Record growth and margin expansion validate expansion roadmap, but park pipeline execution risk remains

Revenue ₹243Cr (+44% YoY), PAT ₹72.8Cr (+38.5% YoY), footfall 12.25L (+33%)

₹45Cr revenue, ₹21.86Cr EBITDA (47% margin), 2.42L footfall — tracking mature park margins in Q1

Verified: ARPU ₹1,901 (+7% YoY), ticket price ₹1,310 (+2%), non-ticket spend ₹591 (+20%)

EBITDA ₹122Cr including other income on ₹243Cr revenue = 50.2%; OPM reported 46.4%, close to 40% long-term target

No parks announced yet; CEO stated 'by end of financial year' (Mar 2027) will have update. Advanced talks with 3-4 state govts, but no closed deals.

₹45Cr revenue, ₹21.86Cr EBITDA in Q1 matching mature park margins; prior guidance said 'full year contribution'; exceeding on pace

Prior: 2-3 parks over 5 years. Current: 1-2 large + 1-2 small in 3-4 years (3-4 parks by FY30, pulled forward ~1 year)

Delivered 46.4% OPM, 48% EBITDA margin — exceeds 40% long-term target; maintained, not raised

Advanced talks with 3-4 state govts, but no cities/timing revealed. CEO commits announcement by Mar 2027, but vague on progress vs 18 months scouting

Footfall unpredictable by nature. Q1 good, year started strong, hopeful for rest of quarters but can't guarantee.

Won't reach 1M in 1 year, couple years minimum. Strong start but hard to predict exact pace.

1-2 large parks + 1-2 small. Will have update before end of financial year (Mar 2027).

Newer park, still ramping. Marketing and brand-building investments paid off. New roller coaster star attraction driving repeat visits.

Experiment, still learning. Tier 2/3 can support small parks long-term. Already EBITDA positive, not worried. May adjust marketing/offerings.

Large parks 6-8 years payback, small 4-5 years. Chennai ~₹570-600Cr for 40+ rides, Bhubaneswar ~₹190Cr. Depends on city/type.

Monsoon starts June, minimal Q1 impact. May had favorable weather. Other variables: elections (KL, TN), Gulf tensions, inflation.

4-year ARPU CAGR 8%, now at high base. Can't expect similar growth; room remains for premium in-park experiences, non-ride initiatives.

Yes, assumption correct. That's still the target.

Very happy with ISLE/Terrea performance. Still new, waiting for full-year data. Will likely expand to other cities, plan remains yes.

Q1 validated 44% YoY growth model; Chennai ₹45Cr per quarter run-rate implies ₹180Cr annual contribution (if seasonal). Existing ₹198Cr extrapolates ₹800Cr+ annually.

Prior FY26 guidance 40% target; Q1 delivered 46.4% OPM (operating), 48% EBITDA including other income. Exceeds guide; margin leverage from new parks maturing.

Payback: large 6-8 years, small 4-5 years (ballpark). Chennai capex ~₹570-600Cr, Bhubaneswar ~₹190Cr. Timing of new parks TBD (Mar 2027 announcement promised).

Footfall growth inherently unpredictable quarter-to-quarter. Q1 strong (+33% YoY to 12.25L), but Q2/Q4 historically weak. New parks (Chen) may see higher volatility in early years.

Expansion roadmap (1-2 large + 1-2 small parks in 3-4 years) depends on land acquisition, licensing, govt approvals—all slow in India. 18 months post-QIP with no deal announced yet.

Q2/Q4 historically weak (monsoon, post-holiday). Q1 strength partly benefited from favorable May weather (no unseasonal rains). Elections (Kerala, Tamil Nadu), Gulf tensions, F&B inflation also cited.

Bhubaneswar (50-acre small park) ASP flat for 1.5+ years; footfall growth sluggish (4% YoY). Experiment on whether Tier 2/3 cities can absorb smaller formats.

Chennai Park delivered ₹45Cr revenue, ₹21.86Cr EBITDA (47% margin) in Q1—tracking mature park margins ahead of schedule. But Q1 is peak season; H2 profitability (Q2 weaker) will determine sustainability.