Wonderla Holidays Limited

Financial Performance for Q2 FY27

  • Revenue from Operations: Increased by 45% Year-on-Year (YoY) to ₹116.57 crores.
  • Total Income (including other income): Grew 42% YoY to ₹126 crores.
  • EBITDA (including other income): Increased by 90% YoY to ₹30.11 crores.
  • EBITDA Margin: Stood at 24%, expanding from 18% in the previous year's comparable quarter.
  • Profit After Tax (PAT): Stood at ₹5 lakh, a significant improvement from a loss in Q2 FY26. The PAT improvement was ₹1.81 crores YoY.
  • Other Income: Was ₹9.1 crores for the quarter, primarily comprising gains from investments.

Financial Performance for H1 FY27

  • Revenue from Operations: Increased by 45% YoY to ₹359.2 crores.
  • Total Income: Grew 41% YoY to ₹378 crores.
  • EBITDA (including other income): Grew by 47% YoY to ₹152.1 crores.
  • EBITDA Margin: Was 40% for the half-year.
  • Profit After Tax (PAT): Increased by 43% YoY to ₹72.8 crores.
  • Other Income: Was ₹18.6 crores for the half-year, primarily from gains on investments.

Operational Metrics and Performance Drivers

Chennai Park (New Park Ramp-up):

  • Q2 FY27 Footfalls: 1.90 lakh visitors.
  • Q2 FY27 Revenue Contribution: Approximately ₹28 crores.
  • Q2 FY27 EBITDA Contribution: ₹10.37 crores (73% of the total EBITDA increase).
  • H1 FY27 Footfalls: 4.32 lakh visitors.
  • H1 FY27 Revenue Contribution: Approximately ₹73 crores.
  • H1 FY27 EBITDA Contribution: ₹28.62 crores (58% of the total EBITDA growth).

Existing Parks (Bengaluru, Kochi, Hyderabad, Bhubaneswar):

  • Q2 FY27 Collective Performance: Revenue grew 8% YoY; footfalls grew 6% YoY.
  • Q2 FY27 EBITDA Contribution to Growth: ₹1.83 crores (13% of total increase).
  • H1 FY27 Collective Performance: Revenue grew 13% YoY; footfalls grew 7% YoY.
  • H1 FY27 EBITDA Contribution to Growth: ₹15.42 crores (32% of total increase).
  • Individual Park Q2 Footfalls: Bengaluru (2.13L, +9% YoY), Kochi (2.02L, +6% YoY), Hyderabad (0.99L, +7% YoY), Bhubaneswar (20,000, -20% YoY).
  • Individual Park H1 Footfalls: Bengaluru (5.56L, +7% YoY), Kochi (4.53L, +6% YoY), Hyderabad (3.90L, +10% YoY), Bhubaneswar (1.91L, -1% YoY).

Resorts Business:

  • Q2 FY27 Performance: Revenue grew 57% YoY, delivering its best-ever Q2.
  • Q2 FY27 EBITDA Contribution to Growth: ₹2.06 crores (14% of total increase).
  • H1 FY27 EBITDA Contribution to Growth: ₹4.71 crores (10% of total increase).

Guest Spending Metrics:

  • Q2 FY27 Average Ticket Price (ATP): Declined 3% YoY to ₹983.
  • Q2 FY27 Non-Ticket Revenue Per Guest: Increased 11% YoY to ₹510.
  • Q2 FY27 Average Revenue Per User (ARPU): Increased 1% YoY to ₹1,491.
  • H1 FY27 Non-Ticket Revenue Per Guest: Increased 16% YoY to ₹559.
  • H1 FY27 ARPU: Increased 5% YoY to ₹1,750.

Capital Expenditure and Expansion Plans

  • New Parks: Management is actively working on 2-3 new locations. They hope to conclude some deals before the end of FY27 (by March 2027). No specific locations or government offers were disclosed.
  • Land Cost Estimate: The last land parcel (Chennai) cost ~₹100 crores. For a city like Mumbai, land cost could be ~₹200 crores, but this is speculative.
  • Funding Strategy: The company does not anticipate any further equity dilution for future expansion. Funding will be managed through internal cash flows and potentially some debt.
  • Resort Expansion: A decision on expanding the resort model to other parks will be taken after one full year of operation of the new resort (presumably in Bangalore).
  • Land Bank: Approximately 40-50% of land is still available in parks for future development (e.g., resorts), with Hyderabad having less available space.

Management Commentary and Outlook

  • Chennai Park Outlook: Expected to take 2-3 years to achieve optimal utilization and sustainable profitability. It may take ~3 years to reach Bangalore-level footfalls.
  • Seasonality & Footfall Growth: Management is focused on cohort-led pricing interventions and driving group business during lean weekdays and seasons to address seasonality. They are bullish on the momentum continuing into H2 FY27 but do not provide specific numerical guidance.
  • Margin Outlook: Long-term margins for the Chennai park are expected to stabilize at levels similar to established parks (Hyderabad, Bangalore, Kochi) after 2-3 years, but may remain erratic until then.
  • Capacity Utilization: Current annual capacity utilization across existing parks is estimated at 30-40%, which is stated as normal for the industry.

Q&A Highlights

  • Chennai ARPU: The Q2 ATP was lower due to a higher mix of discounted group business versus retail footfall. Non-ticket revenue remains in line with mature parks.
  • Bhubaneswar Performance: The 20% YoY footfall decline in Q2 was attributed entirely to extreme weather and cyclonic disruptions.
  • Cochin Q3 Outlook: Management is bullish on Cochin in Q3 due to group business and the Christmas season, contrary to it being typically weaker.
  • Acquisition Strategy: The company prefers greenfield projects over acquiring existing assets like EsselWorld.
  • Weekday Initiatives: Strategies to improve weekday visitor numbers include targeted pricing and attracting larger groups.
  • Ticket Flexibility: The company already offers flexi-tickets on its online portal that allow date changes due to weather or emergencies, akin to insurance.