Sterling Holiday Resorts, a subsidiary of Thomas Cook (India) Limited, has achieved a record-breaking FY26. The company reported its highest-ever Q4 revenue of ₹1,409 million, marking 14% YOY growth. With 25 consecutive quarters of profitability and a debt-free balance sheet, Sterling continues to scale, adding 31 resorts over the last 24 months. The company remains focused on aggressive expansion into Tier 2 and Tier 3 leisure corridors.
Financial Milestones
Sterling Holiday Resorts delivered a robust financial performance in FY26, characterized by strong revenue growth and healthy margins. The company reported a full-year revenue of ₹5,487 million with an EBITDA margin of 31%. Notably, Q4 FY26 witnessed the company’s highest-ever revenue at ₹1,409 million and a Profit Before Tax of ₹206 million, extending its streak of profitability to 25 consecutive quarters.
Resort-Led Growth Strategy
The company’s strategic shift towards a hospitality-led operating model is yielding significant results. Resort revenue grew 15% YOY, now contributing 85% of total revenue. Operational efficiency improved substantially, with occupancy reaching 64% compared to 58% in the previous year. Additionally, ARR increased by 12% to ₹6,347, and total RevPAR grew by 16% despite a 20% increase in room inventory.
Rapid Expansion and Capital Discipline
Sterling has reached a milestone of 78 resorts and over 3,800 rooms across India. This aggressive expansion, which averaged 1.5 resorts added per month, is supported by a completely debt-free balance sheet. Cash reserves have grown at a multi-year CAGR of 55%, reaching nearly ₹3,400 million, while Operating Free Cash Flow rose by 49% to ₹1,140 million. Looking ahead, the company aims to cross 95 resorts and 4,500 rooms by 2027.
Technological and Brand Leadership
Beyond physical expansion, Sterling has strengthened its market position through digital innovation and service excellence. The proprietary platform Sterling ONE, integrated with AI and Distributed Ledger Technology, now provides seamless access for over 7,000 travel partners. The brand’s commitment to quality was further validated by numerous accolades, including multiple TripAdvisor ‘Best of the Best’ recognitions and a host of awards from industry bodies such as Agoda, Booking.com, and Today’s Traveller.
Source: BSE
