Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
05 Dec 2025
Blog
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, primarily led by strong growth in Kochi Park (on a low base) and a steady increase in non-ticketing ARPU across parks. Footfalls in mature parks — Bengaluru and Hyderabad — grew modestly by ~1% YoY, while Kochi posted a sharp 38% YoY growth, and Bhubaneswar, the newly launched park, grew by only 3% YoY. Overall footfalls rose ~12% YoY to 5 lakh, while ARPU improved ~5% YoY, driven by higher in-park spends. The revenue mix currently stands at 69% ticketing and 31% non-ticketing. Looking ahead, while the Chennai park (slated for launch by December 2025) will serve as the key growth driver, the lack of visibility on subsequent park announcements remains a concern. The company continues to engage with several state governments; however, execution timelines remain uncertain. With footfalls at mature parks largely plateauing, sustained growth now hinges on timely commissioning of new parks. Furthermore, with a healthy cash balance post-QIP, accelerating park additions or expansion plans becomes critical for maintaining long-term growth visibility and justifying current valuations.
Footfalls drive overall growth:
The company reported 19% YoY revenue growth to Rs. 802 mn in Q2 FY26, largely led by a 5% increase in total footfalls to 5.05 lakh and a 3.9% YoY rise in ARPU to Rs. 1,478. Park-wise, Bengaluru Park (contributing ~38% of revenue) posted an 8% YoY revenue increase to Rs. 306 mn, driven by 8% ARPU growth, while footfalls remained flat YoY. Kochi Park (~34% of revenue) delivered a strong 37% YoY growth to Rs. 271 mn, aided by a 37% jump in footfalls to 1.92 lakh (vs. 1.39 lakh YoY, compared to ~1.84 lakh historically), on a low base, with ARPU remaining stable YoY. Hyderabad Park (~18% of revenue) registered 8% YoY growth to Rs. 146 mn, supported by 7% ARPU growth and 1% increase in footfalls. The Bhubaneswar Park (~4% of revenue) saw 9% YoY growth to Rs. 28 mn, driven by 5% ARPU growth and 3% higher footfalls. Meanwhile, the Bengaluru Resort delivered 53% YoY growth to Rs. 56 mn, backed by higher occupancy and the contribution from the newly launched premium wing. OPM for the quarter stood at 9.3%. EBITDA for the quarter stood at Rs. 74.8mn as against a loss of Rs.11mn YoY. The company reported a net loss of Rs.17.5mn as compared to net profit of Rs.147.2mn YoY (one time tax adjustment in base).
Chennai Park and upcoming development:
The company’s upcoming Chennai Park remains the key near-term growth catalyst, with commercial operations targeted for December 2025. Developed at an estimated capex of ~Rs. 6bn it will be a large-format destination park comparable to Bengaluru and Kochi and is expected to ramp up to 10–12 lakh annual footfalls within 3–4 years. Beyond Chennai, management reiterated its long-term vision of operating 10–12 parks across India, evaluating locations in Tier-1 cities such as Mumbai, Delhi, and Ahmedabad, along with select Tier-2 markets following the Bhubaneswar lease-based model. The timing of new park announcements, however, remains dependent on state-government approvals and land-acquisition progress.
Outlook:
While Wonderla’s medium-term growth visibility is anchored by the upcoming Chennai Park (launch targeted for Dec 2025), the absence of new park announcements remains an overhang on the company’s long-term expansion strategy. Footfalls across mature parks have largely plateaued, indicating that growth will increasingly rely on ARPU enhancement rather than volume gains. The company’s current revenue mix stands at 70:30 between ticketing and non-ticketing, and beyond this level, further mix improvement could prove challenging, as non-ticketing spends are already approaching saturation in certain parks. Meanwhile, with a healthy cash balance post-QIP and limited near-term reinvestment avenues, timely announcement and execution of new parks becomes essential to sustain growth momentum and avoid dilution of return ratios (ROCE/ROE) due to idle cash and slower asset turnover.
Valuations & rating:
We value the stock at 18x CEPS of Rs.33 on Q2FY28, post which we arrive at our TP of Rs.600 and upside of 6% from current levels. Key Risk- Delay in new park commissioning, further drop in footfalls
Company website: https://www.wonderla.com/
| Rating | HOLD |
|---|---|
| CMP | INR 566 |
| Target Price | INR 600 |
| Upside | 6% |
Click to download the full Wonderla Holidays Company Update
Analyst:
- Rahul Dani - Research Analyst, Institutional Equities (NISM-201500034725)
- Riya Shah - Research Associate, Institutional Equities (NISM-201800191080)
Frequently Asked Questions (FAQ)
1. What was Wonderla's overall performance in Q2 FY26?
Wonderla reported 19% year-on-year revenue growth to Rs. 802 million, driven by a 5% increase in footfalls to 5.05 lakh and a 3.9% rise in ARPU.
2. Which parks contributed to the growth during the quarter?
Kochi Park saw a 37% year-on-year growth, Bengaluru Park grew 8% year-on-year, Hyderabad Park grew 8% year-on-year, and Bhubaneswar Park grew 9% year-on-year.
3. What were the ARPU trends during the quarter?
Overall ARPU increased 3.9% year-on-year to Rs. 1,478. Bengaluru and Hyderabad parks saw ARPU growth, while Kochi ARPU remained stable.
4. What is the status of the Chennai Park?
The Chennai Park is expected to begin commercial operations by December 2025 with a planned capex of around Rs. 6 billion.
5. What is the long-term expansion plan for Wonderla?
The company aims to operate 10–12 parks in the long term and is in discussions with several state governments for new locations.
6. What is the financial performance of the Bengaluru Resort?
The Bengaluru Resort reported 53% year-on-year revenue growth to Rs. 56 million due to higher occupancy and the contribution from the newly launched premium wing.
7. What are the key concerns mentioned in the update?
The update highlights limited visibility on new parks after Chennai and plateauing footfalls at mature parks as key concerns.
8. What is the valuation approach used in the report?
The stock is valued at 18x CEPS of Rs. 33 on Q2 FY28, leading to a target price of Rs. 600.
9. What key risks were identified?
The key risk mentioned is the potential delay in commissioning new parks.
Disclaimer: - You are advised to read our disclaimer here: https://www.mnclgroup.com/disclaimers
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We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
