Sterling Holiday Resorts Limited (SHRL) has announced its strongest-ever quarterly performance for Q1 FY27, marking a significant milestone in the company’s transformation into a scalable, profitable, and resilient hospitality platform.

The company reported record performance across key financial and operational indicators, with total revenue reaching ₹1.7 billion, representing a 21% year-on-year growth. EBITDA increased 21% to over ₹620 million, maintaining a strong 37% EBITDA margin, among the highest in the hospitality sector. Profit Before Tax (PBT) grew 30% year-on-year, while Operating Free Cash Flow also increased by 30%.

Sterling’s financial position remained robust, with the company continuing to operate as a debt-free organisation and holding cash reserves exceeding ₹3.7 billion, providing flexibility for future expansion, technology investments, and enhancing guest experiences.

The company’s operating performance also witnessed strong improvement during the quarter. Occupancy increased by 700 basis points to 77%, despite growth in available inventory. Average Room Rate (ARR) reached a record ₹7,809, while RevPAR grew by 20%, supported by effective revenue management, commercial execution, and increasing brand strength.

Room revenue grew 29% during the quarter, while Food & Beverage revenue increased 15%, highlighting continued demand across Sterling’s resort portfolio.

Currently, Sterling operates 78 resorts with nearly 3,800 rooms across more than 65 destinations, positioning itself as one of India’s fastest-growing listed hospitality companies. The company has a visible development pipeline of 35+ resorts and over 2,000 additional rooms, supported by its asset-right strategy combining owned, leased, and managed properties.

Customer recognition continued to strengthen Sterling’s brand positioning. Sterling Kanha received Tripadvisor’s prestigious “Best of the Best” Award for the fourth consecutive year, placing it among the top 1% of resorts globally. The achievement also makes Sterling one of the few resort brands worldwide to receive this recognition four years in succession.

Additionally, 28 Sterling resorts received Tripadvisor Travellers’ Choice Awards, with 12 resorts earning the recognition for three consecutive years.

Commenting on the performance, Mr. Vikram Lalvani, Managing Director & CEO, Sterling Holiday Resorts Limited, said that Q1 FY27 represents a defining milestone in Sterling’s journey, reflecting the company’s transformation into a high-quality hospitality platform.

He highlighted that the company’s growth engines, strong balance sheet, development pipeline, technology investments, artificial intelligence initiatives, and leadership capabilities will support its next phase of expansion and long-term value creation.

With continued focus on operational excellence, innovation, and destination-led growth, Sterling aims to strengthen its position as one of India’s leading leisure hospitality companies while creating enhanced experiences for travellers across the country.

About Sterling Holiday Resorts Limited

Sterling Holiday Resorts Limited is one of India’s leading hospitality companies with a portfolio of 78 resorts, hotels, and retreats across more than 65 destinations. The company offers leisure experiences across beaches, hills, jungles, heritage destinations, pilgrimage circuits, and waterfront locations.

Sterling caters to leisure travellers, MICE groups, destination weddings, reunions, and group travel segments through its extensive network of resorts across India.

Holiday Inn Bengaluru Racecourse has announced the elevation of Chef Pankaj Sah as its Executive Chef, recognising his culinary expertise, leadership, and dedication to delivering exceptional dining experiences.

Chef Pankaj has built a strong career through years of passion, commitment, and continuous growth. Over the years, he has successfully handled both culinary and administrative responsibilities, managing day-to-day kitchen operations, leading large-scale events, and creating memorable dining experiences for guests.

Since joining Holiday Inn Bengaluru Racecourse, Chef Pankaj has played an important role in strengthening the hotel's culinary offerings. His focus on quality, innovation, and consistency has helped elevate the guest dining experience while inspiring the culinary team to maintain high standards across every aspect of the kitchen.

In his new role as Executive Chef, he will lead all culinary operations at the hotel, mentor and develop the culinary team, and continue to drive operational excellence through creative and guest-focused dining experiences.

Speaking on the appointment, the General Manager of Holiday Inn Bengaluru Racecourse said:

"Chef Pankaj's elevation from Executive Sous Chef to Executive Chef is a reflection of his remarkable talent. His passion and ability to create exceptional dining experiences have significantly contributed to our success. We are confident that under his leadership, we will scale new heights in culinary fiefdom."

Holiday Inn Bengaluru Racecourse congratulated Chef Pankaj Sah on his promotion and expressed confidence that his leadership will continue to strengthen the hotel's culinary reputation and contribute to its future success.

Emirates and South African Airways (SAA) have expanded their long-standing partnership by introducing a reciprocal codeshare agreement, significantly enhancing connectivity across South Africa and neighbouring countries. The expanded agreement adds nine new destinations to the combined network, providing travellers with more seamless travel options across central and southern Africa.

The partnership marks the next phase of a relationship that has existed for nearly three decades. Since launching their codeshare agreement, SAA has placed its code on Emirates-operated flights between Dubai and Johannesburg, Cape Town, and Durban, while also offering interline connectivity to 68 Emirates destinations via Dubai. Following regulatory approvals, Emirates will now place its code on selected SAA-operated services, extending its reach deeper into the African continent.

The expanded agreement includes three domestic South African routes connecting Johannesburg with Cape Town, Durban, and Port Elizabeth, alongside six regional services linking Johannesburg with Kinshasa (Democratic Republic of Congo), Gaborone (Botswana), Windhoek (Namibia), Lusaka (Zambia), Harare (Zimbabwe), and Victoria Falls (Zimbabwe).

The reciprocal arrangement enables passengers to book their journeys on a single ticket, benefit from coordinated schedules, and enjoy through-checked baggage to their final destination, making travel across the region more convenient.

Commenting on the expansion, Adnan Kazim, Deputy President and Chief Commercial Officer, Emirates, said the agreement represents the natural evolution of a partnership that has successfully served travellers for many years. He noted that the expanded codeshare strengthens Emirates’ long-term commitment to South Africa and provides customers with seamless access to more destinations across the region.

Matshela Seshibe, Acting Group CEO of South African Airways, said the partnership supports SAA’s strategy to strengthen African connectivity while improving access to global markets. He added that combining SAA’s regional network with Emirates’ extensive international reach creates greater value for customers while reinforcing Johannesburg’s position as a major aviation gateway in Africa.

Emirates has served South Africa since 1995, beginning operations with flights to Johannesburg before expanding to Cape Town and Durban. Today, the airline operates 56 weekly flights across the three South African gateways, making the country the only destination in Emirates’ African network served by all three of its widebody aircraft types, the Boeing 777, Airbus A380, and Airbus A350.

Passengers travelling on the new codeshare routes will also have access to Emirates’ Premium Economy product on services between Dubai and both Johannesburg and Cape Town.

The expanded partnership reflects both airlines' continued focus on strengthening regional connectivity, supporting tourism, trade, and business travel while providing passengers with greater choice across Africa.