New Research Reports

Footfalls sustain despite heavy rains; H2 might witness some uptick: WHL reported 12.1% YoY growth in overall footfalls majorly driven by Kochi (+38% YoY, grew by 4% compared with Q2FY24). Other parks such as Bengaluru and Hyderabad reported flat footfalls despite heavier rainfall while Bhubaneshwar despite of heightened rainfall activity this season, reported 3% YoY growth in footfalls which signals stable consumer sentiments. The management expects the footfalls to continue growing in single-digits among mature parks while it expects newer parks to lead the...

The Chennai park, slated to begin operations by December 2025, is expected to drive substantial footfall growth in the long term. However, due to its soft launch, it is not projected to have a material impact in FY26, with meaningful contribu-...

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...

Sabarmati. IMAGICAA reported strong operating performance with EBITDA margin of 42.9% (PLe 36.7%) aided by a one-off grant income of Rs62mn pertaining to hotel Novotel, Imagicaa. While footfalls were down by ~4% on LFL basis, we expect recovery in FY26E backed by 1) addition of 10 new rides at Wet & Joy water park in Lonavala 2) launch of 2 new shows at Sai Teertha...

We cut our EBITDA estimates by 8%/7% for FY26E/FY27E respectively as we re-align our footfall and ARPU growth assumptions at parks in Khopoli, Lonavala and Shirdi. Imagicaaworld Entertainment Ltd (IEL) reported a subdued operational performance with EBITDA margin of 32.2% (PLe 44.1%) amid pressure on footfalls and pricing. On LFL basis, footfalls were down ~5% while implied blended ARPU was under pressure due to rise in ticketing volumes...

WHL’s Q3FY25 performance was weak, missing estimates on all fronts owing to lower footfalls and sharp decline in EBITDA margins which led to a sharp decline in the PAT.

Wonderla Holidays Ltd.’s (WHL’s) Q2FY2025 numbers were weak, with sharp decline in footfalls and margins. Footfalls fell by 13.9% y-o-y (like-for-like basis); EBITDA margins contracted to 1.2% versus 27.2% in Q2FY2024.

Wonderla Holidays’ (WHL’s) Q1FY2025 numbers were weak, as footfalls were hit by extreme heatwave
and elections, leading to 6% y-o-y decline in revenue; adjusted EBITDA margins fell ~700 bps y-o-y

Wonderla Holidays (Wonderla) delivered weak operational performance in Q4FY24 – revenue flat YoY, at INR 1bn (ISec estimate: 7% YoY revenue growth), owing to footfalls declining 12% YoY in the absence of large groups in Jan’24
at its Bengaluru/Kochi parks.

Wonderla Holidays Limited’s (WHL’s) Q4FY24 was soft on high base of Q4FY2023 and early school exams
in some of the key states impacting group footfalls; high EBIDTA margins were lower due to higher employee cost.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q1FY24 with revenue growing 24% YoY to INR1.85bn and EBITDA growing 28% YoY to INR1.2bn led by a 25% YoY ARPU growth even as footfalls decline marginally by 1.4% YoY.

After a washout in FY21 and FY22 owing to Covid, Wonderla Holidays (Wonderla) staged a stellar bounce back in FY23 with revenue of Rs4.3bn which was up 58% vs. FY20 while EBITDA grew 102% over FY20 to Rs2.1bn.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q4FY23 with revenue of Rs1.0bn. As a result, the company has clocked FY23 revenue of Rs4.3bn which is up 58% vs. FY20 while EBITDA has grown 102% over FY20 to Rs2.1bn.