Wonderla Holidays Ltd Q2 FY26 – From Thrills to Bills: ₹8,852 Lakh Income, ₹748 Lakh EBITDA, and a Surprise Splash of Red Ink!
1. At a Glance
Ladies and gentlemen, welcome to India’s happiest quarterly report – though the laughter sounds a little nervous this time. Wonderla Holidays Ltd, the amusement park giant that makes grown-ups scream (mostly in joy, sometimes in panic after looking at ticket prices), just dropped its Q2 FY26 results. Revenue came in at ₹8,852 lakh (₹88.52 crore) with an EBITDA of ₹748 lakh, but a net loss of ₹1.75 crore brought the fun ride to a sudden halt. The share closed at ₹561 on November 6, 2025, marking a -33% fall over the past year, while the 3-month dip of -5.2% suggests investors are on the slow rollercoaster of doubt.
With a market cap of ₹3,554 crore, stock P/E of 43.3, and ROCE and ROE both lounging around 7–8%, this once market-darling looks like it’s waiting for a fresh thrill. The enterprise value of ₹3,366 crore and a near-zero debt of ₹5.35 crore show financial discipline that even an accountant would envy, but the profit growth of -40% YoY is enough to make the CFO spill his coffee.
The highlight reel? A new Chennai park launching in December 2025, and the newly opened Bhubaneswar park under an asset-light model (read: someone else’s land, our fun). With 33 lakh visitors in FY23, the company is now trying to rebuild that momentum – with or without rollercoaster-induced nausea.
2. Introduction – “From Joyrides to Flatlines”
If fun had a balance sheet, Wonderla’s FY26 Q2 would be a mix of confetti and caution tape. Once hailed as India’s cleanest and happiest amusement park brand, Wonderla has had a wild financial ride since COVID shut down its gates in 2020. It’s bounced back admirably, but FY25 and FY26 are turning out to be the “Hangover” sequels – decent box office, but less magic.
After a blockbuster FY24 with profits of ₹109 crore, FY25 saw the momentum cool off. The company’s total income of ₹8,852 lakh this quarter looks solid on paper, but a loss of ₹1.75 crore reminds us that operational sunshine can get clouded by monsoon rains and off-season blues.
And speaking of off-season, Q2 (July–September) is historically a weak quarter – fewer school holidays, too much rain, and parents who’d rather spend on coaching classes than cotton candy. But the stock’s P/E of 43x still screams optimism – as if the market believes every screaming child on a roller coaster is a line item of future profit.
The Chennai park, however, could be the real plot twist. After six years of bureaucratic ping-pong over local body taxes, Wonderla has finally got the green light, with tax exemptions for 10 years post-commercial launch (as long as it opens by June 2025). Meanwhile, the company continues its digital marketing push and is teasing potential new parks in Goa, Punjab, and Madhya Pradesh. Looks like the joyride is far from over – it’s just making a pit stop for repairs.
3. Business Model – WTF Do They Even Do?
At its core, Wonderla Holidays does what most of us dream of – it monetizes fun. The company operates four amusement parks across Bangalore, Kochi, Hyderabad, and Bhubaneswar, and a resort near its Bangalore park. Each park is a full-fledged mini-world of adrenaline, overpriced ice cream, and memories – but each also carries heavy fixed costs and maintenance expenses that don’t vanish when visitors do.
In FY23, the park revenue split looked like:
Bangalore: 40%
Hyderabad: 29%
Kochi: 31%
With total footfalls of 33 lakh, the company has a scale that Nicco Parks can only dream of and Imagicaa can only finance through nightmares.
The asset-light Bhubaneswar park, developed on a 50-acre leased plot from the Odisha government, is the company’s new experiment in fun without financial stress. This model could become the template for future expansions – especially since Wonderla is scouting more states that love both amusement and tax holidays.
Add to that their recent ₹540 crore Qualified Institutional Placement (QIP) (with ₹182 crore still chilling in fixed deposits), and you get a company that’s arming itself for a second innings of expansion – less like a playground, more like a balance-sheet-powered theme park empire.
4. Financials Overview
Metric (₹ Cr)
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
80.15
67.38
168.24
+18.9%
-52.3%
EBITDA
7.48
-1.09
76.68
+785%
-90.2%
PAT
-1.75
14.72
52.57
-111.9%
-103.3%
EPS (₹)
-0.28
2.60
8.29
-111%
-103%
If this table were a roller coaster, the QoQ line would be the 90-degree drop. Revenue up YoY but down 52% sequentially, EBITDA almost wiped out, and PAT slipping into the red. Seasonality explains some of it, but the operating profit collapse shows that fixed costs don’t like off-seasons.
