Wonderla Holidays delivered its strongest-ever fourth quarter in FY26, with income growing 32% year-on-year to INR142 crores, supported by footfalls of approximately 8.79 lakh. The company's EBITDA for the quarter surged 64% year-on-year to INR50 crores, reflecting both robust underlying demand and the meaningful contribution from the newly launched Chennai Park, which commenced operations in December. Management noted continued focus on driving higher guest spend, premiumization across food and beverage and retail, and increased adoption of value-added experiences.

Q4 and Full-Year Financial Performance

The company's Chief Financial Officer, Mr. Saji Louiz, provided a detailed breakdown of financial results for both the quarter and the full fiscal year. Revenue from operations for Q4 FY26 increased 40% year-on-year to INR135 crores, compared to INR96.70 crores in Q4 FY25. EBITDA for the quarter stood at INR43.80 crores, registering a growth of 2x year-on-year, with EBITDA margins at 32%. Profit after tax for the quarter came in at INR16.40 crores, up 49% year-on-year from INR11 crores in Q4 FY25.

The following table summarises the key financial metrics for Q4 and the full year:

Management noted that the decline in full-year PAT was primarily attributable to a favorable deferred tax credit of INR24.10 crores recorded in the previous financial year FY25, which did not recur in FY26. The increase in EBITDA and PAT for the quarter was driven by the expansion of operations at Chennai and the reversal of certain taxes and Labour Code-related provisions created during Q3 FY26.

Chennai Park Ramp-Up and Operational Highlights

The Chennai Park, which commenced operations in December, scaled up well in its first full quarter, performing in line with more mature parks such as Kochi and Hyderabad, according to Managing Director Mr. Arun Chittilappilly. The park recorded approximately 1,91,000 footfalls during the quarter, compared to approximately 75,000 visitors in its launch month of December. Management attributed the moderation in monthly footfalls to seasonal patterns, with January and February typically being leaner months for the amusement park segment.

The Chennai Park reported EBITDA margins of 30% for the quarter, consistent with the company-level margin. Management indicated that Chennai's incremental depreciation is expected to range between INR45 crores and INR50 crores on an annualised basis for FY27, compared to approximately INR13 crores recorded for the four months of operation in FY26.

The Resort and Hospitality business also delivered its best-ever performance during the quarter, supported by strong demand and improved occupancy levels. The gaming pod facility named ISLE, which commenced operations in May 2025, was cited as a contributor to the resort segment's growth.

Park-Wise Performance and Hyderabad Challenges

Management addressed a moderation in Hyderabad Park footfalls, which declined approximately 7% year-on-year for FY26. Key factors cited included early monsoons, geopolitical tensions, and a ban on school groups following certain road incidents, which impacted an estimated 50,000 to 60,000 footfalls. Management expressed confidence in the long-term fundamentals of the Hyderabad market, noting that the park has had approximately six to seven effective operating years, excluding COVID-impacted periods.

For the Bhubaneswar Park, the company reported close to 2 lakh footfalls for the full year. Management indicated a target of approximately 2.5 lakh footfalls for the coming financial year, with a medium-term aspiration of reaching 3 lakh to 3.20 lakh footfalls over two to four years.

Key operational highlights across parks include:

• Non-ticket revenue currently accounts for approximately 30% of total revenue, with ticket revenue at approximately 70%
• ARPU trends remained healthy during the year, supported by premiumization across food and beverage and retail
• Mature parks (excluding Bhubaneswar and Chennai) are operating at EBITDA margins of approximately 40% to 45%
• Capital work in progress of INR102.90 crores as of year-end relates primarily to new attractions, including a Sky Wheel tower at Chennai and a roller coaster at Bangalore, expected to be capitalised in Q1 FY27

Capex, Depreciation, and Expansion Strategy

Management indicated that no large capex is planned for FY27, with sustaining capex expected in the range of INR35 crores to INR40 crores for the financial year. The company's annual depreciation run rate currently stands at approximately INR80 crores to INR83 crores, with an incremental INR45 crores to INR50 crores expected from the Chennai Park on a full-year basis in FY27.

On expansion, Mr. Chittilappilly stated that the company is currently in discussions with at least four state governments, with a focus on Tier 1 cities including Mumbai, Delhi, and Ahmedabad. The company aims to add at least five more parks to its existing portfolio of five, with a target of completing two to three new parks over the next five years. Asset-light models are also being explored for larger city locations. The company revalued its land holdings at approximately INR385 crores as of 2017 or 2018, and management noted that current values would be significantly higher, though no revaluation has been conducted since.

Advertising and Promotional Spend

Management confirmed that advertising and promotional spend is expected to be maintained at approximately 7% to 8% of top-line revenue. The company follows a hybrid strategy for ancillary revenue streams such as in-park photography, combining in-house operations with third-party partnerships depending on where greater value can be added. Concerts and live events are conducted approximately two to three times annually and are treated primarily as marketing and brand partnership activities rather than a primary revenue source.

Wonderla Holidays Limited has fully deployed the proceeds of its ₹540 crore Qualified Institutional Placement (QIP), with monitoring agency CARE Ratings Limited confirming nil deviation from the stated objects of the issue in its report for the quarter ended March 31, 2026. The company submitted the statement of deviation or variation to the stock exchanges on May 08, 2026, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

QIP Issue Overview

The QIP was conducted between December 03, 2024 and December 06, 2024, with the total issue size aggregating to ₹540 crore. The net proceeds available for utilisation amounted to ₹525 crore, after accounting for issue expenses of ₹15.00 crore. As per the placement document, the net proceeds were to be deployed across FY25 and FY26.

Fund Utilisation: Object-Wise Breakdown

By the end of Q4FY26, the entire ₹540 crore had been fully utilised. The following table details the progress against each object of the issue:

Reallocation of Funds

A notable development during Q4FY26 was the reallocation of funds from the Chennai Park development head to general corporate purposes (GCP). The QIP proceeds to the extent of ₹351 crore were sufficient for the development of the Chennai Park, as against the estimated utilisation of ₹390 crore. The balance was consequently reallocated to GCP. The revised cost allocation for the Chennai Park stood at ₹351.00 crore, while the GCP allocation was revised upward to ₹117.00 crore from the originally proposed ₹78.00 crore. The reallocation of ₹39 crore towards GCP was duly approved by the company's board on February 4, 2026, and the monitoring agency confirmed no material deviation was triggered.

General Corporate Purpose Utilisation

The ₹39 crore reallocated to GCP during Q4FY26 was deployed across the following heads:

Key Notes on Fund Management

The monitoring agency highlighted that the company transferred ₹105.00 crore, being the principal proceeds from the closure of fixed deposits, first credited to the Monitoring Agency account and subsequently moved into its current accounts. As these current accounts are also used for routine business transactions, the monitored proceeds were commingled with regular business funds. Additionally, during Q3FY26, an expenditure of ₹12.05 crore was met by the company from internal funds, which was reimbursed in Q4FY26 from QIP proceeds. CARE Ratings verified invoices covering around 41% of total capital expenditure on a sample basis for Q4FY26. All objects of the issue were completed within the timelines stipulated in the placement document, with no delays reported.