Imagicaaworld Entertainment Ltd: 49% Margins, 61x P/E – Theme Park or Theme Risk?

(Because roller coasters shouldn’t be in the financial statements)

1. At a Glance

Imagicaaworld — India’s “global scale” theme park at Khopoli — is more than just rides; it’s a corporate turnaround story after the Malpani Group takeover in FY23. Today, the company boasts a ₹3,427 Cr market cap, EBITDA margins near 49% in Q1 FY26, and a P/E of 61.3 (because apparently the market thinks this is Disney with extra samosas). But FY26 Q1 revenue fell ~20% YoY and PAT dropped ~33%, so it’s not all fireworks and parade floats.

2. Introduction

If you’ve driven down the Mumbai-Pune Expressway, you’ve seen the billboards: Imagicaa, with promises of snow, water slides, roller coasters, and a Novotel hotel. Financially, it’s been more like a haunted house — thrilling highs, terrifying lows.
Post-COVID, visitor numbers rebounded, debt was reduced (₹1,046 Cr in FY23 → ₹167 Cr in FY25), and new capex was launched (Indore water park). But the company still runs high fixed costs, seasonal revenues, and erratic profitability thanks to dependence on weekends, holidays, and weather gods.

3. Business Model (WTF Do They Even Do?)

Segments:

• Theme Park – The core attraction with rides, entertainment, and events.
• Water Park – Seasonal cash cow in summer months.
• Snow Park – Niche