🎯 At a Glance

Imagicaaworld Entertainment Ltd (NSE: IMAGICAA) just pulled off the amusement park version of a cinematic blockbuster:
💸 Revenue hit ₹410 Cr (↑52% YoY),
🎯 PAT before exceptionals at ₹86 Cr (↑152%),
👣 Footfalls soared to 2.7 million (↑98%),
🏊‍♂️ And the Indore water park splash landed right on time.

CMP: ₹66.25. Is this India’s first theme park stock with multibagger potential? Or just a monsoon season pop? We break it all down.

🏢 About the Company

• Name: Imagicaaworld Entertainment Ltd
• BSE Code: 539056
• NSE Symbol: IMAGICAA
• Headquarters: Mumbai
• Business: Theme park, water park, hotel, and family entertainment across Lonavala, Indore, and soon more.

From near-death debt restructuring to new rides and ₹345 crore fundraising — this is a company that’s literally rebuilt its castle brick by brick.

🧑‍💼 Key Managerial Personnel

• Jai Malpani – Managing Director: The man behind the revival narrative.
• Reshma Poojari – Company Secretary
• Khelan Shah – Investor Relations
• Ayush Haria / Ami Parekh – Strategic Growth Advisors

💰 FY25 Financials (Audited)

🚨 Yes, you’re reading it right — almost double the footfalls, and tripled profits.

📊 Q4 FY25 Snapshot

🛝 That’s more bounce than their new Trampoline Park.

🌊 Expansion Highlights

• Indore Water Park Launched:
  – Near Indore & Ujjain
  – Positive early response
  – Marketing ramped up
  – Aggressively hiring and scaling ops
• Wet’n Joy Lonavala:
  – +10 New Rides
  – Now caters to all age groups
  – Refreshed guest experience + higher ticket value
• New Attractions:
  • Imagicaa Arena Trampoline Park
  • Kaliya Mardan 5D at Sai Teerth
  • Mushak Maharaj show

🎟️ Ticket to thrill? Or ticket to ₹100?

💸 Fundraising

• ₹345 Cr Raised via Preferential Issue
  • Funded the Indore acquisition
  • Will also support upcoming parks and attractions
  • Clears a huge chunk of past debt hangover

This wasn’t just amusement — this was a strategic restructuring move. More capital, less debt = more fun (and profit) per ride.

🚀 Forward-Looking Growth Strategy

• New Parks Incoming: Already in talks with state governments
• Multi-format Parks: From Trampoline to Spiritual Teerth rides
• Pan-India Presence: From Lonavala to Indore, next stop… maybe Lucknow, Surat, or Vizag?
• Digital Playbook: Efficient ops, CRM targeting, loyalty programs coming soon

📈 Forward Valuation (FV) Estimate

Let’s assume:

• FY26 expected revenue: ₹550 Cr
• FY26 projected EBITDA: ₹230 Cr (42% margin)
• Industry EBITDA Multiple: 13x (entertainment/infra hybrid)

Enterprise Value Estimate: ₹2,990 Cr
Less Debt (Post Fundraise): Approx ₹400 Cr
Equity Value: ₹2,590 Cr
Shares Outstanding: ~39 Cr

👉 FV per share = ₹2,590 Cr / 39 Cr = ₹66.41

CMP = ₹66.25
Verdict: Fairly valued (with upside if FY26 exceeds expectations)

🧠 EduInvesting Take

This isn’t just about rollercoasters. Imagicaa has pulled off a serious turnaround:

• From high-debt zombie to high-margin growth story
• From ticket sales only to multi-channel theme park empire
• From ₹269 Cr revenue to ₹410 Cr in a year

We don’t know if this is India’s Disney in the making, but it’s surely no longer a haunted house stock.

Things to watch:

• Can they replicate Indore’s success elsewhere?
• Will marketing and content stay fresh?
• Can EBITDA sustain 40%+ margins once novelty fades?

⚠️ Risks & Red Flags

• Monsoon Season Risk: Seasonal impact + fewer visitors
• High Capex Strategy: Success depends on new park utilization
• Footfall Dependency: One bad season = dent in numbers
• Competition from Resorts/Online Entertainment is rising

Tags: Imagicaa FY25 Results, Imagicaaworld Entertainment, theme park stock, water park expansion, India travel stocks, entertainment stocks, Indore water park, Imagicaa IPO, FY25 earnings, IMAGICAA stock analysis

🗓️ Published: May 28, 2025