“Dear Anand Mahindra…”: Vijay Kedia ask billionaire to unlock hidden tourism giant in Mahindra Holidays

Synopsis

Ace investor Vijay Kedia has urged Anand Mahindra to unlock the “hidden tourism giant” within Mahindra Holidays, arguing that strong demand for domestic travel and Club Mahindra’s brand strength are being overshadowed by losses at its overseas unit. He called for a strategic review to refocus on India and enhance shareholder value.

Ace investor Vijay Kedia has called for a strategic rethink at Mahindra Holidays & Resorts India, saying the company is sitting on a significant long-term opportunity in India’s domestic tourism market at a time when Prime Minister Narendra Modi is encouraging Indians to avoid international travel amid rising crude oil prices and weakness in the rupee.

In a post on X, formerly Twitter, addressed to Anand Mahindra, Kedia said India’s rapidly expanding affluent and aspirational middle class is increasingly favouring experiential family travel, yet Club Mahindra currently has only around 3 lakh member families in the country. He said this indicates substantial headroom for long-term growth.

Kedia added that while India’s hospitality cycle remains strong and Club Mahindra enjoys healthy occupancy levels and strong brand trust, the true value of the India business appears overshadowed by the continued drag from the overseas Holiday Club business.

He suggested that the company may need a strategic review, including options such as ring-fencing, restructuring, demerging or reducing exposure to the European subsidiary, so that the India operations can be valued independently on their own strengths. The market veteran also said that a sharper focus on capital-light expansion, younger branding, digital engagement and modern hospitality strategies could help unlock significant shareholder value in the years ahead.

He described himself as “a concerned long-term shareholder” and said the message was written with “utmost respect and admiration” for the Mahindra Group and Anand Mahindra’s leadership.

Speaking at the event in Hyderabad, PM Modi on Sunday appealed to citizens to avoid buying gold for weddings for the next year. The request was part of a wider appeal aimed at conserving fuel and foreign exchange reserves, with the Prime Minister also advocating the return of work-from-home practices and urging people to reduce non-essential travel, including international trips.

Not just the dollar, over the past year, a far bigger and more striking trend has quietly unfolded beneath the surface: the rupee has weakened against every major global currency and its steepest fall hasn’t even been against the dollar.

Data shows that the Indian rupee has fallen the most against the Australian dollar, sliding more than 25% since May last year. The Chinese yuan and the Euro follow close behind. On the other hand, the rupee has shown relative resilience against the Japanese yen.

Also read: Custom hike duty impact gone from silver! 3 reasons why gold's poor cousin is down by Rs 33,000

Mahindra Holiday’s share price is down 23% since the start of 2026 and about 34% in the last 1 year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

...moreless

...moreless