💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 52.4% YoY to INR 410 Cr in FY25. Ticket sales grew 69.3% to INR 225.9 Cr; Food & Beverage (F&B) grew 62.4% to INR 74.4 Cr; Hotel revenue grew 1.3% to INR 55.2 Cr; and Retail grew 15.2% to INR 15.2 Cr.

Geographic Revenue Split

Primary revenue is generated from Maharashtra (Khopoli, Lonavala, Shirdi). Expansion is underway in Gujarat (Surat and Ahmedabad) and Madhya Pradesh (Indore).

Profitability Margins

EBITDA margin improved to 42.9% in FY25 from 39.2% in FY24. H1FY26 Profit After Tax (PAT) stood at INR 10.2 Cr, a significant decline from INR 63.7 Cr in H1FY25 due to higher base and acquisition-related costs.

EBITDA Margin

Operating EBITDA margin was 42.9% in FY25, representing INR 176.1 Cr, a 66.9% increase over FY24 EBITDA of INR 105.5 Cr.

Capital Expenditure

The company acquired land for the Ahmedabad waterpark for INR 75 Cr. Net cash used in investing activities for H1FY26 was INR 71.5 Cr.

Credit Rating & Borrowing

ICRA withdrew the [ICRA]D rating in March 2023 at the company's request. Short-term borrowings stood at INR 54.9 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

F&B supplies, retail merchandise, and power/fuel (INR 23 Cr in FY25).

Import Sources

Amusement rides are primarily imported; for example, 16 out of 17 attractions at the Surat park are imported.

Key Suppliers

Not disclosed in available documents; however, the company uses a company-wide centralized procurement and sourcing strategy.

Capacity Expansion

Current capacity includes 110 acres at Khopoli and 18 acres at Indore. Planned expansion includes India's largest waterpark near Ahmedabad following a 100% equity acquisition of Malpani Parks Ahmedabad Private Limited.

Raw Material Costs

Material costs were INR 41 Cr in FY25, representing 10% of total revenue, up 41.4% YoY.

Manufacturing Efficiency

Footfalls doubled to 27.5 lakhs in FY25 from 13.6 lakhs in FY24, reflecting high operative leverage where fixed costs are spread over a larger visitor base.

📈 Strategic Growth

Expected Growth Rate

9-11%

Growth Strategy

Growth is driven by the acquisition of Wet’n Joy and Sai Teerth parks, the launch of Aqua Imagicaa Indore (March 2025), and entry into the Family Entertainment Center (FEC) segment through a strategic partnership with Hello Park for immersive phygital play parks.

Products & Services

Theme park tickets, water slides, snow park access, hotel room rentals (Novotel Imagicaa), F&B services, and retail merchandise.

Brand Portfolio

Imagicaa, Wet’n Joy, Sai Teerth, Aqua Imagicaa, Novotel Imagicaa, and Hello Park.

New Products/Services

Introduction of 'Hello Park' phygital indoor parks, granting exclusive rights to the subsidiary Imagicaa Next.

Market Expansion

Expansion into Ahmedabad (Gujarat) and Indore (Madhya Pradesh) to diversify geographic presence beyond Maharashtra.

Market Share & Ranking

Largest amusement and water park company in India.

Strategic Alliances

Partnership with Hello Park for the FEC segment and a PPP project for Aqua Imagicaa in Surat.

🌍 External Factors

Industry Trends

The industry is evolving toward higher non-ticketing revenue mixes (F&B, retail) and 'phygital' entertainment experiences to match global park standards.

Competitive Landscape

Competes with domestic amusement parks and international destination parks for leisure and social segment spending.

Competitive Moat

Moat is built on high entry barriers (land and capital), established brand equity as a 'complete family holiday destination,' and high operating leverage that rewards scale.

Macro Economic Sensitivity

Highly sensitive to discretionary spending power of Indian consumers and the 9-11% CAGR growth of the Indian amusement park industry.

Consumer Behavior

Increasing propensity of Indian consumers to spend on experiential entertainment and weekend getaways.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with ISO/IS 9001:2008 standards for Quality Management Systems as certified by the Bureau of Indian Standards (BIS).

⚠️ Risk Analysis

Key Uncertainties

Weather-related risks, specifically heavy monsoons, which limited Q2FY26 revenue growth to 4.6% despite strong ARPU gains.

Geographic Concentration Risk

High concentration in Maharashtra, though currently being mitigated by expansion into Gujarat and Madhya Pradesh.

Third Party Dependencies

Dependency on international ride innovators and manufacturers for world-class attractions.

Technology Obsolescence Risk

Mitigated by management participation in international trade fairs and 'think tank' sessions to adopt next-generation entertainment technologies.