Wonderla Holidays Limited (NSE: WONDERLA) Q1 2026 Earnings Call dated Aug. 01, 2025
Corporate Participants:
Unidentified Speaker
Saji Lewis — Chief Financial Officer
Analysts:
Unidentified Participant
Naveen Nagaraj. — Analyst
Adhidev Chattopadhyay — Analyst
Himanshu Upadhyay — Analyst
Presentation:
Unidentified Speaker
Finger it. Sam it. Sam it. Sam sa. Ram.
Unidentified Speaker
It.
Unidentified Speaker
Ladies and gentlemen, please stay connected. The conference call will be starting shortly.
Unidentified Speaker
Witness.
operator
Ladies and gentlemen, good day and welcome to Wonderla Holidays Limited Q1 FY26 earnings call. As a reminder, all participant lines will be in and only more. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Khanna. Thank you. And over to you sir.
Unidentified Participant
Yeah. Thank you, operator. Good afternoon everyone. On behalf of Lambert Capital, I would like to welcome you all to the Q1FY26 earnings conference call for Wonderla Holidays Limited. From the management, we have with us Mr. Arun Chittalapilli, Managing Director, Mr. Saji Lewis, CFO of the company. We would like to now begin the call with opening remarks from the management post which we will have the forum open for an interactive question and answer session. Thank you. And over to you, Arun and Saji.
Questions and Answers:
operator
The management line has been disconnected. Ladies and gentlemen, please stay on hold while we try to reconnect the management line. Thank you for your patience. We have the line for management connected.
Unidentified Participant
Thank you.
operator
And over to you sir.
Unidentified Participant
Thank you everyone. On behalf of Mandala Holidays, I’m delighted to welcome all of you to the Q1FY25 financial results. Joining me today are our CFO Mrs. RJ and our COO Mr. Dharan Chowdhury. @ first you had the chance to review our results and the company and Mr.
Unidentified Participant
Presentation.
Unidentified Participant
FY25 was a milestone year for us. We celebrated 25 years of successful operations. What began as a simple yet powerful vision to bring happiness to people through world class and amusement experiences has evolved into an inspiring journey. We have entered FY26 on a celebratory note commemorating this legacy with festive activities in Naruto Chipat. Even though the market environment was challenging, we have witnessed robust start to the year with April footfalls were growing in double digits supported by our summer theme campaigns. These campaigns struck a chord with families allowing US to welcome 9.17 lakh visitors across our parks during the quarter.
During the second half of the quarter we saw decline in consumer sentiment owing to external factors such as an early monsoon and we are here to yet we were able to sustain us flattish football compared to and sorry flattish revenue compared to last year. During the quarter we saw a positive shift in consumer behavior. Online bookings have continued to grow rapidly and this reflects the success of our integrated digital marketing strategy. Combined with our operational excellence and enhanced guest experience, this helped deliver a 6% year on year rise in ARPU in Q1 reinforcing the strong value that we offer.
Another highlight of the quarter was the launch of Isle by Wonderla, a boutique luxury resort experience adjoining our Bengaluru park. Spread across 4.5 acres, 39 key resorts features private pool cottages, glanting tents, Amex suites and nature inspired offerings. Built with an investment of approximately 39 crores, I’ll reflect our vision of blending hospitality with entertainment and it aligns both with global leisure trends and evolving travel preferences in India. The initial response to IELTS has been above expectations and we hope that this continues to contribute as a complementary experience to our amusement parks. Our non ticket segment also continues to perform well driving double digit growth in sales per head.
We continue to double down on our product offerings and guest experience leading to this healthy growth. As an outcome of this, our Customer NPS in Q1 also has shown promising growth. Construction of our SIST park in Chennai is progressing rapidly and we remain on schedule to commence operations by December 2025. Looking forward, we are confident that our focus on innovation, guest delayed and strategic expansion will continue to drive our sustainable growth. With that I conclude my remarks and hand over to Saj, our CFO for detailed analysis of financial performance. Over to you Saji.
Saji Lewis
Thank you Arun. Good afternoon everyone and thank you for joining us for the Q1 FY26 earnings call. Let me cover the key aspects of the results. Our revenue from operations marginally declined by 3% on a YoY basis for the quarter and stood at 169 crore. EBITDA including other income for the quarter stood at rupees 87.51 crore registering a decline of 9%. YoY basis EBITDA margin for the quarter stood at 48.9%. Our profit after tax for the quarter stood approximately at 52.58 crore and tart margins remain at 29.4 percentage. The major reason for the Biddha reductions which is 14 crore without considering other income are as follows.
Reduction in our footfall contributed roughly 31% of the EBITDA reduction then incremental marketing expenditure attributes 45% of the EBITDA reduction and net of all other expenses resulted in a balanced 23% reduction in our EBITDA. Additionally, we have generated 6 crores of other income in this quarter mainly attributable to interest income on fixed deposit and gains from our investments Moving on to the parkway. Footfall numbers in Q1FY26 footfall for Bangalore stood at 3.22 lakhs. Kochi at 2.37. Hyderabad at 2.62 lakhs and Bhuvaneshar stands at 96,000. The average ticket price for the quarter stood at 1281 with a 4% increase on YoY basis.
The average non ticket price is 493, an increase of 11% on YoY and average revenue per user R2 stood at 1775 for the quarter with 6% increase on YoY basis. With this we can open the floor for Q and A session. Thank you.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Jai Chauhan from 3 Heathrow Asset Managers. Please go ahead.
Unidentified Participant
Good afternoon. Thank you for the opportunity. Am I audible? Yes, yes, hello. Like I have three questions. One is given the glamping and boutique question of IE observing a faster occupancy ramp up compared to traditional default properties. I mean like the response and booking momentum compared to, you know, expectations of new hospitality assets compared to hospitality industry.
Unidentified Participant
Can you please repeat the question?
Unidentified Participant
Yes sir. So basically I was asking are you observing a faster occupancy ramp up compared to traditional resort of property? Because I guess it has been almost a month, right? You started operations at I. Yeah, it’s.
Unidentified Participant
It’s doing well, better than what we thought. So I think definitely there is demand for a differentiated premium offering. So that’s. That’s what we feel. Yes.
Unidentified Participant
Right, sir. And sir, do you exclusively offer bundled packages only or do you also sell standalone room nights, individual and FNB offerings? Like what has been the guest reference in that. In the so far between bundled and unbunder options?
Unidentified Participant
We don’t know yet. I mean still early days but I think it’s the people take the yard with the park. Some people may not take with the park or. Yes, right.
Unidentified Participant
So one final question that I have is within the reported average of a non ticket price spend per head, like could you please provide a breakup between FNB merger and any other revenue streams. Like if the fnb, I think HND will be the dominant contributor. Right?
Unidentified Participant
Yeah. FINB is a dominant contributor and do.
Unidentified Participant
You have any other answer revenue stream for the same for non ticket price. Average non ticket price.
Unidentified Participant
No, no, no. This is it. We have SMB retail and then results that comes under not ticket revenue for us.
Unidentified Participant
That’s it. Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants to press star and one to ask a question. The next question is from the line of Naveen From I thought PMS. Please go ahead.
Naveen Nagaraj.
Hey, congratulations on the. On completing 25 years. Huge milestone for the game. I hope I’m audible.
Unidentified Participant
Yes, yes.
Naveen Nagaraj.
Yeah. So again this is just like a very broad based forward looking session because a couple of quarters ago I remember, you know, Adiran was asking questions about future parks and you guys mentioned that you were in discussions with government. Right. So any movement on that front? So is there anyone new, any place?
Unidentified Participant
We’ve not been able to finalize anything yet. These are. We have two locations where we have advanced stage of discussions going on. Once we have, you know, closure, we will definitely announce it.
Naveen Nagaraj.
One more question. So regarding the concerts rate. So I just wanted to know which line item that revenue falls into. So would it be other than non tickets? Non tickets. Okay. And like has that improved in share of contribution compared to like in retail, resorts, SMB stuff like that or is it still a very small part of your non ticket?
Unidentified Participant
It’s very small. It’s very small. And we usually, I mean we are not looking that as a primary revenue driver even from non ticketing. It’s more of a marketing related spend that we do. Of course we do get some ticketing revenue. I will ask Viren to just explain that a little bit more.
Naveen Nagaraj.
Yeah, thanks Arun.
Unidentified Speaker
So like Arun said, it’s not a core revenue driver. We look at this as a marketing initiative to kind of build Wonderla as an overall entertainment brand. And a lot of these are partnerships that we do with the larger concert organizers out there.
Naveen Nagaraj.
Thanks a lot.
operator
Thank you. The next question is from the line of Shamit from Ambed Capital. Please go ahead.
Unidentified Speaker
Hello.
Unidentified Participant
Yeah, hi.
Unidentified Speaker
So congrats on to the team on completing 25 years. So could you talk about the difficulties you faced initially and how the overall amusement park landscape in India has changed over the last two decades and how you know, Wonderla has evolved which gives you the confidence to you know, increase more park by the end of this decade.
Unidentified Participant
I think the main hurdle that we still face even to this day is that you know, the industry is not really recognized as a industry yet. Even though in other countries it’s, it’s A very, you know, especially developed countries, it’s a thriving industry. So the main issue is land acquisition, government clearances and you know, getting the rights, quality rights at a decent price, whether you make it or import it. So these are the main challenges. Those challenges continue to remain in some ways, but a lot of those have been mitigated because we are also now vertically integrated, especially for the rides, etc.
So these are some of the challenges. But I think that the changes now that we see is that I think a lot of governments, especially tourism friendly states, have recognized the need for amusement parks in their states, especially in the larger cities. So that has helped us to, you know, negotiate directly with the government to set up projects and secure land at a very, you know, reasonable prices. So some of those positives are also there. But a lot of the challenges also remain. This industry by its very nature is a very complex industry. It’s a very engineering, heavy maintenance, heavy safety, heavy industry.
So it’s not something that can be easily tackled. So it takes a lot of operational rigor to have mastery in the segment.
Unidentified Speaker
Got it.
Unidentified Speaker
And even recently the CM of Rihanna, he announced plans to bring Disneyland to India in a few years. So how are you looking at this development and post your commissioning of the Chennai park, how aggressively are you looking to scale up your operations, especially in the northern belt?
Unidentified Participant
See, Disneyland is not coming to India anytime soon. I’m sure different chief ministers will keep announcing it, but I don’t see them coming to India anytime in the future because near future, at least for the next five, ten years because simply because the investment required is massive. It’s like when we spend 500 to 700 crores for a park. Disney park will cost anywhere between 3 to 7 billion dollars per park. So that kind of investment will not be financially viable for a country like India. So I don’t see that happening. But I think there is definitely scope for smaller like players like Vandala to expand into other geographies.
And we are negotiating even with Haryana government, for example, to see whether we can set up somewhere or something in the NCR region. So we are also talking to Uttar Pradesh for Noida. So whoever gives us a better deal and you know, where we feel it’s more suitable, we will, we will go with that. Talks are not yet, you know, it’s not over, so we can’t comment more on this. But I think definitely for us we feel that there is definitely a scope to, you know, expand into other cities, especially the larger cities, capital state, you know, state capital cities etc.
Unidentified Speaker
Got it.
Unidentified Speaker
And you witnessed good response from the newly launched Odisha Park. However, you know for the mature parks which are Bangalore, Kochi, Hyderabad, there has been some footfall de growth and even though it’s offset by an increasing output. So can you specify the reason for decreasing footfall growth in the mature path and is there a sluggish demand from which set of customer group? Is it mice or you know, the school group etc. And what measures are you undertaking to increase the footfalls going forward? Some clarity on that.
Unidentified Participant
Aaron. Yeah, you can take that.
Unidentified Speaker
So if you actually saw the report that Arun also spoke about recently was we actually had a double digit growth in April so we were actually on par to really drive growth across all our parks. But you know, may actually were some unforeseen circumstances. One was there was this whole warfare which actually saw the entire entertainment industry get disrupted concerts, events across. So it kind of again hit our consumer sentiment to step out. And the early monsoons, right. So the inclement weather is never favorable especially during summer holiday season for an industry like ours. So the early monsoon actually impacted people’s sentiment to really step out.
Right. These two are the larger reasons that actually kind of on the second half of the quarter led to a dip in the footfall. Right. Obviously schools were not our business was friendly from fit in Q1 to the school is closed. That is a more Q3 business. And how did we kind of try to overcome this is I think the answer is in our ARPU growth, right? Our ability to have operational excellence, add more value, increase our offerings and propositions and give a better customer experience and drive better ARPU growth even at a time when the footfall is growth hedges some of our risks that is beyond our control.
And we are very positive on the consumer sentiment in the midterm to the long term. And that’s why if you see we continue to double down and invest on marketing because we feel that the more we build ourselves as a brand this will compound and over a period of time we will be able to deliver the footfall assuming the environment favors us.
Unidentified Speaker
Okay, that’s it from my side. All the best for the remaining quarters.
Unidentified Speaker
Thank you.
operator
Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow up question, we will request you to rejoin the queue. The next question is from the line of Abhidev Chattopadi from ICICI Securities. Please go ahead.
Adhidev Chattopadhyay
Yeah, good afternoon everyone. Just the first question is what is the capex you have incurred in the first quarter and what is now the balance capex to go for the remainder of the year, especially in Chennai. And when do we see the park being commissioned? Yeah, that is the first question.
Saji Lewis
We have incurred about 480 crores so far and then the park is going live by December 2025. So we may have to incur additionally about some 120. 130 crores to complete it.
Adhidev Chattopadhyay
Okay, so this is after post junior saying 120 crores post June. Right. The remainder of the year will be 120 crores.
Saji Lewis
Right.
Adhidev Chattopadhyay
Right. Okay. And for this Chennai.
Adhidev Chattopadhyay
So it will be a soft opening.
Adhidev Chattopadhyay
Or what is going to be the.
Adhidev Chattopadhyay
Opening over here in December? Whatever you are planning, it’s a full fledged opening.
Unidentified Participant
Yeah, it’ll be soft opening. You always do a soft opening first and then do a hard, you know like a big launch. Because sheer size of the park and you know we are not, we will not be. All the rides may not be ready in time. There’s a small chance that you know, one or two rides may not be ready. So we will not do a full opening. I think the full opening will happen most likely for summer, you know, so that’s how.
Adhidev Chattopadhyay
Okay. By April, May of next year is when you want to scale it up gradually to the full. Okay.
Unidentified Participant
Yes.
Adhidev Chattopadhyay
Yes.
Adhidev Chattopadhyay
Yeah.
Adhidev Chattopadhyay
Okay. So second question is in a context of Q1 performance and whatever demand you’re seeing the Q2 overall for the year. Any guidance on footfall growth overall for the year on last year’s base? Anything you’d like to share?
Unidentified Participant
Saji, you can answer. We are not. See we don’t give guidance in that sense. I think we are expecting low single digit growth in our you know, the mature parks and the you know, the newer parks should obviously grow slightly faster. That’s the kind of, you know, benchmark we keep for ourselves. Of course. Then of course il is also something new that we’ve launched. So that should also ramp up significantly. Don’t have a percentage to give you but I think you know, low single digit in footfall growth is what we are. I mean maybe if you are lucky we can do better than that.
But of course when Chennai launches that also will change numbers a little bit. So you know, but from our existing parts I think we can expect a low single digit kind of footfall.
Adhidev Chattopadhyay
Okay. So we still stick to some growth in the existing parks that even after Q1, whatever the. Okay, that is the overall picture for this. Okay. Okay, thank you.
operator
Thank you. The next question is from the line of Angad Kadari from Samiksha Capital. Please go ahead.
Unidentified Participant
Thank you for the opportunity.
Unidentified Speaker
So my first question is to what.
Unidentified Participant
Extent do you evaluate these exogenous factors.
Unidentified Speaker
Like unseasonal range and war contribute to.
Unidentified Participant
Your declining football in the last quarter?
Unidentified Speaker
Sorry, anything?
Unidentified Participant
Yeah, he wants to know what, what to what degree does adverse weather effect? Yeah, adverse weather will have an effect. I think now numbers can on a particular day if the weather is good I think we get, let’s say we get 100, you know the, if the weather is adverse it can go down to like 60, you know so we can lose up to 40, 30, 40% of footfalls depending on the severity of the situation and also sentiment and things like that.
Unidentified Speaker
Yeah.
Unidentified Speaker
Got it.
Unidentified Participant
And so given that our non ticket ARPU now accounts for 28% of our total arpu, what are your expectations for.
Unidentified Speaker
This trend to going forward?
Unidentified Participant
So we hope that non ticket revenue should continue to climb as percentage and you know we want to get to a 60, 40 kind of number eventually and that’s the, that’s the hope that you know that that’s where we want to get.
Unidentified Speaker
It.
Unidentified Speaker
And sir, my last question is what.
Unidentified Participant
Is the peak revenue expected from the oil property? And any very hard to predict that we will, you know it’s still a new business and it’s an experiment for us. So we are not looking at any, you know, there is no benchmark. As of now we are doing about 60 to 70 occupancy and we hope it will continue and maybe even grow a little bit more than that as well.
Unidentified Speaker
Got it.
Unidentified Speaker
Thank you.
Unidentified Speaker
I’ll get back in the queue.
operator
Thank you. The next question is from the line of Nirav Sawai from Abacus. Please go ahead.
Unidentified Speaker
Yeah, thanks for the opportunity. My question is in continuation with the previous participant on the new hotel which has been launched. So what is the difference in ARR compared to the previous one what we have?
Unidentified Participant
ARR is almost double of the previous resort.
Unidentified Speaker
Okay.
Unidentified Speaker
And with considering a 60 to 70% kind of hardpool do we expect about 20 odd crores of revenue on an annual basis?
Unidentified Participant
Like I said, we can’t give you a number on that right now. We’ll have to wait and see how the year pans out. This is still a new business so we can’t give you a number expectation but I think we should do. If you do 60, 70% occupancy I think we definitely will be profitable and it could be even more profitable Than our other results offering.
Unidentified Speaker
Second one the side heavy broken even this quarter or it is still lost?
Unidentified Participant
It’s broken even. Saji, you can just give some the.
Saji Lewis
Bones presently for this quarter it is EBITDA positive and after considering depreciation, other things you will be slightly under those.
Unidentified Speaker
Okay. And on the marketing spend you see the other expenses have grown up by almost what 50 odd percent if I’m not wrong. So what exactly is. What is the reason behind this? Because last year we had launched Bhubaneswar so that expenses were up. It’s about 23% growth in our YY business marketing spends or there is some other component.
Unidentified Participant
For example we had our 25th anniversary so we did some spends on that. I think you can explain a little bit more on this.
Unidentified Speaker
Yeah, so I think it’s across one is apart from marketing we also had like our 25th anniversary launch. So that had some cost. Also some of our, you know, operating costs, right. In terms of wages, salaries, the inflationary hikes that we give them. So that also caused the overall increase in the other operating expenses.
Saji Lewis
To add on to that Neera basically about some 30 35% of reduction in our top line due to the reduction in our footfall what we expect with respect to the previous year. And similarly about some 40 to 45% reduction in the increase in our marketing spend which resulted in some addition in our total expenses. Apart from that we have certain 2025 percentages with respect to all other expenses ups and downs which carried for this present year. And overall in addition to that we have about some. We have achieved about some 6 crores of other income coming from our fixed deposit and then the gains on mutual fund investments and all which offsets.
So overall we have about some eight, eight and a half crores of reduction in our EBITDA which is within the 23 heads.
Unidentified Speaker
Right?
Unidentified Speaker
How do we see the entire year other income with the kind of cash which we are sitting on post the completion of capex and required Fortune 9.
Saji Lewis
Mostly it will settle to the normal level now because we have the large money sitting in our QAP front which is being used as a reimbursement from the monitoring agency account. That’s why our interesting is slightly more compared to the previous quarter where our investment base in previous quarter was about some 130 crore. Now it is about some 240 crore. That makes some difference in the interesting. So once we complete the project by Q3, it will automatically settle so broadly.
Unidentified Speaker
For the entire year should we see about 25 crores as other income or can we hire?
Saji Lewis
Presently we have about some 10 crores of other income which includes about some 4 crores of mutual fund. And other thing is interesting is about some 5, 6 crores. That’s how it has been built up. Maybe next one more quarter we will get the same similar kind of a return and after that it will eventually.
Unidentified Speaker
Reduce floor 5 crore is something which we see image to one words.
Unidentified Speaker
Yeah, right.
Unidentified Speaker
And got it.
Unidentified Participant
All right.
Unidentified Speaker
So that’s it from us. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. A reminder to the participants, you may press star and one to ask a question. The next question is from the line of Promote Dubai from RK Capital. Please go ahead.
Unidentified Speaker
Hello. Hello.
Saji Lewis
Yes.
Unidentified Speaker
Yes.
operator
Yes sir.
Unidentified Speaker
Thank you for taking my question. So firstly, congratulations on the launch.
operator
Sorry to interrupt. Ramos, there’s a background noise from your line.
Unidentified Speaker
Okay. Is it better now?
operator
No, sir.
Unidentified Speaker
Hello. Is it better now?
Unidentified Participant
Yeah, we can hear you. Can hear you. Please continue.
Unidentified Speaker
Yeah, so could you please elaborate on expected occupancy rate for FY26 and projected revenues for I.
Unidentified Participant
Projected revenues we are expecting between 70 and 80%. 70% is what we are running currently. So but because it’s the first year, it’s very hard for us to say how what is the full year occupancy going to be like. But I think 70% is definitely, you know, better than what we expected. We expected 60%. So we will maintain between 60 and 70% is our expectation.
Unidentified Speaker
Okay. And I would like to understand how I’ll fit into your broader growth strategy and what could be the anticipated ROI and payback period for 39 crore investment that we have made.
Unidentified Participant
Again, like I said, it’s a new investment. It’s very hard to make a guesswork on that. It could pay back very quickly the way it’s going. But we’ll wait for a few more quarters before we can give you a clearer picture. But I think it’s definitely something that has been. It’s profitable and it’s more profitable than our other resort offering. In fact, we are also upgrading our other resort to the same standard of aisle and we will be relaunching the resort in a different fashion towards the end of the year. So I think the resort business is going to undergo a bit of change for us.
We will give you more clarity once that is done.
Unidentified Speaker
Understood, sir. Understood. Also and on a different note, are there any new rides or infrastructure upgrades that you have planned across your parks in FY2020? And if so, could you share some details associated with capex expected Launch timelines for those.
Unidentified Participant
Yeah. Some capex plans are there. A couple of new rides will be added to every park. But nothing major. No big capex. I think maybe 10 crores per park is kind of. Kind of the number that we are looking at to add on to this.
Saji Lewis
If you could remember our QAP document, we had taken money for expanding one ride at our Bangalore park which is a roller coaster ride.
Unidentified Participant
A big roller coaster. Yeah, yeah.
Saji Lewis
Which is getting the work is. Work has started already which is about some 20 crores will be the total. The planned outflow for that particular ride.
Unidentified Speaker
Understood, sir. Thank you. Thank you. That’s all from my friend. Thank you for answering.
Unidentified Speaker
Question to you.
operator
Thank you. Participants, to ask a question you may press star N1. The next question is from the line of Himanshu Upadhyay from Buggle Rock pms. Please go ahead.
Unidentified Participant
Yeah.
Himanshu Upadhyay
Hi, good afternoon. Can you give a breakup of group bookings versus individual bookings for the quarter and how has the travel from distant places or let’s say within hundreds kilometers being or the progress on that front. And also in Bhubaneswar, are we seeing footfall more from outside Bhuvaneswar now as a percentage of overall sales it is still dominated by within Bhuvaneshwar and 15, 20 km radius type of thing.
Himanshu Upadhyay
See, group business for Q1 is very minimal. We are not I think maybe less than 10% Bhubaneshar. I think I’ll ask Dhiran to just comment on that.
Unidentified Speaker
Yeah. Hi. So yeah, like I think obviously it’s summer season so holiday. So group business is not a major business for us. And I think in Bhubaneswar, I think now that it’s been a year earlier we were getting a lot of people from the primary market. But as we build the category and expand our marketing initiatives, we are also getting a lot more people from Odisha and especially the neighboring Vijayanagaram belt attached to Andhra. So during the summer holidays there is a lot of inbound tourism that happens to Odisha. So we are getting that kind of footfall.
But our primary focus is to continue to first establish Bhubaneswar and Odisha as a market. Because we see that there is enough scope and continue to focus on inbound tourism if there is an opportunity there. So that’s how we build all our portfolio in all our parks.
Himanshu Upadhyay
Okay. Thank you so much.
operator
Thank you. The next question is from the line of Richa from Equity Master. Please go ahead.
Unidentified Speaker
So thank you for the opportunity. My question is on Chennai path, you know that you plan to launch it this year. Have you budgeted any kind of, you know, marketing expense or the initial promotional expenses like you had?
Unidentified Participant
Of course we will be launching with the marketing spends as well. I think Dhiran and Saji can give you some more detail on the numbers.
Saji Lewis
Yeah, the marketing. When we are closing to the opening date maybe in October, November time we will be starting marketing activities and selecting the, the particular vendor and the service provider. And as of now the we don’t want to give any guidance on what could be the marketing spend and all. Yeah, we finish the quarter and things like that, we may be able to disclose it what exactly it could be. We didn’t add anything.
Unidentified Participant
No, I think put a number on it. It’s hard to put a number on it before it’s done so but definitely we will spend on that marketing in, in. In. In proportion to the kind of market that we expect.
Unidentified Speaker
Okay. And sir, in Bhavnisha Path, I think in the last quarter you had shared a guidance of you know, around you expected 2.8 to 3 lakh kind of footfall. But you know, post first quarter do you expect the similar number of footfalls or is there any kind of revision over there? And the second related question was that I noticed that your non ticket expense in Bhubaneswar is quite at par with you know, your tier one city parks. So does that imply that there is an, you know, there is more scope for raising the ticket price and you know the affordability actually could be better?
Unidentified Participant
Well, I think you know the footfalls in Bhubaneswar we are expecting roughly around 3 lakh footfalls in this year. Last year it was our opening year and still a new market. So we’re still learning the ropes of how to operate in that state. Every state works a little differently. Every state has its own different media. The way people consume media and the kind of messaging that has to be given is different. So this year we are slightly changing our strategy. So once that happens and you know we are definitely confident that it will definitely reach somewhere there.
And of course there is a headroom for growth from that number as well. The, the reason why we are saying higher sales per, you know, not ticketing spends in Bhubaneswar is because the first year, couple of years usually early adopters will, you know, they are the ones who will come and visit the park. So they, the early adopters usually spend more, they are slightly, they are more affluent people. So but usually what happens is after year three and four the you know, the you know, the more common, you know like people who are not so well off also will, you know, come to the park.
So when that happens you could see a slightly. Maybe the SPH numbers can dip a little bit. But as of now Bhubaneswar is showing very healthy trends in terms of not ticket revenue. We are being cautious by saying that that might dip a little bit but you know, we’ll have to wait and see. I mean it’s still a new market for us and we are still learning the market.
Unidentified Speaker
Okay, all the best. Thank you.
operator
Thank you. A reminder to the participants. You may press star and one to ask a question. The next question is from the line of part from R.K. bhojani and Associates. Please go ahead.
Unidentified Speaker
Hello. Good afternoon sir. I have basically two small questions. First regarding how have the footfalls and occupancy levels performed across all the parks in quarter one and what is the growth outlook for FY26?
Unidentified Participant
You can take the question. We have just explained that.
Saji Lewis
Yes, footfall as explained earlier the footfall for the month of April it was progressing on a double digit growth and then due to the external factors which our CEO has already explained due to that there was some sentiments were there and due to that we had faced certain reduction in the footfall. Otherwise things are under control.
Unidentified Speaker
Okay.
Saji Lewis
The resort and the new one is solar as explained earlier it’s almost at par with our expectation and the aisle is slightly above the expectation what we had earlier. So at present as informed by MD it’s about 70. 70 percentage of occupancy. We are getting it from the new resort. But any. Anyway it’s a new thing started in the last month. We will take some more time to understand it fully and then. Then only we can just give any guidance on those kind of things.
Unidentified Speaker
And. And another question was regarding with the recent decline in the share price. How is the management addressing investor concerns and what steps are being taken to restore the confidence?
Unidentified Participant
Is not something that we don’t. We don’t. I mean we. We are the share prices depending on so many other factors. It’s.
Unidentified Speaker
Something.
Unidentified Participant
And you know yourself it’s not in our control. So I mean we don’t take by any. We don’t actively do anything in the share market.
Unidentified Speaker
No, no, no. I’m not asking like that to increase the share price and everything I don’t know but how to keep the confidence of long term investor. I’m asking about.
Unidentified Participant
Long term investors. I mean we have. We are bullish on the segment and we have growth plan so that should be good enough for long term investors. See that, you know we have a growth plan and we are executing it. So I think it will definitely happen. Okay, thank you.
operator
Thank you. Participants, to ask a question you may press star and 1. The next question is from the line of Shivam, an individual investor. Please go ahead.
Saji Lewis
Hello.
Unidentified Speaker
Yeah, hi sir. Thank you so much for taking my question. Am I audible?
Saji Lewis
Yes, yes sir.
Unidentified Speaker
Just for one question on the resource side. So our Bangalore resort which is operating on 55 to 60% occupancy. So why are we investing in like investing in opening an Azure resource and then doing work on Bangalore resource or we invest that money into parks which is our core business. I just wanted to understand the capital allocation.
Unidentified Participant
No, so I think we are. There are. The two resorts that we have are in two different segments. One is a little more like, you know, mid segment, like four star. The one we have opened now, it’s a little closer to a five star accommodation and it’s you know like cool. It’s a private pool and things like that. So the value proposition is different and also those kinds. And this is a unique thing that we have just launched. I don’t think there are other resorts like this like island in India right now. So it’s a way we are exploring and seeing how we can, you know, innovate in the resort segment and you know, draw a new crowd to our resort segment.
We are in the middle of revamping existing resort also that will also become more a premium and you know it will become very differentiated from other resorts like your Marriott and all that. We want to create differentiation and you know, uniqueness to our resorts. So that is why we are doing this. And I think our numbers speak quarter itself because you know, I think it’s showing good result. I think people are wanting to go out of the cities and spend on differentiated offerings. So our endeavor is to create those differentiated offerings.
Unidentified Speaker
Okay, thank you sir. And the second, second question, it’s like the Chennai path we expected to opening on December. So are we looking for another park or like are we planning to let these two new parks cool down together, come on a mature level then we expand to the new path or they are looking for some extent now.
Unidentified Participant
We are already looking at other, you know, we want to create a healthy pipeline of projects. So we will definitely be. We are already looking at least three new locations and once we have final approvals and you know, you know finality on this, we will definitely update. We are looking at further locations as well.
Unidentified Speaker
And the Last one is on Bhubaneswar park. So in last year when the park was open in June the football was 70,000 and in the current first full quarter the portfolio of 96,000. So what type of average football we are looking for Bhubaneswar for the full first quarter. So like there could be around this time to pick 1 lakh but will go further.
Unidentified Participant
Like I said, Bhubaneswar is a new market for us. So we are still learning the market. You know, sometimes Bhubaneswar also was affected a little bit by bad weather. So we did lose some footfalls in May. Actually last year we had just opened in June so we had a unusually very heavy footfall and we got, you know, unusually high footfalls in that just those few days. This time I think it’s more, a little bit of a. It’s come more spread out and our park is not that very big so we can’t handle too many people.
So in that sense I think maybe 1 lakh can become 1.5 lakh for that quarter. But you know that’s the endeavor. We’ll definitely look at how we can improve it. But as of now this is how it has been and hopefully we can do that, do a better job in the coming year. Like I said we should cross 3 lakh footfalls this year and that’s what we’re working towards. Okay sir.
Unidentified Speaker
And so the thing is the tennis part is going to come this, this year. If you are expecting two, two more parking coming two years. So we are expecting like the margins will not take a hit for coming 2, 3 years then this is when the revenue will start falling. Then the market is going to grow like after two years.
Unidentified Participant
Is it correct? The margins will be under pressure maybe for another year. And I think once NI comes in I think we should be. The margin should improve maybe, I don’t know, maybe the second half of next year onwards. I think we are hoping that the margins will improve maybe after Q1 of next financial year also it should improve but it’s too early to predict that. This is not a business where you can easily predict what it’s going to be like. So we’ll have to wait and see.
Saji Lewis
So answer for all the new parts.
Unidentified Speaker
The cost will be recognized up front and the revenue will come that we are not thinking of any specific budgeting of our costing for the past like that. We’re going to hit on the numbers.
Unidentified Participant
Yeah, yeah. I mean we are a CapEx upfront CapEx business. So obviously the CapEx will be upfront.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from the line of Saurabh Dhole from two Vacant Investment Advisors. Please go ahead.
Unidentified Speaker
Yeah, thank you so much for the opportunity. I know a lot of questions have been asked on the app on the footfalls, but even if I take into consideration, I mean, whatever you had already mentioned, but even if I look at Q1 numbers of the previous financial years, footballs have been kind of, you know, coming off. They were at 11 lakhs at some point and about 10 and now we’re at 9. So. And finally, obviously the R2s are, you know, kind of going up. So I just want to understand, is there fundamentally something changing with respect to your target segment? I mean, in terms of positioning, etc.
So that’s question number one. The second question is, when you look at, you know, refreshing the rides in a park, how feasible is it to kind of move one ride from one park to another in terms of cost and obviously in terms of, you know, kind of retaining the footfalls. Thank you.
Unidentified Participant
See, you have to remember that our parks are already 10 yard parks, especially two out of three. I mean, I would say two out of four parks are tenured. We only have Bhubaneswar, which is a new park. But Bhubanesh is a very small park. It has a capacity less than one third of our bigger parks. So I think footfalls can fluctuate, especially in the tenured pass. So I think our strategy has been to improve R2 because that obviously we have a premium positioning in all our markets. If we are showing value, people are willing to spend more.
So that has been established. So hence every time we do a value added offering or have new rights, etc. We are able to increase our. This is for both ticket and non ticket. So we are not expecting huge footfall growth, especially in Q1 from our existing pubs. So footfalls in Q1, unless there is a new big park will be flattish or maybe low single digits. That’s all we can expect. The revenue growth will have to come from new parks and some ARPU growth as well, which is what you’re seeing. Rides we can shift, but I think depending on the ride, some rides are easy to shift, some rides are very expensive to shift.
So it just depends on the ride. And we have already done that for Chennai. We have moved a few rides from our older parks to Chennai and we are putting newer rides in the older parts. So we keep doing that, we keep shuffling whenever that is possible. Okay.
Unidentified Speaker
And that this right shifting does have an impact on the performance.
Unidentified Participant
Yeah, I mean, of course whenever we add new rides, there are definitely some. Even if it doesn’t like for example, footfalls, it helps us in marketing and creating a buzz in the market.
Unidentified Speaker
Yeah, sure. Got it. Thank you.
operator
Thank you, ladies and gentlemen. This was the last question. I now hand the conference over to the management for the closing comments. Thank you. And over to you, sir.
Unidentified Participant
Thank you all for attending the first quarter of FY26 earnings call for Mandela Holidays. Hope to see you all in the next quarter. We are bullish on this industry and we hope to continue growing and expanding into this segment and also experimenting on new products like aisle etc. So thank you all for joining us.
Unidentified Participant
Now.
operator
Thank you on behalf of Wandela Holidays Ltd. We conclude this conference. Thank you for joining us. And you may now disconnect your lines.
Unidentified Participant
SM.