Wonderla flagged buy-on-dips after 55% drawdown as Chennai park ramps and non-ticket mix shifts
India's largest listed amusement park operator posted FY26 revenue of ₹519 cr with EBITDA margin compressed to 31.7%. Chennai park delivered 1.91 lakh Q4 footfalls at 30% EBITDA margin. ARPU at ₹1,530, cash pile ₹424 cr against ₹6 cr debt. Targeting ticket:non-ticket mix shift from 70:30 to 60:40 as next growth lever.
What happened
Wonderla Holidays, India's largest listed amusement park operator with 5 parks, rated accumulate-on-dips. FY26 revenue ₹519 cr, margins compressed to 31.7%.
Key facts
- FY26 revenue ₹519 cr
- FY26 EBITDA ₹165 cr
- FY26 net profit ₹80 cr
- FY26 footfalls 32.19 lakh
- ARPU ₹1,530
- Cash ₹424 cr
- Debt ₹6 cr
- Market cap ₹3,145 cr
- Chennai Q4FY26 footfalls 1.91 lakh
- Chennai EBITDA margin 30%
- FY26 EBITDA margin 31.7%
- Ticket:non-ticket mix 70:30
Why this matters
Debt-free balance sheet with ₹418 cr net cash is dry powder for tuck-in park acquisitions or adjacent leisure assets while smaller regional operators face post-COVID stress.
What to watch
- Q1 FY27 footfall disclosure, especially Chennai standalone
- Non-ticket revenue mix in next quarterly filing
- Any capex announcement for Bhubaneswar or new park
- F&B/merchandise partnership or IP licensing deals
- Management commentary on pricing power and yield management
- Competing park openings in South India catchment
- Track Q1 FY27 Chennai footfall print as ramp inflection signal
- Model non-ticket revenue per visitor separately from ticket ARPU to isolate mix-shift progress
- Compare EV/EBITDA against Imagicaaworld and global peers (Six Flags, Cedar Fair) on footfall-adjusted basis
- Stress-test thesis against monsoon seasonality impacting Q2 footfalls
- Flag to desk: discretionary leisure name with net-cash balance sheet is rare risk-reward setup