1. At a Glance – Roller Coaster with Loose Bolts
Imagicaaworld Entertainment Ltd is currently priced at ₹48.5, with a market cap of ₹2,744 Cr, a P/E of 175, and the emotional stability of a school kid on a giant wheel. Q3 FY26 revenue came in at ₹92.1 Cr, almost flat YoY, while PAT decided to go bungee jumping without a rope at -₹5.49 Cr. ROCE is 7.44%, ROE 7.67%, and debt stands at ₹194 Cr with a debt-to-equity of 0.15.
Promoters hold a chunky 74%, which is comforting until you remember this stock is down 32% over 1 year and 23.6% in 6 months. EV/EBITDA is 21x, Price-to-Sales 7.29x, and CMP/FCF is a scary 78x. Translation? The market is pricing in a Disney ending while the company is still stuck in a Doordarshan pilot episode.
But wait—this isn’t just one park anymore. This is a theme park roll-up story, with acquisitions, solar plants, hotels, and an ambition to turn weekend boredom into a listed monopoly. Question is: are we watching the rise of India’s leisure giant… or just another overleveraged thrill ride?
2. Introduction – From Bankruptcy to Bumper Cars
Imagicaaworld is India’s first attempt at a global-scale theme park destination, and also one of the most dramatic corporate comebacks on Dalal Street. Once buried under debt and COVID trauma, the company was acquired in FY23 under a resolution plan by Malpani Parks Indore Pvt Ltd, part of the Malpani Group.
Post-acquisition, the company didn’t waste time. It cleaned up the balance sheet, expanded aggressively, and started behaving like a roll-up platform for amusement parks. The idea is simple: buy stressed parks, plug into Imagicaa’s operating playbook, squeeze EBITDA, repeat.
Sounds great on paper. But the P&L still looks like it’s recovering from a long hangover. While revenues have grown sharply over the last 3 years (CAGR ~79%), profitability is volatile, seasonal, and extremely sensitive to footfalls, weather, and school holidays.
So the real question is not “Is Imagicaaworld growing?”
It is. Loudly.
The real question is: Is it growing profitably and predictably enough to justify a 175 P/E?
Hold that thought. Let’s understand what these guys actually do.
3. Business Model – WTF Do They Even Do?
Imagicaaworld runs fun for money. Literally.
Parks Division – 87% of 9M FY25 Revenue
This is the main character. The company operates 7 theme & water parks across 5 locations, spread over 220 acres, with 150+ rides and attractions.
Key brands:
- Imagicaa (Khopoli)
- Wet’n Joy (Lonavala & Shirdi)
- Sai Teerth
- Aqua Imagicaa
In FY24–FY25, the company acquired 4 parks from Giriraj Enterprises for ₹630 Cr, payable over 30 months. These parks add:
- 15.5 lakh footfalls
- ₹153 Cr revenue
- 57% EBITDA margin (yes, that’s not a typo)
If these numbers sustain, this acquisition alone could change the company’s profitability profile. Big if.
Hotels Division – 13% Revenue
The company owns Novotel Imagicaa Khopoli, a 287-room luxury hotel near Mumbai.
FY24 metrics:
- Occupancy: 51.6%
- ARR: ₹10,057
Decent hotel economics, but hotels are capital-heavy and slow burners. This segment supports the park ecosystem but won’t drive valuation fireworks.
So overall, Imagicaaworld is a leisure platform with:
- High fixed costs
- High operating leverage
- Strong seasonality
- Potentially monster margins if footfalls cooperate
Does footfall cooperate every quarter? Clearly not.
4. Financials Overview – Numbers with Mood Swings
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 92.08 | 91.86 | 41.81 | 0.24% | 120% |
| EBITDA | 22.19 | 29.61 | -9.10 | -25% | NA |
| PAT | -5.49 | 3.22 | -38.91 | -285% | NA |
| EPS (₹) | -0.09 | 0.06 | -0.69 | -250% | NA |
