Mauritius-based CIEL Group posts $652 million revenue in 9M 2026

CIEL Group, the Mauritius-based conglomerate with interests spanning hospitality, healthcare, finance, textiles, property, and agro-industry, reported higher revenue for the nine months ended March 31, 2026, as gains in its service-oriented businesses helped offset continued pressure in textiles.

Revenue rose 7 percent to MUR30 billion ($652.8 million), compared with MUR28 billion ($603 million) a year earlier. The group said growth was supported by stronger performance across its hotels, healthcare, and financial services operations, along with a favorable currency mix, with about half of total income generated in hard currencies, including the U.S. dollar, euro and pound sterling.

Profit after tax largely steady; gearing ratio rises to 30.4 percent

Profit after tax was largely steady at MUR2.9 billion ($63.3 million), edging up from MUR2.87 billion ($61.9 million) in the prior year. The group said higher finance costs, tax charges and lower contributions from associates and joint ventures weighed on overall earnings, even as core operations in several clusters held firm.

Cash generation improved over the period, with free cash flow rising sharply to MUR3.4 billion ($73.1 million) from MUR2 billion ($42.7 million) a year earlier. The increase was driven by stronger operating cash inflows across most divisions, lower working capital needs and tighter control of capital spending.

At the same time, net interest-bearing debt increased to MUR16.4 billion ($348.1 million), up from MUR14.8 billion ($327.9 million), reflecting continued investment in hospitality assets, healthcare expansion and additional stake acquisitions. The gearing ratio rose slightly to 30.4 percent, while net debt to EBITDA stood at 2.1 times, compared with 2.0 times in the prior year.

Profitability strengthens in core clusters

Performance across business clusters remained uneven but broadly supportive of overall results. The Hotels & Resorts division delivered the strongest growth, with revenue up 23 percent to MUR8.09 billion ($176.3 million). EBITDA climbed 38 percent to MUR2.37 billion ($51.6 million), helped by higher room rates, an 11.5 percent rise in revenue per available room and steady recovery in operations, alongside contributions from newly ramped-up assets.

Healthcare also posted solid gains, with revenue increasing 18 percent to MUR4.97 billion ($108.2 million). EBITDA rose 25 percent to MUR1.05 billion ($22.9 million), supported by higher patient volumes, broader diagnostic services and stronger demand. Finance operations recorded steady improvement, with revenue up 9 percent to MUR4.99 billion ($108.6 million). Profit after tax in the segment held steady at MUR1.27 billion ($27.8 million).

Textiles remained under pressure, with revenue falling 6 percent to MUR11.59 billion ($252.6 million). EBITDA dropped 37 percent to MUR795 million ($17.3 million), while profit after tax declined 61 percent to MUR223 million ($4.9 million). The group said weaker regional demand continued to weigh on the segment, even as Asian operations provided some support, accounting for 55 percent of textile revenue.

The Property division posted improved results, with revenue up 19 percent to MUR279 million ($6.1 million) and EBITDA rising 17 percent to MUR69 million ($1.5 million), supported by steady rental income from its Evolis portfolio. Agro also contributed, with profit share rising 4 percent to MUR190 million, helped by stronger performance at Miwa Sugar on higher volumes and better pricing.