Sterling Holiday Resorts posts 21% revenue growth in Q1 FY27

Sterling Holiday Resorts reported Q1 FY27 revenue of Rs 170 crore and EBITDA of more than Rs 62 crore, with a 37% margin. The debt-free operator has 78 resorts and a pipeline of more than 35 properties.

— Source publishedWed, 5 Aug, 2026, 16:00 IST·First seen Wed, 5 Aug, 2026, 16:14 IST·Source ET Hospitality

What happened

Sterling Holiday Resorts Limited · Sterling Holiday Resorts posted its strongest quarterly performance in Q1 FY27, with revenue up 21% to Rs 170 crore and

Key facts

  • Q1 FY27 total revenue: Rs 170 crore, up 21% YoY
  • EBITDA: over Rs 62 crore, up 21% YoY
  • EBITDA margin: 37%
  • Profit before tax: up 30% YoY
  • Operating free cash flow: up 30%
  • Cash reserves: over Rs 370 crore
  • Occupancy: 77%, up 700 basis points
  • Average room rate: Rs 7,809
  • TRevPAR: up 20%
  • Room revenue: up 29%
  • Food and beverage revenue: up 15%
  • 78 resorts and nearly 3,800 rooms across 65+ destinations
  • Development pipeline: 35+ resorts and 2,000+ rooms

Why this matters

Sterling’s debt-free balance sheet, high margins and 35-plus-property pipeline make it a well-positioned partner or acquirer for regional resort assets and complementary travel businesses.

What to watch

  • Quarterly occupancy, average daily rate, RevPAR and same-resort revenue growth.
  • EBITDA margin trend relative to the reported 37% Q1 level.
  • Number of pipeline properties signed, opened and operationalized.
  • Membership additions, renewals, upgrade rates and deferred revenue trends.
  • Capex, lease liabilities or any move away from the current debt-free position.
  • Evidence of discounting, competitive capacity additions or slower domestic leisure travel demand.
  • Prioritize conversion of the 35-plus-property pipeline in high-demand leisure and drive-to destinations.
  • Use debt-free capacity selectively for resort upgrades, long-term leases or asset-light management contracts rather than balance-sheet-heavy acquisitions.
  • Increase direct booking, membership renewals and cross-selling with the wider travel ecosystem to protect distribution economics.
  • Invest in premium room inventory, food and beverage, experiences and ancillary services to sustain revenue per occupied room.
  • Maintain expansion discipline by tracking ramp-up profitability and avoiding margin dilution from underperforming new properties.