Imagicaaworld Q1 FY27: consolidated PAT +30% YoY to ₹57.6 Cr, margins expand on rebound

Imagicaaworld's consolidated Q1 FY27 (quarter ended June 30, 2026) print: revenue from operations ₹177.60 Cr (+19.9% YoY, +93.3% QoQ), and PAT ₹57.57 Cr (+29.9% YoY reported; +26.1% YoY on an adjusted basis excluding one-off items on both sides — see below). EPS was ₹1.02 versus ₹0.78 a year ago. Standalone PAT was ₹53.11 Cr (+22.9% YoY) on standalone revenue of ₹162.06 Cr (+18.0% YoY) — a touch slower than the consolidated print, reflecting the contribution of subsidiaries (notably Malpani Parks Indore, taken over as a wholly-owned unit) now folded into the group numbers. No analyst consensus for this specific quarter surfaced in a web search, so vsStreet is unknown; against management's own FY27 outlook — high-single-digit to double-digit revenue growth and a 40-43% EBITDA margin band — the quarter is running ahead on both counts, though Q1 is seasonally the strongest quarter for the business and one quarter's outperformance doesn't confirm the full-year band.

The growth was driven by a footfall recovery: 11.54 lakh visitors, up 22% YoY, against a depressed year-ago base of 9.47 lakh when an early monsoon and India-Pakistan border tensions disrupted the crucial summer season (FY26 revenue had fallen 9% for the full year, with EBITDA margin compressing to ~31% from ~42.8%). By segment, the core Parks division grew revenue 22.9% YoY to ₹161.00 Cr with segment PBT of ₹61.17 Cr, while the smaller Hotel division was down 2.7% YoY to ₹16.60 Cr with segment PBT of ₹4.12 Cr — essentially flat. Consolidated net margin expanded to 31.93% of total income from 29.27% a year ago (and from a seasonal trough of 0.42% in Q4 FY26), consistent with the operating-leverage story management has been flagging. The exceptional-items line flatters the headline PAT comparison: this quarter booked a ₹0.45 Cr gain from a fair-value change in NCRPS, versus a ₹0.99 Cr net exceptional loss a year ago (a similar fair-value loss plus ₹1.39 Cr of QIP issuance costs) — a roughly ₹1.44 Cr swing between the two periods, which is why the adjusted YoY PAT growth of 26.1% is the cleaner read against the raw 29.9%.

The stock went into the print at ₹52, up 13% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 3 consecutive quarters.

The quarter's corporate activity ties directly into the company's ₹1,000 Cr, 5-6 year expansion plan to grow from 9 to 13 locations: the Board approved a ₹50 Cr investment in Mehsana Next Parks (operator of Shanku's Water Park in Gujarat) on July 31, followed by a ₹50 Cr stake purchase in Shanku's Water Park on August 3 and a ₹50 Cr acquisition of 12,500 MNPPL shares on August 6 — none of which shows up in this quarter's numbers since all were signed after the June 30 period-end. Management has also flagged a 5-8% ticket price hike for the December quarter to offset rising labour and utility costs, alongside reduced promotional discounting. With FY26's monsoon-driven weakness as the comparison base, the next test is whether growth holds through the seasonally weaker H2 (particularly Q3, ahead of the pricing action) rather than being purely a base-effect recovery.