BSECompany Update15h ago · 4 Nov 2026, 03:14 pm
We are enclosing herewith the Press Release of M/s. Sterling Holiday Resorts Limited, wholly owned subsidiary of M/s. Thomas Cook (India) Limited dated November 04, 2026 titled, "Sterling Posts 27th Consecutive Profitable Quarter Record Expansion Takes Portfolio Past 4,000-Key Milestone".
Thomas Cook (India) Ltd · 500413
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Thomas Cook (India) Ltd's wholly owned subsidiary, Sterling Holiday Resorts Limited, reported its 27th consecutive profitable quarter with record Q2 revenue of ₹1,272 million, up 17% YoY, and crossed the milestone of 4,000 keys with 83 resorts.
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Thomas Cook (India) Ltd - 500413 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
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November 04, 2026
The Manager, The Manager,
Listing Department Listing Department
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 001 Mumbai – 400 051
Scrip Code: 500413 Scrip Code: THOMASCOOK
Fax No.: 2272 2037/39/41/61 Fax No.: 2659 8237/38
Dear Sir/ Madam,
Sub: Press Release – Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
We are enclosing herewith the Press Release of M/s. Sterling Holiday Resorts Limited, wholly owned subsidiary of
M/s. Thomas Cook (India) Limited dated November 04, 2026 titled, “Sterling Posts 27th Consecutive Profitable Quarter
Record Expansion Takes Portfolio Past 4,000-Key Milestone”.
This is for your information and records.
Thank you.
Yours faithfully,
For Thomas Cook (India) Limited
Amit J. Parekh
Company Secretary and Compliance Officer
Encl: a/a
STERLING POSTS 27TH CONSECUTIVE PROFITABLE QUARTER
RECORD EXPANSION TAKES PORTFOLIO PAST 4,000-KEY MILESTONE
Strong H1 performance, record resort openings, a growing managed-resort business and a debt-
free balance sheet position Sterling for its next phase of growth.
Key Highlights
• 27 Consecutive Profitable Quarters: Sustains profitability even in the seasonally weakest
quarter, with record Q2 revenue of ₹1,272 million, up 17% YoY.
• Biggest Quarterly Expansion: Opens 7 resorts in Q2, taking the portfolio to 83 resorts with
over 4,000 keys.
• Strong H1 Performance: Revenue grows 19% to ₹2,971 million; EBITDA rises 15% to ₹910
million and PBT increases 22% to ₹623 million.
• Improving Operating Metrics: H1 occupancy increases 500 bps to 68%, while ARR rises 11%
to ₹7,222.
• Strong Balance Sheet: Debt-free, with cash reserves of ₹3,805 million, providing significant
headroom to invest and expand.
Chennai, 4 November 2026: Sterling Holiday Resorts Limited (SHRL), one of India's leading
hospitality companies, continued its strong growth trajectory, reporting its 27th consecutive
profitable quarter and delivering record Q2 revenue of ₹1,272 million, up 17% year-on-year, despite
the quarter traditionally being the weakest in the hospitality calendar. Q2 EBITDA stood at ₹289
million, while occupancy improved to 60%, ARR increased 12% to ₹6,494 & Total RevPAR grew 12%.
Record Expansion; Crosses 4,000 Keys
Sterling recorded its highest-ever quarterly expansion, opening seven resorts in Q2 FY27 and taking
its portfolio to 83 resorts, crossing the milestone of 4,000 keys. Six additional resort sign-ups during
the quarter further strengthened its expansion pipeline.
The managed-resort business is emerging as a significant growth driver. Q2 revenue from managed
resorts grew 67% year-on-year to ₹379 million, contributing 23% of enterprise revenue. With 42
managed resorts, Sterling is scaling its asset-right model, expanding its footprint across India while
building a meaningful and growing contribution to overall turnover.
Strong Operating Performance in H1
Sterling delivered a strong H1 FY27, with Revenue from Operations growing 19% year-on-year to
₹2,971 million. EBITDA grew 15% to ₹910 million, while Profit Before Tax increased 22% to ₹623
million, reflecting sustained operating momentum and improving business fundamentals.
The company's first-half performance was supported by higher room demand and improved pricing.
Occupancy increased 500 bps to 68%, while ARR rose 11% to ₹7,222. Sterling continued to focus on
improving revenue productivity and maximising revenue beyond rooms.
Strong Balance Sheet to Support Growth
Sterling ended Q2 FY27 with cash reserves of ₹3,805 million, up 12% sequentially, while continuing
to maintain a zero-debt balance sheet. Operating free cash flow for H1 grew 16% to ₹593 million.
This financial strength provides the flexibility to invest in resort upgrades, technology, guest
experience and expansion opportunities, while maintaining capital discipline.
Guest Experience and Industry Recognition
Sterling's focus on guest experience is reflected in its improved TripAdvisor rating of 4.63, compared
with 4.60 a year ago, with 31 resorts ranked No. 1 in their respective areas.
The company was recognised as the "Fastest Growing Leisure Hotel Chain" at the Today's Traveller
Awards 2026 for the third consecutive time. Sterling ONE, its distribution platform, received the
"Smart Tech Enabled Platform of the Year 2026 – B2B" award at the Indian Travel & Technology
Summit & Awards 2026.
Commenting on the performance, Mr. Vikram Lalvani, Managing Director & CEO, SHRL, said:
“Our 27th consecutive profitable quarter reflects the resilience of Sterling's business model and our
ability to sustain growth through different demand cycles. Delivering record Q2 revenue in a
seasonally weaker leisure quarter is significant alongside as our increasingly diversified operating
model gains scale and momentum.
Our record pace of openings, crossing 4,000 keys, and a strong, debt-free balance sheet give us the
confidence to accelerate our growth while remaining disciplined about returns. We remain focused
on building a larger, sustainably profitable and capital-efficient hospitality enterprise while
consistently enhancing guest experience and creating long-term stakeholder value.
With the seasonally stronger second half ahead, we remain optimistic about sustaining our growth
momentum, improving revenue productivity across our portfolio and delivering greater value from
our expanding hospitality network.”
About Sterling Holiday Resorts Limited
Sterling Holiday Resorts Limited (SHRL) is one of India's leading hospitality companies, with a
portfolio of 83 resorts, hotels and retreats across beaches, hills, jungles, heritage destinations,
pilgrimage circuits, waterfronts and drive-to destinations across the country. The company operates
across more than 67 destinations and caters to leisure travellers, MICE, destination weddings,
reunions and group travel.
Sterling has resorts at some of India's best-loved holiday destinations, including Agra, Alleppey,
Amritsar, Anaikatti, Athirappilly, Ayodhya, Badami, Bandhavgarh, Bokaro, Chail, Coorg, Corbett,
Darjeeling, Dehradun, Dharamshala, Gangtok, Gir, Goa, Godavari, Guruvayur, Haridwar, Jaisalmer,
Jawai, Jodhpur, Kalimpong, Kanha, Kasauli, Karwar, Kodaikanal, Kufri, Lansdowne, Lonavala, Madurai,
Malampuzha, Manali, Mohali, Mount Abu, Munnar, Mussoorie, Nainital, Ooty, Panchgani, Pench,
Puri, Pushkar, Ranthambore, Rishikesh, Rudraprayag, Sakleshpur, Sattal, Sariska, Srinagar, Tadoba,
Thekkady, Tipeshwar, Tiruvannamalai, Udaipur, Jagdalpur, Varanasi, Vellore, Vythiri, Wayanad, Yelagiri
and Yercaud.
Sterling is a 100% independently managed subsidiary of Thomas Cook (India) Limited and part of
Fairfax Financial Holdings Limited.
Media Contact:
M. Harinath
Sr. Vice President – Corporate Communications
Sterling Holiday Resorts Ltd.
harinath.m@sterlingholidays.com