Mahindra Holidays & Resorts India Limited
- Company typePublic
- Founded1996
- HeadquartersChennai, India
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
Mahindra Holidays & Resorts India Limited firmographics
Firmographics- Name
- Mahindra Holidays & Resorts India Limited
- Legal name
- Mahindra Holidays & Resorts India Limited
- Website
- https://clubmahindra.com
- Company type
- Public
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Ownership category
- akta.pro rank
Mahindra Holidays & Resorts India Limited industry classification
Industry- Product category
- Vacation Ownership Resorts
- NAICS
- Traveler Accommodation (7211), Other Traveler Accommodation (72119)
- SIC
- Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Services-Membership Organizations (8600)
- akta.pro primary industry
- Travel Subscription, Membership & Deal Clubs (THAKAAAL)
- akta.pro secondary industries
- Travel & Services Membership Clubs (Ancillary Services-Led) (CRAEADAK), Family & Group-Friendly Rentals (Large Homes, Multi-Unit Compounds) (THAGANAI), Luxury Farmhouses, Country Houses & Vineyard Estates (THAMAEAG)
Keywords
Where Mahindra Holidays & Resorts India Limited is headquartered
LocationHeadquarters
- HQ city
- Chennai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Mahindra Holidays & Resorts India Limited business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Vacation Ownership Memberships (Club Mahindra / Keystone): Mahindra Holidays' primary revenue driver is its vacation ownership membership model (Club Mahindra brand, with newer Keystone tier). Members pay an upfront membership fee and annual subscription charges for the right to holiday at 140+ resorts in India and abroad for a set number of weeks per year. The membership model provides predictable recurring revenue and high customer lifetime value.
- Resort Operations (Room Revenue): Revenue from room nights, food and beverage, spa, and other guest services at owned and managed Club Mahindra resorts across India. Q4 FY26 revenue from operations was Rs 820.29 crore, with full-year FY26 revenue of Rs 2,991.74 crore.
- International Holiday Club Operations: Revenue from Holiday Club Resorts operations across Finland (7 resorts), Sweden (1 resort), and Spain (4 resorts), as well as exchange revenue from international member holiday bookings. This segment has faced headwinds from the Finnish economy slowdown and geopolitical factors.
- Real Estate / Resort Development: Revenue and asset expansion through acquisition of land parcels for leisure resort development, such as the acquisition of Aditatva Estates (50-acre coffee plantation in Chikmagalur for Rs 37.5 crore).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Ebony Key — Year-round access across 52 weeks with complimentary breakfast for 2 per room per night up to 10 years and priority access to signature experiences. |
| Subscription | Annual | Ivory Key — Peak season access across 46 weeks annually. |
| Subscription | Annual | Jade Key — Off-peak / quieter season access across 24 weeks annually. |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels5 records
Mahindra Holidays & Resorts India Limited product offering
Product offeringCore offering
Mahindra Holidays sells vacation ownership memberships (Club Mahindra Keystone program) that grant member families annual 7 nights/8 days of holiday access at 140+ owned and associate resorts across India and 5,000+ global properties via RCI affiliation. Members pay an upfront membership fee plus annual subscription, choosing between three tiers (Ebony for 52 weeks access, Ivory for 46 weeks, Jade for 24 weeks). The company also directly operates resort hospitality services including rooms, food and beverage, spa (Svaastha), and European Holiday Club properties in Finland, Sweden, and Spain.
Product overview
Mahindra Holidays & Resorts India Limited operates a vacation ownership and leisure hospitality business under the Club Mahindra brand, offering a platform-plus-membership architecture. The core platform consists of 140+ owned and associate resorts across India and international locations, supplemented by the Holiday Club brand for European properties. The company provides vacation membership programs (Keystone and legacy Bliss tiers) that grant annual holiday access with tiered seasonal flexibility, plus experiential add-ons including Svaastha Spa wellness services, Magic Stream video content, and Corporate Membership programs. The portfolio includes diverse resort types spanning hill stations, beaches, jungles, cities, deserts, and Himalayan regions, with international reach through Holiday Club properties in Finland, Sweden, and Spain, plus RCI global exchange affiliations.
Differentiator
Problem solved
Functional benefit
Brands
- Keystone: Premium vacation ownership membership program offering access to 140+ Club Mahindra resorts with 7 nights/8 days holidays every year across three tiers: Ebony, Ivory, and Jade
- Holiday Club
- Club Mahindra Bliss
- Magicstream
Products and services
- Club Mahindra Keystone Membership Vacation ownership membership program offering annual 7 nights/8 days holiday access at 140+ premium Club Mahindra resorts across India and abroad. Members choose between three tiers — Ebony (year-round 52 weeks access), Ivory (peak season 46 weeks), and Jade (off-peak 24 weeks) — each providing complimentary breakfast, 24/7 concierge support, priority access to signature experiences, and international resort access via RCI and Holiday Club networks.
- Holiday Club Resorts European vacation ownership brand under Mahindra Holidays, operating 30+ resorts and holiday homes across Finland (7 resorts including Turun Caribia, Katinkulta, Kuusamon Tropiikki, Saariselka, Saimaan Rauha, Tampereen Kehraamo, Vierumaki), Sweden (1 resort at Åre), and Spain (4 resorts including Vista Amadores, Jardin Amadores, Puerto Calma, Sol Amadores). Properties serve both international member exchange and local European guests.
- Club Mahindra Domestic Resorts Portfolio of 140+ owned and associate resorts across India spanning diverse terrains including hill stations (35+), beaches (23), jungles (16), cities (19), deserts (3), Himalayan (11), and waterfront (7) locations. Properties are spread across Himachal Pradesh, Kerala, Goa, Rajasthan, Uttarakhand, Maharashtra, Karnataka, Tamil Nadu, and other states, providing members with multi-destination annual holiday access.
- Club Mahindra International Resorts International resort network providing Club Mahindra members with access to properties across Asia (22+ resorts), Europe (2 resorts including Royal Tulip Georgia), Middle East (1 resort in Dubai), and Africa (1 resort), complemented by RCI affiliation granting access to 4,200+ affiliated hotels globally.
- Svaastha Spa Wellness and spa service offered at Club Mahindra resorts featuring signature treatments including Shirodhara Massage, Coffee Scrub Massage, Dry Tea Leaf Massage, and Couple's Massage, available to members and resort guests as part of the experiential hospitality offering.
- Corporate Membership Group and corporate holiday membership program enabling businesses to provide vacation benefits to employees with access to the Club Mahindra resort network, targeted at HR and administration buyers seeking differentiated employee leisure perks and incentive travel options.
Quantifiable outcome
- Over 85% occupancy rate reported in Q1 FY26
- +3 more outcomes
Companies that use Mahindra Holidays & Resorts India Limited
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Mahindra Holidays & Resorts India Limited technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Mahindra Holidays & Resorts India Limited partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- RCI (Resort Condominiums International)coreClub Mahindra is affiliated with RCI, providing members access to 4,200+ affiliated hotels globally and enabling cross-network bookings. This is a core distribution partnership that significantly expands the company's global footprint without requiring owned inventory in international markets.
- Holiday Club Resorts (Finland, Sweden, Spain)coreMahindra Holidays operates 20+ Holiday Club branded resorts across Finland (7 resorts including Turun Caribia, Katinkulta, Kuusamon Tropiikki, Saariselka, Saimaan Rauha, Tampereen Kehraamo, Vierumaki), Sweden (1 resort at Åre), and Spain (4 resorts including Vista Amadores, Jardin Amadores, Puerto Calma, Sol Amadores). These are owned/managed properties serving international member exchange and local guests.
- Stay VistaminorPartnership with Stay Vista provides Club Mahindra members access to 100+ weekend villas across India, expanding accommodation options beyond traditional resort properties.
- Lohono Luxury VillasminorPartnership with Lohono Luxury Villas offers Club Mahindra members access to premium villa accommodations in India, complementing the core resort network with luxury villa options.
- Mahindra Group (Leisure and Hospitality Sector)coreMahindra Holidays is a subsidiary of Mahindra & Mahindra within the Mahindra Group's Leisure and Hospitality sector. The company benefits from the Mahindra Group's brand equity, shared services, and cross-promotional opportunities across the conglomerate's diverse business lines including SUVs, farm equipment, IT services, and renewable energy.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Mahindra Holidays & Resorts India Limited competitors and assessment
Company assessmentDirect peers
- Disney Vacation Club: Disney's vacation ownership program offering points-based access to themed resort properties worldwide. While geographically and brand-different, it is directly comparable as a premium, branded, multi-tier vacation ownership subscription model targeting affluent families — the same core demographic MHRIL serves.
- Bluegreen Vacations: Vacation ownership company operating a network of branded resorts and providing access to Bassine family of brands. Directly comparable as a smaller but structurally similar timeshare operator with a membership model, exchange-network affiliations, and family-friendly resort positioning.
- Marriott Vacations Worldwide: Global vacation ownership (timeshare) company operating Marriott, Westin, Sheraton, and Ritz-Carlton branded timeshare resorts. Directly comparable as a publicly listed, large-scale vacation ownership operator with a multi-tier membership model and global exchange network — the closest international analog to Club Mahindra's business model.
- Travel + Leisure Co. (formerly Wyndham Destinations): Largest vacation ownership company globally, operating Club Wyndham and other timeshare brands with over 270 resorts and 850,000+ owner families. Directly comparable as a leading public timeshare/membership operator with a tiered subscription-style vacation access product, comparable scale, and exchange-network economics similar to Club Mahindra's RCI-based model.
- Hilton Grand Vacations: Timeshare and vacation ownership arm of Hilton, with a multi-tier membership structure (Club, Elite, Premier) granting points-based access to a global resort network. Directly comparable to MHRIL's Keystone Ebony/Ivory/Jade tiered model and RCI-affiliated exchange distribution.
- Sterling Holidays Resorts India: India-focused vacation ownership and timeshare operator and the closest domestic competitor to Club Mahindra, offering membership-based holiday access across 30+ resorts in India. Directly comparable as an Indian vacation ownership company targeting similar affluent-family demographics with a tiered membership model.
Broad incumbents
- ITC Hotels: Major Indian hospitality chain operating luxury and premium hotels across India (ITC Mughal, ITC Grand Bharat, ITC Royal Bengal, Welcomhotel). Comparable as a broad-incumbent Indian hospitality operator that competes for the same affluent-leisure traveler and has explored vacation-membership adjacent offerings.
- Indian Hotels Company (Taj Hotels): Largest luxury hotel chain in India (Taj, Vivanta, SeleQtions, Ginger brands), part of the Tata Group. Comparable as a broad-incumbent Indian hospitality operator; Taj also operates a vacation ownership/membership program (Taj Holidays), positioning it as a broader-portfolio competitor to MHRIL in premium leisure lodging.
Others
- Interval International: Global vacation exchange network (competitor to RCI) that enables timeshare owners to exchange points/weeks for stays at affiliated resorts. Comparable as a network-affiliated exchange partner — MHRIL's RCI affiliation is structurally similar — making Interval a relevant peer for the exchange/distribution side of the business.
Regional players
- Lemon Tree Hotels: Listed Indian hotel chain with mid-scale and upscale brands (Lemon Tree Premier, Red Fox, Keys) across India and a smaller international footprint. Comparable as an Indian hospitality operator with differentiated positioning; less direct on membership/timeshare economics but relevant for relative valuation and industry context.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Mahindra Holidays & Resorts India Limited social profiles
Digital presenceMahindra Holidays & Resorts India Limited financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mahindra Holidays & Resorts India Limited leadership team
Management profileNumber of profiles
Profiles14 records
Mahindra Holidays & Resorts India Limited subsidiaries and ownership
Company hierarchySubsidiaries1 record
Mahindra Holidays & Resorts India Limited funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mahindra Holidays & Resorts India Limited M&A and investment
M&A and investmentM&A
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mahindra Holidays & Resorts India Limited
What does Mahindra Holidays & Resorts India Limited do?
Mahindra Holidays sells vacation ownership memberships (Club Mahindra Keystone program) that grant member families annual 7 nights/8 days of holiday access at 140+ owned and associate resorts across India and 5,000+ global properties via RCI affiliation. Members pay an upfront membership fee plus annual subscription, choosing between three tiers (Ebony for 52 weeks access, Ivory for 46 weeks, Jade for 24 weeks). The company also directly operates resort hospitality services including rooms, food and beverage, spa (Svaastha), and European Holiday Club properties in Finland, Sweden, and Spain.
Is Mahindra Holidays & Resorts India Limited a public or private company?
Mahindra Holidays & Resorts India Limited is a public company. It is classified as public and is currently operating.
When was Mahindra Holidays & Resorts India Limited founded?
Mahindra Holidays & Resorts India Limited was founded in 1996. It employs 5,001 to 10,000 people.
Where is Mahindra Holidays & Resorts India Limited based?
Mahindra Holidays & Resorts India Limited is headquartered in Chennai, India, in the Asia region.
How does Mahindra Holidays & Resorts India Limited make money?
Four revenue lines are on record. Vacation Ownership Memberships (Club Mahindra / Keystone) is the primary driver. The others are resort Operations (Room Revenue), international Holiday Club Operations and real Estate / Resort Development.
Who are Mahindra Holidays & Resorts India Limited's main competitors?
Direct peers on record are Disney Vacation Club, Bluegreen Vacations, Marriott Vacations Worldwide, Travel + Leisure Co. (formerly Wyndham Destinations), Hilton Grand Vacations and Sterling Holidays Resorts India. Broad incumbents are ITC Hotels and Indian Hotels Company (Taj Hotels). Interval International is listed as an others. Lemon Tree Hotels is listed as a regional player.
Does Mahindra Holidays & Resorts India Limited have an API?
No public API is recorded for Mahindra Holidays & Resorts India Limited.
What industry is Mahindra Holidays & Resorts India Limited in?
Mahindra Holidays & Resorts India Limited's product category is Vacation Ownership Resorts. Its primary akta.pro industry code is THAKAAAL, Travel Subscription, Membership & Deal Clubs, with a secondary code of CRAEADAK, Travel & Services Membership Clubs (Ancillary Services-Led). Its NAICS code is 7211 and its SIC code is 7000.