While Wonderla's Q3FY26 earnings were impacted by one-time regulatory costs and adverse weather, the underlying 8% ARPU growth and the premium performance of "The Isle" resort demonstrate the brand's sustained pricing power. The medium-to-long-term outlook remains positive, supported by the ramp-up of the Chennai park with margins similar to those of Bengaluru and Hyderabad, alongside an expected recovery in footfalls across mature locations as temporary headwinds subside. While management remains conservative regarding specific timelines for the next large-format park, new announcements are expected over the next 2-3 years. Increased depreciation from recent project commissioning and footfall disruptions...