For the nine months ended 31 March 2026, CIEL delivered a sustained performance in an uncertain environment, supported by the diversification of its portfolio and the continued momentum across its clusters.
Key highlights
• Group revenue increased by 7% to MUR 30.0 bn (9M25: MUR 28.0 bn), supported by continued momentum in Hotels & Resorts, expansion in Healthcare, and improved banking income at BNI Madagascar, partly offset by a softer performance in Textile in the region. The Group continues to benefit from a well-diversified currency mix, with nearly 50% of revenues generated in hard currencies.
• EBITDA rose by 12% to MUR 5.9 bn, with margin improving to 19.7% (9M25: 18.9%), reflecting solid contributions across most clusters and ongoing efficiency gains, despite challenges faced in Textile’s regional operations.
• Profit after tax remained stable at MUR 2.9 bn, as improved EBITDA was offset by lower contributions from associates and joint ventures, as well as higher finance and tax charges.
• Profit attributable to owners stood at MUR 1.4 bn (9M25: MUR 1.6 bn), translating into earnings per share of MUR 0.82 (9M25: MUR 0.93).
• Free cash flow (“FCF”) shows an encouraging increase to MUR 3.4 bn (9M25: MUR 2.0 bn), driven by stronger operating cash generation in most clusters, well-managed working capital requirements and disciplined capital expenditure, resulting in an FCF to EBITDA ratio of 56.7% (9M25: 37.5%).
• Net interest-bearing debt increased to MUR 16.4 bn (FY25: MUR 14.8 bn), reflecting the consolidation of CIEL’s investment in C-Care International Limited (“CCIL”), expansion and upgrades in Healthcare, the development of its medical device manufacturing unit in India, and hotel renovations within the Riveo portfolio. The Group’s gearing ratio stood at 30.4% (FY25: 29.4%), with Net Debt to EBITDA at 2.1x.
Commenting on the results, Jérôme De Chasteauneuf, Group Finance Director of CIEL Limited said: “Against a mixed operating environment marked by continued geopolitical uncertainty, the Group delivered a sustained performance for the period, supported by the momentum of its diversified portfolio and strong cash flow generation.”
Cluster Review
Hotels & Resorts
• Despite some disruption to travel demand in March arising from geopolitical tensions in the Middle East, the cluster delivered a strong performance for the nine months ended 31 March 2026, underpinned by sustained momentum at Sunlife and the progressive ramp-up at Riveo following the reopening of key assets.
• Revenue increased by 23% to MUR 8.1 bn, driven by an 11.5% improvement in RevPAR at Sunlife and real estate sales from the La Pirogue Residences development.
• EBITDA rose to MUR 2.4 bn, reflecting strong operating leverage, improved margins and disciplined cost management, with the Sunlife portfolio remaining the primary contributor.
• Profit after tax increased to MUR 1.1 bn, reflecting higher profitability at Sunlife, partly offset by losses at Riveo related to repositioning and relaunch costs, as well as higher tax charges across the cluster.
Textile
• Revenue stood at MUR 11.6 bn, with Asian operations increasing their share to 55% of total revenue.
• EBITDA declined to MUR 795M, impacted by the regional operations.
• The Asian platform remained the key driver of profitability, generating MUR 491M and offsetting losses in regional operations. Profit after tax stood at MUR 223M.
• The focus remains on repositioning the regional operations while building on the strength of the Asian platform, in an evolving global trade environment.
Finance
• The Finance cluster reported revenue of MUR 5.0 bn, supported by higher non-interest income and improved interest rate conditions at BNI Madagascar.
• EBITDA increased by 17% to MUR 1.8 bn, reflecting enhanced net interest margins and lower cost of funding.
• Profit after tax remained flat at MUR 1.3 bn, as improvements in underlying operations were offset by higher expected credit loss provisions at BNI Madagascar. A lower contribution from Bank One of MUR 201M, due to higher tax charges and increased credit provisioning, moderated the cluster’s overall result.
Healthcare
• The Healthcare cluster maintained positive momentum, with revenue increasing by 18% to MUR 5.0 bn, driven by continued growth across Mauritius and Uganda, sustained patient activity, capacity expansion and the scaling of diagnostic services.
• EBITDA rose by 25% to MUR 1.0 bn, reflecting strong operating leverage and effective cost management across regions.
• Profit after tax increased to MUR 426M, supported by solid operational delivery.
Properties
• Revenue increased by 19% to MUR 279M, supported by sustained rental income from the Evolis portfolio.
• EBITDA rose to MUR 69M, reflecting the continued strength of Evolis. The Ferney Farm Living project is in its final stages, with deliveries commencing in the last quarter of the financial year, while infrastructure works across the development continue to progress.
• Profit after tax stood at MUR 2M, compared to a loss of MUR 26M in the prior year.
Agro
• Share of profit for the period increased to MUR 190M.
• Miwa Sugar delivered a strong performance, driven by higher sales volumes, improved pricing and continued operational efficiencies across both Tanzania and Kenya.
• Alteo’s results reflected improved operational delivery in the sugar business, with higher output and additional special sugar volumes, impacted by a softer contribution from Property operations in line with the project cycle.
