Imagicaaworld Entertainment Limited has announced its unaudited financial results for the third quarter ended December 31, 2025, showing steady revenue performance alongside mixed operational metrics. The company, India's largest amusement and water park operator, reported revenue of ₹92.1 crore compared to ₹91.8 crore in the corresponding quarter of the previous year.

Q3FY26 Financial and Operational Performance

The entertainment company delivered stable top-line performance during the seasonally softer winter quarter. Footfall increased by 6% to 6.74 lakh visitors, driven primarily by strong performance from the school segment. However, this growth came with trade-offs as the Average Revenue Per User (ARPU) declined by 4%, mainly attributed to the increased share of the school segment which operates at lower ARPU levels.

Operational Challenges and Seasonal Impact

The quarter faced headwinds from prolonged rains that particularly affected long weekends and festive periods, including Diwali celebrations. These weather conditions impacted visitor patterns despite the overall footfall growth. The hotel segment experienced a slowdown after two strong quarters, with occupancy dropping by 2.5% and revenue declining by 6%, primarily due to reduced MICE (Meetings, Incentives, Conferences, and Exhibitions) events.

Strategic Business Developments

Imagecaaworld Entertainment made significant progress on expansion initiatives during the quarter. The company entered discussions to evaluate the feasibility of a potential joint venture in Gujarat with Keshav Holiday Resort Private Limited, operator of Shanku's Water Park. Additionally, the company received Environmental Clearance for its Sabarmati Riverfront Project, marking an important milestone for its Ahmedabad expansion.

Management Commentary and Future Outlook

Managing Director Jai Malpani emphasized the company's evolution from a single-format park operator into a diversified entertainment player. The expansion strategy includes theme parks, water parks, a five-star hotel, religious park, and the upcoming Ahmedabad entertainment destination. The recent partnership through wholly-owned subsidiary Imagicaa Next Private Limited with global leader Hello Park launched India's first immersive digital-physical playground experience, representing the company's entry into indoor entertainment formats.

Imagicaaworld Entertainment Limited has announced its entry into non-binding discussions for a potential joint venture opportunity in Gujarat. The entertainment company disclosed on January 20, 2026, that it has initiated talks with Keshav Holiday Resort Private Limited, operating as Shanku's Water Park, which is part of the Shanku Group.

Joint Venture Framework

The company has formalized its interest through a non-binding offer that has been accepted by Keshav Holiday Resort Private Limited on similar terms. This development marks the initial step toward establishing a collaborative venture in Gujarat's entertainment and hospitality sector.

Regulatory and Approval Requirements

The proposed joint venture remains subject to several critical conditions that must be fulfilled before finalization. These comprehensive requirements ensure proper due diligence and regulatory compliance throughout the process.

Key conditions include:

• Finalization of joint venture structure and terms
• Board approval from Imagicaaworld Entertainment Limited
• Satisfactory completion of due diligence exercise
• Receipt of necessary regulatory approvals
• Obtaining lender and third-party approvals
• Negotiation and execution of definitive agreements between parties

Exclusivity Period and Next Steps

Both parties have agreed to an exclusivity period of 180 days to facilitate comprehensive discussions and negotiations. This timeframe provides sufficient opportunity for detailed exploration of the joint venture structure and terms.

The company has committed to providing regular updates in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency throughout the joint venture development process.

Corporate Disclosure

The announcement was made through an official disclosure to both BSE Limited and National Stock Exchange of India Limited. Company Secretary and Compliance Officer Reshma Poojari signed the disclosure document, emphasizing the company's commitment to regulatory compliance and stakeholder communication during this strategic initiative.