Imagicaaworld Entertainment LimitedUnclassifiedIMAGICAA
Q1 FY27 earnings callImagicaaworld Entertainment Limited
Imagicaaworld reported a strong Q1 driven by footfall growth and portfolio diversification, while outlining an expansion strategy into new formats and geographies.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR178 crores | 20% Y-o-Y | |
| EBITDA | INR90 crores | 24% Y-o-Y | |
| EBITDA Margin | 50.7% | 170 basis points expansion | |
| PAT | INR58 crores | 30% Y-o-Y | |
| PAT Margin | 32.4% | — | |
| Consolidated Park Footfalls | over 11.5 lakhs | 22% | |
| Park Revenue | INR161 crores | 22% | |
| ARPU | INR1,395 | largely stable |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹91.86 Cr+36% YoY+129.8% QoQ | ₹3.22 Cr-25.5% YoYTurned profitable QoQ | ₹0.06-33.3% YoYTurned positive QoQ |
| Q2 FY25 | ₹39.97 Cr+12.6% YoY-77.9% QoQ | ₹-6.59 CrLoss narrowed YoYTurned loss-making QoQ | ₹-0.12Loss/share narrowed YoYTurned negative QoQ |
| Q1 FY25 | ₹180.63 Cr+80% YoY+219% QoQ | ₹66.13 Cr-88.8% YoY+1266.3% QoQ | ₹1.23-90.8% YoY+1130% QoQ |
| Q4 FY24 | ₹56.63 Cr+5.1% YoY-16.2% QoQ | ₹4.84 CrTurned profitable YoY+12% QoQ | ₹0.10Turned positive YoY+11.1% QoQ |
| Q3 FY24 | ₹67.56 Cr-6.2% YoY+90.3% QoQ | ₹4.32 Cr-38.2% YoYTurned profitable QoQ | ₹0.09-59.1% YoYTurned positive QoQ |
TL;DR
- Revenue grew 20% YoY to INR178 crores, with EBITDA margin expanding 170 bps to 50.7%.
- Consolidated park footfalls increased 22% to over 11.5 lakhs visitors.
- The company completed a 50% stake acquisition in Shanku's Water Park (Mehsana) and entered the indoor entertainment segment via a franchise partnership with Hello Park.
- Management's vision is to operate 12 parks by 2030, adding roughly one park per year, alongside 2-3 indoor Hello Park centers annually.
- The quarter was impacted by an unprecedented heat wave, leading to some non-operational days at Khopoli Park and a shift in school holidays.
Said on the call
“Our vision is to build India's most diversified entertainment company.”
From the Q&A
| Topic | What management said |
|---|---|
| Like-for-Like Growth Challenge | An analyst noted revenue of INR177 crores in Q1 FY27 versus INR184 crores in Q1 FY25, despite adding a park, questioning underlying growth. Management attributed the gap to an unprecedented heat wave causing non-operational days at Khopoli Park and a shift in school holidays. |
| Hello Park Economics | Management detailed the Hello Park indoor franchise model: 5%-7% royalty on revenues, capex of INR8-12 crores per center, EBITDA margins around 24%-25% after mall rentals, target ticket price of INR800-900, and a 3-4 year payback period. |
| ARPU Stagnation and Pricing | Analysts pressed on stagnant ARPU. Management said they had a 'slightly softer pricing strategy' this quarter to drive footfall and non-ticketing revenue, but see headroom for price corrections in upcoming quarters. |
| Gujarat ARPU Decline | An analyst highlighted a sharp drop in Gujarat ARPU (footfalls +32% vs revenue +15%). Management said they were 'testing waters' on price elasticity in Surat and will work to improve non-ticketing revenue and refine the model. |
| Expansion Capex and Debt | On funding expansion (parks costing INR200-450 crores), management said it would be a mix of internal accruals and moderate debt, aiming to keep average debt-to-EBITDA in the range of 2.5x to 3x. |
| Segmental Reporting Request | Analysts requested a breakdown of revenue and margins by segment (theme parks, spiritual, hotel). Management said they have started reporting by catchment and will consider the suggestion for future disclosures. |
| Cyclicality Mitigation | When asked about reducing revenue cyclicality, management pointed to diversification into indoor entertainment (Hello Park), adding indoor shows/events in off-season, geographic expansion, and focusing on schools/corporates. |
| Promoter Warrant Conversion | Management confirmed the promoter group is 'very positive' and the warrant conversion will happen before the given deadline. |
Guidance
- Aspiring to operate a portfolio of 12 parks by 2030, adding approximately one park every year.
- Aiming to add two to three Hello Park indoor entertainment centers every year.
- Shanku's Water Park (Mehsana) consolidation will be reflected from Q2 onwards.
- First Hello Park locations to launch in Hyderabad and Surat.
- Active evaluation of opportunities in Delhi NCR, Bangalore, Hyderabad, Goa, and other large population centers.
- Plan to integrate a new marquee attraction in existing parks every three to four years to drive repeat visitation.
Source
Summary written from the transcript filed by Imagicaaworld Entertainment Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 20:16 IST.