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ICICI Securities Report
Wonderla Holidays Ltd. delivered weak Q1 FY25 figures – revenue dipped 6% YoY to Rs 1.7 billion as footfalls receded 15% YoY owing to heat waves, elections and Q1 FY24's high base.
Q1 FY25 Ebitda shrunk 22% YoY, as initial operating expenses for its Odisha Park and Employee Stock Ownership Plan costs dented margins. Given the weak Q1 FY25 performance, we cut our FY25E/26E revenue by 4–5% and FY25E/26E Ebitda by 9–10%.
While FY25E may see flat Ebitda YoY, we expect growth returning FY26E/27E onwards as Odisha/Chennai parks scale up revenue and profitability.
Wonderla continues to engage with state governments across India (Gujarat/Madhya Pradesh/Uttar Pradesh/Punjab) for new parks.
Maintain Buy; target price revised to Rs 1,088 (from Rs 1,146) based on 21 times March 2026 enterprise value/Ebitda
Key risks: Decline in footfalls and pricing
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