Mahindra Holidays Q1 FY27: Standalone income rose 3% to INR 424 Cr, with PAT at INR 54 Cr.

Resort revenue grew 10% YoY, achieving 86.7% occupancy despite 400 keys undergoing renovation.

Keystone product sales jumped 22% YoY, and average unit realization increased 73%. Management anticipates strong H2 growth as renovated resorts reopen and new inventory is added.

The loss-making European business (HCRO) is under strategic review, with a conclusion expected this financial year.

The company's 10,000 keys target by 2030 remains visible.

Dividends are likely to be considered from FY28.