India Limited July 23, 2026 And so to me, this is something which really is a testament to the effort we are trying to put in, in terms of looking at resort experience because this is the key component of resort experience. If I look at the occupancy metric, it improved to 86.7% during the quarter, reflecting sustained demand across the network. It was obviously helped by some of the geopolitical events, including foreign travel being limited for a while, especially to some of the more popular destinations around India. The other thing was we remain on track on the inventory addition. If I look at the FY27 number, we expect to add about 1,000 keys at the gross level. And this is across multiple destinations. To give you an example of some of the destinations we are adding, we expect to add resorts in Jodhpur, in Ganpatipule, in Maharashtra, in Darjeeling, a place near Kolkata, in Jawai, in Dal housie and a host of other destinations. So -- and with several of them being entirely new holiday destinations, I think one thing we are missing is we are going to add a resort in Goa also. So I think there's a lot of growth planned. However, in this quarter, I think because of some constraints on material availability as well as some of the places to work was disturbed. I think some of the additions for the quarter have moved to the second quarter. And that's what -- if you look at the number -- net number, it actually does not reflect this addition. It will come in the later quarters. The other thing which we did during this quarter, which we have always talked about and have been doing consistently, is we have exited more than 300 keys towards the end of the quarter. And that's in line with our policy of moving away from inventory alliances and associate inventory where the quality parameters are not being met, and that's something which we do consistently. During the course of the year, we actually expect to exit another 300 to 400 keys over the course of the next 3 quarters, in line with that. I think while some of these could -- especially in this quarter, one of the reasons the occupancy is high is because we have so many resorts under transformation. But -- so it's a short-term impact, positive impact on occupancy. But I think in the long term, we are working towards a better member experience and long-term strength for our brand. I think the other area which I want to talk about is technology. I think we have rolled out multiple initiatives across the value chain across sales, booking, check-in feedback, member engagement. To give you an example, I think we have put in a booking recommendation engine, which is brand new. We have implemented paperless check-in in a few resorts, and it will be rolled out across the system. We have integrated guest feedback systems and AI-enabled sentiment across resorts, which give us real-time information on what's happening on the ground. And to me, these are initiatives which are intended to improve consistency and personalization for our guests. Page 3 of 16 Mahindra Holidays & Resorts India Limited July 23, 2026 I think the other element I want to cover because I've got this question from multiple people is the journey of our profitability from last yea [Showing first 8,000 characters — download PDF for full document]