Sterling Holiday Resorts Limited has achieved a milestone quarter in Q3 FY26, delivering record-breaking financial performance that underscores the company's robust growth trajectory and operational excellence. As a wholly owned subsidiary of Thomas Cook (India) Limited, Sterling has demonstrated remarkable consistency in profitability while expanding its hospitality footprint across India.

Record Financial Performance

Sterling's Q3 FY26 results represent the highest quarterly performance across key financial metrics in the company's history. The achievement marks the 24th consecutive profitable quarter, highlighting the sustainability and quality of Sterling's business model.

The company's EBITDA margin of 36% remained well above industry average, demonstrating strong operating efficiency and effective cost management across both owned and managed properties.

Strategic Portfolio Expansion

Sterling has significantly expanded its operational footprint, now operating 72 resorts, hotels, and retreats across 59 destinations throughout India. The company has doubled its resort count over the last three years, adding more than one resort per month on average. This expansion strategy reflects Sterling's disciplined approach to growth while maintaining profitability standards.

The portfolio spans diverse destination categories including beaches, hills, jungles, heritage sites, pilgrimage circuits, waterfronts, and drive-to getaways. Key destinations include popular locations such as:

• Beach destinations: Alleppey, Goa, Puri
• Hill stations: Darjeeling, Manali, Ooty, Shimla
• Wildlife locations: Corbett, Kanha, Ranthambore
• Heritage sites: Jaisalmer, Jodhpur, Udaipur

Operational Excellence and Digital Innovation

Sterling's success stems from several structural strengths that differentiate the company in India's competitive hospitality sector. The company has demonstrated rapid ramp-up capability, bringing newly launched resorts to operational speed within one to two quarters, enabling quicker yield realization and faster profitability contribution.

The proprietary digital platform Sterling ONE provides significant distribution advantages, particularly in Tier 2 and Tier 3 markets. This platform enables deeper market reach, improved direct bookings, and enhanced customer engagement, supporting the company's growth momentum.

Guest Experience and Service Quality

Sterling continues to focus on elevating guest experience through strategic reinvestments enabled by its strong balance sheet position. Recent property upgrades include:

• Themed suites and specialty restaurants
• Wellness and spa offerings
• Curated on-property experiences
• Enhanced service delivery systems

These improvements have yielded measurable results, with Sterling's TripAdvisor rating improving from 4.55 to 4.61, reflecting consistent enhancements in service quality and overall guest satisfaction.

Management Outlook

Managing Director and CEO Vikram Lalvani highlighted the significance of Q3 FY26 performance, noting the company's ability to simultaneously grow inventory, enhance yield, and strengthen the balance sheet while maintaining debt-free operations. He emphasized Sterling's strong positioning to capitalize on India's domestic travel growth, citing expansion of the resort network, digital capability enhancements, and continued focus on guest experience as key drivers for sustained momentum in H2 FY26 and beyond.

Sterling Holiday Resorts operates as a 100% independently managed subsidiary of Thomas Cook (India) Limited and is part of Fairfax Financial Holdings Limited. The company serves diverse market segments including leisure travelers, MICE events, destination weddings, reunions, and group travel across its extensive portfolio of over 3,600 operational keys.

Thomas Cook (India) Limited and SOTC Travel have forged a strategic alliance with the Mauritius Tourism Promotion Authority (MTPA) to capitalize on the growing Indian travel market. The memorandum of understanding, signed on February 6, 2026, represents a comprehensive approach to promoting Mauritius as a premier destination for Indian travelers across multiple segments.

Strategic Partnership Details

The MOU was formalized by key executives from all three organizations, establishing a framework for long-term collaboration:

The partnership leverages Thomas Cook India's omnichannel capabilities and destination expertise to showcase Mauritius across India's diverse market segments, including metropolitan areas and emerging Tier 2 and 3 cities.

Market Positioning and Target Segments

The collaboration will focus on positioning Mauritius beyond its traditional beach destination image. The partnership aims to highlight the island's rich Creole heritage, vibrant cultural diversity, and French influences that create natural connections with Indian travelers. Key target segments include:

• Honeymoon and leisure travelers
• Multi-generational families
• Millennials and Generation Z travelers
• MICE and corporate travel segments
• Business travelers seeking premium experiences

Mauritius offers several advantages for Indian travelers, including visa-free access, short flight durations, and accommodation options ranging from premium luxury resorts to value-driven properties.

Executive Perspectives

Mr. Rajeev Kale emphasized the strategic importance of the appointment as MTPA's partner for the Indian market, highlighting plans to leverage Thomas Cook India's extensive network and destination expertise. The partnership aims to showcase Mauritius' evolving proposition across leisure, MICE, and business travel segments while tapping into both established metro markets and emerging regional centers.

Mr. S.D. Nandakumar described the MOU as a significant milestone in repositioning Mauritius as a multifaceted destination. He highlighted the island's unique blend of French influence, Creole heritage, diverse religious traditions, and distinctive culinary landscape as key differentiators that resonate with Indian travelers.

Mr. Benoît Harter expressed enthusiasm about the partnership's potential to accelerate growth in the Indian market through a multipronged approach targeting both metropolitan and regional markets across leisure and MICE segments.

Implementation Strategy

The collaboration will implement a comprehensive three-pillar approach:

Destination Knowledge and Education

• Training programs for travel consultants
• Familiarization trips and educational initiatives
• Product knowledge enhancement across distribution channels

Product Development

• Customized packages for different traveler segments
• Integration of cultural and heritage experiences
• Development of MICE-specific offerings

Marketing Communications

• Joint promotional campaigns across multiple channels
• Digital marketing initiatives targeting specific demographics
• Participation in travel trade shows and consumer events

About the Organizations

Thomas Cook (India) Limited, established in 1881, operates as India's leading omnichannel travel company with services spanning foreign exchange, corporate travel, MICE, leisure travel, and visa services. The company has received multiple industry recognitions, including MICE Powerhouse at MaxiiiMICE Awards 2025 and Outbound Travel Operator of the Year (2024) at The Economic Times Travel & Tourism Annual Awards.

SOTC Travel Limited, a step-down subsidiary with over 75 years of legacy since 1949, specializes in leisure travel, incentive travel, and business travel segments. The Mauritius Tourism Promotion Authority, established under the MTPA Act 1996, serves as the official body promoting Mauritius as a tourist destination globally.