Imagicaaworld Entertainment Limited has received credit rating affirmation from India Ratings and Research (Ind-Ra), which maintained the company's bank loan facilities rating at IND A/Stable/IND A1 for Rs 3,750 million. The rating action, announced on March 16, 2026, reflects the company's established position in India's entertainment and amusement park industry.

Rating Details and Rationale

The affirmation is based on Imagicaaworld Entertainment's strong market position in India, supported by a robust portfolio of different theme parks and water parks. The rating agency takes comfort from the company's promoters, Malpani Parks Private Limited, which has over two decades of experience in the theme park business.

Financial Performance Analysis

The company's consolidated revenue grew significantly by 52% year-on-year to Rs 4,102 million in FY25, driven by increased footfall to 2.7 million visitors compared to 1.36 million in FY24. This growth was largely supported by the addition of four new parks acquired from Giriraj Enterprises during FY25.

However, performance moderated in 9MFY26, with revenue declining to Rs 2,820 million from Rs 3,158 million in 9MFY25. The decline was attributed to weak first quarter performance due to early onset of monsoons and heavy rains in the western region.

Business Portfolio and Expansion

Imagecaaworld Entertainment operates a comprehensive entertainment portfolio comprising nine parks: five water parks, one theme park, one amusement park, one snow park, and one devotional park, along with a five-star hotel. The company's market position strengthened after acquiring four parks from the Malpani Group's Giriraj Enterprises, effective April 1, 2024.

The company's flagship operations include:

• Parks in Khopoli covering 110 acres with theme park, water park, and snow park
• Waterpark in Surat
• Recently acquired parks in Lonavala and Shirdi
• Five-star Novotel hotel

Future Growth Plans

The company continues expanding its presence with planned developments including a water park in Ahmedabad, a multi-attraction entertainment hub at the Sabarmati Riverfront in Ahmedabad, and indoor entertainment parks called Hello Parks across India. These expansion plans are expected to enhance geographical diversification and strengthen market position.

Credit Metrics and Financial Position

The company maintains comfortable credit metrics with consolidated debt reduced to Rs 1,671 million at FY25-end from Rs 3,403 million in FY24, mainly following conversion of preference shares worth Rs 2,203 million. The consolidated gross interest coverage remained strong at 16.4x in FY25, though lower than the previous year's 67.5x due to increased interest-bearing debt.

Key Rating Considerations

India Ratings highlighted several strengths including strong market position and comfortable credit metrics, while noting weaknesses such as ongoing capital expenditure plans and vulnerability to seasonal demand fluctuations. The rating agency expects revenue and EBITDA recovery in the medium term, supported by newly added parks and increased footfall at existing facilities.

The company's ability to manage its capital structure amid capital-intensive operations and achieve projected growth in footfalls will remain key rating monitorables for the agency.

Imagicaaworld Entertainment Limited has announced a major expansion into indoor entertainment with the launch of India's first Hello Park in Hyderabad. The company's wholly owned subsidiary, Imagicaa Next Pvt. Ltd., has signed a Letter of Intent to establish this innovative indoor amusement park concept at Lake Shore Y Junction Mall, marking a significant diversification from its traditional outdoor theme park operations.

Strategic Location and Timeline

The new Hello Park will occupy approximately 10,000 square feet at Lake Shore Y Junction Mall in Hyderabad and is targeted to open before the onset of the year-end festive season. This timing strategy aims to capture the vibrant holiday period when families are most active in seeking entertainment options.

Lake Shore Y Junction Mall represents one of the largest retail and lifestyle destinations in the country. Opened in December 2025, the mall spans nearly 1.6 million square feet and houses over 250 brands, 40+ dining options, and multiple entertainment zones. The mall's strategic location at the bustling Kukatpally–Balanagar Y Junction provides access to one of the city's densest residential and commercial catchments, with strong road and metro connectivity ensuring high footfall from families and young consumers.

Innovative Indoor Amusement Park Concept

Hello Park introduces an immersive indoor amusement park format that blends physical play, digital interactivity, and experiential entertainment in a safe and engaging environment. The concept specifically targets children aged 3–12 years while also providing family-friendly attractions, making it suitable for various occasions including birthday celebrations, school outings, and weekend family visits.

The park will feature several key components designed to encourage creativity, exploration, and social interaction:

• Interactive zones with technology-enabled attractions
• Motion-based attractions combining physical and digital elements
• Gaming experiences tailored for young audiences
• Collaborative play areas promoting social interaction
• Active play zones encouraging physical movement

Management Perspective

Jai Malpani, Managing Director at Imagicaaworld Entertainment, emphasized the significance of this expansion: "We are delighted to bring the country's first Hello Park to Hyderabad. Located in one of the city's busiest retail and residential catchments, the Lake Shore Y Junction mall offers excellent connectivity and access to a large and growing family audience, making it an ideal destination for launching this new concept."

Malpani highlighted the innovative nature of the concept, stating that "Hello Park bridges the gap by bringing the best of both worlds together where technology, imagination, movement and learning coexist seamlessly in a highly engaging environment." He also noted that this new format, having low capex, will be synergistic with existing outdoor park businesses and create opportunities for cross-promotional engagement with younger audiences and their parents.

Strategic Business Expansion

This Hello Park launch represents the first location for the chain in India, with Imagicaa Next planning to roll out multiple parks across key urban markets. The low capital expenditure model makes this format particularly attractive for rapid expansion while complementing the company's existing portfolio of outdoor entertainment venues including Imagicaa, WetnJoy, Sai Teerth, and Aqua Imagicaa.

The indoor amusement park concept addresses the evolving needs of modern urban consumers by providing year-round entertainment options that are not dependent on weather conditions, unlike traditional outdoor theme parks. This diversification strategy positions the company to capture a broader market segment while strengthening the Imagicaa brand's connection with families across India.