IMAGICAA - Imagica. Enter.
📢 Recent Corporate Announcements
Imagicaaworld Entertainment's subsidiary, Imagicaa Next, has signed a Letter of Intent to launch India's first 'Hello Park' at Lake Shore Y Junction Mall in Hyderabad. The 10,000 sq. ft. indoor facility is designed for children aged 3-12 and is expected to open before the 2026 year-end festive season. This move marks the company's entry into the low-capex indoor entertainment segment, aiming to diversify its portfolio beyond large-scale outdoor theme parks. The location is strategic, situated in a 1.6 million sq. ft. mall with high footfall in a dense residential catchment.
- Launching India's first Hello Park in Hyderabad, spanning approximately 10,000 square feet.
- Strategically located in Lake Shore Y Junction Mall, a 1.6 million sq. ft. retail hub opened in Dec 2025.
- Target opening set before the 2026 year-end festive season to capture peak holiday demand.
- New low-capex format focused on children aged 3-12, blending physical play with digital interactivity.
- Expansion strategy includes rolling out multiple parks across key urban markets in India.
Imagicaaworld Entertainment Limited has announced a virtual group meeting with analysts and institutional investors scheduled for March 10, 2026. The interaction is part of the Arihant Capital Investor Conference and will commence at 4:00 p.m. IST. The company has stated that the discussions will be based strictly on publicly available information, with no unpublished price sensitive information being shared. This meeting is a standard part of the company's investor relations program to maintain transparency with the market.
- Virtual group meeting scheduled for Tuesday, March 10, 2026, at 4:00 p.m. onwards.
- Interaction hosted by Arihant Capital as part of their Investor Conference.
- Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Company confirms no unpublished price sensitive information (UPSI) will be discussed during the session.
Imagicaaworld Entertainment Limited (IEL) has demonstrated a strong operational turnaround, reporting a 2X increase in EBITDA and 1.5X revenue growth following the consolidation of seven parks. The company currently operates a portfolio of 8 parks and one 5-star hotel, recording approximately 28 lakh combined annual footfalls. Management has outlined an aggressive expansion strategy to add one new location annually, focusing on Tier I and Tier II cities. Notably, the company's non-ticketing revenue stands at 36%, significantly outperforming the Indian industry average of 25% and moving closer to global standards.
- Consolidation of 7 parks resulted in 2X EBITDA and 1.5X Revenue increase compared to previous periods.
- Current portfolio includes 8 parks across 5 locations with ~28 lakh combined footfalls and 150+ rides.
- Non-ticketing revenue contribution is 36%, compared to the Indian industry average of 25%.
- Expansion plans include new parks in Ahmedabad and a strategy to add one new location every year.
- Indian amusement park industry projected to grow at 9-11% CAGR to reach INR 190-200 bn by FY30.
Imagicaaworld reported a flat revenue of Rs 92.1 crore for Q3 FY26, despite a 6% increase in footfalls to 6.74 lakh. The growth in footfalls was primarily driven by the school segment, which led to a 4% dip in Average Revenue Per User (ARPU) due to lower pricing for students. The hotel segment saw a 6% revenue decline due to fewer MICE events, while the company secured environmental clearance for its Sabarmati Riverfront project. Additionally, the company is exploring a JV in Gujarat and launched a new digital playground format to diversify its portfolio and reduce seasonality.
- Consolidated revenue remained steady at Rs 92.1 crore compared to Rs 91.8 crore in the previous year
- Total footfalls grew by 6% YoY to 6.74 lakh, despite being impacted by prolonged rains during festive periods
- Average Revenue Per User (ARPU) decreased by 4% due to a higher contribution from the lower-margin school segment
- Hotel revenue declined by 6% with occupancy dropping 2.5% due to lower corporate (MICE) activity
- Received Environmental Clearance for the Sabarmati Riverfront Project and initiated JV talks for Shanku's Water Park in Gujarat
Imagicaaworld Entertainment reported a standalone net profit of ₹1.54 crore for Q3 FY26, marking a recovery from a ₹30.24 crore loss in the previous quarter, though down 52% from ₹3.22 crore in Q3 FY25. Revenue from operations remained stagnant at ₹91.25 crore compared to ₹91.86 crore in the same period last year. The nine-month (9M) performance shows a significant decline, with net profit falling to ₹14.52 crore from ₹62.75 crore in 9M FY25. The company has utilized ₹215.74 crore from its preferential issue proceeds primarily for debt repayment and subsidiary acquisitions.
- Q3 Standalone Revenue at ₹91.25 Cr, showing a marginal 0.6% decline YoY.
- Net Profit for the quarter stood at ₹1.54 Cr, down from ₹3.22 Cr in the previous year's December quarter.
- 9M FY26 Revenue declined to ₹269.60 Cr from ₹315.82 Cr in 9M FY25.
- Finance costs for the nine-month period surged by 128% to ₹14.12 Cr.
- Utilized ₹139.17 Cr for loan repayment of its wholly-owned subsidiary, Malpani Parks Indore Private Limited.
Imagicaaworld Entertainment Limited has scheduled an interaction with analysts and institutional investors on February 9, 2026. The company will be participating in the Systematix India Annual Conference held in Mumbai, starting from 10:00 a.m. The management intends to discuss publicly available information and business outlook without disclosing any unpublished price sensitive information. Such meetings are standard practice for maintaining transparency with the institutional investment community.
- Meeting scheduled for Monday, February 9, 2026, at 10:00 a.m. onwards.
- Participation in the Systematix India Annual Conference in Mumbai.
- Interaction with multiple analysts and institutional investors (Participants).
- Company confirms no unpublished price sensitive information (UPSI) will be shared.
Imagicaaworld Entertainment Limited has entered into a non-binding agreement with Keshav Holiday Resort Private Limited (Shanku's Water Park) to evaluate a potential joint venture in Gujarat. The parties have established a 180-day exclusivity period to conduct due diligence and finalize the partnership structure. This move marks a strategic attempt by Imagicaaworld to expand its geographical footprint into the Gujarat market. The finalization of the deal remains subject to board, regulatory, and lender approvals.
- Entered into a non-binding interest/offer with Keshav Holiday Resort Private Limited (Shanku's Water Park).
- Proposed Joint Venture aims to expand the company's presence in the state of Gujarat.
- Parties are subject to a 180-day exclusivity period to negotiate and finalize the agreement.
- Final deal is contingent upon satisfactory due diligence and receipt of necessary regulatory and lender approvals.
Imagicaaworld Entertainment Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. For the quarter ended December 31, 2025, the company's registrar, MUFG Intime India, confirmed that no requests for dematerialization were received from shareholders. This routine filing ensures that the company is in compliance with depository regulations regarding the processing of share certificates. The document confirms that all administrative procedures for share registry are being handled within prescribed timelines.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Zero requests for dematerialization were received from shareholders during this period.
- MUFG Intime India Private Limited acted as the Registrar and Share Transfer Agent (RTA).
- The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
Imagicaaworld Entertainment Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This move is a standard regulatory requirement under SEBI's Prohibition of Insider Trading Regulations ahead of the company's financial results. The closure pertains to the unaudited financial results for the quarter and nine months ending December 31, 2025. The window will reopen 48 hours after the results are officially declared to the exchanges.
- Trading window closure begins on January 1, 2026, for all designated persons.
- Closure is in anticipation of the Q3 and nine-month financial results ending December 31, 2025.
- The window will remain closed until 48 hours after the financial results are declared.
- The specific date for the Board Meeting to approve results will be announced separately.
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.