Sterling Holiday Resorts Reports Record FY26 Performance with 14% Revenue Growth
Sterling Holiday Resorts reported record Q4 FY26 revenue of ₹1,409 million (up 14% YoY) and FY26 revenue of ₹5,487 million. The company achieved its 25th consecutive profitable quarter. Sterling expanded its network to 78 resorts and over 3,800 rooms, with plans to reach 95 resorts by 2027. The balance sheet remains debt-free with cash reserves of nearly ₹3,400 million.
The positive financial results and expansion plans of a subsidiary like Sterling Holiday Resorts can have a moderate positive impact on the parent company, Thomas Cook (India) Limited, reflecting improved overall business performance.
The announcement details record-breaking financial performance, significant expansion, and a strong balance sheet for Sterling Holiday Resorts, indicating positive business momentum.
Thomas Cook (India) Limited's wholly-owned subsidiary, Sterling Holiday Resorts Limited, has reported a record-breaking performance for the fiscal year 2026 (FY26) and the fourth quarter (Q4 FY26). For Q4 FY26, Sterling achieved its best-ever revenue, EBITDA, and Profit Before Tax (PBT), marking its 25th consecutive profitable quarter. Total revenue for Q4 FY26 stood at ₹1,409 million, a 14% year-on-year increase. EBITDA grew by 10% year-on-year to ₹348 million, and PBT was ₹206 million, maintaining healthy EBITDA margins of 25% despite ongoing investments.
For the full fiscal year FY26, Sterling reported a revenue of ₹5,487 million and EBITDA of ₹1,701 million, with an EBITDA margin of 31%. PBT for the year was ₹1,142 million. The company highlighted that FY26 was a defining year, marking an inflection point where scale, profitability, and balance sheet strength expanded simultaneously. The resort business, contributing 85% of total revenue, was the primary growth driver, with resort revenue growing 15% year-on-year to ₹4,678 million. Room revenue increased by 21% year-on-year, F&B revenue by 14% year-on-year, and in Q4 FY26, room revenue grew nearly 40% to ₹672 million.
Sterling expanded its footprint significantly, crossing the milestone of 78 resorts, hotels, and retreats across 65 destinations, with over 3,800 rooms by the end of FY26. The company added approximately 1.5 resorts per month and over 31 resorts in the last 24 months. Sterling anticipates reaching over 95 resorts and 4,500 rooms by 2027, with more than 20 sign-ups in the pipeline, focusing on Tier 2 and Tier 3 cities. The company maintained a completely debt-free balance sheet, with cash reserves growing at a multi-year CAGR of 55% to nearly ₹3,400 million. Operating Free Cash Flow grew 49% year-on-year to ₹1,140 million.
Commenting on the performance, Mr. Vikram Lalvani, Managing Director & CEO, stated that Sterling is well-positioned to capitalize on India's strong domestic leisure travel opportunity through its expanding network, enhanced brand proposition, digital capabilities, and customer-centric operating model. The company also received numerous awards throughout the year, recognizing its performance and offerings.
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Thomas Cook (India) Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Thomas Cook (India) Limited. Read the original for the full detail.