Sterling Holiday Resorts Limited , a wholly owned subsidiary of Thomas Cook (India) Limited, reported a record-breaking FY26 performance, delivering its highest-ever Q4 revenue, EBITDA, and Profit Before Tax (PBT), while extending its streak of profitability to 25 consecutive quarters. The results were disclosed via a press release intimation filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, dated May 14, 2026.

Record Q4 and Full-Year FY26 Financial Performance

Sterling posted strong financial results across both Q4 FY26 and the full fiscal year. The company maintained healthy EBITDA margins of 25% in Q4 FY26 despite continued investments in expansion, technology, and customer experience enhancements. For the full year, EBITDA margins stood at 31%.

The following table summarises the key financial metrics:

Resort-Led Growth Drives Revenue Momentum

The resort business remained the primary engine of Sterling's growth during FY26, demonstrating the success of the company's strategic shift towards a focused hospitality-led operating model. Resort Revenue now contributes 85% of total revenue, compared to 79% in the previous year.

Key resort business highlights for FY26 and Q4 FY26 are outlined below:

FY26 Resort Business Performance:

• Resort Revenue grew 15% YoY to ₹4,678 million
• Room Revenue increased 21% YoY
• F&B Revenue grew 14% YoY
• Resort Revenue share rose to 85% of total revenue from 79% last year

Q4 FY26 Operating Metrics:

• 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 Across India

Sterling crossed the milestone of 78 resorts, hotels, and retreats across 65 destinations, with 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 and Cash Generation

Sterling 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, reflecting strong capital discipline alongside high growth.

Brand, Technology, and Awards

Sterling continued to strengthen its customer proposition and operating capabilities during the year. The company's proprietary digital platform, Sterling ONE, powered by Distributed Ledger Technology and AI, now provides direct access to over 7,000 travel partners and 360 corporates.

The company received a wide range of industry recognitions during the period:

Commenting on the performance, Mr. Vikram Lalvani, Managing Director & CEO, stated: "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."

Thomas Cook India CEO Vikram Lalvani has highlighted robust growth in domestic travel, signalling a positive outlook for the company's operations in this segment. The leadership's remarks reflect the company's intent to align its strategic resources — including an expanding network and digital tools — with the increasing travel appetite among Indian consumers.

Domestic Travel Demand on the Rise

CEO Vikram Lalvani has pointed to strong growth in domestic travel as a key driver for the company's current business momentum. The rising demand is being seen as a significant opportunity for Thomas Cook India to deepen its footprint across the country and strengthen its service offerings to a growing base of travellers.

Strategy: Network Expansion and Digital Capabilities

To meet the surge in domestic travel demand, the company has outlined plans centred on two core pillars:

• Expanding Network: Broadening the company's physical and operational reach to serve more customers across diverse geographies within India.
• Digital Tools: Leveraging technology-driven solutions to enhance customer experience, streamline bookings, and improve overall service delivery.

These strategic priorities reflect the company's approach to scaling efficiently while maintaining a strong customer focus.

Customer-Centric Approach at the Core

A defining element of the company's strategy, as articulated by CEO Vikram Lalvani, is its emphasis on customer centricity. Thomas Cook India's plans are oriented towards ensuring that the expanding network and digital investments translate directly into improved experiences and greater convenience for travellers. This focus on the customer is positioned as central to the company's response to the evolving domestic travel landscape.

Key Strategic Highlights

Thomas Cook India's leadership commentary underscores a clear strategic direction — harnessing the tailwinds of domestic travel growth through network expansion and digital innovation, with the customer experience remaining the central focus of all initiatives.