Sterling Holiday Resorts reported a record Q3 FY26, delivering the highest quarterly Revenue, EBITDA and Profit Before Tax (PBT) in the company’s history while extending its streak to 24 consecutive profitable quarters.
For the quarter, Sterling posted Total Revenue of ₹1,582 million, reflecting a 10% year-on-year (YOY) growth. The company’s EBITDA margin of 36% for the quarter remained well above the industry average, underscoring strong operating efficiency. Sterling continues to maintain a debt-free balance sheet, with cash reserves increasing 54% year-on-year.
While seasonal demand & inventory expansion supported performance during the quarter, the company attributes its sustained momentum to a set of structural strengths that continue to differentiate Sterling in the hospitality sector.
Consistent and quality growth model
Sterling has doubled its resorts in the last 3 years adding more than one resort a month, highlighting the resilience and discipline in its operating model. This sustained growth along with profitability reflects not just scale, but quality of earnings and prudent cost management across owned and managed resorts.
Rapid ramp-up capability in new resorts
The company has demonstrated a strong ability to bring newly launched resorts up to operational speed within one to two quarters, allowing quicker yield realization and faster contribution to profitability.
Sterling ONE – digital distribution advantage
Sterling’s proprietary digital platform, Sterling ONE, continues to provide a significant distribution edge, particularly in Tier 2 & Tier 3 markets, enabling deeper reach, improved direct bookings & enhanced customer engagement.
Strong balance sheet enabling product upgrades
With a robust cash position and zero debt, Sterling continues to reinvest in its properties to elevate guest experience. Recent upgrades include themed suites, specialty restaurants, wellness and spa offerings, and curated on-property experiences designed to enhance guest satisfaction and drive repeat visitation.
Focus on customer experience
Guest satisfaction metrics continued their upward trajectory, with Sterling’s TripAdvisor rating improving from 4.55 to 4.61, reflecting consistent improvements in service delivery, product quality & overall holiday experience.
Leadership commentary
Commenting on the performance, Vikram Lalvani, Managing Director & CEO, said: “Q3 FY26 has been a landmark quarter for Sterling, delivering record financial performance and significant operational gains. Our ability to grow inventory, enhance yield and strengthen our balance sheet while remaining debt-free demonstrates the robustness of our performance. India’s domestic travel continues to show tremendous tailwinds, and Sterling is well-positioned to lead this growth. With the expansion of our resort network, enhancements in digital capability and continued focus on guest experience, we see strong visibility for sustained momentum in H2 FY26 and beyond.”
