Resort Stocks and Companies in India

The largest Resort stocks in India by market value are India Tourism Development Corporation (₹5,409 crore), Mahindra Holidays & Resorts India (₹3,999 crore) and Praveg (₹538 crore), at prices of 6 Nov 2026.

• India Tourism Development Corporation: ₹630.65 | market value ₹5,409 crore | P/E 65.3
• Mahindra Holidays & Resorts India: ₹197.86 | market value ₹3,999 crore | P/E 81.8
• Praveg: ₹204.91 | market value ₹538 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Resorts companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Resorts index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. India Tourism Development Corporation Ltd₹5,060 cr
2. Mahindra Holidays & Resorts India Ltd₹3,610 cr
3. Praveg Ltd₹545 cr

3 Resort companies in the Resorts industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is India Tourism Development Corporation (₹5,058 crore) and the smallest with a market value is Praveg.

Download all 3 Resort companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 50% behind NIFTY 500. Earnings across its companies fell 47% on average over the last four reported quarters.

Price down, no fundamental support. 0 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 0 of the 3 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 0 of those 3 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 1 of the 3 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings not confirming, 1 of 3 members have higher trailing twelve-month earnings than a year ago. The largest member is more than half the sector's market value and is moving the other way.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Resorts has done worse than the NIFTY 500 by 21.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 14.9%. India Tourism Development Corporation Ltd is the strongest against the sector itself at +17.3%.

Resorts has done worse than the NIFTY 500 by 21.3% over 52 weeks and by 14.9% over 13 weeks. 0 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of the 2 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

India Tourism Development Corporation Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 68.1% evidence confidence.

India Tourism Development Corporation Ltd has the strongest one-year price move in Resorts at −4.8%. It also leads on relative strength against the NIFTY, at +4.1%. 1 of 3 companies we track is ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Resorts itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 3 Resorts companies held a results call for July to September 2026. Mahindra Holidays & Resorts India guided: Add about 1,000 gross keys over next six months to broaden choice and availability.

From the results calls for July to September 2026.

Big funds, foreign and Indian, cut their stake by 2.1 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹663 crore in the last 12 months, 20% less than a year before.
• Projects still being built grew 8% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 Resorts companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Resorts figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 3 themes are live here, 2 of them rated high severity.

The sector outlook is CAUTIOUS. While operating leverage inflection and interest cost reduction deleveraging provide financial stability, high severity regulatory and litigation risks pose significant threats.

The Resorts sector, represented by India Tourism Development Corporation Ltd (ITDC) for this reporting week, exhibits a mixed demand environment. ITDC reported Q4 FY26 consolidated net profit of ₹28.29 crores, marking a 12.66% year-on-year expansion despite net sales plummeting 28.97% to ₹142.01 crores.

How old this read is: OLD: this read comes from our Resorts sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Resorts sector brief, 28 Jul 2026 · company earnings-call transcripts.

Mahindra Holidays & Resorts India Ltd has the highest Revenue among the 3 Resorts companies compared here, at ₹3,090 crore. India Tourism Development Corporation Ltd is next at ₹535 crore. Praveg Ltd has the highest Revenue growth at 34.4%, so level and change sit with different companies. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Mahindra Holidays & Resorts India Ltd is the largest at ₹3,090 crore, 477.1% ahead of India Tourism Development Corporation Ltd. Praveg Ltd's growth is 34.4% from a ₹254 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Mahindra Holidays & Resorts India Ltd is the size to compare against; Praveg Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Mahindra Holidays & Resorts India Ltd's growth falls below Praveg Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Mahindra Holidays & Resorts India Ltd has the highest OPM among the 3 Resorts companies compared here, at 20%. India Tourism Development Corporation Ltd is next at 9.3%. India Tourism Development Corporation Ltd has the highest Margin change at −1 percentage points, so level and change sit with different companies.

What the numbers say: Mahindra Holidays & Resorts India Ltd leads opm at 20%; India Tourism Development Corporation Ltd leads margin change at −1 percentage points.

What this means: Mahindra Holidays & Resorts India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

India Tourism Development Corporation Ltd has the highest Net profit among the 3 Resorts companies compared here, at ₹82 crore. Mahindra Holidays & Resorts India Ltd is next at ₹53 crore. The same company also has the highest Profit growth, at 4%. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: India Tourism Development Corporation Ltd earns the most, ₹82 crore of profit over the last 12 months, 54.7% above Mahindra Holidays & Resorts India Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: India Tourism Development Corporation Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

India Tourism Development Corporation Ltd has the highest ROCE among the 3 Resorts companies compared here, at 29.9%. Mahindra Holidays & Resorts India Ltd is next at 8.1%. The same company also has the highest ROCE change, at 0 percentage points. 3 of 3 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: India Tourism Development Corporation Ltd leads ROCE at 29.9%, 21.8 percentage points above Mahindra Holidays & Resorts India Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: India Tourism Development Corporation Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: India Tourism Development Corporation Ltd (ITDC): its two data sources disagree by up to 6.6% on reported income across 15 comparable periods, so its derived ratios are withheld; Mahindra Holidays & Resorts India Ltd (MHRIL): its two data sources disagree by up to 73% on reported income across 16 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

No company in this Resorts comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, India Tourism Development Corporation Ltd is lowest at 61.1× at the latest share price, across 2 of 3 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable peg leader.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

Not enough comparable data.

P/E · lowest P/E

All-company data · latest reported quarter

Resorts companies show up on 2 of our India lists. The most are on the hotel stocks list (2 companies).

This Resorts comparison names 6 specific ways its own evidence can mislead, all listed below. All 3 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-source figures left out because the two sources disagree. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 3 Resorts companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

2 of 3 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: India Tourism Development Corporation Ltd (ITDC): its two data sources disagree by up to 6.6% on reported income across 15 comparable periods, so its derived ratios are withheld; Mahindra Holidays & Resorts India Ltd (MHRIL): its two data sources disagree by up to 73% on reported income across 16 comparable periods, so its derived ratios are withheld.

These 21 answers restate the Resorts comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.