Wonderla Holidays Limited (NSE: WONDERLA) Q4 2025 Earnings Call dated May. 08, 2025
Corporate Participants:
Unidentified Speaker
Arun Chittilappilly — Executive Chairman & Managing Director
Saji Louiz — Chief Financial Officer
Dheeran Choudhary — Chief Operating Officer
Analysts:
Unidentified Participant
Karan Khanna — Analyst
Ashwini Agarwal — Analyst
Saishwar Ravekar — Analyst
Kaustubh Pawaskar — Analyst
Kashyap — Analyst
Ranodeep Sen — Analyst
Presentation:
operator
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operator
Ladies and gentlemen, good day and welcome to the Q4 and FY25 earnings conference call of Vanderla Holidays Limited hosted by Ambit Capital Private Limited. As a reminder, all participant lines will be in the listen 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 0 on your touchtone 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.
Karan Khanna — Analyst
Thank you and good afternoon everyone. On behalf of Ambit Capital, I would.
Karan Khanna — Analyst
Like to welcome you all to the.
Karan Khanna — Analyst
4Q and full year FY25 earnings conference call for $1 Holidays Limited.
Karan Khanna — Analyst
From the management, we have with us.
Karan Khanna — Analyst
Mr. Arun Chittilapilli, Managing Director, Mr. Saji Lewis, CFO and Mr. Dhiren 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.
Karan Khanna — Analyst
Thank you.
Karan Khanna — Analyst
And over to you Arun and Saji.
Arun Chittilappilly — Executive Chairman & Managing Director
Thank you Karan. Good afternoon everyone. On behalf of Vandala, I would like to welcome all of you to our Q4 and FY25 financial results. Joining me today are our CFO Saji and our COO Dheeran. I trust you have had a chance to review your results and investor presentation. FY25 was a year of resilience and strategic recalibration for Vandulla as we have completed 25 years of operations and we are proud to have achieved that milestone. And having served over 43 plus million guests across our park. This year we have expanded our park portfolio with the launch of our fourth park in Bhuvaneshwar.
Also we completed a QIP and raising over around 540 crores which was another milestone. And we got a lot of interest from marquee investors, reaffirming the market confidence in our growth prospect. We are confident that our fundamentals, relentless focus on guest experience and bold investments in new locations and formats will help us shape the next chapter of our group. We ended the financial year 2025 with 482.78 crores of total income. And we recorded about 107 crores of revenue. In Q4 we recorded 107.5 crores of revenue with nearly 6.8 lakh footfall. With our Hyderabad park delivering its highest ever annual revenue.
A clear testament to our regional strategy and operational excellence, our EBITDA margin was recorded at 28% for Q4FY25 and 36% for the full year. Notably, we saw a slight degrowth in revenue and footfall because of unpredictable market conditions and temporary softening of discretionary spend. Despite these challenges, we welcomed over 30 lakh guests, a strong indicator of our brand’s enduring relevance and shared experiences. Another key highlight of this year was a consistent improvement in online bookings from 57% in Q7 Q4 and 45% for the whole year as a percentage out to general footfall reflecting the digital affinity and is it in line with our digital transformation journey.
This was supplemented by various digital campaigns delivered in the financial year. As part of our commitment to innovation and delivering unforgettable experiences, we also launched one of its kind attraction Mission Interstellar at Bangalore. It boasts India’s largest curved LED based immersive ride and the next generation of cinematic stage ride technology. We are also in the process of introducing Kerala’s first bungee jump attraction in Kochi. We have been also recognized by times now as one of the top eight adventure parks around the world. We remain confident in sustaining our footfalls and revenue over the medium to long term.
Supported by continuous innovation strategic initiatives. We are also placing greater emphasis on growing non ticket revenue streams. Enhancement to our non ticket revenue offerings along with an expanded merchandise strategy is expected to contribute meaningfully to to our overall revenue mix going forward. Our spend per head or hph has grown shown continuous growth 11 and 12% for Q4 and FY25 respectively. We expect it to grow further from the project side. We are moving towards delivering our fifth park at Chennai which will also be one of our largest towards the end of FY20 it was the end of the Q3 FY26 and we are also launching IELTS by Vandala 39 key premium resort offering in Q1 FY26.
We are also confident that our focus on enhancing guest experiences, fostering innovation and strategically expanding our offering will drive not just growth but sustained excellence. We are immensely grateful to the dedication of our team, our customers and set for support of our shareholders. With this I would conclude and I’ll hand over to Saji for detailed analysis of financial performance. Over to you Saji.
Saji Louiz — Chief Financial Officer
Thank you Arun. Good afternoon everyone and thank you for joining us for the Q4 and FY25 trainings call. We provide you with the concise overview of our financial performance for both the quarter and the full year starting with the Q4FY25 financial performance.
Our revenue from operations for the quarter stood at 9678 lakh degree by 3% on year. On year basis, EBITDA for the quarter reached at 3054 lakh and EBITDA margin for the quarter stood at 28%. Our profit after tax for the quarter stood at 1101 lakh and PAT margin stood at 10%. Now focusing on FY25 financial performance, revenue including other income for the year stood at 45,857 lakh representing a slight 5% year on year decrease. EBITDA for the year stood at 17,140 lakh and EBITDA margin for the year was 36%. Profit after tax for the year stood at 10,927 lakh and tax margin stood at 23% for the year.
Moving on to the park wise footfall numbers for the Q4FY25 footfalls. The Bangalore stood at 2.18 lakhs, Cochin at 2.08 lakh, Hyderabad at 2.11 lakh and then Buneshwar at 0.41 lakhs. For the full year footfall for Bengaluru park stood at 10.71 lakh, Kochi at 8.78 lakh, Hyderabad at 9.31 lakh and the Bhuneshwar at 1.69 lakh. With this I conclude my speech and open the forum for Q and A session. Thank you.
Questions and Answers:
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 phone. If you wish to remove yourself from the question queue, you may press. And two 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 from the line of Ashwini Agarwal from Dimitar Advisors. Go ahead.
Ashwini Agarwal
Quick question. How are you seeing these consumer demand situation now? Because you know you said that the patterns of discretionary trends have changed. What’s your assessment? What’s going on?
Arun Chittilappilly
I think for us mainly I can’t talk about other industries. For us one of the main things was that after Covid that’s euphoria. So obviously we do not see growth after that. In terms of footfalls, revenues if you look at FY24 was the highest but footfalls were the highest in FY23 after Covid. So we were obviously not able to maintain that growth in footfalls. But what we are seeing now is that I think we have come to like a new normal in terms of footfalls that we are seeing. And I think this year onwards we can see some mild growth, especially in our tenured parks, because again, we are not expecting huge growth in footfalls from our tenured parks because they are already tenured, they’ve been there for many years.
Mild growth only is what we can expect from existing parks, new parks. Obviously we will see bigger growth and ramp up in trip falls. And that is the way. I mean, this is something that I’ve said before as well. And this is also a little soft across sectors. I think. I’m guessing it’s because, you know, people have gone, there was overspending that happened in the last two years and maybe are reprioritizing their spend for other things, maybe because of inflation or other pressures. And again, I think going back to a normal schedule post the COVID euphoria could be one of the reasons.
But these are all speculations at this point. And I think we are seeing something like this across sectors. So I’m guessing this is applicable to not just one industry.
Ashwini Agarwal
The question I had is that have you done any market studies to figure out if there’s a behavioral pattern change, for example, youngsters wanting to spend more money and time on online activities versus going out with family?
Arun Chittilappilly
No studies have shown any of those things. The only thing that we can see from the studies that we’ve shown is that there are more avenues for people to spend time now. Every year new things are coming up, right? So there are new things for people to do. So obviously we’ll have to compete with more things. But that’s just the nature of any form of entertainment. I don’t think it’s unique to us. So in that sense, I don’t think it’s a problem. But I don’t see any large change in consumer behavior. I think more issues for us is mostly climate related or related to, you know, maybe people are not being able to come out because of exams or in a change in exam seasons and a lot of other factors.
Those some are within our control, some are not in our control. So I mean, these things happen. I mean, it’s just far for course is what I think. But if you look at Indian, I mean, at least our company performance, we have beat pre Covid numbers by a big margin. Whereas a lot of other countries, if you look at amusement parks, they have not yet beaten pre Covid numbers even today, even in FY25 26. So that gives us a lot of comfort that we are in a better place. But I don’t see us having an issue.
Dheeran Choudhary
Hi Niran here. So I think when we look at the market days of obviously across industries there is pressure on discretionary spend. But I think yes, the fact that with COVID people have also affinity to OTT and other entertainment sectors. If you see the concert industry growing but like Arun said, there is in an entertainment industry there will be newer avenues to come. But the fact that people are stepping out for concerts, people are looking for new experiences and obviously us being the largest chain and providing a very unique experience in terms of thrill and adventure, we’re very bullish that in the mid to long term consumers will continue to seek an experience that we have to offer.
So we will stay on course to that.
Ashwini Agarwal
My next question is that on New Path, while Chennai has been in the.
Ashwini Agarwal
Works and will open towards the end of this calendar year, any other development.
Ashwini Agarwal
Can you share in terms of the.
Ashwini Agarwal
Pipeline that you have under consideration over.
Ashwini Agarwal
The next two to three years?
Arun Chittilappilly
We have at least three or four locations where discussions are progressing which I told in the previous calls. We have not yet finalized anything just because we have also been busy with our own plans and Chennai is also taking up disproportionate amount of time from our end because it is a large project and so we are focusing on that also. Like I said, we are launching another expansion to our resort in Bangalore. So I mean we’ve been busy but we will definitely. We would have liked to conclude at least one more location by the end of FY25.
But some delays are. I mean some of these are government delays which we can’t do anything. But we are bullish that at least one, one or two projects. We will be able to announce this before the end of this year and that is the way we are looking at it. We are being a little cautious also because we, like you said, there is a softening of demand and things like that. There are more uncertainties this year than expected. But we are still bullish. We will definitely go for expansion. We are looking at at least one or two more projects, large projects for us to take on because we do have the capability to.
Once Chennai is finished, by that time we want to have at least one or two projects ready so that we can effectively utilize our project team to do another project. So that’s the way we are looking at it. That’s all I can do as of now.
Ashwini Agarwal
Okay, thank you. Thank you so much. All the best.
Arun Chittilappilly
I’ll come back in between thank you.
operator
Thank you. Next question is from the line of Saeeshwar Rabekar from ICICI Securities. Please go ahead.
Saishwar Ravekar
Hello sir. I’m audible.
Unidentified Speaker
Yes.
Saishwar Ravekar
My question is sir, last time Hyderabad.
Saishwar Ravekar
Park experienced their best quarter and this.
Saishwar Ravekar
Time we are seeing the football so decreasing. So what are the specific reasons?
Saishwar Ravekar
Like can you shed some light on it?
Dheeran Choudhary
So I think this is actually the point that Arun just mentioned previously that obviously in mature parks there is some saturation so the growth will not be as much as the newer parks. And Hyderabad is one of our newer parks. It’s only been operational for seven years barring the two Covid years where we were shut. So there is a lot more room to grow. And that’s one of the reasons why you continue to see that one of our new year parks is kind of growing and having a better year compared to the other parts because of the headroom that we have.
Saishwar Ravekar
Thank you. So one more question.
Saishwar Ravekar
Is there our numbers are showing decline in the business. So do you have some strategies to bounce back in the market in order to increase the revenue, EBITDA and net profit?
Dheeran Choudhary
I mean definitely. So we’re being a lot more agile in terms of our pricing, our campaign seasonalities. We’ve been building our sales, we’ve been building a lot more sales efficiency also to try and create more opportunities during the leaner season. So multiple strategies are at play and we hope that some of those are fruitful in the coming year and we see better results.
Saishwar Ravekar
Okay, thank you.
operator
Thank you. Participants who wish to ask questions may please press star N1 at this time. We will take the next question from the line of Kostuk Pavaskar from ICICI Securities. Please go ahead.
Kaustubh Pawaskar
Sir. In your initial comment you mentioned that some of your mature parks like Bangalore and you know, Kochi, they will be delivering, you know, a minimal kind of a growth in football. So is it fair to assume that considering, you know, low growth in footballs in this mature park and incremental footballs from your Odisha and you know, chennai park in FY26 at least we should be doing around 8 to 10% growth in terms of footfall and along with, you know, 2 to 3% growth in AR, we should expect, you know, around. Around.
Arun Chittilappilly
Sorry, we are expecting between 5 and 10% growth in footfall for this financial year. The conservative estimate we might do better but we don’t. I mean it’s hard to say. Very good. Could be some, you know, again we can’t predict, you know, properly but Bhubaneswar, we are expecting better Numbers this year and then for the last quarter of the year we are expecting Chennai to also kick in with some footfalls. So I think we are expecting footfall growth and ARPU growth also we should expect between 3 to 5% kind of growth.
Kaustubh Pawaskar
Right. Thank you. But so the pitfall group then even Odisha will get mature by end of this year and Chennai first full year of operations.
Arun Chittilappilly
It will not get mature.
Kaustubh Pawaskar
Mature in the sense, you know, it will be the full first year of operation. So considering that and even Chennai will be getting into first full year of operation in FY27. So considering football road should be better in FY27 compared to what? Compared to what the expectations are in FY26 in a stable environment. I’m not saying that.
Dheeran Choudhary
If you have a large park like Chennai that’s going to be operating for a full year versus just the quarter in this FY26. Definitely we should continue to see growth year on year hoping that our existing parks also continue to maintain steady state momentum.
Kaustubh Pawaskar
Yeah. And just related question to this is if you see incremental growth in footfalls and you know, you know, stable kind of a growth in Arpus, then should we expect even the EBITDA margins to improve from the levels of what we have seen in FY25? Should we consider FY25 EBITDA margin as a base and then from here, you know, we should see incremental kind of margins. I’m not expecting substantial improvement, but at least in a steady state for next two years there will be, you know, consistent kind of improvement in EBITDA margins.
Arun Chittilappilly
Yeah, the EBITDA margin at the present year is mainly dipped only due to two reasons. One is the addition of this new park, Bhuvaneshar park where we have spent certain amounts for the inauguration of the park and things like that. And similarly in the next year, obviously when you are will have a full year of operation and then additional one more park is coming in in this fi and post to that once we stabilize maybe some 40 to 45% of Utah margin will be expected. That’s what the regular EBITDA margin previously if you consider pre Covid.
Dheeran Choudhary
But we see in the midterm as we expand our parks, we will have to invest in marketing. Right. Because we’ll have to grow the build the business drive footfall. Even with extending our resorts. We will have to again invest in kind of driving more occupancy. So in the midterm there will be pressure because we’re investing for new year parks for long Term growth.
Kaustubh Pawaskar
One last question on the one more location, what we are planning to do, the one more project which we are planning to come up with. So for that would we require any incremental funding in terms of, you know, equity or date or we would be good enough to commit to our own internal approach because at the project what we are planning to do in the coming years are, you know, are equivalent to what the Odisha projects are. So the capex required for such products projects would be in the range of 200 to 300 crores and not similar to what we are investing in Chennai.
So considering that, is it fair to assume that whatever projects now we are planning we will be in a position to fund it through our own balance sheet?
Arun Chittilappilly
We are not looking at any further fundraise. We are I think very well capitalized now. And also I think by next year we will have five operational parks. So I think we will be in a good place cash flow wise and we will have enough to be able to manage further. We might take on some debt if we are taking for example two projects come back to back. But otherwise I don’t think we have any much stress on our cash flows.
Kaustubh Pawaskar
Sure sir. Thanks for that.
operator
Thank you. Participants who wish to ask questions may please press star and one at this time we will take the next question from the line of Himanshu Padha from Bugle Rock pms. Please go ahead.
Unidentified Participant
Yeah.
Unidentified Participant
Hi.
Unidentified Participant
I had a question on this. If we look at the Bhuvaneshwar path, the non ticket average price is nearly.
Unidentified Participant
2/3 of the ticket price.
Unidentified Participant
And it is in value terms also ticket the highest among all power holders. Are they trying to keep ticket prices low to have higher footprint and want people to spend more in the theme park? Or there are few items which are not included in the ticket and hence the ticket is low.
Unidentified Participant
But non ticket item prices or is.
Unidentified Participant
There something different on the strategy? And can you elaborate on your thoughts here?
Dheeran Choudhary
Look. So.
Dheeran Choudhary
If you look at our ticket.
Dheeran Choudhary
Price versus our three larger parks it’s actually at 60% of the other parks. But if you look at the contribution split, our non ticket revenue in other parts is 27%. Whereas in Bhubaneswar it is close to 45%. But our operating format is pretty much the same. Once you pay for the ticket, everything inside is unlimited. You only pay for food and merchandise and that’s same in Bhubaneswar. But I think also because it’s year one we’re getting a lot of early adopters who tend to have a high Wallet share and then hence we are seeing a higher sph.
As we continue to build the category and business. We are getting more group for larger businesses across tourism market. This should normalize a bit. But we are still bullish that the arpus will continue to stay healthy in Bhubaneswar.
Unidentified Participant
Okay, should we assume that as time progresses the ticket prices will increase over.
Unidentified Participant
A period of time and hence this will get normalized? That would be the output.
Dheeran Choudhary
Yes, it will increase, but marginally it will increase because I think with SPH being strong and we are hoping it might reduce with more group and larger bookings coming through. But it is still a very healthy sph. And I think right now we want to ensure that we are able to drive more and more footfall and build the category in a new park. And we have a cushion of a higher sph. So we will try and be a little conservative on ticket until and until we see full capacities in our park.
Arun Chittilappilly
Add on to that, if you see our other parks, we have about 60 plus writes in each of the parks is having around 23 rights at present. So on the go, maybe after a couple of years we may add up another further rides and things like that. Once it is maturity sort of at the high level. This is one of the reason of keeping the ticket price at spending is not that high.
Unidentified Participant
Okay, so can we see that tire2city this type of model would be there?
Dheeran Choudhary
Yeah, this is a modified.
Dheeran Choudhary
We do a smaller size, much smaller and one third less than 1/3 the size of investment and number of attractions. And correspondingly our ARP works with these models.
Unidentified Participant
Okay, and next question. Also we were talking to various state.
Unidentified Participant
Governments four or five state governments for.
Unidentified Participant
New three parts is there in some places.
Arun Chittilappilly
We have decided that this place may not meet multiple. We are talking to multiple state governments. As and when there is a finality we will definitely inform. Right now it’s under discussion, so we don’t want to disclose.
Arun Chittilappilly
But we will be will disclose whenever it’s ready.
Unidentified Participant
Okay. And in the last call and here also we have spoken about dynamic pricing of tickets.
Unidentified Participant
Okay.
Unidentified Participant
Q2, Q3, Q4. Okay, can you give some thoughts here that what is the elasticity between the pricing and footfalls? And if it is too less, then it may not have impact.
Unidentified Participant
And if it is too more and.
Unidentified Participant
Persistent, then the people will wait for those discounts.
Arun Chittilappilly
Okay. What we generally see in many of.
Arun Chittilappilly
The places these are still early days.
Arun Chittilappilly
We are still, you know, we are still experimenting with it. And also we are upgrading our entire operating system for Our Vandala Pulse. So we are undergoing a digital transformation as we speak. And a lot of these things will be ready by only end of this financial year. So I think the full effect of dynamic pricing we will not see in this financial year. Maybe next financial year we can see it. So there are a lot of things we have planned. So I think we will be able to give you more. We are doing it manually right now using manual methods.
But I think the automatic system will happen only maybe in a year or two. And generally what can be the ranges means X percentage. You can vary it as much as you want. You will discount as much as 50%, sometimes more.
Arun Chittilappilly
Depends on seasonality and demand and the market conditions, right? So during holidays obviously there is a higher demand. A lot like airlines and hotels. So then we have a very different price versus lean season versus large group bookings. So I think that kind of agility in pricing is definitely helping us drive demand. And we are, because we are also. We’ve also been doing this only in the last 12 to 18 months. There is a lot of learnings that we are also getting from these campaigns. And we keep improvising and making it more robust here on here.
Arun Chittilappilly
And if the variation is very large.
Unidentified Participant
Won’T it impact the customer?
Arun Chittilappilly
Because he will have a thought of what he wants to spend and patients are too large.
Unidentified Participant
Anything what you have seen till date.
Arun Chittilappilly
Depends on the demand, right? Like for example, on a very busy season, you will pay much more for the same airlines. Like if you are going, let’s say from Bangalore to Goa during season you pay at least 3x more, right? So I think nowadays I think that’s pretty much.
Dheeran Choudhary
And it makes sense during high demand to charge higher price because we also have limited capacities, right? I mean we can’t also overpack our parts because then wait times Q10s are higher, customer experience is poor, NP’s ratings go down and then this doesn’t reflect good on the overall brand experience. So a lot like other entertainment tourism business like hotels and restaurants and flights, you will also have to operate in this model and customers are willing to pay for it when there is a demand and holiday season.
Unidentified Participant
Okay.
Unidentified Participant
Okay. Thanks.
Unidentified Participant
I will join back in the team.
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. We will take the next question from the line of Nirav Sawai from Abacus. Please go ahead.
Unidentified Participant
Hi, my question is on the marketing spends during the quarter and the entire year FY25.
Arun Chittilappilly
Marketing. This time we had certain one time expenses like the video shoot and then the new park launch. All those things were there. So around about 12 crores we spend as a one time expenses towards this various other activities including the launch, video shoot and then ESOP expenses as well.
Unidentified Participant
So this is for the entire year 25. Right. And how much was it for the fourth quarter versus last year?
Arun Chittilappilly
Fourth quarter last year there were no one time expenses. This time the first time we are having this kind of video shoot and other activities.
Unidentified Participant
No. So I’m just trying to understand the marketing spend in the fourth quarter versus last year. Fourth quarter.
Arun Chittilappilly
Marketing spend this year was higher I think because I think we have one more part to spend on and I think we started marketing spend early this year compared to last year. I think some of the Q1 spends have come into Q4 of this year. I mean last year. So instead of spending I think that keeps changing depending on the holiday cycle.
Unidentified Participant
Okay, so what were the total quantum of marketing spends in FY25? 1 second.
Arun Chittilappilly
About some 40 crores.
Unidentified Participant
40 crores. And how much was it a year before that?
Arun Chittilappilly
Year before that it’s about an 18 crores. Not 18, 28 last year.
Unidentified Participant
So this 12 is something which is incremental which has gone behind marketing. Okay. In this, the new resort which you have been talking about in Q1 of FY26. Now is it addition to the existing one or what exactly is this and what are the number of beds and total capacity in this?
Arun Chittilappilly
It’s an extension to our existing resort at Bangalore which is having about 59 keys. The premium version to that.
Unidentified Participant
Okay, so this will be from 1Q26.
Arun Chittilappilly
Yeah, 1Q26.
Unidentified Participant
How do we see the OPEX part of it for FY26 with Chennai park also planned in the third quarter? Let’s say there’s 40 crores of marketing spends which we have for 25. How much have you budgeted for 26.
Arun Chittilappilly
So this is about some 5 to 10% hike will be there. Apart from that we have a launch expense and Chennai park related expenses will be there.
Unidentified Participant
So which Chennai park should we assume about 60 odd crores. Would that be a number or can be even higher.
Arun Chittilappilly
That is little too early. We are just concluding the budget for the Chennai park towards the end of maybe Q2 or maybe towards end of Q3. We should be be able to.
Unidentified Participant
Right, Got it. All right, that’s it from my side. Thank you.
operator
Thank you. Next question is from the line of Kashya from Credence Wealth Management. Please go ahead.
Kashyap
Yeah. Hi. So I just have one question. Given the change in the demand outlook, is there any change in the guidance for our positive?
Arun Chittilappilly
There is no cadence. Only thing is we are trying to attempt to fulfill the footfall. At present it’s at 1.7 lakh in this year. And with some 10 months of operation and then going forward we’ll have a full season this time. So once we conclude maybe a Q1 or something we can give a sense of it.
Kashyap
Okay.
Arun Chittilappilly
And.
Arun Chittilappilly
And nothing on. And definitely we are will be. You won’t be able to give numbers for even Chennai, right? Just a guidance on EBITDA or something.
Arun Chittilappilly
You have to wait for one year at least for us to give any random number.
Kashyap
Okay.
operator
Thank you. Next question is from the line of Ayush from Shravas Capital. Please go ahead.
Unidentified Participant
Yeah. Hi. Am I audible?
Unidentified Speaker
Yes.
Unidentified Participant
Yes. So I just wanted to understand what is the RPU you are looking at when once the Chennai passed its commission like any range you would like to provide.
Arun Chittilappilly
Similar to our existing pump. But then we may not be fully ready in Q1. So we might have to give a discount if they are not fully ready. So again hard to predict. But at a steady state I think our RP will be maybe marginally higher than what we are charging in Bangalore. So that could take a sense from the Bangalore bank. About some 1500 is the RPU level at Bangalore. So you can take a sense from that.
Unidentified Participant
All right. All right. What kind of football would like? Do you see something like Hyderabad replicating again in Chennai? What is the sense? Do you have any kind of like.
Arun Chittilappilly
I mean it could be like Kochin where we have profitability in the first year. But if you look at Bangalore and Hyderabad, profitability came in the third year, third or fourth year. So it’s hard to predict exactly how each market will behave. But for a large park we are expecting a million plus footfalls per park. And small park like Bhubaneswar, we want at least 5 lakh footfalls once we reach 5 to 6 lakh footfalls when we reach a steady state. Now when how long will it take to get to that point is debatable. But we are hoping that in the 45 years we should be able to get to that point.
Unidentified Participant
Also any color on what kind of footfall do you expect in Luvenashil in the coming year? Barring all the external factors like in general, what would you expect for the coming year as well?
Arun Chittilappilly
5 to 10% of soil growth. We are expecting this year.
Unidentified Participant
That is only for. No, I’m just asking for Bhuvaneshwar, not the entire football road.
Unidentified Participant
Bhuvaneshar.
Arun Chittilappilly
We are expecting around between 2.8 to 3 lakh visitors this year.
Unidentified Participant
All right. That will be it for ma’ am. Thank you.
operator
Thank you. Next question is from the line of Ranodeep Sen from MAS Capital. Please go ahead.
Ranodeep Sen
Thank you for the opportunity. My question was regarding why now Current approach is to focus on maybe one project at a time. Is there a school of thought around adopting a more aggressive strategy of forcing maybe two to three projects across different cities simultaneously to accelerate our growth and bank results?
Arun Chittilappilly
We have a capability to do multiple paths simultaneously. But three parts will be slightly difficult because first of all we need to sign agreement with the three authorities to construct the park. And then till that time we need to pay salaries and things like that. So at present we are looking at a capacity to develop two parks simultaneously. And then once we have an opportunity, we can easily scale up. We have connections and then we have the.
Arun Chittilappilly
Bench strength and things like that.
Arun Chittilappilly
We can do that little later. As of now, two is enough. That’s what our outlook.
Ranodeep Sen
Sure, sure. My next question is Bharti Real Estate recently announced that their interest in exploring indoor amusement park space and they’re exploring potential partnerships. We just wanted to check if Wandanai is evaluating opportunities in this segment and are we considering any initiatives for indoor amusement park space?
Arun Chittilappilly
Indoor amusement park is a different. It’s a smaller business. In our view. It’s not really a full fledged amusement park business. So we are not looking at indoor parks from a strategy point because we are specializing in large format parks and that’s what we want to specialize on.
Ranodeep Sen
Sure, sure. My last question.
Ranodeep Sen
What’s the revenue potential in indoor park?
Arun Chittilappilly
We can generate almost 200 crore a year revenue or 250 crore a year from a large park. Indoor park, you will not be able to do that.
Ranodeep Sen
Got it. Got it. Sure. Just my last question. With music festivals and immersive experiences gaining popularity with a growing Indian Gen Z audience, is it worth exploring the idea of utilizing our existing land parcels to develop a permanent venue?
Arun Chittilappilly
We are constantly doing concerts and we are also developing our own virtual rides and things like that. VR based technology we are using quite a bit now. In fact, our latest ride is very unique ride that we have done. I don’t think anybody, any other company has done a ride like that yet. So I think we are also doing it. So yeah, I think that is an AI focus area for us. As well.
Ranodeep Sen
Sure, sure, sure. Thanks guys. Thank you. Appreciate your responses.
operator
Thank you. Participants who wish to ask questions may Please press star n1 at this time. Next question is from the line of Ayush from Sagun Capital. Please go ahead.
Unidentified Participant
Am I audible?
Arun Chittilappilly
Yes.
Unidentified Participant
So my question is regarding the expenses of chennai Park. The QID which you have built of 390 crore you have allotted in it. Only 75 crore has been yet explained in the channel. So my question is before that nothing was there or this is the first time you have spent on channel?
Arun Chittilappilly
No.
Arun Chittilappilly
Chennai Park. The total budget is about some 515 without taxes. Including taxes it’s about some 610 out of it. 390 is what we propose to spend from the QAP. And then out of the 75 crore supposed to send an FY25 which has been spent. And then the rest of the money will be utilized in this current fy.
Unidentified Participant
Okay. And sir, my another question is regarding the measure part. When it is, when it is natural, then what is the quick revenue you guys are expecting from this part?
Arun Chittilappilly
May take some two to three years. Like generally a park. For that matter to get a maturity level it takes a further time. But to get stability takes three, three months at least. To understand the pattern and things like that of the customer behavior and things like that.
Unidentified Participant
And any guidance yet to complete full.
Arun Chittilappilly
Cycle then we can at least learn certain things.
Unidentified Participant
Okay. And there is one more clarity I want. Right now we have only one reserve in Bangalore. Is there any other resource in any park?
Arun Chittilappilly
Eventually yes. We will plan right now focusing on Bangalore. Once we have our model ready then we will explore other cities.
Unidentified Participant
And about the key. Sir, can you give me the total keys? In Bengal.
Arun Chittilappilly
One total key is 23.
Unidentified Participant
Okay, thank you so much. That’s all for myself.
operator
Thank you. Next question is from the line of Hinduja RS from LKR Advisory. Please go ahead. Hello sir. Hinduja sir, are you online? Due to no response, I would now like to hand the conference over to the management for closing comments.
Arun Chittilappilly
Thank you all for attending the Q4, FY25 and full year FY25 results update of Vandala Holidays. We are bullish on our segment and we continue to, you know, expand into the sector in new geographies. FY26 promises to be an exciting year and we look forward to sharing results with you guys soon. Good afternoon.
Arun Chittilappilly
Thank you.
Arun Chittilappilly
Thank you.
Dheeran Choudhary
Thank you.
operator
On behalf of Ambit Capital Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.
operator
Sam.