1. 🧐 At a Glance
Ajwa Fun World claims to be India’s most visited amusement park since FY20, boasting 10 million+ footfalls in Vadodara. But if you ask the balance sheet, it looks more like India’s most visited default list. Profitable in FY25, yes—but with a book value of -₹2.94 per share, it’s like Disneyland on paper, Dharavi in accounts.
2. 🎬 The Hook: Gujarat’s Hidden Disney or Just Penny Stock Disneyland?
While Wonderla and Imagicaa were busy flexing their Ferris wheels, one humble park in Vadodara silently clocked 10 million visitors in 5 years. Sounds like a blockbuster. But here’s the plot twist: this ₹32 Cr market cap stock has negative reserves, history of losses, and a volatile CFO chair hotter than the water slides it runs.
3. 🎠 WTF Do They Even Do?
Ajwa Fun World operates:
- 🎢 Amusement Park + Water World
- 🏨 Resort & Party Plots
- 🍲 Food & Beverage services
- 🎉 Seasonal events + quarterly crowd pullers
- 🛠️ Possibly renting nostalgia from 90s Gujarat
They own land assets, run events, and attract thousands of families during peak seasons. Yet, the business seems more like “Fun for visitors, financial stress for investors.”
4. 📊 Financials: Profitable, but Still a Recovery Story
📈 FY25 Highlights:
| Metric | Value |
|---|---|
| Revenue | ₹2.70 Cr |
| Net Profit | ₹0.30 Cr |
| OPM | 24.81% |
| PAT Margin | ~11% |
| EPS | ₹0.47 |
But wait…
- FY22 Revenue was just ₹0.55 Cr 😬
- Only in FY25 do profits look semi-legit.
- TTM profit growth? 636% — but that’s what happens when you come from rock bottom.
Still, this is a turnaround story, not a “strong fundamentals” case yet.
5. 💸 Valuation – Is It Cheap, Meh, or Crack?
- CMP: ₹49.9
- P/E: 39.4x (😳)
- Book Value: –₹2.94
- Market Cap: ₹32 Cr
Let that sink in: You’re paying 40x earnings for a company that technically owes shareholders money. This is worse than buying a haunted house at full price… with EMIs.
⚖️ Fair Value Range (Based on Avg ₹0.3 Cr PAT + 15–20x PE):
- FV (15x): ₹22–₹30
- Only justifiable above ₹50 if FY26 profit hits ₹1 Cr+ (unlikely without major land monetization or expansion).
6. 🔥 What’s Cooking – Land Sale & CFO Musical Chairs
- 🧱 Land Sale approved in July 2024 EGM—potential cash infusion? Maybe.
- 👩💼 CFO Turnover: From Kalindi Patel to Astha Jain to Jyotiben Pandya in <6 months.
- This isn’t a K-drama. It’s just corporate governance at Ajwa.
Keep an eye on asset monetization. That’s the only real catalyst here.
7. 🧾 Balance Sheet – Haunted Mansion Vibes
| Metric | Value |
|---|---|
| Equity Capital | ₹6.39 Cr |
| Reserves | –₹8.27 Cr 🤕 |
| Borrowings | ₹4.49 Cr |
| Total Assets | ₹12.86 Cr |
| Fixed Assets | ₹2.91 Cr |
- Debt isn’t alarming, but negative net worth is.
- The company operates like a zombie park—alive and walking but technically bankrupt.
8. 💵 Cash Flow – One Good Year Doesn’t Erase the Past
| Year | CFO (₹ Cr) | CFI | CFF |
|---|---|---|---|
| FY25 | +6.65 | –5.53 | –1.12 |
| FY24 | +0.02 | –0.25 | +0.12 |
- FY25 had a cash flow miracle from operations. Probably event-linked.
- However, one-offs and land activity might be inflating this.
9. 📉 Ratios – A Mixed Bag of Meh and “WTF?”
- ROCE: 36.64% in FY25 (probably from land-related gains)
- Debtor Days: 139 days (was 4 days last year – huge spike, red flag 🟥)
- Cash Conversion Cycle: Now +139 days vs –460 last year
- Inventory Days: 0
- Translation: They don’t hold inventory… but they do hold onto receivables like your cousin holding grudge from 2008.
10. 📈 P&L Breakdown
| FY | Revenue (₹ Cr) | OPM | PAT (₹ Cr) | EPS |
|---|---|---|---|---|
| FY21 | ₹0.27 | –211% | –₹0.99 | –₹1.55 |
| FY23 | ₹2.74 | 2.2% | ₹0.26 | ₹0.41 |
| FY25 | ₹2.70 | 24.81% | ₹0.30 | ₹0.47 |
Consistent improvement. But we need ₹5–₹6 Cr revenue to justify P/E multiples or move out of penny stock territory.
11. 🆚 Peer Comparison – Small Fish in Big Pond
| Name | Rev (Cr) | PAT (Cr) | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|---|---|
| Ajwa | 2.7 | 0.3 | 32 | 39.4 | 36.6% |
| Wonderla | 458 | 109 | 4046 | 37 | 8% |
| Imagicaa | 410 | 78 | 3754 | 47 | 7.7% |
| Nicco | 75 | 21 | 541 | 25 | 28% |
Ajwa is to Wonderla what Neeraj Chopra’s javelin is to your school PT teacher’s bamboo stick.
12. 🧠 Misc – Promoters, Public, Drama
- Promoter Holding: 49.54% (unchanged since FY22)
- Public Holding: 50.44%
- Number of Shareholders: 5,342
- Zero DII/FII interest – it’s strictly a retail gamble
- CFO chairs changed faster than Bollywood remakes
13. 🧑⚖️ EduInvesting Verdict™
Ajwa Fun World is that stock — it has the buzz of India’s most-visited amusement park, but also the financial horror story of a 90s theme park without turnstiles.
✅ Footfall story is real
✅ Margins have improved
❌ Balance sheet still scarred
❌ Land sale is the only real trigger
🪙 Fair Value Range: ₹22–₹30 (assuming sustainable ₹0.5–₹1 Cr profit at 15–20x PE)
At CMP ₹49.9, you’re basically pre-paying for a better FY26… and praying the CFO stays till next Diwali.
✍️ Written by Prashant | 📅 8 July 2025
Tags: Ajwa Fun World, theme park stocks India, land sale EGM, penny stocks, amusement park listed company, turnaround stocks, Gujarat tourism, BSE small caps
