The aggregate carrying value of land owned by the Company as of 31 March 2025 is ₹ 52,456.24 lakhs (₹ 52,260.19 lakhs + ₹ 196.05 lakhs)
‘Assets held-for-sale’ as at 31 March 2025. This relates to 1.35 acres of land located in Sardar Nagar Revenue Village, Telangana, which the Company decided to dispose of ( Value ₹ 196.05 lakhs)
This will be the value on books at time of purchase. Looking for land rate as of today, I believe it could be higher.
The Company maintains a deferred tax liability related specifically to the difference in value recognized for tax purposes, identified as the “Fair valuation of freehold land” The DTL balance attributable to the fair valuation of freehold land stood at ₹ 5,012.59 lakhs as at 31 March 2025. This is easily available in financial reports .
An update about Wonderla Chennai.
Wonderla Holidays -
Q2 FY 25 results and concall highlights -
Revenues - 88 vs 71 cr, up 24 pc
EBITDA - 7.5 vs (-) 1 cr { margins @ 9.3 vs (-) 1.6 pc }
PAT - (-) 2 vs 15 cr ( due a tax reversal LY )
Footfalls - 5.05 vs 4.51 lakh, up 12 pc
Avg ticket price - Rs 1017 vs Rs 983, up 3 pc
Avg non-ticket price - Rs 461 vs Rs 431, up 7 pc
ARPU - Rs 1478 vs Rs 1414, up 5 pc
Park wise revenues -
Bengaluru - 30.5 vs 28.3 cr, up 8 pc - due 8 pc increase in ARPUs. Footfalls were flat YoY @ 1.96 lakh
Kochi - 27 vs 19 cr, up 37 pc - due 37 pc rise in footfalls from 1.39 to 1.92 lakh. ARPUs @ Kochi were flat YoY
Hyderabad - 14.5 vs 13.4 cr, up 8 pc - footfalls increased by 1 pc to .93 lakh from 0.92 lakh. ARPUs were up by 7 pc
Bhuvneshwar - 2.8 vs 2.6 cr, up 9 pc. Footfalls increased by 3 pc from 0.23 to 0.24 lakh. ARPUs increased by 6 pc
Wonderla resort & Isle - 5.6 vs 3.6 cr, up 53 pc. ARR increased 8 pc from 5.6k to 6.1k. Occupancy improved from 43 to 59 pc
Notes from Q2 concall -
Chennai park’s commercial operations should commence wef 02 Dec 25
Company designs, makes, operates and maintain its own rides. Buying / Importing similar rides would cost the 2-3 X ( on an avg )
In Q1, revenues, footfalls in Bhuvneshwar Park were @ 8.6 cr and 0.96 lakh with APRUs @ Rs 1308. In Q2, ARPUs were @ Rs 1123
Company has already spent 600 cr towards its Chennai Park
Q2 is always the weakest Qtr for the company ( due monsoons )
Company’s preference is for large format parks near tier 1 cities ( wrt future expansions ). For tier 2 cities, company shall only go ahead if they get a sweet deal wrt long term lease at attractive rates ( like they got in Bhuvneshwar - 6 cr for a 90 yr lease ). Otherwise, its difficult for the company to run a profitable park near tier - 2 cities
Bhubneshwar Park’s size is aprox half of Chennai Park’s size
Broad split of their ticket : non ticket revenue at present stands @ 70:30
Chennai Park’s peak capacity stands @ 10-12 lakh visitors / yr. ( Assumption : That should translate into a peak revenue potential of aprox 213 cr @ an ARPU of Rs 1800 ). Company is hopeful of achieving this inside 3-4 yrs
Aprox 35-40 pc land is still un-utilised @ their parks in Kochi and Bengaluru. This figure for Hyderabad park is aprox 25 pc. Company keeps slowly adding newer attractions, restaurants, rides, resorts etc @ these available land banks
Company’s avg price of land would be around 5 cr / acre
I had a quick look into the google trends to see the interest in wonderla - for an 18 month period, the interest is at its peak currently - usually the trend peaks during the summer months and the current spike can certainly be attributed to the opening of new park in Chennai.
https://trends.google.com/trends/explore?date=2024-08-01%202025-12-02&geo=IN&q=wonderla
Disclaimer: Consider my views as biased as I’m a shareholder from past several years and have added to my holdings recently.
The current price of 525 is almost close to the price during start of recocery after covid 210. The new parks intiative is affecting profitability. I think it has to grow to a size where new parks should not impact profitability, for a good valuation.till that time we need to have patience
Yes. It is affecting profitability however the company is debt free that is important.
I see there are two factors that are impacting the profitability.
| Mar-23 | Mar-24 | Mar-25 | |
|---|---|---|---|
| Overall - Footfalls (in Lakhs) | 33.11 | 32.52 | 30.49 |
| YoY Growth | -1.78% | -6.24% | |
| Overall - ARPU | 1243.00 | 1430.00 | 1449.00 |
| YoY Growth | 15.04% | 1.33% |
Thanks, Ranjan.
Wonderla Holidays -
Q3 concall and results highlights -
Q3 outcomes -
Revenues - 141 vs 126 cr, up 12 pc
EBITDA - 39 vs 42 cr, down 7 pc ( margins @ 28 vs 33 pc )
PAT - 14 vs 20 cr, down 30 pc
Footfalls @ 9.17 vs 9.18 lakh
ARPU - Rs 1377 vs 1272
Park wise performance -
Bengaluru -
Revenues @ 46 vs 42 cr
Footfalls @ 3.08 vs 2.99 lakh
ARPU - Rs 1491 vs 1405
Kochi -
Revenues @ 28 vs 32 cr
Footfalls @ 2.07 vs 2.57 lakh
ARPU - Rs 1367 vs 1239
Hyderabad -
Revenues @ 37 vs 39 cr
Footfalls @ 3.03 vs 3.28 lakh
ARPU - Rs 1234 vs 1201
Bhuvneshwar -
Revenues - 2.7 vs 3.6 cr
Footfalls @ 0.24 vs 0.34 lakh
ARPU - Rs 1134 vs 1029
Wonderla Resort and Isle ( both @ Bengaluru ) -
Revenues @ 8.2 vs 4.8 cr
ARR - Rs 7.2k vs 5.7k
Occupancy @ 68 vs 55 pc
Chennai ( opened in Dec 25 ) -
Revenues @ 12 cr - clocked in 30 days - with an EBITDA margins of 10 pc ( annualised, despite a one time launch expense of 5.5 cr )
Footfalls @ 75k ( inside 1 month )
Facilities operated by the company -
5 Amusement parks ( Chennai park opened in Q3 )
230 Rides
23 restaurants
5 Banquet halls
7 Food courts
3 Lounge Bars
Comments from previous concalls -
Company designs, makes, operates and maintain its own rides. Buying / Importing similar rides would cost the 2-3 X ( on an avg )
Company’s preference is for large format parks near tier 1 cities ( wrt future expansions ). For tier 2 cities, company shall only go ahead if they get a sweet deal wrt long term lease at attractive rates ( like they got in Bhuvneshwar - 6 cr for a 90 yr lease ). Otherwise, its difficult for the company to run a profitable park near tier - 2 cities
Chennai Park’s peak capacity stands @ 10-12 lakh visitors / yr. ( Assumption : That should translate into a peak revenue potential of aprox 213 cr @ an ARPU of Rs 1800 ). Company is hopeful of achieving this inside 3-4 yrs
Aprox 35-40 pc land is still un-utilised @ their parks in Kochi and Bengaluru. This figure for Hyderabad park is aprox 25 pc. Company keeps slowly adding newer attractions, restaurants, rides, resorts etc @ these available land banks
Comments from Q3 Concall -
Chennai park went live in early Dec 25. Have spent 600 cr on this project. Company is exempt from local body taxes for next 10 yrs wrt their Chennai park
Hit on EBITDA in Q3 includes one time expenses of 5.5 cr towards opening of a new park in Chennai. PAT was further hit by added depreciation from Chennai park + implementation of new labour codes amounting to Rs 6 cr
Qtrly operating costs ( without depreciation ) for Chennai park should be around Rs 9 - 10 cr / qtr
In medium term, company expects the Chennai park to clock similar margins as their Bengaluru / Kochi / Hyderabad parks ( ie > 35 pc margins )
Kochi’s business was adversely affected in Q3 because of spread of waterborne amoeba infections in the region because of which a lot of school / college trips to the park were cancelled
Footfalls @ Chennai continue to remain strong in Jan 26
Weak footfalls in Bhuvneshwar are partially attributable to adverse weather events in Q3 - like cyclones
Avg payback period for the company has been around 4-5 yrs. For Chennai, its likely to be 7-8 yrs as this park is the largest and the amounts involved r also big
Bengaluru’s park started in 2005. The first resort in Bengaluru came up in 2014. Next resorts r likely to come up in Hyderabad / Kochi
In peak seasons ( in Q1 ), company has to ( by force ) leave some demand on the table as they do not overcrowd their parks. Hence they also keep undertaking gradual expansion like adding rides etc
As a fair assumption, one can factor in 1 new large park commercialisation by the company in next 3 yrs
Between the two resorts that they have, company has 123 Keys. Since the second resort came up only recently, not looking to expand the no of Keys @ Bengaluru
Don’t foresee any more exceptional charges wrt Chennai park in Q4
Disc: hold an investment position, added recently, biased, not SEBI registered, posted only for educational purposes
Just a random thought .
First Order thinking - Panic - This Iran war will lead to World War 3
Second Order Thinking - Being Rational: People will avoid international travel and prefer only domestic travel in India. And we may get a larger-than-average footfall at these Amusement parks.
Invested when it fell below 500. Just a 2% allocation.
Very less chances of WW3 as this war is made out for a different purpose. Second, agree as this is a possibility, however if the economic activity is reduced in the country due to increase in prices etc (War and Energy sector hit) the disposable income may also take a hit so people will first cut these types of expenses.
I recently booked loss partially and moved to another sector. (Wonderla was my highest allocation). Still it is a long-term bet provided the Resort business picks up.
One this is sure it is fundamentally strong and very good management.
Results look OK → favorable to me, can someone highlight if i am missing something as market is not rewarding this somehow.
Disc: invested in stock and hence can be biased
It’s difficult to really pinpoint about market not rewarding. However in general sense, since this kind of business is discretionary spend for general public. A big chunk of those spenders come from IT/ITES sector which is facing headwinds due to AI/Automation for sometime. So spenders are wary and uncertain of what is in the offing. That could be one of the reason that market is also cautious of not rewarding this business due to uncertainty of future customers.
Q1 and Q3 are the best quarters for them. They did pretty good for Q4. I think new chennai park is already priced in. They were at 40 PE, high valuation i feel. Also, in kochi, early rains in may have started and Q1 may not have beyond expectation results. I think it will be true for bangalore/hyderabad. Also new parks are not going to come online anytime before 2 years .May be that’s also reason for low interest in stock
One more reason maybe that, market is guessing a muted next quarter due to extreme HEAT-WAVE that is going all over the country.
Just a WILD GUESS.
Not invested, just tracking.
Not only heat wave.
Kerala and tamilnadu had state election on Q1.
So it may affected the footfall.
Wonderla Holidays -
Q4 and FY 26 results and concall highlights -
Q4 outcomes -
Revenues - 142 vs 107 cr, up 32 pc
EBITDA - 50 vs 30 cr, up 64 pc
PAT - 16.4 vs 11 cr, up 49 pc ( due increased depreciation @ 28 vs 16 cr, due operationalisation of Chennai park )
Total footfalls @ 8.79 vs 6.78 lakh, up 30 pc
Avg ticket price @ Rs 999, up 6 pc
ARPU @ Rs 1456, up 7 pc
Park wise revenues -
Bengaluru - 35 cr, up 7 pc
Kochi - 29 cr, up 9 pc
Hyderabad - 30 cr, up 3 pc
Bhubneshwar - 5.3 cr, up 13 pc
Chennai - 29 cr vs NIL
Resorts - 7 cr, up 84 pc. Occupancy @ 56 vs 43 pc
FY 26 outcomes -
Revenues - 551 vs 482 cr, up 14 pc
EBITDA - 192 vs 171 cr, up 12 pc
PAT - 82 vs 109 cr, down 25 pc ( full yr depreciation @ 83 vs 57 cr - due operationalisation of Chennai Park )
Footfalls - 32.19 lakh, up 6 pc
Avg Ticket price @ Rs 1061, up 4 pc
ARPU @ Rs 1530
Park wise revenues -
Bengaluru - 173 cr, up 3 pc
Kochi - 123 cr, up 2 pc
Hyderabad - 132 cr, up 3 pc
Bhubneshwar - 53 cr, up 13 pc
Chennai - 41 cr vs NIL ( went live in late Q3 )
Resorts - 26 cr, up 56 pc. Occupancy @ 53 vs 49 pc
Facilities operated by the company -
5 Amusement parks ( Chennai park opened in Q3 )
230 Rides
23 restaurants
5 Banquet halls
7 Food courts
3 Lounge Bars
2 Resorts
Notes form previous Concalls -
Chennai Park’s peak capacity stands @ 10-12 lakh visitors / yr. ( Assumption : That should translate into a peak revenue potential of aprox 213 cr @ an ARPU of Rs 1800 ). Company is hopeful of achieving this inside 3-4 yrs
Aprox 35-40 pc land is still un-utilised @ their parks in Kochi and Bengaluru. This figure for Hyderabad park is aprox 25 pc. Company keeps slowly adding newer attractions, restaurants, rides, resorts etc @ these available land banks
Qtrly operating costs ( without depreciation ) for Chennai park should be around Rs 9 - 10 cr / qtr
In peak seasons ( in Q1 ), company has to ( by force ) leave some demand on the table as they do not overcrowd their parks. Hence they also keep undertaking gradual expansion like adding rides etc
As a fair assumption, one can factor in 1 new large park commercialisation by the company in next 3 yrs
Expect Chennai to clock > 20 pc EBITDA margins in FY 27 and then build up thereafter
Notes from Q4 Concall -
No large capex planned for FY 27
Company hopes, their Chennai park achieves financial matrices comparable to that of Bengaluru park
Hopeful of finalising a deal for their 6th park in FY 27. Cash on books shall be utilised to fund that capex. Its just that large RE deals take time to materialise
Should open a min of 3 more parks in next 5 yrs
Seeing descent demand trends in Q1
Yearly depreciation wrt Chennai park for FY 27 should be 45-50 cr
Company has re-caliberated its strategy to go for larger format parks near Tier - 1 locations vs smaller sized parks near Tier - 2 locations. Hence - it’s taking more time ( more than usual ) to finalise the location for their 6th park as land parcels are more difficult to acquire near Tier 1 locations. Currently in active discussions with 4 state Govts
Chennai park clocked EBITDA margins of 30 pc in Q4. Q1 should be even better - its the peak season with summer vacations
Bhubneshwar park clocked footfalls of aprox 2 lakh in FY 26. In medium term, aim to reach annual footfalls of > 3 lakh @ Bhubneshwar. That would significantly improve the park’s return ratios
Non Ticket revenues have a far higher potential for growth vs the ticket revenues. In developed countries, on ticket revenues are generally 2X of ticket revenues. Company hopes to clock 50:50 - ticket:non ticket revenues in medium term
Don’t have a blanket liquor license. Do take it for special events. Don’t want to serve it under normal circumstances as its more a family outing oriented business
Disc: hold a small position, inclined to add more, not SEBI registered, biased, not a buy/sell recommendation, posted for educational purposes only
