# Resorts — company-by-company sector analysis

> Resorts: Mahindra Holidays & Resorts India Ltd owns the largest revenue base; Praveg Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Resorts has underperformed NIFTY 500 by 7.1% over 52 weeks and 2.7% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself. Mahindra Holidays & Resorts India Ltd leads with revenue of ₹3,023 crore, based on 3 of 3 comparable companies through Jun 2026.

## Sector relative strength

Resorts has underperformed NIFTY 500 by 7.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.7%. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Mahindra Holidays & Resorts India Ltd is the strongest against the sector itself at +13.3%.

13-week sector return versus NIFTY 500: 2.7%
52-week sector return versus NIFTY 500: -7.1%
Stocks leading NIFTY: 1/3
Stocks leading sector: 2/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹11.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. India Tourism Development Corporation Ltd (ITDC): 65/100 — Favorable setup; evidence 68%
   - Growth & earnings 13.4/35 | Capital efficiency 22.0/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 13.4 + 22 + 10 + 20 = 65.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 20%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Praveg Ltd (PRAVEG): 38/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 16.1/35 | Capital efficiency 7.5/25 | Valuation 10.0/20 | Relative strength 4.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 7 weeks with a reading, within the last 12
   - Exact sum: 16.1 + 7.5 + 10 + 4.3 = 37.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Mahindra Holidays & Resorts India Ltd (MHRIL): 36/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 6.5/35 | Capital efficiency 8.5/25 | Valuation 8.5/20 | Relative strength 12.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 6.5 + 8.5 + 8.5 + 12 = 35.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

India Tourism Development Corporation Ltd has the strongest one-year price move in Resorts at +20.8%. It also leads on Mansfield relative strength against NIFTY at +20%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. India Tourism Development Corporation Ltd (ITDC): 21%
2. Praveg Ltd (PRAVEG): -38%
3. Mahindra Holidays & Resorts India Ltd (MHRIL): -39%

### Strongest relative strength versus NIFTY 500
1. India Tourism Development Corporation Ltd (ITDC): 20%
2. Praveg Ltd (PRAVEG): -2.3%
3. Mahindra Holidays & Resorts India Ltd (MHRIL): -25%

## Revenue Scale & Growth Durability

What the numbers say: Mahindra Holidays & Resorts India Ltd is the scale leader at ₹3,023 crore, 467.2% ahead of India Tourism Development Corporation Ltd. Praveg Ltd's growth is 44.1% from a ₹241 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Mahindra Holidays & Resorts India Ltd is the scale benchmark; Praveg Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

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.

Evidence: Mahindra Holidays & Resorts India Ltd · ₹3,023 crore | 467.2% versus #2 · India Tourism Development Corporation Ltd | 7/8 recent comparable periods | 3/3 companies · 43 observations

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

### Revenue — largest
1. Mahindra Holidays & Resorts India Ltd (MHRIL): ₹3.0K Cr
2. India Tourism Development Corporation Ltd (ITDC): ₹533 Cr
3. Praveg Ltd (PRAVEG): ₹241 Cr

### Revenue growth — fastest growers
1. Praveg Ltd (PRAVEG): 44%
2. Mahindra Holidays & Resorts India Ltd (MHRIL): 6.9%
3. India Tourism Development Corporation Ltd (ITDC): -7.3%

### 20-quarter Revenue history
- ITDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹118 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹142 Cr | Jun 2026 —
- MHRIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹602 Cr | Mar 2023 ₹712 Cr | Jun 2023 ₹614 Cr | Sep 2023 ₹655 Cr | Dec 2023 ₹635 Cr | Mar 2024 ₹800 Cr | Jun 2024 ₹653 Cr | Sep 2024 ₹671 Cr | Dec 2024 ₹678 Cr | Mar 2025 ₹779 Cr | Jun 2025 ₹701 Cr | Sep 2025 ₹717 Cr | Dec 2025 ₹753 Cr | Mar 2026 ₹820 Cr | Jun 2026 ₹733 Cr
- PRAVEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹28 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹74 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ITDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 -8.4% | Jun 2024 -28% | Sep 2024 11% | Dec 2024 6.7% | Mar 2025 42% | Jun 2025 3.5% | Sep 2025 -19% | Dec 2025 28% | Mar 2026 -29% | Jun 2026 —
- MHRIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.4% | Mar 2024 12% | Jun 2024 6.3% | Sep 2024 2.4% | Dec 2024 6.9% | Mar 2025 -2.7% | Jun 2025 7.4% | Sep 2025 7.0% | Dec 2025 11% | Mar 2026 5.3% | Jun 2026 4.5%
- PRAVEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 74% | Jun 2024 95% | Sep 2024 124% | Dec 2024 64% | Mar 2025 79% | Jun 2025 68% | Sep 2025 19% | Dec 2025 67% | Mar 2026 27% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Praveg Ltd leads opm at 29.8%; India Tourism Development Corporation Ltd leads margin change at +5 percentage points.

Investor read: Praveg Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: Praveg Ltd · 29.8% | 41.9% versus #2 · India Tourism Development Corporation Ltd | 3/8 recent comparable periods | 3/3 companies · 58 observations

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

### OPM — highest
1. Praveg Ltd (PRAVEG): 30%
2. India Tourism Development Corporation Ltd (ITDC): 21%
3. Mahindra Holidays & Resorts India Ltd (MHRIL): 15%

### Margin change — fastest expanders
1. India Tourism Development Corporation Ltd (ITDC): +5.0 pp
2. Praveg Ltd (PRAVEG): +3.3 pp
3. Mahindra Holidays & Resorts India Ltd (MHRIL): −2.0 pp

### 20-quarter OPM history
- ITDC: Sep 2021 0.9% | Dec 2021 6.0% | Mar 2022 -2.8% | Jun 2022 17% | Sep 2022 13% | Dec 2022 20% | Mar 2023 13% | Jun 2023 19% | Sep 2023 18% | Dec 2023 17% | Mar 2024 17% | Jun 2024 9.0% | Sep 2024 14% | Dec 2024 18% | Mar 2025 16% | Jun 2025 10% | Sep 2025 16% | Dec 2025 18% | Mar 2026 21% | Jun 2026 —
- MHRIL: Sep 2021 22% | Dec 2021 15% | Mar 2022 16% | Jun 2022 16% | Sep 2022 19% | Dec 2022 15% | Mar 2023 23% | Jun 2023 14% | Sep 2023 21% | Dec 2023 17% | Mar 2024 23% | Jun 2024 16% | Sep 2024 18% | Dec 2024 21% | Mar 2025 26% | Jun 2025 17% | Sep 2025 21% | Dec 2025 19% | Mar 2026 24% | Jun 2026 15%
- PRAVEG: Sep 2021 35% | Dec 2021 52% | Mar 2022 44% | Jun 2022 43% | Sep 2022 55% | Dec 2022 60% | Mar 2023 52% | Jun 2023 37% | Sep 2023 28% | Dec 2023 37% | Mar 2024 26% | Jun 2024 27% | Sep 2024 21% | Dec 2024 40% | Mar 2025 26% | Jun 2025 15% | Sep 2025 9.6% | Dec 2025 29% | Mar 2026 30% | Jun 2026 —

### 20-quarter Margin change history
- ITDC: Sep 2021 +75.5 pp | Dec 2021 +29.5 pp | Mar 2022 −4.5 pp | Jun 2022 +20.5 pp | Sep 2022 +12.0 pp | Dec 2022 +14.0 pp | Mar 2023 +15.8 pp | Jun 2023 +2.5 pp | Sep 2023 +5.2 pp | Dec 2023 −3.0 pp | Mar 2024 +4.0 pp | Jun 2024 −10.0 pp | Sep 2024 −4.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 +5.0 pp | Jun 2026 —
- MHRIL: Sep 2021 +2.2 pp | Dec 2021 −0.7 pp | Mar 2022 +6.7 pp | Jun 2022 +9.0 pp | Sep 2022 −2.2 pp | Dec 2022 +0.4 pp | Mar 2023 +6.8 pp | Jun 2023 −2.8 pp | Sep 2023 +1.2 pp | Dec 2023 +1.5 pp | Mar 2024 +0.4 pp | Jun 2024 +2.4 pp | Sep 2024 −2.4 pp | Dec 2024 +4.9 pp | Mar 2025 +2.8 pp | Jun 2025 +1.3 pp | Sep 2025 +2.9 pp | Dec 2025 −2.3 pp | Mar 2026 −2.2 pp | Jun 2026 −2.0 pp
- PRAVEG: Sep 2021 +9.9 pp | Dec 2021 +12.5 pp | Mar 2022 +10.0 pp | Jun 2022 +19.7 pp | Sep 2022 +20.3 pp | Dec 2022 +7.8 pp | Mar 2023 +7.2 pp | Jun 2023 −5.9 pp | Sep 2023 −27.5 pp | Dec 2023 −22.8 pp | Mar 2024 −25.4 pp | Jun 2024 −10.2 pp | Sep 2024 −7.1 pp | Dec 2024 +2.1 pp | Mar 2025 +0.3 pp | Jun 2025 −12.5 pp | Sep 2025 −10.9 pp | Dec 2025 −10.5 pp | Mar 2026 +3.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: India Tourism Development Corporation Ltd leads with ₹82 crore of TTM profit, 59.8% above Mahindra Holidays & Resorts India Ltd. India Tourism Development Corporation Ltd shows 0% growth from a ₹82 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: India Tourism Development Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: India Tourism Development Corporation Ltd · ₹82 crore | 59.8% versus #2 · Mahindra Holidays & Resorts India Ltd | 5/8 recent comparable periods | 3/3 companies · 43 observations

Definition: 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 — largest
1. India Tourism Development Corporation Ltd (ITDC): ₹82 Cr
2. Mahindra Holidays & Resorts India Ltd (MHRIL): ₹51 Cr
3. Praveg Ltd (PRAVEG): ₹-10 Cr

### Profit growth — fastest growers
1. India Tourism Development Corporation Ltd (ITDC): 0.0%
2. Mahindra Holidays & Resorts India Ltd (MHRIL): -60%
3. Praveg Ltd (PRAVEG): -80%

### 20-quarter Net profit history
- ITDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹23 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- MHRIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-14 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹-9 Cr
- PRAVEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹12 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹-6 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ITDC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 0.0% | Jun 2024 -29% | Sep 2024 26% | Dec 2024 17% | Mar 2025 150% | Jun 2025 -17% | Sep 2025 -33% | Dec 2025 33% | Mar 2026 12% | Jun 2026 —
- MHRIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 49% | Jun 2024 583% | Sep 2024 -46% | Dec 2024 236% | Mar 2025 -12% | Jun 2025 18% | Sep 2025 47% | Dec 2025 -96% | Mar 2026 -43% | Jun 2026 -219%
- PRAVEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -30% | Mar 2024 -68% | Jun 2024 -35% | Sep 2024 -33% | Dec 2024 30% | Mar 2025 103% | Jun 2025 -857% | Sep 2025 -754% | Dec 2025 -5.9% | Mar 2026 -248% | Jun 2026 —

## Return On Capital Employed

What the numbers say: India Tourism Development Corporation Ltd leads ROCE at 29.9%, 21.8 percentage points above Mahindra Holidays & Resorts India Ltd. India Tourism Development Corporation Ltd has the strongest latest improvement at -1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: India Tourism Development Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

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

Evidence: India Tourism Development Corporation Ltd · 29.9% | 268.2% versus #2 · Mahindra Holidays & Resorts India Ltd | Not enough history | 3/3 companies · 15 observations

Definition: 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.

### ROCE — highest
1. India Tourism Development Corporation Ltd (ITDC): 30%
2. Mahindra Holidays & Resorts India Ltd (MHRIL): 8.1%
3. Praveg Ltd (PRAVEG): 1.7%

### ROCE change — fastest improvers
1. India Tourism Development Corporation Ltd (ITDC): −1.0 pp
2. Mahindra Holidays & Resorts India Ltd (MHRIL): −2.0 pp
3. Praveg Ltd (PRAVEG): −2.9 pp

### 20-quarter ROCE history
- PRAVEG: Sep 2021 83% | Dec 2021 — | Mar 2022 58% | Jun 2022 — | Sep 2022 72% | Dec 2022 — | Mar 2023 34% | Jun 2023 — | Sep 2023 16% | Dec 2023 20% | Mar 2024 5.2% | Jun 2024 9.6% | Sep 2024 3.3% | Dec 2024 8.8% | Mar 2025 4.4% | Jun 2025 5.1% | Sep 2025 2.3% | Dec 2025 2.2% | Mar 2026 1.5% | Jun 2026 —

### 20-quarter ROCE change history
- PRAVEG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.6 pp | Dec 2022 — | Mar 2023 −23.3 pp | Jun 2023 — | Sep 2023 −56.7 pp | Dec 2023 — | Mar 2024 −29.0 pp | Jun 2024 — | Sep 2024 −12.2 pp | Dec 2024 −11.4 pp | Mar 2025 −0.8 pp | Jun 2025 −4.5 pp | Sep 2025 −1.0 pp | Dec 2025 −6.6 pp | Mar 2026 −2.9 pp | Jun 2026 —

## Valuation Against Growth & Quality

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

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

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

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. 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.

### PEG — lowest PEG

### P/E — lowest P/E
1. India Tourism Development Corporation Ltd (ITDC): 72.3
2. Mahindra Holidays & Resorts India Ltd (MHRIL): 94.3

### 20-quarter PEG history

### 20-quarter P/E history
- ITDC: Sep 2021 — | Dec 2021 — | Mar 2022 393.0 | Jun 2022 726.0 | Sep 2022 180.6 | Dec 2022 121.5 | Mar 2023 54.1 | Jun 2023 50.5 | Sep 2023 51.9 | Dec 2023 55.7 | Mar 2024 83.5 | Jun 2024 109.1 | Sep 2024 96.8 | Dec 2024 80.1 | Mar 2025 74.7 | Jun 2025 62.9 | Sep 2025 62.5 | Dec 2025 69.8 | Mar 2026 41.4 | Jun 2026 —
- MHRIL: Sep 2021 — | Dec 2021 137.2 | Mar 2022 114.2 | Jun 2022 62.5 | Sep 2022 47.3 | Dec 2022 53.8 | Mar 2023 72.3 | Jun 2023 52.4 | Sep 2023 93.2 | Dec 2023 115.5 | Mar 2024 88.2 | Jun 2024 79.5 | Sep 2024 64.6 | Dec 2024 63.3 | Mar 2025 42.0 | Jun 2025 53.7 | Sep 2025 53.4 | Dec 2025 46.6 | Mar 2026 50.9 | Jun 2026 76.7
- PRAVEG: Sep 2021 18.5 | Dec 2021 22.9 | Mar 2022 20.1 | Jun 2022 23.9 | Sep 2022 23.3 | Dec 2022 22.6 | Mar 2023 32.3 | Jun 2023 36.1 | Sep 2023 49.0 | Dec 2023 77.3 | Mar 2024 132.4 | Jun 2024 148.1 | Sep 2024 144.1 | Dec 2024 142.9 | Mar 2025 102.4 | Jun 2025 85.6 | Sep 2025 117.9 | Dec 2025 98.2 | Mar 2026 — | Jun 2026 —


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- India Tourism Development Corporation Ltd (ITDC) — market value ₹6.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Mahindra Holidays & Resorts India Ltd (MHRIL) — market value ₹4.4K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Praveg Ltd (PRAVEG) — market value ₹774 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 0. Unverified: 1. Withheld: 2. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

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 14 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 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ITDC | India Tourism Development Corporation Ltd | diff_gt_2pct | disagreement up to 6.61% over 14 comparable periods
- WITHHELD | MHRIL | Mahindra Holidays & Resorts India Ltd | diff_gt_2pct | disagreement up to 73.14% over 14 comparable periods

- UNVERIFIED | PRAVEG | Praveg Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Resorts sector outperforming NIFTY 500?

Resorts has underperformed NIFTY 500 by 7.1% over 52 weeks and 2.7% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 2 of 3 beat the sector itself.

### Which Resorts company is largest by revenue?

Mahindra Holidays & Resorts India Ltd leads with revenue of ₹3,023 crore, based on 3 of 3 comparable companies through Jun 2026.

### Which Resorts company is growing fastest?

Praveg Ltd has the fastest current revenue growth at 44.1%, across 3 of 3 comparable companies.

### Which Resorts company has the strongest 4-Factor Sector Score?

India Tourism Development Corporation Ltd ranks first at 65.4/100 with 68.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### How much history does this Resorts comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty Resorts index?

The Nifty Resorts index tracks India's listed Resorts companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Resorts sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Resorts stocks in India?

Ranked by this page's four-factor score, India Tourism Development Corporation Ltd places first among 3 listed Resorts companies, followed by Praveg Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Resorts stocks are listed in India?

This comparison covers 3 listed Resorts companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Resorts company is the biggest?

Mahindra Holidays & Resorts India Ltd is the largest, with trailing-twelve-month revenue of ₹3,023 crore, ahead of India Tourism Development Corporation Ltd at ₹533 crore. That covers 3 of 3 companies with comparable reporting through Jun 2026.

### Which Resorts company has the best profit margins?

Praveg Ltd has the highest operating margin at 29.8%, from 3 of 3 comparable companies. India Tourism Development Corporation Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Resorts company makes the most profit?

India Tourism Development Corporation Ltd earns the most, at ₹82 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. India Tourism Development Corporation Ltd has the fastest profit growth at 0%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Resorts company earns the highest return on capital?

India Tourism Development Corporation Ltd leads on return on capital employed at 29.9%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Is the Resorts sector beating the market?

Resorts has underperformed NIFTY 500 by 7.1% over the last 52 weeks and 2.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Resorts stock has the strongest price momentum?

India Tourism Development Corporation Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Resorts company scores highest for research priority?

India Tourism Development Corporation Ltd scores 65.4 out of 100 with 68.1% evidence confidence, from 13.4 points on growth and earnings, 22 on capital efficiency, 10 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Resorts companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Resorts sector?

The 3 Resorts companies on this page carry ₹11,197 crore of combined market value. India Tourism Development Corporation Ltd is the largest at ₹6,010 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the Resorts sector performing?

1 of the 3 covered Resorts companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.1% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.