Mahindra Holidays' 17% profit rise came from lower tax

Companies No. 87 21 October 2026 · 2 min read

Mahindra Holidays, which sells Club Mahindra holiday memberships, says group profit after tax rose 17% in the September quarter, to ₹19.7 crore. Profit before tax fell 4%, to ₹34.1 crore. The rise came from a smaller tax bill, ₹14.4 crore against ₹18.6 crore.

The Indian business carried the fall. Its profit before tax fell 17% to ₹58.6 crore, as revenue rose 2.9% but staff costs rose 17% and other expenses 10%. Holiday Club Resorts, the Finnish arm, lost ₹4.2 crore before tax, slightly more than the ₹3.9 crore a year ago. Group costs the filing does not split between the businesses fell ₹7.5 crore.

Most of the tax saving is deferred tax, a charge for tax due later: ₹2.6 crore against ₹12.4 crore. Tax took 42% of profit before tax, against 52%.

The release also puts the Indian company's EBITDA (profit before interest, tax and depreciation) up at ₹270.9 crore from ₹240.2 crore. The filed results give ₹124.3 crore, down 12% from ₹140.5 crore. The same sum roughly matches the release's group EBITDA of ₹194.8 crore, so the Indian figure is measured some way the release does not explain.

The profit rise is a tax story, and the Indian business earned less before tax than a year ago.

A waterfall from Mahindra Holidays' group profit after tax of ₹16.9 crore a year ago, down ₹8.6 crore from Club Mahindra in India and ₹0.2 crore from Holiday Club in Finland, up ₹7.5 crore from lower group costs and ₹4.1 crore from lower tax, to ₹19.7 crore.

Bars for Mahindra Holidays' Indian company: revenue from operations up 2.9%, staff costs up 16.9%, other expenses up 10.3% and profit before tax down 17.5%.

Paired bars: the press release puts the Indian company's EBITDA at ₹240.2 crore a year ago and ₹270.9 crore now; the filed results give ₹140.5 crore a year ago and ₹124.3 crore now.

Sources