Ztech India Limited
Market Landscape & Opportunity Size
Think about last time when you have been to a park with family? Difficult to think? Difficult to recall?
Now think about when you last went to see a movie your family? Chaava or any other recent movie comes to your mind!!! Right?
- We are leaving in a cement and bricks world. It’s a concrete jungle out there. We have attached our happiness with watching a movie or playing a bowling match or joining a club where we can get most advancement indoor games. Also, this is because your income supports such expenditure. Today, average expense of a family of four to watch a movie is Rs. 2,000/-. (1000 1200 Tickets and 500-800 for food, beverages and other expenses). Now, think about how many people can do such expenditure?
- Let see what stats speak:
- India’s per capita income is $2,940 (Source: www.imf.org) which is equivalent to Rs. 2,49,900. Assuming two working person in a family, total income of the family would be around Rs. 5,00,000/-. This number is even lower given the fact that 10% of the Indian population holds 77% of the total wealth. That means 23% of the wealth is distributed amongst 90% of Indian population.
- Given the standard of living of a normal lower middle class family, household expenses eat up to 50% of this income and remaining major part is expensed for other necessity expenses like education. Such family would have very little to expense on movies or expense on big theme parks like that of Imagica or Wonderla which would have expenditure of minimum 2500/- on tickets per head. Travel, food, stay will be addition to what it is.
- Moreover, such theme parks are worth visiting once in a while owing to:
- Expenditure involved
- Time taken for travel
- Days to be taken off from work
- Lack of newness in the offering like water rides, sport rides, etc.
Now the bigger question is where do such family which have meagre disposable income spend their Sundays? In big theme parks? Or in Movies? I think you have the answer now given the point. Neither of the two.
- So, then who is responsible to think about these lower class and lower middle class to create some sort of place which can help them to relax with family and spend some quality time? Of course, the Government.
*The Governments, both central and state level and local authorities, have increasingly started thinking about the developing parks which are affordable to people and which can add some beautification to the city.
Here is the City Spending data of top 35 smart cities. Out of total, 36% is spent on Housing and Social Infrastructure. Housing and social infra includes expenses under Government Awaas Yojana, Housing policies, Bridges, hospitals, social or public areas like municipal gardens, Parks, Walkways, etc. Moreover it is in regards of infrastructure facilities where people can spend time.
There are three reasons for government spending on parks:
- It adds to the beautification of the city.
- The Waste to Wonder parks also help in securing points under Swachh Bharat Abhiyan marking scheme, which thus helps them secure funds from center.
- Lastly, it gives a good feel to the masses about the people in power who have developed such park. Also, the local MLA or a corporater can develop his image amongst the masses by creating an experience which can last in the minds of the people for years to come.
Company Overview:
Z-Tech India Limited was incorporated in 1994 with a core focus on civil construction, particularly in the design, supply, and construction of retaining structures. With a strong foundation in engineering and execution, the company has established a reputation for delivering durable, technically sound infrastructure solutions across various terrains and geographies.
Over time, Z-Tech has strategically diversified its business model to align with the evolving needs of urban development and environmental sustainability. Today, the company operates across three key verticals—civil and geotechnical engineering, sustainable theme park development, and industrial wastewater management—each reflecting its commitment to innovation and impact.
In the theme park vertical, Z-Tech contributes to urban rejuvenation by creating parks built from recycled scrap materials, combining art, sustainability, and public engagement. In the wastewater segment, the company provides advanced treatment solutions for industrial clients through proprietary technologies aimed at zero liquid discharge (ZLD). These newer areas of focus complement its legacy in civil construction and showcase its adaptability to modern challenges.
History so far:-
1994 - Founded in this year with their core focus on civil construction business, providing services related to designing, supplying and building retaining structures.
- 2017 - Embarking on a new era through a shift in management and acquisition by new ownership.
- 2020 - Expanded its footprint by venturing into realm of waste water management through the adoption of GIEST technology.
- 2022 - Embraced a green vision by developing sustainable theme parks and installation of meaningful art from discarded scrap objects in parks.
- 2024 - Listing of shares on NSE-Emerge and opening up of parks.
Business Segment:
The three business segments of the company are discussed in detail below:-
1. Theme Park Business:
This business segment of the company is the most exciting.
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Z-Tech engages in the conceptualization, planning, design, construction, and operations management of theme parks with a strong emphasis on environmental sustainability. This includes creating artwork and infrastructure from waste materials, embodying the ‘From Waste to Wonder’ concept. The company utilizes models like EPC, Hybrid Annuity Model (HAM) and through investing its own funds and carry operations in collaboration with the government. Not only this, the Company operates and maintains the park and gives performance guarantee to the authority. This ensure economic sustainability of parks.
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The art work involves is working as a differentiator for the Company. This is what make this a unique Company having unique capability of producing BEST from WASTE.
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Not only due to Ecological reason, the cities can actually present an idea which can depicts the value fabric of the city. For Example: The Company has recently built a Shivalay Park in Prayagraj which was inaugurated just before Maha Kumbh. The park is built in the shape of India’s Map with darshan of 12 Jyotirlings mapped at the location where they are actually situated in India. Also, the park had depiction of Samudra Manthan which was the reason for Maha Kumbh. The built in factor immediately stuck the spiritual cord of the people. In addition to this, some teachings of culture can be impart to the people which can stay with the people and increase the experience of the people.
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The Company built these using the waste material of iron, steel, copper, aluminum etc. which reduces the investment in the park and thus reduces the pay-back period of the investment. Also, building these with such low cost enables the city authorities to charge low sustainable ticket prices from the visitors. This increases the repeat footfalls in the park.
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Now, let’s speak about how these parks can be center of activities generating more stream of revenues for the Company :
a) The Company can generate steady rental incomes by renting the food and beverages counters for the people.
b) The Company can generate additional ticketing revenue by doing some fest or hosting some events on regular basis. Also, it can rent its parks to some event management companies which can hold its event and Z Tech can charge rental from it.
c) During preliminary groundwork, it was observed that even in a small town like Panchmarhi, Madhya Pradesh, a theme park served as a central hub for social activities. This underscores the important role such parks can play in shaping and supporting community engagement and social interaction especially in tier-3 and tier-4 cities where not much avenues of family quality spending locations are present.
d) The Company is contemplating to start sporting activities. That would be additional revenue stream for the Company. Think about box cricket craze and you will get a delightful feeling about the business prospects. Today box cricket tournament are held at city level, group level, NGO level, school level, society level, private office level etc. The bookings are just increasing. Apart from cricketing arena, football, pickle ball, paddle ball, miniature golf, archery, etc. interesting sports which are also trendy got opened in Fast Forward Sports arena.
e) So, the Company can have revenue from EPC work, Operating income of parks, ticketing of events in the park, rental income from park.
f) The beauty of this model is generally Land, which is most expensive factor of production is allotted by the government to build such park making this economically viable for the Company like Z Tech to come and even participate to operate the park with super return ratio. The local authorities will also facilitate the selection of land in locations with the potential to attract substantial footfall and support sustained revenue generation for the company.
- The client of the company has been government authorities. The government authorities can be landowning authorities or municipal corporations. The right of the company to get these contracts are purely based on tendering through open tender system. The company claims to have the ability to win the tenders by being competitive and offering at a proposition at which others can’t offer.
- Z-Tech’s theme parks are not just places for fun—they help improve cities, celebrate culture, and support the environment. As cities grow and people look for better ways to live and relax, Z-Tech stands out by building parks that are affordable, eco-friendly, and rich in culture. By working closely with the government and using waste materials creatively, the company builds parks that people enjoy and connect with. These parks are not only good for visitors, but they also help shape better cities for the future. This business has strong potential to grow and shows that Z-Tech is leading the way in building meaningful public spaces.
- Z-Tech has developed 10+ theme parks and has 23+ upcoming theme parks as mentioned in the latest investor presentation. A comparison is made between theme park of Z-Tech and an adventure park of Imagica, which shows the advantages / business perspective edges of the company over Imagica. Also, when we compare data of Imagica, Wonderla, Nicco Park for last 5 years in terms of Footfall and Average Spending per visitor in the park we can see that % growth in terms of visitor has stayed almost stagnant or growing at a very lower rates and the major increase in revenue was due to the increase in Average spending per visitor.
- The park like Wonderla, Imagica, Nicco park are such that a family can visit then once a year or maybe twice in summers or in vacations because to visit park like that it demands the parents or the adult to take leave from the office, drive outstation and the visit the park and average spend for family of four comes to around 10k to 15k.
Parks built by Ztech India Limited:
2. Industrial Waste Water Management :
This segment focuses on providing specialized wastewater treatment solutions for industries, aiming for profitable zero liquid discharge (ZLD).
- Z-Tech employs its proprietary GEIST technology (acquired in 2020 from Earl Exim Private Limited) and WOOW (Wealth out of Waste) Technologies for chemical recovery from industrial wastewater.
- The business operates on a Design, Build, and Operate (DBO) model, where Z-Tech invests, constructs, and manages the treatment plants, benefiting from recovered chemical sales. They also undertake projects on an EPC & O&M (Engineering, Procurement, and Construction & Operation and Maintenance) basis. Z-Tech offers thorough technical surveys for effluent resource assessment.
- The company have provided their services to companies like Navin Fluorine, Gujarat Alkalies, Grasim Industries Ltd., Hindalco Industries Ltd., Shriram Alkalies and Chemicals Ltd.
3. Geo Technical Specialized Solutions :
- This segment provides techniques for optimizing the performance and stability of ground structures. Services include soil reinforcement, slope stabilization, retaining structures, ground improvement, riverside erosion control, and coastal protection.
- Z-Tech offers design, supply, and construction services, along with support for landslide management. The business model includes EPC & ONM. Z-Tech also acts as a project consultant, including architecture, engineering designing, and preparing drawings.
- The company undertakes civil construction, civil engineering, and development projects like buildings and other public infrastructure. It also focuses on improving engineering properties of building and earth materials through modern techniques and developing new products for engineering and constructions through research and development.
Management Focus & Strategy:
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Expansion and Diversification: Z-Tech is actively pursuing geographical expansion, particularly in South India where it only has one park, and is exploring international opportunities, with active leads in Dubai. The company is also diversifying its offerings to include fast forward sports arenas, pet parks, and potentially Waste to Art Products.
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Sustainability: Maintaining environmentally responsible practices is a core value, evident in their ‘From Waste to Wonder’ and ZLD initiatives. Also since all three segments are kind of based on sustainability, synergically benefits may be taken.
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Strengthening the Business Model: The management is focused on strategic project selection and cost optimization to enhance operational efficiency and profitability, aligning with long-term goals. Also theme parks should not be viewed with a narrow perspective, as the management envisions a broader utility for these parks as outlined in the initiatives mentioned below in the snip. This multi-use approach could be a potential game changer, significantly expanding the company’s addressable market by attracting a wider audience. If successfully executed, these activities could meaningfully enhance margins, as they enable recurring revenue generation with minimal incremental cost, leveraging existing infrastructure and resources.
Growth Drivers & Outlook
The growth outlook for Z-Tech appears promising, driven by:
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Strong Order Book: The Company had an order book of INR 154.00 Crores as on 31st December, 2024 in the latest Investor Presentation. The cycle for geotechnical service rolls around 18 months and management said that 60% out of Rs. 69.00 Cr. order book will be realized this year i.e. FY 25-26. In theme park, 35 Cr. is of O&M which is spanned over a period of time and 10% is executed in a year and the remaining 55-60 Crores will be realized this year. The company secured orders amounting to 34.72 Crores in March 2025 as per their public updates which includes park project worth Rs. 20.00 Crores in Gujarat.
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Upcoming Projects: Z-Tech has 23+ upcoming theme parks, including the ongoing projects as on 31st December. The company is planning to open 100 parks in the next 3 years. Company also recently entered Gujarat and sees good inquiry from the South, also considering opportunities in Bangalore for a park like one developed in Noida where his share of ticketing revenue is 90%.
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Market Growth and Potential: The Company operates in sectors with significant growth potential, including urban renewal and the expanding water/wastewater treatment market. The Indian theme park market is projected to reach ₹1,865 crores in 2024. This growth is part of a broader trend in the amusement industry, which is expected to grow at a rate of 15%, potentially reaching ₹25,000 crores in the near future. The global geotechnical services market is also expected to grow. Overseas market should also be considered, which even amplifies company’s addressable market. Thus, active pursuit of international expansion presents new avenues for growth.
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Repeat Customer Orders: Z-Tech has established long-term client relationships, leading to repeat business. Many leads have been generated after the completion of Shivalay Park, which shows the company’s capabilities.
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Experienced Management Team: Ms. Sanghamitra Borgohain serves as the Managing Director having more than 13 years of experience in civil construction industry and immense experience in the field of business development, Sales and Marketing. Mr. Pradeep Sangwan, Director also has 8 years plus experience in the field of waste management. Mr. Sunil Ghodawat as Chief Business Officer having experience in the field of waste water management and is also very active in the parks segment.
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Fund Raise: A preferential issue of INR 200 Crores was also raised by the company for the purpose of inorganic growth through acquisitions, for working capital purposes and for international expansions.
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Diversified Business Segments: Presence in theme park development, wastewater management, and geotechnical solutions reduces reliance on a single sector, although we see the theme park segment itself becoming big.
Risks & Concerns:
Q. What will be the company’s strategy once the revenues of parks peak out (as discussed in the conclusion part also)? What will be the then revenue streams since EPC revenue will stream out?
A. Currently the company’s revenue is growing at a higher rate because major revenue today is coming from EPC which is booked at time and doesn’t have a annuity like model since, today the company has many inquiries for the park development and the business EPC part of the revenue will be a major chunk of the business giving it growth but going forward when order flow of new parks kinds of slows down the revenue of the business will likely grown like in an annuity model as then O&M would be a major driver of it as EPC revenue for a park will be booked over a period of development.
Q. Is there an enough opportunity size for the company?
A. According to the finding, The government in it’s City wise marking scheme for Swachh Bharat Abhiyan has been giving 100 marks for Waste to Wonder park. This incentives the cities to take up such projects as it serves many purposes for the city:
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Policy Focus and Pilot Projects: High-ranking cities often become models for best practices, and may be chosen for pilot projects or receive technical support for further innovation
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Performance-based Weightage: The performance of cities in Swachh Survekshan and related star rating protocols is given significant weightage in the overall assessment of urban local bodies (ULBs). This can influence the prioritization of cities for certain grants, technical assistance, or inclusion in new initiatives
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Certification Impact: Achieving higher star ratings (e.g., 5-Star Garbage Free City status) is a mark of trust and reliability, and can help cities make a stronger case for funding or support for advanced projects
Also, it attracts higher investment and tourism effect for a city (though tourism will be attracted not only on this basis but it can have an impact for a city which has a tourism led economy).
This are the incentives for the cities and local bodies to fund such projects & as Wise Uncle Charlie says “Show me the incentive and I’ll show you the outcome..”
Q. Sound Capital Allocation of the funds raised?
A. The company recently raised around 200 crores via a preferential round were both promoter as well as Non - promoters participated now, allocation and utilization of funds should be done in such a manner that further enhances shareholder value because today the company enjoys an asset light balance sheet, lean operations, liquid operations (as 42 crores of receivables are parked as retention money) but if utilization of fund is done to distort this benefits then one needs to re-evaluate the prospects and present of the company. If some acquisition or utilization of fund is done to supplement the park business or something which increases the engagement of crowd in park business then it would be something which enhances shareholder value.
Q. Emergence of competition in this business?
A. Economics 101 “Capital chases highest possible returns.” since, the return ratios in the park business are pretty good as well as the business economics is also something which is favorable competition may emerge here when? that is a matter of time. Currently there are few players in north India which are in this line of business but they are very small and they execute park which are of 15-20 lakhs in value terms and handles only EPC part and those are standard parks but Ztech which executes park of average value 10 crores and operates in sustainable theme park it has an advantage secondly, the tender terms are pretty much stringent and skewed towards Ztech which is an advantage to it.
but, , the competition may arise when efficient municipalities like Surat’s SMC which itself efficient in waste water management and sustainable theme parks (it has developed several places within the city with sustainable recycled Statues, a botanical garden in the city). Even other municipalities can develop learning curve from one or two projects and then itself develop such projects. Thus there is a possibility that clients who allocate project might themselves become competitors and decrease revenue prospects of the company.
Secondly, new players might come into this space looking at the growth opportunities. Local contractors and real estate developers, thus can be a threat to the company. Mitigating this risk it’ll be difficult for competitor to have a creative angle which company has and even the learning curve will need 2-3 years or so and till then, Z-tech will have reasonable visibility in the market.
but the usage of the park depends upon the idea as who can bring in the most engagement and crown pulling into the park as EPC revenue will be booked one time but the majority of the revenue will be earned in future o annuity kind of model.
Q. Political Angel 
A. The company’s liaisoning ability to align its project pipeline with government have resulted in:
The proximity to government also presents a double-edged sword. The company faces considerable concentration risk in terms of political alignment:
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A misunderstanding with the current political leadership may result in project delays, exclusion from bids, or cancellation of existing allocations.
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The company’s fortunes may be vulnerable to electoral cycles. A shift in political power — either at the state or central level — may deprioritize ongoing initiatives, pause budget allocations, or favour different corporate partners.
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If the spendings of the government decreases, it can be a threat to the company.
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Also, there can be delay in recovering the payments from the government leading to dues outstanding difficult to realize as was seen in power and road sector years ago where many NPA’s were created. However as per the management, in government business, delays are very common but your payments are secured.
Jal Jeevan mission and the stranded payments are one of the case study that we can look at where 18,000 crores of payment is stranded.
- Financial health of local authorities also pose a threat to the aspects of the business of the company. For example, the Karnataka local authority didn’t have enough finances as can be seen from below quarterly call note. Still the company manages to present alternate solutions, which showcases the importance which the management is giving to each territory and opportunity. In that case the capital requirement for the park increases.
Disclaimer - I am invested in the company and my views can be biased or skewed due to my investment position.
Due to word limits criteria I have continued my post below.
Investment Thesis:
The company’s revenue trajectory will resemble an inverted U-shape or Bell Shaped — characterized by a sharp rise in the initial years, a peak at maturity, and a gradual decline thereafter.
- Growth Phase
In the early stages, revenue will grow rapidly as the company undertakes and completes new park development projects under EPC contracts across various cities as EPC revenue will be booked when park gets developed & the commissioning of each park will opens up new streams of revenue such as:
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Ticketing and entry fees
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Food & beverage sales
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Retail and space rentals
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sports facilities
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Event hosting
This growth will be supported by the novelty of the parks and strong initial footfall, especially considering the assumption that majority of the resident of the city will visit the park. due to which initial revenue flow and foot fall in the park will be high just like when a new fancy restaurants gets open up in your city there is hype about it and everyone wants to visit it. (Think of Bastion when it opened up in Mumbai whole of Instagram was filled with it’s reels.)
- Maturing Phase
Here, when the EPC part of the revenue will start to stagnant the O&M will start to increase as a % of total revenue leading to growth in revenue majorly driven by growth in footfall and engagement of the park by starting various activities or so which is something will define the managements ability to create sustainability post the early years of EPC dominated revenue stream here, ticketing revenue won’t be able to increase at a rate at which businesses like Wonderla, Imagica, Nicco park did because here government is also involved so growth will be driven on increase in foot falls in this stage but margins will be higher as O&M expense as a percentage of O&M revenue will be pretty low.
- Declining phase:
This phase is of distant future and to comment on it today will be like throwing arrow in the darkness but, what we can think by applying common sense today is that park business will stagnant as after a some point in time only few % of people of the city or town would visit it as majority of then would have visited it but, by that time other businesses may start to take the lead in the company and the business like turf or other engagement avenues which the company may start would bear fruitful results but, as of today we can’t comment on this phase with certainty or the basis of facts that we have today as there is always some level of uncertainty as how the business evolves in future and that is the beauty of investing.
So, the journey of park business of the company is more like a fancy restaurant business in my understanding the only difference is that the fancy restaurant cannot create a long lasting hype or engagement by it’s menu and interiors where for Ztech it is possible.
Now, There is an Investment Checklist which I follow through which i would conclude it:
S - Small in Size
The business today is an emerging business and is small in size having significant headroom for it to grow both in terms of business as well as in terms of Valuation.
A - Accelerated Company Growth
The company has demonstrated superior growth both in Sales as well as Profitability in the past also, the prospects looks favorable to support those growth rate when overlooking the L1 order book and the current order book the company has. plus, with fund raise this will improve as the company will have access to funds for working capital for giving PBGs to the government, retention money to develop new parks and improve it’s execution speed by hiring more talent and strength.
But, one thing to note is that being a service oriented company (O&M) and the balance EPC business will always keep ROC’s and ROE’s elevated. But as company will acquire new entity in water segment and other segment, it might put a dent on these ratios and it can be a very painful transition from asset light to asset heavy business model. The company has a robust order book. The market size being reasonably high and company being dominant player is expected to keep this acceleration going on in future also."
though we will have to evaluate the acquisition that will be done, it’s objective, how it will add synergy to the business and it’s relevance.
One more thing to highlight is that though Park business is much more superior compared to rest of the segments but, the geo-technical business which has an order book of around 70 crores executable in next year will give good thrust to the topline though margins are low here.
R - Robust Capital Allocation
Till now, the capital allocation decisions by the company has been favorable given the return ratios, balance sheet structure and sound decision of focusing more on park business where the ROCE is much favorable and scalability of the business is there. As for an Investor Higher ROCE and good scalability prospects are the best music to it’s ears.
But, since the company has recently raised around 200 Crores for building up the war chest to funds it’s working capital requirements, for acquisition, International Expansion (Dubai very nascent stage though) & for general purpose we have to understand the utilization of the fund as Tony Stark says “With great powers comes Great Responsibilities.” so with this much money on hand risk of misallocation may increase but we have to look for it as it is uncertain and there lies and Alpha there.
T - Tailwind in the Industry
There are sufficient tailwind in both business of the company water as well as parks as seen form the order book flow of the company, focus of the government and the policies laid down (Incentives).
Also, the park developed by Ztech are in tier 2,3,4,5 cities and towns where there are not enough means of spending quality time for a family like a theater or mall etc. so, this parks can become an attraction there. In many cities parents take there kid to mall or game zone that is just another closed indoor environment and interaction with digital modes of entertainment so this and in Malls kids just get an experience of food court and window shopping so, this park can be a replacement for that thing where kids get quality outdoor environment to enjoy and parents to spend time. As living in metros or tier 1 Cities we may not able to grasp it’s relevance but when we went to ichalkaranji we were able to see that still small tier 2,3,4,5 cities and towns lacks avenues to spend quality time with the family.
Now, company under One District One Product Policy is targeting local bodies which have GI Tag for its local industry like a recent Khurja Park in UP which is famous for it’s Khurja Pottery and has GI recognition so via this initiatives the local government can promote local industry and preserve traditional crafts while ensuring city beautification.
H: Honest Management
The business is emerging in nature so to evaluate this aspect we have to stick to whether management is walking the talk, is it taking decisions that improves the shareholder value, are allocation of funds is being done in a way that improves the prospect of the company.
here, the management seems to walk the talk and the strategic focus of the management is also towards taking decisions which improves shareholder value but, one thing to highlight that was discovered on diving deep was that Sunil Ghorawat who is the Chief Business Officer and the main driving force of the park business of the company, was a promoter of a company named Earth Waters Pvt. Ltd which went bankrupt. A major capital allocation has still not be done by the management. Thus we have to re-considering this point with every piece of information and re-validating ourselves as to evaluate management pedigree is always a part of maintenance research where to re-evaluate it every piece of fact that comes (Bayesian Thinking Model).
I - Improving Technical
for anything you buy you need market validation of it as for every good investment there are three components that are:
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Sales growth
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Margin Expansion
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PE Re-rating
So, through technical we can look for establishing the third point given that first two are deeply and clearly understood.
List of Parks developed as well as Ongoing by Ztech (India) Limited:
| Sr.No. | Project Name | Location | Contract Amount | Whether in Phases | Completed/Ongoing | Expected Completion |
|---|---|---|---|---|---|---|
| 1. | Shaheedi Park | ITO, New Delhi | ₹11.02 Crore | Yes | Completed | |
| 2. | Bharat Darshan Park Phase-2 | Punjabi Bagh, New Delhi | ₹13.33 Crore | Yes | Completed | |
| 3. | World of Dinosaurs / Waste to Wonder Park | Sarai Kale Khan, New Delhi | ₹11.10 Crore | Yes | Completed | |
| 4. | UP Darshan Park | Gomti Nagar, Lucknow | ₹8.59 Crore | Completed | ||
| 5. | Happiness Park | Hazratganj, Lucknow | ₹3.93 Crore | Completed | ||
| 6. | Heritage Park / Sunder Nursery | Karol Bagh,New Delhi | ₹2.70 Crore | Completed | ||
| 7. | Life of Rani Jhansi | Jhansi | ₹1.70 Crore | Completed | ||
| 8. | Shivalaya Park | Prayagraj | ₹ 14.83 Crore | Completed | ||
| 9. | Harmony Park | Lucknow | ₹ 2.50 Crore | Completed | ||
| 10. | Fast Forward Sports | Lucknow | ₹ 7.25 Crore | Completed | ||
| 11. | Shaheedi Park | ITO, New Delhi | ₹14.65 Crore | Ongoing | August, 2032 | |
| 12. | Bharat Darshan Park Phase-2 | Punjabi Bagh, New Delhi | ₹22.32 Crore | Ongoing | November, 2032 | |
| 13. | Waste to Wonder Park Phase-2 | Sarai Kale Khan, New Delhi | ₹10.41 Crore | Yes | Ongoing | May, 2033 |
| 14. | Fantasy Kingdom | New Delhi | ₹2.96 Crore | Yes | Ongoing | |
| 15. | 2D/3D Sculpture, Furniture and Play equipment | At different places, New Delhi | ₹3.92 Crore | Yes | Ongoing | Jan, 2025 |
| 16. | World Park | Pimpri Chinchwad | ₹11.10 Crore | Ongoing | ||
| 17. | Bollywood Park | Pimpri Chinchwad | ₹9.80 Crore | Ongoing | ||
| 18. | Ceramic ki Anokhi Duniya Park | Bulandshahar (Khurja) | ₹5.52 Crore | Ongoing | ||
| 19. | Dinosaur Park | Pimpri Chinchwad | ₹ 0.43 Crore | Completed | ||
| 20. | Evolution of Cars | Pimpri Chinchwad | ₹ 0.27 Crore | Completed | ||
| 21. | Urban Safari | Noida | ₹ 10.22 Crore | Ongoing | March 2nd Half, 2025 | |
| 22. | Waste-to-Art World Park | Ahemdabad | ₹ 20 Crore | Ongoing | ||
| 23. | Saat Ajoobe Park | Moradabad | ₹ 7.12 Crore | Ongoing | ||
| 24. | Waste to Art Park (Ceramic Park) | Khurja, Bulandshahr | ₹ 5.28 Crore | Ongoing |
Disclaimer - I am invested in the company and my views can be biased or skewed due to my investment position.