We cut our EBITDA estimates by 33%/9% for FY26E/FY27E as we fine tune our footfalls assumptions given early monsoon in Western India during peak summer resulted in a 22.4% YoY decline in footfalls to 0.95mn (PLe 1.24mn). IMAGICAA IN reported weak set of results as revenues declined 19.5% YoY to Rs1,481mn with EBITDA margin of 49.0% driven by early monsoon in the western region and postponement of school vacations. Given 1Q is a seasonally strong quarter for water parks, we believe recovery in ensuing quarters will be difficult and thus FY26E might turn-out to be a challenging year for IMAGICAA...