Wonderla Holidays Limited (NSE: WONDERLA) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Arun K. Chittilappilly — Managing Director & Executive Chairman
Saji Louiz — Chief Financial Officer
Analysts:
Unidentified Participant
Karan Khanna — Analyst
Gunit Singh — Analyst
Presentation:
operator
Sa. Sam. Sa. Sam. Sa. It. Foreign. Ladies and gentlemen, good day and welcome to Wonderla Holidays Limited Q3 and 9 months FY26 earnings conference call hosted by Ambit Capital Private Limited. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Khanna from Ambit Capital Private Limited. Thank you.
And over to you sir.
Karan Khanna — Analyst
Thank you operator. Good afternoon everyone. On behalf of Ambit Capital, I would like to welcome you all to the 3Q and 9 month SI26 earnings conference call for Wonderla Holidays Limited from the management. Today we have with us Mr. Arun Chittila Pilli, Managing Director, Mr. Saji Lewis, CFO and Mr. Diren Chaudhary, Chief Operating Officer 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.
Arun K. Chittilappilly — Managing Director & Executive Chairman
Thank you Karan. Good afternoon everyone and welcome to the conference call for the third quarter of FY26. The third quarter represents an important milestone for us. We launched our largest amazement park in our portfolio, Chennai. Along with steady financial performance across the other parks as well. For Vandala, this launch represents a significant step in extending our presence across different states as our strategy. Importantly, we’ve been able to execute this project in about 21 months and with a total investment of roughly 600 crores. 611 crore. And we’ve also been able to avail the full exemption of local body taxes for the next 10 years.
So that’s a good thing. During the quarter the income grew by 12% year on year to 141.5 crore delivering our highest ever Q3 revenue. This growth has achieved three pitfalls of about 9.17 lakh. Reflecting our continued focus on higher spends and improving monetization. R2 has increased by over 8% for the year to 1,377 EBITDA before exceptional items stood at 40 crore up 8%. Importantly, despite absorbing the one time launch expenses of roughly 5 and a half crores and the Chennai park also reported a positive EBITDA contribution of 1.3 crore. Underscoring the strength of our execution, our resort property also did very well.
With our resort revenues growing by 71% year on year. And an occupancy region 68%. We also marked 20 years of operations of our Bangalore park so it’s a testament to the durability of our business and we continue to selectively invest in guest experience enhancements including launch of two new attractions in Kochi and centering engagement and repeat visitation. We also had many seasonal festive programming including Christmas and New Year across the parks and our resorts. These efforts reflect Vandala’s ongoing commitment to be responsible to responsible operations and being a trusted long term partner within the communities that we operate in.
Looking ahead, focus remains on discipline growth driven by ARPU and football driven revenue expansion and also technology enabled efficiencies and consistent gift experience delivery. We remain confident in the long term growth potential of the business and ability to create sustainable value for our shareholders. With that I now hand over to Saji to take you through the financial performance in more detail. Saji over to you.
Saji Louiz — Chief Financial Officer
Thank you Arun Good afternoon everyone. Let me take you through the financial highlights for the quarter and nine months ended December 31, 2025. For Q3 FY26, our revenue from operations stood at 134.5 crore as compared to 121.5 crore in the corresponding quarter last year registering a growth of about 11% on a year on year basis, EBITDA for the quarter stood at 32.17 crore up by 13 percentage year on year with EBITDA margins at 23. Percentage profit after tax for the quarter stood at 14.5 crore as compared to 20.3 crore in Q3 FY 2025 resulting in a year on year decline of 29%.
The decline in PAT was primarily driven by adoption of new Labor Code related regulatory changes and increased depreciation of new locations and projects during the quarter. Moving to the nine months performance, revenue from operations stood at 382.9 crore as compared to 361.8 crore in the same period last year reflecting a growth of 6% on YoY basis, EBITDA for the period stood at 116.3 crore down by 9% on a year on year basis with EBITDA margins at 28%. Profit after tax for the nine months ended stood at 65.3 crore as compared to 98.2 crore in the corresponding period last year representing a decline of 34% year on year.
Similarly to Q3, PAT for the nine months period was impacted by higher compliance costs arising out of adoption of new Labor Code related regulatory changes and increased depreciation due to New units and projects footfall for the quarter stood at 9.17 lakh remaining largely in line with the previous period. For nine months ended December 2025, total footfall reached 23.4 lakh compared to 23.7 lakh in the previous period reflecting a marginal 1% decline. As mentioned above, during the quarter company adopted the provisions of the new wage code. The resultant one time financial impact of 8 crore has been recognized and disclosed under exceptional item in line with the accounting standards.
With this I conclude my remarks. We can now open the call for Q and A session. Thank you.
Questions and Answers:
operator
Thank you very much. We’ll 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 two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question is from the line of Vinod Krishna from Evanders Wealth. Please go ahead sir.
Unidentified Participant
Am I audible sir?
operator
Yes, please go ahead sir.
Unidentified Participant
We have. If you see our Chennai park was planned pre covered and we could do it because of the different delays. We got it now done but we have not announced them in a single new park because if you see in the long run our growth I don’t know how the footfalls will grow but most growth is from new parks and ARPU. So in the next 23 years can we expect at least another 12 parks to be announced and some work going on or for now for next 12 years because it’s been almost post Covid we have not announced even a single new pass and I’m not saying done, not deployed well but we have not given on even one new large park.
So just first question on this.
Arun K. Chittilappilly
I don’t know which world you are living in but I think we just finished two parks. We opened one in last year and Chennai one this year. So I think we will launch two paths. We will definitely be announcing more paths but maybe not in the immediate future because we are looking at doing larger parts and they will take more time as you are aware of already.
Unidentified Participant
So in the next three years we can assume one one or two more parks that we announced or at least.
Arun K. Chittilappilly
Yeah, yeah.
Unidentified Participant
So and so what were we doing to get footfall growth at least 1 2% per year or 3? Because you said in few con calls that 5% growth is what we are aiming at footfalls. So what is your target on footfalls to what, what can we do?
Arun K. Chittilappilly
I mean see right now we are at. You know, we are kind of flattish. Some parts are growing, some parts are not growing. So every park has a different. You know last like this year all the parks which are on the east like the eastern side which is Hyderabad and Bhubaneswar both got affected by a lot of rains. In fact even Chennai got affected by rain. So these things will keep happening. So sometimes footfalls will grow. So a lot of external factors also will affect the footfalls. But having said that we are still hopeful that numbers will kind of grow especially in Q2 and Q3 and all that Q1 may be growth and large number of Raj.
Growth in footfall especially from older parks cannot be expected. But like 1, 2, 3% growth can be possible.
Unidentified Participant
So when you say Q1 you’re talking about financial year or you’re talking about calendar. Sorry, your financial year.
Arun K. Chittilappilly
Financial.
Unidentified Participant
Okay. So from Q2, Q3 you expect footfall growth. And how is the response in Chennai post December? Sir, post opening?
Arun K. Chittilappilly
It’s good. It’s good. It’s good. It’s good. We are. We are quite happy with the progress. And you’ll see the numbers.
Unidentified Participant
Sorry to come back to the same concern. Any probable locations that you are almost like we are nearing in the next one year we can announce like Delhi or Ahmedabad.
Arun K. Chittilappilly
We will let you know. We’ll let you know that I can’t give you that information.
Unidentified Participant
But it is happening in the next one year. Two year it is. We are announcing.
Arun K. Chittilappilly
Yeah, yeah, yeah. We’ll definitely not only announce it, we’ll start also before that.
Unidentified Participant
Thank you. Thank you very much and all the best.
operator
Thank you. A reminder to all the participants. If you wish to ask questions you may press star and one at this time. Our next question comes from the line of Gunit Singh from countercyclical pms. Please go ahead.
Gunit Singh
Hi sir. Thank you for this opportunity. So I would like to understand some economics related to the Chennai park. So what are the frictions cost per quarter for that park and the peak revenue potential from the Chennai park.
Arun K. Chittilappilly
See, the trend of expenses are yet to be discovered. Because it’s a new park as of now if you look at it, the current quarter we spend about some 8.5 crore which includes and one time launch expense of five and a half crore. And then we have a labor force of about 700 people both on road and off road. As of now we are expensing about a 2.5 crore odd number. We need to stabilize the operations in the Next maybe some three, four months and then post which we can come to conclusion about the normal recurring cost at this park.
Unidentified Participant
So you mentioned 2.5 crores per quarter per month.
Arun K. Chittilappilly
It’s for them. It’s for the month.
Unidentified Participant
Okay. And what are the. What is the peak revenue potential from the spark according to you as per your understanding from other parks?
Arun K. Chittilappilly
So I think within three to four years we slowly plan to pace this park to be in line with the Bangalore numbers. Because this is the first year we would also want to wait and see how the overall response is. But our long term goal is that by the fourth year it should be able to reach the potential to one of our larger parks like Bangalore.
Unidentified Participant
So the Chennai park I think is already breaking even. So you have given Chennai Park December month highlights. So we did a revenue of about 11 crore in December itself. Yes. For the entire quarter.
Arun K. Chittilappilly
It’s for the one month opened in December 2nd.
Unidentified Participant
30 days to be precise.
Arun K. Chittilappilly
Yeah.
Unidentified Participant
All right. So we are already at an about an operating profit, about 7 to 8 crore per month from this part itself.
Arun K. Chittilappilly
No, we generated roughly about 12 crores with an EBITDA margin of 11%.
Unidentified Participant
All right, 11%. Got it. So I mean you mentioned about 2.5 crores total 6 cost from this part per month if I’m not wrong. So I mean can you understand the maps?
Saji Louiz
No, no, no. The total revenue from this park is about some 12 crores mentioned by Diren. And then with the margin of 11% as of now it’s 280. Because it’s actually a first month of operation. So we need to stabilize the operations in the next five, six months. We’ll see that.
Arun K. Chittilappilly
So we’ve also invested. We’ve invested heavily on the launch which Saji has mentioned. About five and a half crores. Obviously this kind of one time is a one time expense and we would not be spending this month on month. So like I said, over the long term, mid to long term, we expect it to give a EBITDA similar to some of our existing large parts like Hyderabad and Bangalore.
Unidentified Participant
Goran sir, you mentioned 2.5 crore fixed expenses per month as of now. So I mean I would like to understand is that correct number going forward for this chennai Park? No.
Arun K. Chittilappilly
5.5 crore is one time park launch expenses. It will not be a repeating expenses. No, it’s only for the first month when you are launching the park. It will not be a recurring expenses going forward.
Unidentified Participant
Okay. So 2.5 crore is the correct number monthly expenses for this park.
Arun K. Chittilappilly
2.5 is the labor expenses. I said the total expense can be anywhere about from 3 to, or maybe 4 to 5 crore. Depends. That’s what we say. We are saying we need to stabilize the operation for the next four, five months. Then we’ll come to a conclusion where it is ending up. Mostly if you look at it, what the Bangalore park is delivering or maybe the Hyderabad park is delivering, it’s almost in similar line with that EBITDA margins. We have about some 40, 45% of EBITDA margin from this individual park. This will also achieve that level of EBITDA margin over a period of time.
It may not be from the first month itself but over a period of four, five months or maybe in the first year of operations, we will reach up to that efficiency.
Unidentified Participant
Got it. And peak revenue from this would be similar to the Bangalore park.
Arun K. Chittilappilly
That’s the North Star. But we don’t anticipate it to happen in year one because it would take us three to four years to build the business and the brand in Tamil Nadu. But in the midterm like we suggested, that’s our North Star and we’re very confident that we should be able to achieve that number.
Unidentified Participant
All right. So. Got it. My next question is regarding the margins. So if we look at the trend for FY23, 24 and now 25, they have come down from about 50% to 30% currently. So I mean what is the main reason for this?
Saji Louiz
No, that was a pent up demand after the COVID years. That because we had about some 40% spike in our foot for numbers as well. There cannot be a sustainable model. If you look at the previous history before COVID we have been having an EBITDA margin of roughly about some 40 percentage on it. Maybe a 10 year period if you compare.
Arun K. Chittilappilly
Got it. So can we say that the margins are.
operator
Sorry to interrupt. Thank you.
Unidentified Participant
Thank you.
operator
Our next question is from the line of Shamit Ashar from Ambed Capital. Please go ahead.
Unidentified Participant
Yeah. Hi. So after a few muted quarters in terms of footfalls, your Bangalore park saw 3% footfall growth. So what initiatives did you particularly take to improve in the Bangalore Park? Secondly, your revenue growth during the quarter was led by, you know, Bangalore and Chennai park and other parks like Kochi, Hyderabad, they witness a moderation in footfalls. So any guidance on how the revenue and footfall for FY26, 27 would be and also on the margins, that would be helpful.
Arun K. Chittilappilly
Yeah. So I think we continue to invest in Bangalore both towards our sales and marketing strategies. And we’ve been able to get the upside of that in quarter three. If you look at Hyderabad over two years, there is still a substantial growth. Some of our investments in our sales strategies in FY25 paid heat and we got a big spike in quarter three of last year. We’ve been able to sustain that growth. So we would look at this as a green shoot itself. Cochin, unfortunately we had a environmental issue which was not within our control. There was these waterborne amoeba cases.
If you would have noticed. There were multiple news in Kerala because of which this was the duration of school trips being planned. This amoeba is widely spread among young children because of which the government had mandated schools not to do trips to water parks. And that actually impacted our business. But I think fundamentally we are very positive on Cochin park itself because quarter two. Cochin delivered one of its best ever quarter two in its history. So fundamentally things are working well. It was a one time micro environment issue that caused the dip in Cochin.
Unidentified Participant
Got it. And guidance on the revenue and footfall numbers for 26, 27.
Arun K. Chittilappilly
We don’t give guidance like that. So that’s not how we look at it. Especially because we have a new parts. You know, we have a new part that’s coming in so you can expect significant revenue growth. The rest of it we’ll have to wait and see.
Unidentified Participant
Okay. And it’s one month already gone by in the fourth quarter. So how are you witnessing demand out here in Jan?
Arun K. Chittilappilly
Demand is strong. It’s a new park and we’ve been able to create a lot of bugs. So I think we are on a good track.
Unidentified Participant
Okay, all the best. I’ll come back in the queue.
operator
Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference, please limit your questions to two per participant. Also, whoever wishes to ask a question may press star. And one. Our next question is from the line of Naveen from. I thought pms. Please go ahead.
Unidentified Participant
Hey, congratulations on a good set of numbers and the opening of the Chennai Park. I hope I’m audible. Yes. Yeah. So just quick questions on some of the cost line items. So with respect to the Chennai park mainly do you, you know just the employee cost and like how much is network marketing? Do you feel like it seemed like, you know, the costs go up and we don’t anticipate any more near term investments or are we still ramping up the promotions? With respect, promotions as well as hiring. With respect to the Chennai park. Just want to get a broad.
You don’t need to give numbers this where we are in terms of, you know the park.
Arun K. Chittilappilly
In the Chennai park we have about 600 to 700 employees both on roll and off road which will get optimized over a period of time. At present we are incurring a cost of about 2.5 to 3 crores per month which can again optimize over a period. As I said, marketing. Since we are launching a park, we will have a lot of events and other activities which generally we take care in any new location. So in this month we spend about some five and half crore for this. But eventually we settle in. This will not be a recurring expenses as I suggested earlier.
It will be a one time expenses going forward for the regular advertisement and other things as usual like other parks. About some 7 to 10% of our top line will be the marketing spend on a regular basis. Since it is being a new part. There could be a initial spend will be there but it will settle down into that ratio.
Unidentified Participant
Got it, Got it. Yeah, thanks. That’s it from my India. Thanks a lot. Thank you.
operator
Thank you. Our next question is from the line of Himanshu Padhyay from Stagfurt. Please go ahead.
Unidentified Participant
Yeah, hi, good afternoon. My question was on the new park. Historically when we used to give the numbers zone wise for Bangalore, generally the Tamil Nadu would contribute around 15% 10 to 15% of football and Cochin would used to have around 20 to 25% footfalls from Tamil Nadu. So should not we expect the scale up to be much better and faster in Chennai than what we have historically seen? Because Tamil Nadu is a market knows our brand and generally a lot of football used to go in other states from Tamil Nadu. So any idea on that or how are you?
Arun K. Chittilappilly
It’s a new part. So it’s a new part. So it’s very difficult to predict how it’s going to ramp up. It will. I mean usually even if it’s. We do heavy marketing because we are a new park, it’s a new location, it takes time and then also group footfalls have to come. So all that, you know, you have to build it. So it can like you said, it can be very high footfall in the first year itself. But we don’t look at it like that. We like to estimate it conservatively and yeah, so we’ll see.
Unidentified Participant
And is there any risk of cannibalization for Bangalore and Cochin parks or.
Arun K. Chittilappilly
No, they’re sufficiently. They’re all far. They’re all 500, 600 kilometers away from each other. It’s fine.
Unidentified Participant
And one more thing. This fall is in very, very beat, let’s say around 25,000. What are we doing on that path? Because on a very low base also the numbers have been not doing anything great.
Arun K. Chittilappilly
That’s weather related. So because of cyclones and all that. So we can’t do anything. It will come back, it will bounce back once this quarter onwards. I think you should be better. Dheeran, you can answer.
Saji Louiz
Yeah, no, I think for us also it’s been year two. It’s also a different format of park. It’s a very different market itself. And I think there is a lot of learnings and insights and I think we are going back to the drawing board to see what else we could do from these insights and learnings to plan footfall growth. And we are very confident that in the mid to long term there is a market for us. It’s also a small format path. So in the mid to long term we are going to be able to build the category itself.
So unlike our Bangalore and Chennai which where the category is a lot more salient, here we are the only amusement park and are building the category and we hope over a period of time we should be able to get these benefits. So very positive to kind of revamp this on FY27. So hoping for the best.
Unidentified Participant
And one more thing. Do you still think styre2towns the model, what are a smaller theme park in Toya two Towns remains a viable model and it can scale up or.
Arun K. Chittilappilly
I think eventually yes, but. Eventually yes, but like I said, like these are new categories that we are building in a new city which is not used to this kind of avenues of entertainment. So it will take. It will be time consuming. I think if you do it into a tire to tire three cities. But definitely there is a market. But obviously it’s a. It’s a longer game but definitely worth doing because these are all growing cities. Like also is a growing city in terms of, you know, it’s population. A number of schools, colleges, restaurants, hotels, everything is growing there.
So I think in that sense I think it’s okay. But of course we prefer tier one cities if possible. Tier one and tier two cities. I think definitely we can be done. Also for us this was also an experiment. So like I said it might take a little bit longer but long term I don’t think we are worried about it in that fashion.
Unidentified Participant
Okay. Okay. Thank you so much.
operator
Thank you. Our next question is from the line of Ankit Shah from White Equity Investment Advisors. Please go ahead.
Unidentified Participant
Thanks for taking my question, sir. My question is on new projects. So can you share some bit, some bit more light on how many potential paths are we, you know, kind of working on or are close to signing a deal? And also over next three to four years after Chennai, how many parks are we likely to operationalize? If you can share, you know, some more light, which will be helpful particularly because we’ve been waiting for quite a few quarters for an announcement. So, you know, if you can throw some more light, it will be helpful.
Arun K. Chittilappilly
We will definitely sign one or definitely minimum one, maybe two or three more locations. Like I said, I can’t give you a timeline because this involves the government and government approvals and that acquisition. So these are all, what do you call it? These are not things that we can say. I mean we are hoping to finish some of them early but you know, like for example, working with Maharashtra government on doing something in Bombay. So these are all. This will take time. It’s not going to happen immediately but we are hoping that it will happen sooner than later.
Like for example in Bishop it happened within a few months. Chennai took a long time. So you know, they’re all different governments and they have different ways of working. But we’re hoping that we can do some of these projects with you.
Unidentified Participant
Right. So the situation is that there are at least 3, 4 different conversations with the state government that are happening simultaneously at different stages. And we are hoping that one or two of them should. Okay, okay. Also if you can throw some more light on, you know, what are the key issues, you know, where we are kind of getting stuck in these deals.
Arun K. Chittilappilly
There are no issues. I mean this is due process. Land acquisition in any straight takes a lot of time and you know, it’s, it’s nothing unusual here. Also I think, I think some, you know, government changes and you know, authority changes that happen in different states also kind of add to the delays. Usually it’s, it kind of happens. It’s a normal thing, especially in land acquisition. But I think once it’s done we will announce also we don’t want to give away too much in terms of where we’re going to do next. We will once it’s ready.
Unidentified Participant
Sure. And the final one is on this only is, you know, the next one or two parts that. So are they likely to be on bought out land or something like Odisha leased out land or like I told you, it’s very.
Arun K. Chittilappilly
Yeah, it could be both. It could be. We don’t know which one is going to work first. It’s hard to predict. We are hoping the larger ones will Come through or. But we’ll see.
Unidentified Participant
Okay, so that’s fine. But the larger ones. So is there a possibility of a large park on a lease piece or it is like not smaller parts can be on lease and larger will always be owned.
Arun K. Chittilappilly
Again I said it is hard to comment on this. Both are possible. Yeah, this is possible for a large one also.
Unidentified Participant
Got. Got. That’s helpful. Thank you so much.
operator
Thank you. Our next question comes from the line of Athar Syed from Smart Sync Services. Please go ahead.
Unidentified Participant
Hello, am I audible? Sir, I have just a few questions. My one question is on this like a business where we operate is capital intensive in nature. And basically the dictation period or what we can call payback period is very long in our business. So going forward how we will get growth in our business and what is our vision in the for the next three to five years.
Arun K. Chittilappilly
Payback period will be slightly depending upon what what is your investment is It’s a lot larger park and then a smaller park and then combination of that. Historically we were able to get a payback within some four or five years or five, six years depending on the size of the park the larger the park. Suppose for example for Chennai we are investing about roughly about some 600 crore. It can take about some 7, 8 years to completely get the entire investment back and then again completely. The format of the park is the driving factor for deciding the payback region is like as already mentioned by our md we are looking into all the locations, all options.
So once they describe any deals, when you are posting any deals you definitely give an announcement of this.
Unidentified Participant
Okay sir. And sir, I saw in your presentation in your resort called ISL isl I.
Arun K. Chittilappilly
Think. We get a good response from our customers basically. And our occupancy rates also increase from 51% to around 60 or 65%. So going forward we also have plan to start more into this category like in resort and hotel stack. Not. Not immediately. So we just started the second resort in Bangalore. So definitely we want to expand it across our parks locations and all. But we need to wait some more time because we generally don’t start the resort immediately after sitting on the park. We just take some time to start the resort. If you look at the Bangalore, we started the park in summer in 2005 and resort came up in summer in 2014. So we are not an expert in expanding resort business. We are expert in expanding the amusement park. Our priorities to first look into the apartment, look into the the amusement park business and then post to which we will see Any expansion of resorts in other locations where we have a that.
We might look at another city like for example Hyderabad, Orin, we might do a resort. We will keep you posted.
Unidentified Participant
Okay. No sir, actually if you see the growth in resort business is quite higher compared to this general business which we operate. That’s why that says my suggestion and last question on this. Like you mentioned, a pad declined by 29%. One is one reason is depreciation and another is. Can you please repeat that?
Saji Louiz
That decreases mine. One reason in the Q3 is like just direct depreciation of about some 6 crore coming from new projects as well as the Chennai park. And then the new labor code impact is there. So with respect to that there is about some 5 crore reduction in our EBITDA. So these are the two reasons for the quarter.
Unidentified Participant
Okay? Okay, got it. And sir are Q3 and Q4 is stronger than Q1 and Q2. Just last one question. Our Q3 and Q4 is stronger Than Q1 and Q2. Right.
Arun K. Chittilappilly
Our Q1 is the strongest quarter and then followed by Q3. Q2 will be the weakest quarter because.
Unidentified Participant
Of rainfall and all. Okay, thank you. Thank you so much. Thank you.
operator
Thank you. Ladies and gentlemen, please restrict your questions to one per participant as there are many participants in the queue waiting for their turn. Our next question is from the line of Abhishek from ICICI Direct. Please go ahead.
Unidentified Participant
Results. Hope I’m audible. Yes, I have two questions. So one is.
operator
Your voice is breaking. No, it’s still breaking. Can you please use handset?
Unidentified Participant
Yeah, just a few. Hope audible. Now this is better.
operator
Please go ahead.
Unidentified Participant
Yeah, so I just wanted to know that you know the result is scaling up. Well, I see that the occupancies are also going up well now. So I just wanted to understand how much of it does, you know, flow into the park as well. Now what I’m trying to understand is how many people check into your resort, get into the park and spend the day there. And I’ll just ask the next question after this.
Arun K. Chittilappilly
So it’s very seasonal. Depending on the season it varies between 60 to 80% of our in house guests use a park facilities. The reason for setting up these resorts are also because it’s an extended premiumized version of our park experience.
Unidentified Participant
Okay, sure. And just one small question. I think we were adding one more ride in the Bengaluru park. That was some. Some roller coaster. Right. And I just wanted to know what’s the progress on that.
Arun K. Chittilappilly
We are finishing it off mostly by March end or beginning of April. We’ll be launching the new.
Unidentified Participant
Right. Okay. And any estimated spend like what was the spend?
Arun K. Chittilappilly
Somewhere between 15 to 20 crores.
Unidentified Participant
Okay. Sir. Yeah.
operator
Thank you. Our next question is from the line of Angad from Samiksha Capital. Please go ahead.
Unidentified Participant
Thank you. Good set of numbers there. Just one question from my end. There has been some media reports about the potential movement park in Vishakha Patnam. Saw some articles on the same. Could you please help us understand if. There is any proof on the same. And this company evaluating what skills are we?
Arun K. Chittilappilly
We are just evaluating. No, no confirmation on that yet.
Unidentified Participant
Sure. Thank you.
operator
Thank you. Our next question is from the line of Sneha from SKS Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible? Yes, please go ahead. Yeah, I just had one question. Thank you for the opportunity. You mentioned that we would have a stronger growth going ahead. What would be the triggers for that and are there any near term triggers as well?
Arun K. Chittilappilly
I think one of the obvious impact is that now we have a large format pack of Chennai which was not there in the previous financial year and that’s going to be one of our largest growth drivers. Along with resort continuing its momentum that it has delivered good quarters back to back in quarter two and quarter three. And we are also hopeful that some of our long term brand play and technology play will continue to deliver good ARPU growth across our existing parks and hopefully some green shoots in Futfar.
operator
Okay, so that’s it for my side. Thank you so much. Thank you. Our next question is a follow up from Vinod Krishna from Evindesville. Please go ahead.
Unidentified Participant
Am I audible? Sir?
Arun K. Chittilappilly
Yes.
Unidentified Participant
Yes sir. How do you think about football growth over the long run? Is it? How should you think? Like because it’s difficult to get footfall growth over the long run. What do you normally do and what do you model in like 3% or 5% or. When I say long run I’m even talking 5, 7, 8 years. Let’s say Bangalore Park, Kochi park, they are still hovering around 1 million for a long long time. So is it just a function of capacity or only once you see footfalls you keep increasing the pak. Sir, how do you more model for yourself in the long run? Football growth.
And what do you do to attract footballs or the long sustainably?
Arun K. Chittilappilly
I think it’s a combination of both. At some seasons, especially the peak season, there is capacity restraint and we want to deliver great customer experience so we do not oversell beyond the capacity. So on certain seasons we have to leave demand on the table and the expansion is based on the kind of demand that we see. But I think for mature parks which have reached its potential of 1 million plus, we do see growth. But I think the larger growth is anticipated from good customer experience, premiumizing our product and delivering better arpus to drive overall revenue growth.
Unidentified Participant
So you. No, no sir, I’m saying what factors do you think will help us grow over a 3, 4%? Follow the long run. I understand what, because that’s the difficult part of the business, right to get customers again and again we continue to.
Arun K. Chittilappilly
Invest on brand our digital performance technologies. So we continue to be salient in the entertainment category. We are also, we are also very sensitive to environment factors like weather especially. So if weather works in our favor, the brand investments that we do, there can be substantial spikes after every couple of years that can be anticipated.
Unidentified Participant
Sir, just at the cost of repetition, can we assume at least one big park over the next two to three years? One big and one small or two big parks?
Arun K. Chittilappilly
I told you we can’t tell you until it’s done right. But yes, I mean usually you can say that.
Unidentified Participant
Okay. Thank you sir. All the best.
operator
Thank you. Our next question is from the line of Parimal Mathani from Credential Investment. Please go ahead.
Unidentified Participant
Hello, can you hear me?
Arun K. Chittilappilly
Yes.
Unidentified Participant
Hello?
Arun K. Chittilappilly
Yes, you are audible.
Unidentified Participant
Yes, this is Student Management. I just wanted to know in terms of the guidelines for next four to five years and how you see yourself in terms of number of paths and you know the way going ahead. It will be much better for long term investors like us if we just throw some roadmap for it.
Arun K. Chittilappilly
Investing in more locations. Our goal is to be a pan India. So obviously we will keep adding new locations and we will also look at improving revenues and footfalls in our existing location. There is hope for that also. So these are the two growth drivers and of course then we’ll be adding on value added offerings like resorts and things like that. All this will be part of our strategy. So would it be sufficient to say that in next five to eight years we will be close to six to seven parks or is it.
Arun K. Chittilappilly
Yeah, I think it’s possible. Maybe even higher also. But we’ll have to wait and see. I mean like I said, it’s hard to put a number on it.
Unidentified Participant
Okay, thank you. Thanks.
operator
Thank you. Our next question is from the line of Jatinmoy Kuramkar from JHP Securities. Please go ahead.
Unidentified Participant
Hello, Am I audible? Hello.
operator
Yeah, you’re audible.
Unidentified Participant
So just wanted to have a clear picture on the resort of general. We have. So what is the Number of keys that we hold right now and what is the headroom for this keys to build up on the Bangalore.
Arun K. Chittilappilly
We have 123 keys which is mix of both the resort and the island. We just launched aisle about seven months ago. So I think we are well capacitated. And we’ve already expanded this. We’ve also refurbished our existing resort which was 84 keys. So I don’t think in Bangalore as a city we look at adding furthermore keys in the midterm.
Unidentified Participant
Okay. And there is no headroom for growth in Bangalore in terms of resort.
Arun K. Chittilappilly
In the midterm. No, we’ve just launched ielts. So I think the focus is how do we continue this growth at least in the next two to three years on the existing capacity in Bangalore.
Unidentified Participant
Okay. Okay, great. Thank you so much and all the best here. Thank you.
operator
Thank you. Our next question is from the line of Nikhil Upadhyay from Simpl. Please go ahead.
Arun K. Chittilappilly
Yeah, thanks for the opportunity. Just one clarification. In the call you mentioned that generally for the first quarter or first month we have these higher marketing expenses for the park. So is it like if you look at the other expenses of 55 crore, is that booked in this quarter or would it be booked in the subsequent quarter? Some clarity if you can give.
Arun K. Chittilappilly
No, not clear. 55 crores. I’m not able. I’m not sure.
Unidentified Participant
So if I look at our other expenses for this quarter it’s 55 crore versus last year similar of 49. So is there a higher.
Arun K. Chittilappilly
Yeah. Which includes the marketing expense as well.
Unidentified Participant
Okay, so some part is booked here and some part would be booked in March quarter.
Arun K. Chittilappilly
No, everything is booked in this quarter. It’s already part of the other expenses. This is what I’m saying.
Unidentified Participant
Okay. Secondly I. This is like pretty basic question but see there were some news items and threads where there were some issues with the riots in the initial period in Chennai Park. I. I know this would have happened in other parks also. But does it impact the equity or the footfalls the way we would have thought about or does it not impact in the longer run and how do you manage these kind of negative publicity?
Arun K. Chittilappilly
So I think to answer your second question on how do we handle this negative publicity, I think we’ve been very transparent on why this has happened. And I think when we. When we communicated clearly through our platforms on why this happened, I think the consumers were aware that it was more of power fluctuation than to do with any safety issues. And that immediately brought back confidence. And that’s the Reason why we’ve been able to deliver 75,000 footfall in the first month of operations despite having red alert and yellow alert the first week of December when we launched.
So I think that in the long term it does not create. If everything is communicated clearly to the customer, it does not impact the brand. And we’ve seen that in our Chennai numbers in the first month.
Unidentified Participant
Okay. And last question. Is there a seasonality in Chennai like the way we have for coaching and Bangalore or is there an extreme seasonality in Chennai like how do you.
Arun K. Chittilappilly
How should one think about the nature of the business? We see peak seasons in. In any region you go during holidays. That’s the nature of the business. So we do anticipate seasonality in Chennai. But how this seasonality will play out, we’ll have to finish a full year to understand better.
Unidentified Participant
Okay, sure. Thanks. I’ll come back.
operator
Thank you. Our next question is from the line of Vinay Nathkarni from Hathaway Investments Private Limited. Please go ahead.
Unidentified Participant
Yeah, thanks for the opportunity. Just wanted to know why was the Hyderabad ticket price drop this quarter? Any particular reason? Because it seems to be an abnormal drop compared to the other parts where it has seen a growth.
Arun K. Chittilappilly
Yeah. So if you see quarter three for Hyderabad is highly dominant on groups at first. These are large school formats that come. These are large groups that come. Obviously there is some discounting on taking price.
Unidentified Participant
Apart from that, this queue between the. Fib and the group stage.
operator
Your voice is breaking.
Unidentified Participant
Yeah. So can you hear me now?
operator
It’s still breaking.
Unidentified Participant
Can you hear us? No. Have you changed the mode or. No ma’, am, we are able to hear you.
Arun K. Chittilappilly
Yes. But your audio seems to be breaking. Is it possible to disconnect and connect?
Unidentified Participant
Yeah, I’ll reconnect.
Arun K. Chittilappilly
No, I think you are clear now.
Unidentified Participant
All right. Okay. You can hear us, right? Yeah.
Arun K. Chittilappilly
Yeah. So we were saying that one for part, like Hyderabad, quarter three is heavily dependent on group which is largely the education institutions. And because these are large volume numbers that come in, they always come in at a discount. But apart from that there was this queue between the retail to group footfall changed a bit versus the previous quarter. And that primarily changed the ATP width. But if you look at over nine months there is a green shoot in ATP and we hope to continuing seeing that in the coming quarters as well. So it’s just a one off anomaly.
Unidentified Participant
Okay. Secondly, this exceptional cost that you have said is that labor code provision, is it?
Arun K. Chittilappilly
Yes. Yes.
Unidentified Participant
Okay. And last on just a strategic viewpoint. When you’re looking at setting Up a new park. Would a touristy place be more amenable to drawing more crowds automatically when people are in a mood to enjoy and go out? So a city like Goa or no, would that be a target that you would be looking at?
Arun K. Chittilappilly
Yes. Yeah. Goa is also part of our. We are also looking at Goa as well. Yes.
Unidentified Participant
Okay. Thank you.
operator
Thank you. We have the last question from the line of Gunit Singh from Countercyclical pms. Please go ahead.
Gunit Singh
I just want to continue on the question. So by when do you expect Chennai Pup to break even? And if I’m not wrong, our total, I mean expenses per month you mentioned are about 4 to 5 cr. That’s about, I think 40, 50 cr annually. So do we expect to break even in the first year or if not by when?
Arun K. Chittilappilly
No, historically we were able to break even in the first year itself. But the margin levels will be slightly lesser than compared to the matured PARC. We may be getting about some 20% of the 25% of EBITDA margins whereas the established parts will be having about 40, 45% of EBITDA margin. But we cannot predict as of now because we just completed one month in Chennai. So we’ll take some more time to understand the the structure at which it will move in and post to which we’ll take a call on this.
Unidentified Participant
Got it. But my assumption that about the 50 share revenue for break even, is that assumption correct?
Arun K. Chittilappilly
Yeah. So roughly about some 50 to 60 in that range we are expecting.
Unidentified Participant
All right. At the Boboneshwar part that we started is that that also broke even in the first year.
Arun K. Chittilappilly
No, year two. All right. So margins operating margin are currently 30%. So I mean what kind of margin do we expect in FY27 or FY28 months? In our business we usually don’t give guidance on margins. You can only say that, you know, each of our parts can roughly give the, you know, I don’t know, matured level. We can, you know, approximately. Only we can tell you margins. We can’t predict it. Okay, so what’s the operating loss from? Sorry, I think we have run out of time.
operator
We have another participant waiting in the queue. Can you please rejoin? Thank you. Our next question is from the line of Girish from Branstone Investments. Please go ahead.
Unidentified Participant
Yeah, hi to your reference of North Star to Chennai. You know, but the investment is to. The level of 611 crores. So 170 crore worth of revenue. Is this the right way to model the Chennai park over the next four. To five years or is it a lower number?
Arun K. Chittilappilly
Look that’s while that the footfall is the North Star, we also continue to hope to deliver good green shoots in the arpu. I think only when we’ll be able to finish one year we’ll be able to model a more better revenue system for year two, year three, year four. So maybe we can throw some color on this after we complete a year.
Unidentified Participant
Sure. Thank you on that.
operator
Thank you. We take that as the last question for today. I would now like to hand the conference over to management for closing comments.
Arun K. Chittilappilly
Thank you all for attending our Q3FY26 conference call and we are very happy with the results that we got for this quarter and we continue to be optimistic about business opportunities in our existing and new locations. Hope to see you again in the next quarter. Thank you.
operator
Thank you on behalf of Ambit Capital Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.