Sterling Holiday Resorts has reported a record Q4 FY26, delivering the best-ever Q4 Revenue, EBITDA and Profit Before Tax (PBT), while extending its profitable streak to 25 consecutive quarters
For Q4 FY26, Sterling posted Total Revenue of ₹1,409 million, reflecting a 14% year-on-year (YOY) growth, while EBITDA stood at ₹348 million (10% YOY growth) and PBT at ₹206 million. The company maintained healthy EBITDA margins of 25% despite continued investments in expansion, technology and customer experience enhancements.
For the full year FY26, Sterling reported Revenue of ₹5,487 million and EBITDA of ₹1,701 million while maintaining a healthy EBITDA margin of 31%. PBT stood at ₹1,142 million for the year.
FY2025-26 marks a defining year for Sterling — a decisive inflection point where scale, profitability and balance sheet strength expanded simultaneously and not sequentially. Sterling is now operating at a sweet spot of scale, where incremental growth is increasingly margin and cash accretive.
Resort-Led Transformation Continues to Deliver
The resort business is the key engine driving Sterling’s growth, clearly demonstrating the success of the company’s strategic transformation towards a focused hospitality-led operating model.
Sterling’s resort business grew strongly during FY26:
- Resort Revenue grew 15% YOY to ₹4,678 million
- Room Revenue increased 21% YOY
- F&B Revenue grew 14% YOY
- Resort Revenue now contributes 85% of total revenue compared to 79% last year
During Q4 FY26:
- Room Revenue grew nearly 40% to ₹672 million
- Occupancy improved to 64% – up from 58% last year
- ARR increased 12% to ₹6,347
- Total RevPAR increased 16% despite a 20% increase in room inventory
With two record quarters H2 revenues outperformed H1 by 21%.
Rapid Expansion with Disciplined Capital Allocation
Sterling Holiday Resorts crossed the milestone of 78 resorts, hotels and retreats win 65 destinations, and over 3,800 rooms during FY26, adding nearly 1.5 resorts per month and 31 resorts over the last 24 months.
The company expects to cross 95 resorts and 4,500 rooms in 2027 with more than 20 sign-ups in the pipeline. Sterling remains focused on high-growth Tier 2 and Tier 3 business-cum-leisure corridors.
Strong Balance Sheet & Cash Generation
Sterling Holiday Resorts continues to maintain 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.
Delivering high growth with strong capital discipline remains a rare and differentiated combination within the hospitality sector.
Strengthening Brand, Technology & Customer Experience
Sterling Holiday Resorts continued to strengthen its customer proposition and operating capabilities during the year:
- 30 resorts and 11 restaurants earned TripAdvisor Excellence Awards
- Sterling Kanha and The Doon Diner at Sterling Mussoorie received “Best of the Best” recognition, placing them among the top 1% globally in their category
- Sterling further strengthened governance frameworks and scalable operating systems
- Sterling ONE, the company’s proprietary digital platform powered by Distributed Ledger Technology and AI, now provides direct access to over 7,000 travel partners and 360 corporates
Commenting on the performance, Vikram Lalvani, Managing Director & CEO, Sterling Holiday Resorts, said, “Q4 FY26 was a record-breaking quarter across all key operating and financial metrics. Sterling delivered its best-ever Q4 Revenue, EBITDA and Profit Before Tax while completing its 25th consecutive profitable quarter.
FY26 has been a defining year for Sterling. We have delivered record revenues, sustained profitability, expanded our resort footprint aggressively and strengthened our balance sheet — all while remaining debt-free.
India’s domestic leisure travel opportunity remains extremely strong and Sterling is well-positioned to capitalize on this opportunity through our expanding network, stronger brand proposition, digital capabilities and customer-centric operating model.”
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