1. At a Glance
If Indian stock markets had a literal amusement park, Wonderla Holidays Ltd would be the biggest roller coaster—thrilling, expensive, and occasionally leaving investors dizzy. With a market cap of ₹3,249 crore, the stock is currently parked at ₹512, down 27% over one year and 8% in the last three months, reminding everyone that fun businesses don’t always mean fun stock charts.
Operationally, Wonderla is still flexing muscles: Q3 FY26 revenue came in at ₹141.45 crore, up ~12% YoY, but PAT slid 29% YoY to ₹14.48 crore thanks to higher depreciation, ESOS costs, and exceptional items. Margins remain enviable—OPM ~30%—yet returns are modest with ROCE at 7.82% and ROE at 7.51%. Debt? Practically a myth at ₹5.35 crore.
The big headline is expansion: a ₹611 crore Chennai park, opening 2 December 2025, plus Bhubaneswar finally coming online and ISLE resort additions in Bengaluru. The question investors are quietly screaming while waiting in the queue: Is this capex going to mint cash or just add more depreciation thrill rides?
2. Introduction
Wonderla isn’t a startup pretending to be fun—it’s been around since 2000, hosting 46+ million visitors across India. Four parks (Bengaluru, Kochi, Hyderabad, Bhubaneswar), one resort, and now a shiny new Chennai project. The brand is strong, family-friendly, and synonymous with “school picnic memories + corporate offsites.”
But here’s the twist: amusement parks are capital-hungry beasts. You build first, depreciate forever, and pray footfalls behave. Wonderla’s post-COVID comeback looked heroic in FY23–FY24, but FY25–FY26 has brought reality checks—volatile quarters, seasonality punches, and margin pressure from expansion costs.
The stock once traded near ₹732, riding optimism about pent-up demand and new
parks. Today, at ₹512, the market is asking uncomfortable questions: How quickly will Chennai ramp up? Can footfalls keep growing without discounting tickets? And why does a near-monopoly leisure brand earn single-digit ROCE?
3. Business Model – WTF Do They Even Do?
At its core, Wonderla sells happiness per square foot.
Revenue streams:
- Ticket sales – the main engine.
- Food & Beverages – high-margin samosas, burgers, shawarmas, momos, and now floating pool meals (because why not).
- Merchandise & lockers – small but sticky.
- Resorts & banquets – weddings + conferences subsidising roller coasters.
Park-wise revenue split in Q2 FY26:
- Bengaluru: 38%
- Kochi: 34%
- Hyderabad: 18%
- Bhubaneswar: 3%
- Resorts & ISLE: 7%
Footfalls for the quarter were 5.05 lakh, with Bengaluru and Kochi doing the heavy lifting. The model is simple: invest huge upfront, sweat the asset for decades, and keep refreshing rides so people don’t get bored. Sounds easy—until depreciation eats your profits like cotton candy.
4. Financials Overview
Quarterly Comparison (Figures in ₹ Crore)
| Metric | Latest Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 141.45 | 126.2 | 134.5 | ~12% | ~5% |
| EBITDA | ~42.4 | ~40.0 | ~40.4 | ~6% | ~5% |
| PAT | 14.48 | 20.4 | 21.0 | -29% | -31% |
| EPS (₹) | 2.28 | 3.20 | -0.28 | -29% | NA |
Witty take: Revenue is
