One would need to monitor the trend over the next four quarters before drawing any objective conclusions. While revenue will undoubtedly continue to grow due to Chennai, profitability is what we must watch closely.
Disclaimer: I remain invested; please consider my views biased.
AJ
Wonderla has delivered a fantastic performance. Although the last few years have been a real grind for most investors, this appears to be a breakout year for the company.
Disclosure: Remain invested from last many years.
AJ
Historical PE still between 31 - 32. Hopefully this will come down a little bit more in next 2 quarters. The 2nd quarter is seasonally weak so the potential for improvement is limited. Looking forward to new park announcement. Apart from location, it will also be important to watch whether there will be further equity dilution to fund a new park.
I missed investing in the early phase of multiplexes so tracking the journey of Wonderla as an investor is very interesting.
Great job done by Executive Chairman Arun and his team who have followed the longer term vision.
Just attended the call - As of now no announcements - Arun say’s they are planning 3-4 parks in 4 years and also in the resort business new standalone resort in places like Goa are in the pipeline apart from location already present.
It is interesting that in spite of good q1 results and strong likelihood of the Chennai park improving the eps in the subsequent quarters too, the share price has fallen back to around the 470 mark. Have started buying in very small quantities.
Disclaimer : This is not a recommendation for anyone to buy the stock. I am a shareholder from before and hence biased.
Wonderla Holidays -
Q1 FY 27 results and concall highlights -
Revenues - 252 vs 179 cr, up 41 pc
EBITDA - 122 vs 87 cr, up 39 pc ( margins @ 48.4 vs 48.9 pc )
PAT - 72 vs 52 cr, up 38 pc
Consol footfalls @ 12.3 lakh, up 33 pc YoY
Consol ARPU @ Rs 1904, up 7 pc YoY
Park wise revenues, ARPUs -
Bengaluru - 71 cr, up 17 pc. ARPU @ Rs 2085, up 10 pc
Kochi - 44 cr, up 13 pc. ARPU @ Rs 1768, up 7 pc
Hyderabad - 59 cr, up 19 pc. ARPU @ Rs 2041, up 9 pc
Bhubneshwar - 13 cr, up 1 pc. ARPU @ Rs 1353, down 3 pc
Chennai - 45 cr ( went live in Q3 LY ), ARPU @ Rs 1850
Wonderla resort and Isle - 9.6 cr, up 92 pc. ARR @ Rs 6.9k, up 21 pc. Occupancy @ 74 vs 56 pc
Notes from Q1 concall -
Revenue growth in mature parks ( all parks except Chennai ) @ 15 pc - led by 7 pc growth in ARPU and 8 pc growth in footfalls
EBITDA from Cennai park @ 22 cr - representing 64 pc of consol EBITDA growth for Q1
Resorts contributed to 3.2 cr in EBITDA
Ex-Chennai park, footfalls grew by 7 pc YoY
Chennai park has had a strong start. Should peak in next 2 yrs or so
Should have clarity on the new projects before end of current FY. In talks with multiple state govts. Should end up doing 2 large + 2 smaller parks ( rough estimate ) over next 4 yrs or so
Looking @ places like Goa to venture into a standalone resort project
Bhubneshwar park is also clocking positive EBITDA
Had to undertake 600 cr and 190 cr of capex to set up Chennai and Bhubneshwar parks respectively
Q1 and Q3 are their biggest Qtrs ( due usual seasonality )
Rough estimate of peak footfall that their current large format parts can handle is aprox 12 lakh visitors / park / yr. For their Bhubneshwar park, this figure would be close to 5 lakh / yr
FY 27 should see normal maint + sustenance capex of 40 odd cr. Cash on books for the company is north of 400 cr ( my best estimate - should be closer to 450 cr ). Gives them the muscle to indulge in large organic capex
The official swimsuit round and preliminary events for the Miss Universe India 2026 pageant took place at Wonderla on Wednesday, July 30, 2026, serving as a precursor to the grand finale - an example of regular brand building initiatives that they keep undertaking
Continue to hold excess land @ all their parks - can add additional rides / resorts in future
Have a total of 123 rooms - combined across both their resorts
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation, posted only for educational purposes
