Thank you, operator. Good afternoon, everyone.

On behalf of Ambit Capital, I would like to welcome you all to the 3Q and 9-month FY26 earnings conference call for Wonderla Holidays Limited. From the management today, we have with us Mr.

Arun Chittilappilly, Managing Director; Mr. Saji Louiz, CFO; and Mr.

Dheeran Choudhary, Chief Operating Officer of the company. We would like to now begin the call with opening remarks from the management, post which we will have the forum open for an interactive question-and-answer session.

Thank you, and over to you, Arun and Saji.

Thank you, Karan. Good afternoon, everyone, and welcome to the conference call for the third quarter of FY26.

The third quarter represents an important milestone for us. We launched our largest amusement park in our portfolio, Chennai, along with a steady financial performance across the other parks as well.

For Wonderla, this launch represents a significant step in extending our presence across different states, as has been our strategy. Importantly, we've been able to execute this project in about 21 months and with a total investment of roughly ₹600 crore, ₹611 crore.

We've also been able to avail the full exemption of local body taxes for the next 10 years, so that's a good thing. During the quarter, the income grew by 12% year-on-year to ₹141.5 crore, delivering our highest-ever Q3 revenue.

This growth was achieved through footfalls of about 9.17 lakh, reflecting our continued focus on higher guest spends and improving monetization. ARPU has increased by over 8% for the year to ₹1,377.

EBITDA before exceptional items stood at ₹40 crore, up 8 8%. Importantly, despite absorbing the one-time launch expenses of roughly ₹5.5 crore and the Chennai park also reported a positive EBITDA contribution of ₹1.3 crore, underscoring the strength of our execution.

Our resort property also did very well, with our resort revenues growing by 71% year-on-year and an occupancy reaching 68%. We also marked 20 years of operations of our Bangalore park, which is a testament to the durability for our business.

We continue to selectively invest in guest experience enhancements, including launch of two new attractions in Kochi and strengthening engagement and repeat visitation. We also had many seasonal and festive programming, including Christmas and New Year across the parks and our resorts.

These efforts reflect Wonderla's ongoing commitment to responsible operations and being a trusted long-term partner within the communities that we operate in. Looking ahead, focus remains on disciplined growth driven by ARPU and footfall-led revenue expansion, and also technology-enabled efficiencies and consistent guest experience delivery.

We remain confident in the long-term growth potential of the business and ability to create sustainable value for our stakeholders. With that, I now hand over to Saji to take you through the financial performance in more detail.

Saji, over to you.

Thank you, Arun. Good afternoon, everyone.

Let me take you through the financial highlights for the quarter and 9 months ended December 31st, 2025. For Q3 FY26, our revenue from operations stood at ₹134.5 crore as compared to ₹121.5 crore in the corresponding quarter last year, registering a growth of about 11% on a year-on-year basis.

EBITDA for the quarter stood at ₹32.17 crore, up by 13% year-on-year, with EBITDA margins at 23%. Profit after tax for the quarter stood at ₹14.5 crore as compared to ₹20.3 crore in Q3 FY25, resulting in a year-on-year decline of 29%.

The decline in PAT was primarily driven by adoption of new labor code-related regulatory changes and increased depreciation of new locations and projects during the quarter. Moving to the 9 months performance, revenue from operations stood at ₹382.9 crore as compared to ₹361.8 crore in the same period last year, reflecting a growth of 6% on YoY basis.

EBITDA for the period stood at ₹116.3 crore, down by 9% on year-on-year basis, with EBITDA margins at 28%. Profit after tax for the 9 months ended stood at ₹65.3 crore as compared to ₹98.2 crore in the corresponding period last year, representing a decline of 34% year-on-year.

Similarly to Q3, PAT for the 9 months period was impacted by higher compliance cost arising out of adoption of new labor code-related regulatory changes and increased depreciation due to new units and projects. Footfall for the quarter stood at 9.17 lakh, remaining largely in line with the previous period.

For 9 months ended December 2025, total footfall reached 23.4 lakh compared to 23.7 lakh in the previous period, reflecting a marginal 1% decline. As mentioned above, during the quarter, company adopted the provisions of the new wage code.

The resultant one-time financial impact of ₹8 crore has been recognized and disclosed under exceptional item in line with accounting standards. With this, I conclude my remarks.

We can now open the call for Q&A session. Thank you.

Sir, am I audible, sir?

Sir, if you see, our Chennai park was planned pre-COVID and we could do it because of the different delays we got it now done. We have not announced even a single new park because if you see in the long run our growth, I don't know how the footfalls will grow, but most growth is from new parks and ARPU.

In the next 2-3 years, can we expect at least another one, two parks to be announced and some work going on, or for now, for next 1-2 years because it's been almost post-COVID, we have not announced even a single new park, and I'm not saying done not to progress, but we have not zeroed in on even one new large park, just first question on this, sir.

I don't know which world you are living in, but I think we just finished two parks. We opened one in Bhubaneswar last year and the Chennai one this year.

I think we have launched two parks. We'll definitely be announcing more parks, but maybe not in the immediate future because we are looking at doing larger parks, and they will take more time, as you are aware already.

In the next 3 years, we can assume one, one or two more parks, sir, to be announced or at least

pre-works? Yeah.

Yeah.

Sir, what were we doing to get footfall growth at least to 1-2% per year or 3 because you said in few concalls that 5% growth is what we are aiming at footfall. What is your target on footfalls, what can we do to get back that?

Footfalls will grow. See, right now we are kind of flattish.

Some parks are growing, some parks are not growing. This year all the parks which are on the eastern side, which is Hyderabad and Bhubaneswar, both got affected by a lot of rains.

In fact, even Chennai got affected by rains a little bit. These things will keep happening.

Sometimes footfalls will grow, a lot of external factors also will affect footfalls. Having said that, we are still hopeful that numbers will kind of grow, especially in Q2 and Q3 and all that.

Q1, maybe large growth in footfall, especially from older parks, cannot be expected. But 1, 2, 3% growth is possible.

When you say Q1, you are talking about financial year or you're talking about calendar, sorry?

No, financial year.

Financial year. Sir.

From Q2, Q3, you expect footfall growth. How is the response in Chennai post December, sir?

Post opening, it is

It's good. We are quite happy with the progress, and you'll see the numbers in the upcoming

Sorry to come back to the same question, sir. Any probable locations that we are nearing in the next 1 year we can announce, like Delhi or Ahmedabad or

We will let you know. I can't give you that information, Vinod.

It is happening in the next 1 year, 2 year, we are announcing, right?

Yeah. Not only announcing, we'll start also work before that.

Thank you very much, sir, and all the best.

Hm hm.

Hi, sir. Thank you for this opportunity.

I would like to understand some economics related to the Chennai park. What are the fixed costs per quarter for that park and the peak revenue potential from the Chennai park?

Saji? See, the trend of expenses are yet to be discovered because it's a new park as of now.

If you look at it, the current quarter, we spend about some ₹8.5 crore, which includes a one-time launch expense of ₹5.5 crore. Then we have a labor force of about 700 people, both on-roll and off-roll.

As of now, we are expending about a ₹2.5 crore odd number. We need to stabilize the operations in the next maybe some 3-4 months and then post to which we can come to conclusion about the normal recurring cost at this park.

You mentioned ₹2.5 crore per quarter per month?

It's for the month.

Okay. What is the peak revenue potential from this park according to you, as per your understanding from other parks?

I think within 3 to 4 years, we slowly plan to pace this park to be in line with the Bangalore numbers. Because this is the first year, we would also want to wait and see how the overall response is, but our long-term goal is that by the fourth year, it should be able to reach its potential to one of our larger parks like Bangalore.

Got it. The Chennai park I think is already breaking even.

You have given Chennai park December month highlights. We did a revenue of about ₹11 crore in December itself?

Yes.

For the entire quarter?

It's for the 1 month. Park has opened in December 2nd,

30 days to be precise,

yeah.

All right. We are already at about an operating profit of about ₹7 to ₹8 crore per month from this park itself?

No, we generated roughly about ₹12 crore with an EBITDA margin of 11%.

All right. 11%.

Got it. You mentioned about ₹2.5 crore total fixed cost from this park per month, if I'm not wrong.

Can you help me understand the math?

No, no, no. The total revenue from this park is about some ₹12 crore, as mentioned by Dheeran, and then with a margin of 11% as of now.

It's too early because it's actually a first month of operation. We need to stabilize the operations in the next 5-6 months.

We'll see that, yeah.

We've also invested heavily in the launch, which Saji has mentioned, about ₹5.5 crore. Obviously it's a one-time expense, and we would not be spending this month on month.

Like I said, over the mid to long term, we expect it to give a EBITDA similar to some of our existing large parks like Hyderabad and Bangalore.

Got it. Sir, you mentioned ₹2.5 crore fixed expenses per month as of now, I would like to understand is that the correct number going forward for this Chennai park?

No, ₹5.5 crore is one-time park launch expenses, which will not be a repeating expenses, no? This is only for the first month when you are launching the park.

It will not be a recurring expenses going forward.

Okay. So ₹2.5 crore is the correct number monthly expenses for this park?

2.5 is the labor expenses I said. The total expense can be anywhere about some 3-2 or maybe ₹4 to ₹5 crore, depends.

That's what we were saying. We need to stabilize the operation for the next 4-5 months.

Then you'll come to a conclusion where it is ending up. Mostly, if you look at it, what the Bangalore park is delivering or maybe the Hyderabad park is delivering, it's almost in similar line with that EBITDA margins.

We have got some 40-45% of EBITDA margin from this individual park. This will also achieve that level of EBITDA margin over a period of time.

It may not be from the first month itself, but over a period of 4-5 months or maybe in the first year of operations, we will reach up to that efficiency.

Got it. Peak revenue from this will be similar to the Bangalore park?

That's the North Star, but we don't anticipate it to happen in year 1 because it would take us 3 to 4 years to build the business and the brand in Tamil Nadu. In the midterm, like we suggested, that's our North Star and we're very confident that we should be able to achieve that number.

All right, sir. Got it.

My next question is regarding our EBITDA margins. If we look at the trend for FY23, '24, and now '25, they have come down from about 50% to 30% currently.

What is the main reason for this?

No, that was a pent-up demand after the COVID years, that because of we had about some 40% spike in our footfall numbers as well. That cannot be a sustainable model.

If you look at the previous history before COVID, we have been having an EBITDA margin of roughly about some 40% on a maybe a 10-year period if you compare.

Got it. Can we say that the margins are Mr.

Guneet Singh,

Singh,

Sure. Thank you.

Hi. After a few muted quarters in terms of footfalls, your Bangalore park saw 3% footfall growth.

What initiatives did you particularly take to improve footfalls in the Bangalore park? Secondly, your revenue growth during the quarter was led by Bangalore and Chennai park, and the other parks like Kochi, Hyderabad, they witnessed some moderation in footfalls.

Any guidance on how the revenue and footfalls for FY26-27 would be, and also on the margins? That would be helpful.

Yeah. I think we continue to invest in Bangalore both towards our sales and marketing strategies, and we've been able to get the upside of that in quarter 3.

If you look at Hyderabad, over 2 years, there is still a substantial growth. Some of our investments in our sales strategies in FY25 paid heat, and we got a big spike in quarter 3 of last year.

We've been able to sustain that growth, we would look at this as a green shoot itself.

Cochin, unfortunately, we had a environmental issue which was not within our control. There was these waterborne amoeba cases, if you would have noticed.

There were multiple news in Kerala, because of which this was the duration of school trips being planned. This amoeba is widely spread among young children, because of which the government had mandated schools not to do trips to water parks, and that actually impacted our business.

I think fundamentally we're very positive on Cochin park itself because quarter 2 Cochin delivered one of its best-ever quarter 2 in its history. Fundamentally things are working well.

It was a one-time microenvironment issue that caused the dip in Cochin park.

Got it. Guidance on the revenue and footfall numbers for '26-27?

We don't give guidance like that, so that's not how we look at it, especially because we have a new park that's coming in. You can expect a significant revenue growth.

The rest of it, we'll have to wait and see.

Okay. It's 1 month already gone by in the fourth quarter.

How are you witnessing demand out here in Jan?

Demand is strong. It's a new park and we've been able to create a lot of buzz, I think we are on a good track.

Okay. All the best.

I'll come back in the queue.

Hey, congratulations on a good set of numbers and the opening of the Chennai park. I hope I'm audible?

Yes.

Yeah. Just quick questions on some of the cost line items.

With respect to the Chennai park mainly, just employee cost and how much was spent on marketing, do you feel we've seen the costs go up and we don't anticipate any more near-term investments, or are we still ramping up the promotions as well as hiring with respect to the Chennai park? You don't need to give numbers, just where we are in terms of the park.

That's it.

In the Chennai park, we have about 600 to 700 employees, both on-roll and off-roll, which will get optimized over a period of time. At present, we are incurring a cost of about ₹2.5 to ₹3 crore per month, which can again optimize over a period, as I said.

Marketing, since we are launching a park, we'll have a lot of events and other activities which generally we take care in in any new location. In this month, we spent about some ₹5.5 crore for this.

Eventually it'll settle in. This will not be a recurring expenses.

As I suggested earlier, it will be a one-time expenses. Going forward, for this regular advertisement and other things, as usual like other parks, about some 7 to 10% of our top line will be the marketing spend on a regular basis.

Since it is being a new park, there could be a initial spend will be there, but it will settle down into that ratio.

Got it. Thanks for that.

That helped a lot. That's it from my end, yeah.

Thanks, team.

Thank you.

Hi. Good afternoon.

My question was on the new park. Historically, when we used to give the numbers zone-wise, for Bangalore, generally the Tamil Nadu would contribute around 15%, 10 to 15% of footfall.

Cochin would used to have around 20 to 25% footfalls from Tamil Nadu. Should not we expect the scale-up to be much better and faster in Chennai than what we have historically seen because Tamil Nadu as a market knows our brand and generally a lot of footfall used to go in other states from Tamil Nadu?

Any idea on that?

It's a new park, it's very difficult to predict how it's going to ramp up. Usually even if we do heavy marketing, because we are a new park, it's a new location, it takes time, and then also group footfalls have to come.

All that, you have to build it. Like you said, it can be very high footfall in the first year itself, but we don't look at it like that.

We like to estimate it conservatively, and yeah, we'll see.

Is there any risk of cannibalization for Bangalore and Cochin parks or

No, they're sufficiently far. They are all far.

They're all 500, 600 km away from each other, it's fine.

One more thing. This Bhubaneswar footfall has been very, very weak, let's say around 25,000.

What are we doing on that park because on a very low base also, the numbers have been not doing anything great?

That's weather-related, because of cyclones and all that. We can't do anything.

It'll come back. It'll bounce back once this quarter onwards, I think it should be better.

Dheeran, you can answer.

Yeah. No, I think for us also, it's been year 2.

It's also a different format of park. It's a very different market itself.

I think there is a lot of learnings and insights. I think we are going back to the drawing board to see what else we could do from these insights and learnings to plan footfall growth.

We're very confident that in the mid to long term, there is a market for us. It's also a small-format park.

In the mid to long term, we are going to be able to build the category itself. Unlike our Bangalore and Chennai, where the category is a lot more salient, here we are the only amusement park kind of building the category, and we hope over a period of time, we should be able to get these benefits.

Very positive to kind of revamp this on FY27. Hoping for the best.

One more thing. Do you still think that in Tier 2 towns, a smaller theme park in Tier 2 towns remains a viable model and it can scale up, or after this

I think eventually yes, but like Dhiren said, these are new categories that we are building in a new city, which is not used to this kind of avenues of entertainment. It will be time-consuming, I think, if you do it in Tier 2 Tier 3 cities.

Definitely there is a market. Obviously, it's a longer game, but definitely worth doing because these are all growing cities, like Bhubaneswar also is a growing city in terms of its population, the number of schools, colleges, restaurants, hotels.

Everything is growing there. I think in that sense, it's okay.

Of course, we prefer Tier 1 cities if possible. Tier 1 and Tier 2 cities, I think we can build.

Also for us, this was also an experiment. Like I said, it might take a little bit longer.

Long term, I don't think we are worried about it in that fashion.

Thank you from my side.

Thanks for taking my question. Sir, my question is on new projects.

Can you share some bit more light on how many potential parks are we, kind of working on or are close to signing a deal? Also over next 3 to 4 years, after Chennai, how many parks are we likely to operationalize?

If you can share some more light, it will be helpful. Particularly because we've been waiting for quite a few quarters for an announcement.

If you can throw some more light, it'll be helpful. See,

we will definitely sign at minimum one, maybe two or three more locations. Like I said, I can't give you a timeline because this involves the government and government approvals and land acquisition.

These are not things that we can say. We're hoping to finish some of them early.

For example, working with Maharashtra government on doing something in Bombay, this will take time. It's not going to happen immediately.

We are hoping that it will happen sooner than later, like for example in Bhubaneswar, it happened within a few months. Chennai took a long time.

They're all different governments and they have different ways of working. We are hoping that we can do some of these projects quickly.

Right. The situation is that there are at least three, four different conversations with the state governments that are happening simultaneously at different stages.

We're hoping that one or two of them should, right? Okay.

Also, if you can throw some more light on what are the key issues where we are kind of getting stuck in these deals?

There are no issues. This is due process.

Land acquisition in any state, it takes a lot of time. It's nothing unusual here.

Also, I think some government changes and authority changes that happen in different states also kind of add to the delays. It kind of happens.

It's a normal thing, especially in land acquisition. I think once it's done, we will announce.

Also, we don't want to give away too much in terms of where we're going to do next. Once it's ready, we'll announce it.

Sure. The final one is on this only.

Is the next one or two parks etc., are they likely to be on bought-out land or something like a Odisha, leased-out land, or it could be

Like I told you, it could be both. We don't know which one is going to work first.

It's hard to predict. We're hoping the larger ones will come through, but we'll see.

We'll be quick to respond.

Okay. That's fine.

The larger ones, is there a possibility of a large park on a lease basis, or it is like smaller parks can be on lease and larger will always be owned?

Again, I said hard to comment on this. Both are possible.

Lease

is possible for a larger one also.

Got it. That's helpful.

Thank you so much.

Thank you. Hello, am I audible?

Yeah.

Sir, I have just a few questions. My one question is on this: business where we operate is capital-intensive in nature, and basically the gestation period or what we can call payback period is very long in our business.

Going forward, how we will get growth in our business and what is our vision for the next 3 to 5 years?

Payback period will be slightly depending upon what your investment is. It's a larger park and then a smaller park and then combination of that.

Historically, we were able to get a payback within some 4-5 years or 5-6 years depending on the size of the park. Larger the park, suppose for example, for Chennai, we are investing about roughly about some ₹600 crore, it can take about some 7-8 years to completely get the entire investment back.

Then the format of the park is the driving factor for deciding the payback. Vision is, as already mentioned by our MD, we are looking into all the locations, all options.

When we are closing any deals, we definitely give you an announcement of it.

Sir. Sir, I saw in your presentation in your resort called IL, I think, we get a good response from our customers basically.

Our occupancy rates also increased from 51% to around 60 or 65%. Going forward, you also have plan to start more into this category like in resort and hotels type?

Not immediately. We just started the second resort in Bangalore.

Definitely, we want to expand it across our parks, locations and all. We need to wait some more time because we generally don't start the resort immediately after putting up the other park.

We just take some time to start the resort. If you look at the Bangalore, we started the park in somewhere in 2005 and resort came up in somewhere in 2014.

We are not an expert in expanding resort business. We are expert in expanding the amusement park.

Our priority is to first look into the amusement park business, and then post to which we will see any expansion of resorts in other locations where we have a presence. We might look at another city like, for example, Hyderabad or Cochin.

We might do a resort. We will keep you posted.

Okay. No, sir.

Actually if you see the growth in resort business is quite higher compared to this general business which we operate. That's it, my suggestion.

Last question on this, you mentioned PAT declined by 29%. One reason is depreciation, and another is, can you please repeat that?

One reason in the Q3 is that extended depreciation of about some ₹6 crore coming from new projects as well as the Chennai park. Then the new labor code impact is there.

With respect to that, there is about some ₹5 crore reduction in our EBITDA. This is the two reasons for the quarter.

Okay. Got it.

Sir, are Q3 and Q4 is stronger than Q1 and Q2? Just last one question.

Are Q3 and Q4 is stronger than Q1 and Q2, right?

Our Q1 is the strongest quarter, and then followed by Q3, and then Q4. Q2 will be the weakest quarter.

Because of rainfall and all. Okay.

Yeah.

Got it. Thank you so much.

Thank you.

results. Hope I'm audible?

Yes.

I have two questions. One is

audible now?

Yeah. Just a second.

Hope I'm audible now?

Yeah. I just wanted to know that the resort business is scaling up well.

I see that occupancies are also going up well now. I just wanted to understand how much of it does flow into the park as well?

Now what I'm trying to understand here is how many people check into the resort, get into the park and spend the day there? I'll just ask the next question after this.

It's very seasonal. Depending on the season, it varies between 60 to 80% of our in-house guests use our park facilities.

The reason for setting up these resorts are also because it's an extended premiumized version of our park experience.

Sure. Just one small question is I think we were adding one more ride in the Bengaluru park.

That was some roller coaster, right? I just wanted to know what's the progress on that?

We are finishing it off. Mostly by March end or beginning of April, we will be launching the new ride.

Okay. Any estimated spends like what was the spend there?

Somewhere between ₹15 to ₹20 crore.

Sir. Yeah.

Thank you.

Thank you. Good set of numbers, sir.

Just one question from my end. There has been some media reports about a potential amusement park in Visakhapatnam.

Saw some articles on the same. Could you please help us understand if there is any truth on the same, and is company evaluating or what stage we are in?

We are just evaluating. No confirmation on that yet.

Sure. Thank you.

Hello, am I audible?

Yeah. I just had one question.

Thanks for the opportunity. You mentioned that we would have a stronger growth going ahead.

What will be the triggers for that, and are there any near-term triggers as well?

I think one of the obvious impact is that now we have a large-format park of Chennai, which was not there in the previous financial year, and that's going to be one of our largest growth drivers, along with resort continuing its momentum that it has delivered good quarters back-to-back in quarter 2 and quarter 3. We are also hopeful that some of our long-term brand play and technology play will continue to deliver good ARPU growth across our existing parks and hopefully some green shoots in footfall.

Sir. That's it from my side.

Thank you so much.

Am I audible, sir?

Yes.

Sir, how do you think about footfall growth over the long run? How should we think because it's difficult to get footfall growth over the long run.

What do you normally do and what do you model in, like 3% or 5% or When I say long run, I'm even talking 5, 7, 8 years. Let's say Bangalore park, Kochi park, they are still hovering around 1 million for a long, long time.

Is it just a function of capacity, or only once you see footfalls you keep increasing the park, sir? How do you model for yourself in the long-run footfall growth?

What do you do to attract footfalls over the long sustainably?

I think it's a combination of both. At some seasons, especially the peak season, there is capacity restraint, and we want to deliver great customer experience so we do not oversell beyond the capacity.

On certain seasons, we have to leave demand on the table. The expansion is based on the kind of demand that we see.

I think for mature parks which have reached its potential of 1 million-plus, we do see growth, but I think the larger growth is anticipated from good customer experience, premiumizing our product, and delivering better ARPUs to drive overall revenue growth.

No, sir. I am saying what factors do you think will help us grow over a 3-4% footfall over the long run?

I understand because that's the difficult part of the business, right, to get customers again and again and

No, factors is we continue to invest on brand, our digital performance technologies, we continue to be salient in the entertainment category. We are also very sensitive to environment factors like weather especially.

If weather works in our favor, the brand investments that we do, there can be substantial spikes after every couple of years that can be anticipated.

Sir, just at the cost of repetition, can we assume at least one big park over the next 2 to 3 years? One big and one small or two big parks?

I think I

can't say. I told you we can't tell you until it's done, right?

Yes, loosely you can say that.

Okay. Thank you, sir.

All the best.

Hello, can you hear me?

Yes.

Hello, is the voice

clear to you?

Yeah. This is to the management.

I just wanted to know in terms of the guidelines for next 4 to 5 years and how you see yourself in terms of number of parks and the way going ahead. It would be much better for long-term investors like us if we just show some road map for it.

We will be

investing in more locations. Our goal is to be a pan-India amusement park player, obviously we will keep adding new locations.

We will also look at improving revenues and footfalls in our existing locations, where there's scope for that also. These are the two growth drivers.

Of course, then we'll be adding on value-added offerings like resorts and things like that. All this will be part of our strategy.

Would it be sufficient to say that in next 5 to 8 years, we would be close towards 6 to 7 parks or is it to a higher number?

I think that's possible. Maybe even higher also, but we'll have to wait and see.

Like I said, it's hard to put a number on it.

Okay. Thank you.

Hello, am I audible?

Yeah.

Hello, am I audible,

Just wanted to have a clear picture on the resort of Wonderla we have. What is the number of keys that we hold right now, and what is the headroom for these keys to build up on the Bangalore park?

We have 123 keys, which is mix of both the resort and the Isle. We've just launched Isle about 7 months ago, I think we are well-capacitated and we've already expanded this.

We've also refurbished our existing resort, which was 84 keys. I don't think in Bangalore as a city we'd look at adding further more keys in the midterm.

There is no headroom for growth in Bangalore in terms of resort?

In the midterm, no, because we've just launched Isle, I think the focus is how do we continue this growth at least in the next 2 to 3 years from the existing capacity in Bangalore.

Great. Thank you so much and all the best here.

Thank you.

Thanks for the opportunity. Just one clarification.

In the call, you mentioned that generally for the first quarter or first month, we have these higher marketing expenses for the park. If you look at the other expenses of ₹55 crore, is that booked in this quarter, or would it be booked in the subsequent quarter?

Some clarity if you can give.

No, not clear. 55 crore is I'm not sure of

If I look at our other expenses for this quarter, it's ₹55 crore versus last year similar of 49. Is there a higher

That is which includes the marketing expenses as well.

Okay. Some part is booked here and some part would be booked in March quarter?

No. Everything is booked in this quarter.

It's already part of the other expenses. This is what I'm saying.

Okay. Secondly, this is pretty basic question, but see, there were some news items and threads where there were some issues with the rides in the initial period in Chennai park.

I know this would have happened in other parks also, but does it impact the equity or the footfalls the way we would have thought about or does it not impact in the longer run? How do you manage these kind of negative publicity?

I think to answer your second question on how do we handle this negative publicity, I think we've been very transparent on why this has happened. I think when we communicated clearly through our platforms on why this happened, I think the consumers were aware that it was more of power fluctuations than to do with any safety issues.

That immediately brought back confidence, and that's the reason why we've been able to deliver 75,000 footfall in the first month of operations, despite having red alert and yellow alert the first week of December when we launched. I think that in the long term, if everything is communicated clearly to the customer, it does not impact the brand, and we've seen that in our Chennai numbers in the first month.

Okay. Last question.

Is there a seasonality in Chennai, like the way we have for Cochin and Bangalore, or is there a extreme seasonality in Chennai, how should one think about it?

As the nature of the business, we see peak seasons in any region you go during holidays. That's the nature of the business.

We do anticipate seasonality in Chennai, but how this seasonality will play out, we'll have to finish a full year to understand better.

Okay. Sure, thanks.

I'll come back in queue.

Thanks for the opportunity. Just wanted to know why was the Hyderabad ticket price dropped this quarter, any particular reason?

Because it seems to be an abnormal drop compared to the other parks where it has seen a growth.

Yeah. If you see, quarter 3 for Hyderabad is highly dominant on group footfalls.

These are large school, college formats that come. Because these are large groups that come, obviously there is some discounting on ticket price.

Apart from that, major region the skew between the FIT and the group changed

Yeah. Can you hear me now?

Can you hear us?

No, ma'am. We are able to hear you.

Is it possible to disconnect and connect?

No, I think you are clear now.

All right.

Okay.

You can hear us, right?

Yeah.

Yeah. We were saying that one for a park like Hyderabad, quarter 3 is heavily dependent on group, which is largely the education institutions.

Because these are large-volume numbers that come in, they always come in at a discounted rate. Apart from that, this skew between the retail to group footfall changed a bit versus the previous quarter, and that primarily changed the ATP a bit.

If you look at over 9 months, there is a green shoot in ATP and we hope to continuing seeing that in the coming quarters as well. It's just a one-off anomaly.

Okay. The second is this exceptional cost that you have said is that labor code provision, is it?

Yes, yes.

Okay. Last on just a strategic viewpoint.

When you're looking at setting up a new park, would a touristy place be more amenable to drawing more crowds automatically when people are in a mood to enjoy and go out? A city like Goa, would that be a target that you would be looking at?

Yes.

We are also looking at Goa as well, yes.

Okay. Thank you.

I just want to continue on my question. By when do you expect our Chennai park to break even?

If I'm not wrong, total expenses per month you mentioned are about ₹4 to ₹5 crore. That's about I think ₹40 to ₹50 crore annually.

Do we expect to break even in the first year or if not, by when?

No, historically we were able to break even in the first year itself, but the margin levels will be slightly lesser than compared to the mature park. We may be getting about some 20%, 25% of EBITDA margins, whereas the established parks will be having about some 40-45% of EBITDA margin.

We cannot predict as of now because we just completed 1 month in Chennai. We'll take some more time to understand the structure at which it will move in.

Post to which, we'll take a call on this.

Got it. My assumption that about a ₹50 crore revenue for break-even, is that assumption correct in Chennai park?

Roughly about some 50 to 60 in that range we are expecting.

All right. Bhubaneswar park that we started, is that also broke even in the first year?

No, year 2.

All right. Margins, operating margin currently 30%.

What kind of margins do we expect in FY27 or FY28 once the Bhubaneswar park

Hard to predict margins in our business. We usually don't give guidance on margins.

We can only say that at a mature level, approximately only we can tell you margins. We can't predict it.

Okay. Sir, what's the operating loss from our

Sorry, I think we have run out of time.

Hi. Dheeran, to your reference of North Star for Chennai, but the investment is to the level of ₹611 crore.

So ₹170 crore worth of revenue, is this the right way to model the Chennai park over the next 4 to 5 years, or is it a lower number?

Look, while the footfall is the North Star, we also continue to hope to deliver good green shoots in the ARPU. I think only when we'll be able to finish 1 year, we'll be able to model a more better revenue system for year 2, year 3, year 4.

Maybe we can throw some color on this after we complete a year.

Sure. Thank you on that.

Thank you all for attending our Q3 FY26 conference call, and we are very happy with the results that we've got for this quarter, and we continue to be optimistic about business opportunities in our existing and new locations. Hope to see you again in the next quarter.

Thank you.