Strong nominal growth masks like-for-like pressure; pricing power tested

₹177.6 Cr, 19.9% YoY growth

₹57.6 Cr, 29.9% YoY growth

FY25 ARPU was ~₹1,390; flat for 2 years despite portfolio additions

Growth achieved despite heatwave-forced Khopoli closure and school calendar shifts; underlying organic growth weak

Q1 FY25 revenue ₹184 Cr; Q1 FY27 ₹177.6 Cr despite Indore addition; -3.6% two-year comparison

Hello Park entry (new format, 24-25% margins, scalable), Mehsana stake, Sabarmati project signal multi-format play vs pure outdoor park reliance

Deliberately soft pricing Q1 FY27 to test elasticity; management hints at 3-4 quarter lag to pricing corrections. No pricing power signalled.

₹184 Cr (Q1 FY25) → ₹177.6 Cr (Q1 FY27) on like-for-like. Park additions not covering organic softness.

Heatwave forced Khopoli closure 2 weeks; CBSE school calendar shift hit Mumbai/Pune; soft pricing strategy deployed to chase footfall over ARPU. Will correct in Q3-Q4.

24-25% EBITDA margin (vs 50%+ parks), 5% royalty, ₹800-900 avg ticket price, 65-70% ticketing revenue. 3-4yr payback. No y1 footfall guidance.

Very positive on business; conversion will happen before deadline. No hedging.

18-25 rides mix; land ~30% of total capex; rides/infra 70%. Per-ride cost varies by type (water vs dry). A-metro INR450 Cr, B-tier INR150 Cr. 45m Ferris wheel ~INR20-25 Cr.

Mix of internal accruals + moderate debt (2.5-3.5x debt/EBITDA target). Banking limits in place. Asset-heavy model requires both.

Currently reporting by catchment (Mumbai-Pune, Rest of Maharashtra, Gujarat, Central India). Devotional is one park, so not yet; hotel reported separately. Will consider feedback.

Still validating model at group level (F&B + size). No decision yet; not in next 3-4 months. Will inform when ready.

Price sensitivity in Surat; tested elasticity this quarter. Surat has adjoining hotel/mall still activating; expect improvement. Tested volume play.

Maintenance 6-8% of revenue (expensed). New marquee rides 5% of revenue, every 3-4 years. No annual number; will break out ticketing vs F&B next quarter.

Hello Park hedge (indoor, all-weather), indoor shows in monsoon, Magic Pass (repeat visits), school/corporate focus, geographic diversification (Ahmedabad entry). Gradual.

Market is large. Surat + Mehsana serve different segments (water park + amusement). Sabarmati Ahmedabad is different (riverfront/downtown concept, year-round). Geographic diversification happening.

Good market, but requires govt support. In talks with state govts to replicate Shirdi model. 1-2 locations expected in next 2-3 years. No govt support = unviable.

Aspiration stated; no specific FY27/FY28 revenue target or CAGR. Execution hinges on land availability, govt partnerships, and capital availability.

Outdoor park margins anchored on current levels. Hello Park margins materially lower due to mall rents; blended margin impact TBD at scale.

Land ~30% of total. Internal accruals + moderate debt (2.5-3.5x debt/EBITDA) to fund. No specific FY27/FY28 capex budget disclosed.

Q1 is strongest (school holidays, summer); Q2-Q3 weak (monsoon). Heatwave forced Khopoli closure for 2 weeks. Business model inherently cyclical.

ARPU ₹1,395 flat for 2 years (Q1 FY25 to Q1 FY27). Management consciously held pricing to chase volume this quarter. Price elasticity testing showed demand sensitive to price in Surat.

On a like-for-like 2-year basis (Q1 FY25 vs Q1 FY27), revenue is ₹184 Cr → ₹177.6 Cr, or -3.6%, despite adding Indore park. Underlying portfolio growth weak.

Hello Park is new indoor entertainment format with 24-25% EBITDA margins (vs 50%+ outdoor parks), 5% royalties, ₹8-12 Cr capex per center. Unproven at scale; depends on mall location quality and operator execution.

Portfolio now has 2 water parks in Gujarat (Surat + Mehsana near Ahmedabad). If state-level downturn or regulatory issue occurs, concentration risk. Investor flagged this concern.

12-park vision by FY30 requires ₹1000+ Cr capex over 5-6 years. Model is asset-heavy with 30% capex going to land in metros. Company targeting 2.5-3.5x debt/EBITDA; upper bound (3.5x) reached during expansion.