Good afternoon, everyone. On behalf of Ambit Capital, I would like to welcome you all to the 4Q and FY 2026 earnings conference call for Wonderla Holidays Limited.

From the management, we have with us Mr. Arun Chittilappilly, Managing Director; Mr.

Saji Louiz, CFO; and Mr. Dheeran Choudhary, COO of the company.

We would now like to begin the call with opening remarks from the management, post which we will have the forum open for an interactive Q&A session. Thank you, and over to you, Arun and Saji.

Management, please go ahead. Ladies and gentlemen, please give us a moment while we check the line for the management.

Ladies and gentlemen, thank you for patiently holding. We have the line for the management back.

Yes, sir, please go ahead.

Sorry for that. As I was saying, FY 2026 has been a year of execution for us, where we have not only strengthened performance across our existing parks, but also established a strong foundation in a new market with a clear focus on long-term value creation and operational readiness.

During this quarter, we had our highest ever Q4, with an income growing by 32% YoY, about ₹142 crore, supported by footfalls of roughly 8. 8.79 lakh.

This growth reflects both a strong underlying demand for our continued focus on driving higher guest spend across parks. EBITDA for the quarter stood at ₹50 crore, up 64% year-on-year.

For the full year, income grew by 14% YoY, ₹551.1 crore, with footfalls of 32.19 lakh. EBITDA for the year stood at ₹192.5 crore, up 12% YoY.

The Chennai park, which has commenced operations in December, has scaled up well and is already contributing meaningfully to the overall performance of the company. This gives us confidence in long-term potential, and we hope better performance happens this year as well.

Our resort and hospitality business delivered best ever performance also during the quarter, supported by strong demand and improved occupancy levels. We also continue to focus on improving the quality of our revenue.

ARPU trends remain healthy during the year, supported by premiumization across F&B and retail, as well as increased adoption of value-added experiences. At the same time, we've seen a significant improvement in our customer experience scores, reflecting our continued focus on delivering high-quality guest experiences.

During the year, we continued to invest selectively in enhancing our offerings and strengthening engagement across parks, and while maintaining a strong focus on operational discipline, safety, and compliance. Looking ahead, our focus remains on driving sustainable growth through combination of ramping up new assets, strengthening performance in older assets, and continuing to invest in differentiated experiences for our guests.

With improving traction across our portfolio and a full-year contribution expected from Chennai, we remain optimistic about the growth outlook for FY 2027. We remain confident in the long-term growth potential of the business and our ability to create sustainable value.

With that, I now hand over to Saji to take you through the financial performance in more detail.

Thank you, Arun. Good afternoon, everyone.

Let me take you through the financial highlights for the quarter and the financial year. Our revenue from operations for Q4 FY 2026 increased by 40% on a year-on-year basis, to ₹135 crore compared to ₹96.7 crore in the corresponding quarter of FY 2025.

Our EBITDA for the quarter stood at ₹43.8 crore, registering a growth of 2x on year-on-year basis, with EBITDA margins at 32%. Profit after tax for the quarter came in at ₹16.4 crore, compared to ₹11 crore in Q4 FY 2025, reflecting an year-on-year growth of 49%.

The increase in EBITDA and PAT was primarily driven by expansion of our operations at Chennai, along with reversal of certain taxes, labor code related provisions created during Q3 of FY 2026. Moving to the full-year performance, revenue from operations stood at ₹518.8 crore, as against ₹458.6 crore in FY 2025, representing a growth of 13%.

EBITDA for the year stood at ₹160 crore, up by 9% on year-on-year basis, with EBITDA margins at 31%. Profit after tax for FY 2026 stood at ₹81.7 crore, compared to ₹109.3 crore in the previous financial year, reflecting a de-growth of 25%, primarily due to the favorable deferred tax recorded in the previous financial year amounting to ₹24.1 crore.

Coming to the operational metrics, footfalls for the quarter stood at 8.79 lakh, registering an year-on-year growth of 30%, primarily supported by the newly expanded operations. FY 2026, total footfall reached 32.19 lakh as compared to 30.49 lakh in the previous year, reflecting a growth of 6%.

With this, I conclude my remarks. We can now open the call for Q&A session.

Thank you. Thank you very much.

Hi, am I audible?

Yes,

Yeah. Thanks.

Basically a couple of questions from my end. I wanted to know that Chennai park, it started on a strong note in December with approximately 75,000 visitors.

If I look at the numbers for this quarter, the footfalls were around 191,000, which is approximately 64,000 per month. Any reason for the moderation in footfalls in Chennai?

Secondly, in a mature park like Hyderabad, overall for FY 2026, the footfalls were down by 7% year-on-year. What is going on basically there?

Could you give us some sense? What initiatives are you taking to ramp up the footfall in Hyderabad park?

Lastly, I would like to know your capex guidance for FY 2027-28.

I'll take the first two questions, and the CFO will give you the capex split. December, because of seasonality, because of Christmas vacations, similar to how the amusement park is structured, we obviously started off with 75,000 footfall.

Now, it was a launch month, there was an added expense in terms of marketing and so on and so forth. Jan and Feb are usually leaner months.

I think despite that, we were able to do a lot more than we anticipated, and in fact, in its first full quarter, it's been able to perform in line with some of our mature parks like Cochin and Hyderabad. I think we are very happy with the performance.

On your second question regarding Hyderabad, because of some environmental issues, if you remember, in the summers of last year, there was a war, Operation Sindhoor, there were some early monsoons. That led to a softening of the demand, which sort of impacted our FY 2026 for Hyderabad.

We are very confident of the fundamentals, the overall brand salience in Hyderabad, and we're very confident that we will continue to build and ramp it up. On a year-on-two-year basis, Hyderabad still shows strong performance.

We are very confident we'll continue to grow in the mid to long term.

Regarding the capex allocations, we are not planning any large capex in this financial year. There could be certain sustaining capex, about some ₹35 to ₹40 crore in the financial year, that's all.

Thank you. Any other points?

We missed anything? Shamit, sir?

That's it from my end. Thanks.

Thank you. Yes.

Sir, I'm trying to understand, in your best judgment, how much time it will take for the Chennai park to mature, and do you expect it to surpass or reach the Bangalore park levels once the park matures?

Usually for us, a park matures in 3 to 4 years, and yeah, I think it can rival Bangalore also. We don't know yet.

It's still a new market. Early indicators are very strong, but one we can't predict anything until 1 year is over and we have a pattern that we can look at.

We'll have to wait and see, but yeah, it looks strong for now.

Understood. Sir, in the fullness of time, how will you rank all our five parks in terms of the revenue potential?

Which will be the number one, number two, number three, four, and five?

I think Bangalore and Chennai will definitely be number one, maybe closely followed by Hyderabad and Cochin, and then Bhubaneswar, obviously being a tier 2, tier 3 city, it'll be much smaller.

Sir, what's the outlook for the current financial year? You think as the early signs are there that can we reach the FY 2024 levels in FY 2027?

Hard to say. There's a lot of uncertainty in the market, as and so obviously, discretionary spend could be under pressure if the war and all continues, but let's hope that doesn't happen.

If everything goes well as it was last year, I think we should do well. Having said that, these are uncertain times, I can't make a prediction on that right now, but it looks good so far.

Sir, where do we source the water for? Do we buy it from the tankers?

No, we have our own water sources.

Underground water?

Yeah.

Okay.

We have government supply also, every location has a different way of that we take water. Some have their own water sources, some we get from the government.

No, sir, let's say if in future there is a water shortage, which is quite eminent in many places, in which case the government might curtail the water usage in these water parks, since it's a so-called non-essential and so on. Is there any threat from that angle?

There is no threat for us because we have our own water sources, but we'll have to wait and see.

Sir, now we have a very cash-rich balance sheet, what is stopping us from embarking on making new parks, because even once we start, it will take some 2 years or so for completion?

We are already looking at expanding to other cities, like I've said before, but it just takes time because the nature of our business is that it takes time to conclude real estate deals, especially in larger cities. We are hoping that we can close one or two deals this year.

Again, it's an uncertain year ahead of us. We don't know how it's going to be, but we are hopeful that at least one project, we should be able to close.

Understood, sir. Lastly, sir, in the notes to accounts, there is a mention of some pod that the company has started.

Can you shed some more light on that point number five, the new gaming pod named Isel commenced operations with effect from 9th May, '25?

That is our extension into our resort, and that has been started in June, and that is one of the reasons why our resort is showing pretty good growth in numbers.

Understood, sir. Thank you very much.

Thank you for taking my question. Sir, if I look at the long term, in the sense last 4 years, we have gone from three parks to now five parks, and our total footfalls is still around 32 to 33 lakhs.

I just want to know, do we see from an industry perspective there is a problem or there is something where not many footfalls are coming, something which is beyond our control? We are doing probably all the right things in terms of giving them the experience, but the industry itself is not growing.

People are not coming to parks. Do you see any challenge like that?

We don't see such things. It's just that we have added one small park in 2022, which is very small, and then we've now added a big park in Chennai.

I think Chennai will definitely give a 7 to 8 lakh visitor kind of number. You will see that going forward, we are not worried about the long-term potential of the business.

Even if you look at world over, most of the successful companies across the world, across different regions, they're all investing in new locations, we are also continuing. We don't see any reason why that long-term potential of the business is going to be affected.

Okay. Great, sir.

Sir, my second question is our non-ticket revenue, if I understand correctly, it was less than ₹200 years back, today it is more than ₹450. Probably this is one area where if you can share more color, right, because I can see there is a lot of potential here.

If you can just I think

we are

improving on this. Dheeran can, yeah.

Yeah.

I think like you rightfully said, we also as a business see a potential. I think a lot of focus has been done in terms of the offerings, the assortment of products, and how are we able to increase dwelling time and customer engagement to be able to increase our non-ticketing revenue.

I think the numbers speak for itself. It's also about the quality of consumers we've been able to pull through our parks, and I think that's also helping us increase our F&B throughput and overall ARPU.

In the mid to long term, we definitely see that despite discretionary spends softening, whatever footfall we will be able to bring, we will be able to continue to bring at a good ARPU, and that should cushion and mitigate some of the business risks.

Got it, sir. Sir, one one follow-up regarding this.

I recently happened to visit our Bangalore park, and I noticed that in terms of the photos and the images which has been taken, that is something which we have outsourced to an outside company. Do you see any opportunity there where we can probably put all these things in-house and probably increase more our ARPU there?

Is that possible?

See, wherever we find that there is a market where we can add value, we will definitely take it in-house. Wherever we feel that a third party can add better value, we will go with that.

It's a hybrid strategy. We'll have mix of our own and then third party as well.

Okay. Thank you so much, sir, and all the best.

Thank you.

On the capital work-in-progress of ₹102.9 crore, what is this related to, because I thought with no new park, where exactly is this?

This is mainly through certain rides which we are opened in the month of April. One is the Skywheel tower at our Chennai park, and certain other new attractions are in the making.

Similarly, Bangalore park, we just opened one roller coaster ride. All those ride costs are sitting in CWIP as of now, it will be capitalized in Q1 of FY 2027.

Understood. Saji, this employee expenses captures stabilization post the Chennai operation, or is there scope for further increase with scaling of Chennai?

The present increase is with respect to the Chennai, as well as the Isel facility which we had added in this present financial year, FY 2026. Apart from that, we are not adding substantial number of employees other than the replacements which is happening in the due course.

Understood. Last quarter, other expenses had some ad-related one-off, and I thought Chennai did much better than expectations.

Is there any one-off in this quarter also, or in the other expenses?

Can't tell right now. Last year we had a launch expense.

Yeah. This year we don't have that, yeah.

This quarter we are not having any launch expenses, but regular marketing expenses will be there. It will not be substantial which is in line with what we spend in other parks as well.

In the Chennai itself, I thought the footfalls actually positively surprised me. Arun, is this sustainable, or our expectation of 1 million will be advanced in terms of years?

Can't say. As of now, it's going very good, but we don't know until 1 full year is over because every city has a different cycle, until we go through that, we can't make a prediction.

Let's hope that it does better than what the other parks have done. Far, it's looking very good,

so. Great.

Bhubaneswar, there was a positive surprise in terms of footfall. Are we doing any adjacent activities like wedding or other events which is driving the footfall, or is the normal park-related operations?

Normal park operations, and I think probably slight change in our marketing strategy and sales strategy, that's it.

No adjacent activities, right? No,

no, no.

Okay. Great.

Thanks, Arun and Saji. Yes,

no worries. Thank you.

Sir, am I audible, sir?

Yes, yeah. Sir,

there's one first question is on the fundamentals of the park. For me to understand, sir, normally when a group or a family comes, they don't repeat very often, right?

It's not like theater or some other business. In terms of taking our footfalls to 1 million in each park over the long run, I'm not saying next year, this year.

Second question is, let's say, in Chennai or in Hyderabad, do you see competition from any other park, not other activities, but any other park in terms of competitive intensity in each location, because Chennai has other parks, or there's no other park which gives the similar value proposition? If you can help us location-wise, at least the three big parks, Chennai, Bangalore, and Hyderabad, if you can.

In terms of competition,

we don't have direct competition in most of our locations. Hyderabad has another big park called Ramoji Film

City, but

that is not a amusement park, that's a film city. They have a different revenue model.

I think what we do is slightly unique. In that sense, but there are smaller competitors in every geography.

Also we don't consider only amusement parks as competition, we consider everything, any form of entertainment day outing as a competition. That's the way we look at it, yeah.

Sir, my question was then how do we in the long run model our footfall increase, given that people don't come again and again, because once a group comes, they may not repeat every year. How do we make sure that we

We don't expect very high repeats in this business.

Sir. How do we 2

to 3 years. We get fresh footfalls in most of our parks.

These are new customers, and for us, the main target is the 10 to 25 age group, and so that will always be new customers coming in every year.

Yes, sir, but so you're confident over the long run each park will cross 1 million, even with this new customers and your demographics?

Absolutely.

Sir, and then second question is can you elaborate more on if I take 3, 4 years, not 1, 2 year, how many parks so with high probability that these many parks sir we can at least add or will be work in progress, new parks? I understand

We are right now at five, we want to add at least another five more. In the next 5 years, we have at least out of the five, at least three, four should be we should have at least two or three done.

We will announce it whenever it's ready.

Can I assume that over a 4 year, at least another three parks would be there, some would be finished, some would be work in progress, like that? At least.

At least, sir, it's not you understand, right, but it's high-probability thing, right?

Oh, yes, yes.

Yeah. Thank you, sir.

Thank you very much and all the best.

Probability, remember that.

I understand, sir, yeah. Got it.

Thank you, sir.

Hi. Thanks for the opportunity, and congrats on a good set of results.

I just wanted to understand one thing is what has been the early trends in Q1, we've been witnessing some heatwave in across the country. How has been the trends across parks, and also we had elections in Chennai, right?

Just wanted to know on that. I'll follow up with the next question after this.

I think so far it's been pretty okay. I would say Chennai is doing very well, continues to do well.

The other parks again, it's some are doing well, some are flattish, it's too early to say how it's going to pan out. We are hoping that this year so far at least in our markets, the heatwave has not been much of a damage because of it.

If it continues like this, I think we should be fine.

Thank you. I think last time you called out that in Chennai you were doing around 11% EBITDA margins, right?

Can you just let me know what were the margins this time?

We don't know EBITDA. 13% is the sorry.

30% is the EBITDA margin for the last quarter,

but

we don't know how it's going to be. It's still first year, it's not easy for us to predict that.

EBITDA is a derivative, once the numbers are in, then we can give you the EBITDA numbers.

Okay. Just last question.

Are we going to maintain the A&P spends at 7% to 8%?

Which one?

Are we going to maintain the A&P spends at 7% to 8% of the top line?

Yeah.

Okay. Fine.

Thank you. I'll get back into the queue.

Yeah. Hi, team.

Congratulations on the great set of numbers. I hope I'm audible.

Yes.

Yeah. Basically I just want to understand one thing.

Have we capitalized everything regarding the Chennai park? I'm asking it from the perspective of depreciation.

It's been increasing year-over-year, should we expect it to stabilize until we start with another new park? Is my assumption right on that front?

Chennai-related, most of the capex source has been capitalized. Then you could see about some ₹13 crore is the total depreciation which is posted for this 4 months of operations.

On a yearly basis, it can touch about ₹45 to ₹50 crore in the present financial year, FY 2027.

For Chennai alone, you're saying, right?

Chennai alone, I'm saying, yeah.

Awesome. Thanks a lot.

That would be the incremental depreciation which is getting posted into the books of accounts.

Understood. Understood.

Got it. One more thing is, let's just set aside natural variability and all those kinds of issues that we don't have control over.

My understanding is that there has been some amount of cost pressure because of building the parks and the launch events and all that stuff so far. Would I be right in assuming that from a business angle, we should expect our margins to improve as footfalls improve for Chennai?

Is my thought process right basically?

At present it can increase. Historically, if you observe the EBITDA margin of Wonderla, it's about some 40% on a last 5, 10 years of on an average, barring the COVID years.

We should be able to reach there. The last 1 or 2 years we had continuous launch of parks and resorts.

I think it will settle down in the next financial year, and we will be able to reach at that level, as long as all the parks are delivering the expectation, including the Chennai park.

Got it. Got it.

This is obviously subject to any macros or if you get to launch a new park, this is subject to those changes, right?

Yes. Yes.

Awesome. Yeah.

Thanks a lot. I'll jump back in the queue.

Thank you.

Hi, Arun. Thank you for taking my question.

Just it's been more than now 1 year, or for that matter, almost 18 months since we raised money, right, QIP, and during that time, the idea was to expand and open more parks. I understand that you are dealing with government and there are delays, but has anything changed since we raised the money for QIP and now which has led to further delays on decision-making and as to how do we go about expanding, where we go about expanding, which are beyond our hands, right, has the opportunity size or the time it takes to deal with the government changed since last 8 16 to 18 months?

No, I think, see,

in the past, a lot of acquisitions have happened quickly also, but at the same time, some acquisitions take time. Now we are going to larger cities.

Initially we had a plan of doing smaller parks, but then we recalibrated, and we felt that we will focus on tier 1 more than the tier 2 cities. Because of that, we are focusing more on tier 1 cities.

As tier 1 cities like Bombay, Delhi, and Ahmedabad, it's much harder to find good parcels of land, and then also the dealing with the government takes a little bit more time. That is the only delay.

We don't see any other structural issues. The delay is not any structural or any kind of other issues.

It's just the slight recalibration of where we want to go first.

Okay. You sound very confident on at least announcing something in this 1 year, right?

Are there any discussions which are at advanced stages, which gives us this confidence that we'll be announcing something soon? Oh

yeah, we have never stopped discussing. We are at least talking to at least four state governments at any given point in time.

Like I said before, once any deals finalized, you guys will be the first to know.

No color on where we are on these discussions, right?

We don't want to speculate on that at this point, because once it's done, we will announce it. That's the thing that we usually do.

Okay. One last question on how Q1 is spanning, right?

Can we say you sounded very, fairly confident as to how has been the start of the summer season, and summer is also, in some sense, important for us, right, seasonally, right? Can we assume that Chennai is a new park, right?

In rest of your parks, can we assume that the footfalls this year so far for Q1 have been higher than last year's number? At least is that something which is giving you confidence across all your parks?

No, I think see, some are doing well, some are flattish, like I said before. That is why we are confident.

Like I said, it's not over until it's over, and so we always hesitate giving forward-looking thing on especially footfalls. It's looking good now, and let's hope that it continues till end of June.

I think we should be home.

Sure, sure. I'll try for one last question, Arun, if that's fine.

Just wanted to understand how much predictability should we ascribe to your kind of a business, right? Because what we have seen across 3, 4 years, there was a lull because of COVID, then there was a revenge, whatever you want to say, buying or experience that came into the picture.

Then the past couple of years, we had some weather-related issues, etc., etc. When you think about the business from in the past the experience has been, how are we able to change the behavior of the customer despite these headwinds, right, which are something which are beyond our hand?

Can we do more promotion and ensure that we get over things which are outside our control, or there's only so much we can do when weather is weather? How do you think about this?

Yeah. I think so there will be high variability in our kind of business because we literally have to bring customer to the park, right?

We are a location-based entertainment, and we are outside the city. Variability levels and effect of weather and other macro factors will be high, and this is across the world.

Having said that, I think if you look at Wonderla's numbers pre-COVID, post-COVID, all that, and you compare it to global and Indian peers, I think we stand ahead because first of all, we have beat pre-COVID numbers by a fair margin by now. The second one would be that even compared with local peers, I think the variability for our footfall is relatively lower.

That is because we are in multiple cities, and even if one dips, the another one usually takes over, which is why we want to be in the larger cities. Also we are in the southern part of the country, which is usually hotter and weather variability is less.

Having said that, like I said before, there will always be variability in a business like ours. I hope that answers your question.

Of course, yeah, we do marketing and we do everything to make sure that we get our footfalls.

Thank you so much, Arun. All the very best.

Yeah.

Hi, sir. You earlier mentioned aggregating land is something that is delaying our capex and also that we are talking to four state governments.

I wanted to understand, what are we expecting from state government, what kind of deal are we expecting from state governments? Is there a delay in getting those in place, or is it the land acquisition that is getting delayed, and how many of our new parks are we looking at on an asset-light basis?

I think like I just answered for the previous question also, I think we're talking to at least four state governments, and most of them are large cities. There will be delays in terms of getting the right kind of property, and we have our own constraints, like somebody asked before about water availability and so many things that we have to consider before we even finalize on a particular piece of land.

Parallelly, we also usually work with the state government to make sure that we get the right support, because this is an industry which is highly regulated. We need at least 50 to 60 licenses from the state governments every year, which has to be renewed, etc., etc.

There is a lot of paperwork that has to be done. Until we get a say what do you call it, some confidence that we can go ahead with a particular location or a particular state, we will not sign on it.

That is the reason for the delay. This is a structural thing in India, I think that always happens.

Asset-light models also we are exploring, even in the larger cities. We will definitely keep you posted when we conclude the deal, because we don't want to keep speculating on it halfway through when it's done.

That is why I think we don't want to give too much detail on it.

Got it, sir. Thank you so much.

Hmm.

Hi, sir. Thanks for the opportunity.

Sir, I had a question on your Hyderabad park. If I look at your footfalls for Hyderabad, we have de-grown for the second consecutive year.

Just wanted to understand what challenges are we facing there, which is impacting our footfall growth? Is it location, is it pricing, or existence of Ramoji, due to which our footfalls have not been growing?

Yeah. I think one of the major factor was the summer season, which is very big for a park like Hyderabad.

We had early monsoons and other weather conditions that impacted. This year around, there was a bit of softness in the school groups that actually usually come in quarter three.

You would have seen that in the quarter three numbers. There were certain road incidents due to which there was a ban on school groups.

That actually pulled back some of our footfall in estimate of 50 to 60,000. Again, it's a one-off incident.

I think from a location perspective, we are very well located. We continue to invest and build the brand, and we are confident things will turn around for Hyderabad.

Understood, sir. Sir, is the potential for Hyderabad park, is it possible for it to reach the levels of Bangalore, or do you think Hyderabad would be a lower footfall location?

See,

Hyderabad is a tier 1 city, I think it's in the top 10 cities in India. We don't see any reason why it should not be less than Bangalore.

I think it's almost close to Bangalore, we are also hoping that it'll kind of reach Bangalore numbers at some point. We do have some work there because it's one of our newer parks, if you look at it.

It's just completed 10 years, out of which 2 to 3 years we lost during COVID also, we have only had about 6, 7 years of working years there. Yes, I think there is still potential in terms of footfalls, maybe, we hope that we can cross those hurdles and get to the 1 million mark.

Understood, sir. Sir, just wanted to reconfirm, you mentioned that Chennai park did 30% EBITDA margins this quarter?

Yep.

On a company level also we did 30%, right?

Yes, yes.

Understood. There are some parks which are operating below 30% currently, the older parks?

No, most of the parks will be about some 40% to 45% depending upon the quarter-to-quarter. On an average basis, 40% will be recurring from each of the parks, except the new parks like Bhubaneswar and Chennai.

Understood, sir. Thanks, sir.

Thank you.

Sir, thank you for the opportunity. My question is I just wanted to understand what is the potential footfall at maturity for Bhubaneswar, and how do you think we have progressed, how do you assess yourself, what could we do to drive footfalls growth further from that park?

We've been able to get close to 2 lakh footfall this year, this was a full year. I think in the mid term, ranging about 2 to 4 years, we see this definitely go to 3, 3.2.

There is a good headroom, and our focus would be on how do we get to maybe in this financial year, at least around 2.5 to begin with.

Sorry, could you repeat that last line?

I said, our aim is to get to about 20% growth this year, because there is a headroom of about 1, 1.2 lakh footfall to get to it in a mature stage. Our first milestone is, can we get to around 2.5 lakh footfall in the coming financial year.

Okay. Sir, now the economy is unfolding as such that there's a lot of concert economy, live events, etc., going on.

I'm assuming that you account for these revenues in your non-ticket revenue, right? Hello?

We do about roughly about two to three concerts, it's not a very big revenue source. More of a marketing, yeah.

More of a marketing, brand partnership, association that we look at, and not as a primary revenue source. Whatever is booked, we book it under non-ticketing revenue.

This is not going to be a major driver for you, this is for marketing and visibility of Wonderla, right?

Exactly. Exactly.

Okay. Sir, but what is your estimate about growing this non-ticket revenue component, how much can it grow on a year-on-year basis and for how long?

In mature countries, non-ticket revenue will be higher than ticket revenue. We here, I think non-ticket revenue is only 30% and ticket revenue 70%, there's a lot of headroom.

As we add more parks and as we add more value-added offerings, resorts, and other things, I think it will skew towards non-ticket revenue slowly.

Do you see it moving to 50-50, or will it be more like 40-60 only?

Near term, it'll be 40-60 only, but definitely, I think in the next 4, 5 years, it should move to the 50-50 mark.

Okay. Okay.

Currently, we have current investments of ₹4 billion odd, where are these parked? Where is this money invested exactly?

Which one?

Current investments of around 4 billion, I think, in the balance sheet. So

We have about only ₹1,000 crore, ₹1,200 crore of investment in assets as of now.

I'll double-check and get back, sir. Thank you.

Thank you.

Hello, sir. Most of my questions have been answered.

Just wanted to confirm on that depreciation number. What should be the depreciation number going forward for quarter?

Depreciation number at present is about ₹80, ₹80, ₹83 crore. Then once Chennai alone will have about some ₹45 to ₹50 crore for a full year.

This year, I think there is about some ₹13, ₹14 crore depreciation for Chennai park. Additionally about some ₹50, ₹55 crore can get added to the depreciation in the next year approx.

From this year, as in the quarterly run rate, we have reached to 28, we should expect 40-odd crore coming

That's what, in Chennai park, for 4 months, the depreciation is about ₹13 crore. Annualized depreciation can range up to 45 to 50.

That could be the incremental depreciation going for the organization as an old. Roughly you can compute whatever investments we do, 8% to 10% will be the depreciation hit into the P&L account.

Got it, sir. Sir, on on this April and May numbers, as in last year was last year was very weak because of this war and monsoon, even those things, can we expect some growth in in our mature mature water parks?

No, our attempt is to grow on a year-on-year basis. Last year, unfortunately, we had India-Pak tension, and then certain summer-related issues.

This year, as of now, there are certain tensions in the other West Asia and all those things, which is impacting certain supply-related concerns, not completely impacted our numbers as of now, but we need to wait and see how it will conclude.

Sure, sir. Thank you, and all the best.

Thanks.

Sir, am I audible, sir?

Yes.

Sir, we have started opening resorts, what is your thinking? Is it we are using our free cash flow to do it as is the separate line of business?

How in the long run we are seeing lots of opportunities, because you can go to more cities than where our parks can go. Should we see it as a adjacent business which we will pursue in the long run and so how should we look at it, sir?

Or only it's around the parks, only in the cities where we have parks we'll do it?

For now we are looking at it as an adjacent business to our amusement park business. We want to focus on it because as our parks mature, there is a demand for premium resort offering.

I think especially after COVID, people are preferring more staycations and things like that. There is definitely a new demand for something like this post-COVID compared to pre-COVID.

I think we would like to invest in it. Now whether we will do more of them than in other parks, we are also debating that.

We might do it, but as of now, we want to expand to other cities where we already have parks, and we have properties with free land available. For now, that is our strategy for the resort business.

Yes, going forward, we could have it in more cities as well.

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

Thank you.

Please go ahead. Thanks for the opportunity again.

I just wanted to understand that there was a recent refurbishment of the resort in Bangalore. How much ADR can we expect from this, because I think now we are doing current ADR of about ₹6,300.

Where can it grow from here?

We expect about a 7% to 12% increase in ADR after the refurbishment.

7% to 12%. Okay.

Okay. Okay.

Yeah. Thank you.

Thank you for the opportunity. Two questions.

First question is, if the Chennai park has generated around 30% EBITDA margins and older parks generate around 40% EBITDA margins, on corporate level for FY 2026, why are our EBITDA margins at 30%? It should be more than 30%.

This is my first question. See,

we have certain corporate

Okay.

Hello?

Hello?

What I was saying is that even though we have parks are performing about some 40%, 45% EBITDA margin, we have a corporate cost center to that, which will be controlling all the parks, all the heads of each of the functions will be sitting at a corporate, that's how we manage. Then FY 2026, we had certain one-time expenses because of the labor code changes, and then compared to previous years, we had ESOP expenses comes into picture, and then the launch expenses of our Chennai park, and then previously the corporate setup is also having certain costs.

These are the other costs which will be absorbed to the EBITDA margin of the parks.

Okay. My second question is, why are our new rides not able to drive repeat rates?

As you mentioned, footfall is largely driven by fresh visitors. Is there any lag effect?

We are not able to hear you properly. Could you please repeat the question?

My question is, why are the new rides not able to drive repeat rates across parks? As you mentioned, footfall is driven largely by fresh visitors.

No, yeah, see, that's the structural thing of this business. People don't visit parks multiple times a year, because this is day outing needs a lot of planning.

Even if you have new rides, if somebody has visited this year, even if we just launch a new ride, unless they are in the right age group, they may not want to come back to us. If they're a college kid, yes, but if you're a working or if you're a family with small children, you may not want to do another trip in the same year.

There will be some lag, and that's just structural to the business.

Okay.

No, thank you.

Yeah. Thanks a lot for the opportunity again.

Just have one question. I know the Chennai park is fairly recent, but we've spent a lot of time working in the market, putting up the park and the same footfalls now.

Overall, at least from your experiences so far, I just want to understand if you have any view on the competitive environment in Chennai. Why I ask this is because Chennai is one location that already had a couple of water parks, and there's an audience that is familiar with the concept of a water park and they know this, right?

I just want to understand from your perspective, do you find it easier or more difficult entering this kind of a market rather than somewhere where you have to introduce the concept of a water park to the people itself? Do you have any views on this broadly, even if it's not very firm since the Chennai park hasn't done?

If a city which already has many water parks, it's easier for us to kind of, the category has already been created, it's easier for us to kind of expand into the market and expand the whole market itself.

Got it. A small follow-up to this would be, in the future, would this influence your decision-making regarding where you would prefer to set up parks?

Would you prefer more market-fitting where there

is I was answering the previous question also, that we are prioritizing larger markets because it's just easier to kind of ramp up footfalls in a mature market. Having said that, there are opportunities in tier 1 and tier 2 cities across India, it just depends on what we find as the most suitable for our investment.

That is very clear, but I was a little more specific about markets that already have water parks versus those that don't. Do you make that difference or do you differentiate between these two markets, or is it just a population affluence kind of a

thing? If there is already a water park, like I said, it will be more attractive for us to set up.

It depends on the size of the market also. If it is a larger market like Chennai is one of the largest cities in India, obviously it's a no-brainer for us.

Got it. Got it.

The other is very clear. Thanks a lot, team.

Can you hear me?

Yes.

Yeah. Congratulations on the good quarter.

I want to understand what would be the estimated value of the land we are holding? I have seen flats in the area ₹3,000 to ₹4,000, what would be the approximate land holding if we have to make an estimate?

Very hard for us to estimate. We have done some estimate.

I think when did we do the revaluation?

At the time of migration to the new accounting standard,

2021.

No, before that, '17-'18. 20

Yeah, we don't know the current value of land. I think our valuation, what we have in our books is from 2017 or 2018.

We revalued it at about ₹385 crore in that point of time, which has been added to the

That's the old value, that's 2017 or 2018. I think obviously the value has gone up significantly now, but we have not revalued it after that.

Got it. Got it.

Understood. Thank you.

Thanks a lot.

I'm trying to understand that what time generally we shut the park at night, and do we have the liquor license with us, and is there any possibility for nightlife-related activities, especially on the weekends?

We shut our parks usually around 7:00 PM. Only on certain key occasions, we keep it open beyond 7:00 PM, which is max 10:00 PM.

We don't have a proper liquor license. We take one-day liquor license basis certain groups or corporate gatherings that we do, and if they've requested for it, we take the license and provide them liquor, barring our resort, obviously, which has a liquor license.

We don't want to look at it and build a core liquor business, because at the end of the day, we are a family entertainment destination. We have to also keep safety as a key focus in mind, and we want to continue to prioritize our core business, which is the amusement park entertainment.

Understood, sir. Is there any other way that at night, let's say post 7:00 PM, is there anything that can be done in the parks rather than just keeping them shut?

No, we are opening them now, we have night parks and so depending on right now it's summer, and sometimes we have heatwave, we do change it in such a way that people spend more time in the night. We do use the parks in the night, especially in summer.

Thank you.

Yeah.

Thank you all for joining our conference call for our Q4 FY 2026 and FY 2026 full-year review. We are confident that the business will continue to grow, hope to see you guys in the next quarter.

Thank you.