Sterling Holiday FY26 Q4 revenue hits ₹1,409 million

New Delhi, May 18, 2026: India’s resort operators are quietly minting cash on the back of domestic travel, and Sterling Holiday Resorts just posted one of its cleanest quarters yet.

The company reported its highest-ever fourth-quarter performance in FY26, with total revenue reaching ₹1,409 million, up 14% year-on-year. It also clocked its 25th consecutive profitable quarter, showing steady traction in the domestic leisure segment.

EBITDA for Q4 FY26 came in at ₹348 million, rising 10% year-on-year, while Profit Before Tax (PBT) stood at ₹206 million. And despite ongoing spends on expansion, tech, and customer-facing upgrades, margins held firm at 25%.

FY26 Performance Driven by Revenue and Margin Growth

For the full year FY26, Sterling reported total revenue of ₹5,487 million. EBITDA stood at ₹1,701 million, with margins at a solid 31%. PBT came in at ₹1,142 million, keeping the profitability story intact. This wasn’t just top-line growth. Margins moved with it. The company is now converting incremental revenue into real cash, something many in the sector still struggle with. The second half did the heavy lifting. H2 revenues were 21% higher than H1, backed by better occupancy, sharper pricing, and tighter cost control.

Resort Segment Continues to Lead Growth

The resort business is doing almost all the work. It contributed 85% of total revenue in FY26, up from 79% last year. Resort revenue rose 15% year-on-year to ₹4,678 million. Room revenue jumped 21%. F&B grew 14%. Balanced growth. No weak spots. In Q4 alone, room revenue surged nearly 40% to ₹672 million. Occupancy climbed to 64% from 58% last year, while ARR rose 12% to ₹6,347. RevPAR increased 16%. And this came even after a 20% jump in room inventory. That’s demand holding strong, and pricing doing its job.

Portfolio Expansion Reaches 78 Properties Across 65 Destinations

Sterling Holiday Resorts expanded to 78 resorts, hotels, and retreats across 65 destinations in FY26, with over 3,800 rooms. It added 31 resorts in the last 24 months. That’s roughly 1.5 properties every month. The focus remains clear, Tier 2 and Tier 3 markets, especially mixed business-leisure corridors where domestic travel is growing without the volatility of metros. Next target: 95+ resorts and 4,500 rooms by 2027. There are already more than 20 signed projects in the pipeline.

Strong Balance Sheet and Cash Flow Growth

Sterling is running debt-free. And that’s rare at this scale. Cash reserves have grown at a 55% CAGR to about ₹3,400 million. Operating free cash flow jumped 49% year-on-year to ₹1,140 million. Growth without leverage. That’s the story here. While others stretch balance sheets to expand, Sterling is funding growth with internal cash.

Technology and Customer Experience Investments Continue

The company is also pushing hard on tech. Its in-house platform, Sterling ONE, connects with over 7,000 travel partners and 360 corporate clients using distributed ledger tech and AI. This isn’t just backend work. It’s about tightening distribution and reducing dependency on third parties. On the guest side, the brand picked up multiple recognitions, 30 resorts and 11 restaurants won TripAdvisor Excellence Awards.

Sterling Kanha and The Doon Diner at Sterling Mussoorie made it to the “Best of the Best” list, placing them in the top 1% globally. And while awards help, the real focus is on consistency on the ground. Management says the company is set up to ride the domestic leisure wave, backed by its growing network, resort-heavy strategy, and tighter digital control. Right now, that bet is paying off.