Wonderla swings to thin Q2 profit from year-ago loss as revenue jumps 45% YoY

Wonderla's standalone Q2 FY27 (quarter ended 30 September 2026) revenue rose 45.4% YoY to Rs.116.57 Cr from Rs.80.15 Cr, while net profit flipped to a bare Rs.0.05 Cr (Rs.5.06 Lakh) from a Rs.1.75 Cr loss in the year-ago quarter — a YoY turnaround, though the absolute profit is negligible. Sequentially both lines fell sharply from the seasonally strong Q1 (revenue Rs.242.63 Cr, PAT Rs.72.80 Cr): July-September is Wonderla's monsoon off-season, so the QoQ decline (-51.9% revenue, -99.9% PAT) is a seasonality artifact, not a deterioration, and should not headline the quarter.

Margins improved YoY but compressed QoQ, both as expected for the business. EBITDA margin (OPM) expanded to 18.0% from 9.3% a year ago, as total expenses grew a slower 36.6% YoY (to Rs.123.64 Cr) than revenue. But the Rs.2.04 Cr PBT was nearly wiped out by a Rs.1.99 Cr net tax charge — a Rs.3.00 Cr deferred-tax charge partly offset by a Rs.1.01 Cr current-tax credit — leaving NPM near-zero at 0.04% versus -1.97% YoY. There were no exceptional items in either the current or year-ago quarter, so both comparisons are on a clean, unadjusted basis.

The stock went into the print at ₹475, down 5% over the past month of trading.

Basic EPS Rs.0.01 vs Rs.(0.27) a year ago and Rs.11.48 in the seasonally strong Q1.

No quarter-specific consensus estimate could be confirmed via search, so vsStreet is unknown; a Q1-era broker note (MNCL) had upgraded FY27E earnings estimates by 17% on a Buy rating, but that predates this print and isn't a quarterly number. Management's prior guidance — OPM margins targeting 40%+ (already demonstrated at 46.4% in the peak Q1 quarter) and at least one new park announcement before March 2027 — saw no update in this filing; the park-announcement commitment remains outstanding with about four months left on the clock. Separately, the company disclosed a Rs.15.7 Cr GST show-cause notice (22 August 2026) and a VP Sales resignation (6 August 2026) during the quarter, neither of which is reflected as a charge in this P&L.