Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Wonderla Holidays Limited (NSE: WONDERLA) Q4 2026 Earnings Call dated May. 08, 2026
Corporate Participants:
Unidentified Speaker
Arun K. Chittilappilly — Managing Director & Executive Chairman
Saji Louiz — Chief Financial Officer
Analysts:
Shamit Ashar — Analyst
Unidentified Participant
Gunit Singh — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Prolin Nandu — Analyst
Adhidev Chattopadhyay — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Good day and welcome to the Wonderla Holidays Limited Q4FY26 earnings conference call. 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 STAR and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference word to Mr. Shamit Ashur from Ambit Capital.
Thank you. And over to you sir.
Shamit Ashar — Analyst
Good afternoon everyone. On behalf of Ambit Capital, I would like to welcome you all to the 4Q and FY26 earnings conference call for Wonderla Holidays Limited. From the management, we have with us Mr. Arun Chitala, Billy, Managing Director, Mr. Saji Lewis, CFO and Mr. Dhiran Chaudhary, CEO of the company. We would now like to begin the call with opening remarks from the management post which we will have the forum open for an interactive Q and A session. Thank you. And over to you Arun and Saji.
Unidentified Speaker
Management. Please go ahead.
Operator
Ladies and gentlemen. Please give us a moment while we check the line for the management. Sam. Ladies and gentlemen, thank you for patiently holding. We have the time for the management bag. Yes sir. Please go ahead.
Arun K. Chittilappilly — Managing Director & Executive Chairman
Yeah, sorry for that. As I was saying, FY26 has been a year of execution for us where we have not only strengthened performance across our existing parks but also established a strong foundation in the new market with a clear focus on long term value creation and operational readiness. During this quarter we had our highest ever Q4 with an income growing by 32% yoy about 142 crores supported by footfalls of roughly 8.79 lakhs. This growth reflects both strong underlying demand for our continued focus on driving higher guest spend across pals.
EBITDA for the quarter stood at 50 crores up 64% year on year. For the full year income grew by 14% YoY 551.1 crore with footfalls of 32.19 lakh. EBITDA for the year stood at 192 crore up 12% YoY. The Chennai park which has commenced operations in December has scaled up well and is already contributing meaningfully to the overall performance of the company. This gives us confidence in long term potential and we hope better performance happens this year as well. Our resort and hospitality business delivered best ever performance also during the quarter supported by strong demand and improved occupancy levels.
We also continue to focus on improving the quality of our revenue Our two trends remain healthy during the year supported by premiumization across FNB and retail as well as increased adoption of value added experiences. At the same time, we’ve seen a significant improvement in our customer experience scores reflecting our continued focus on delivering high quality guest experiences during the year. We continue to invest selectively in enhancing our offerings and strengthening engagement across parks and while maintaining a strong focus on operational discipline, safety and compliance.
Looking ahead, our focus remains on driving sustainable growth through combination of ramping up new assets, strengthening performance in older assets and continuing to invest in differentiated experiences for our guests. With improving traction across our portfolio and a full year contribution expected from Chennai, we remain optimistic about the growth outlook for FY27. We remain confident in the long term growth potential of the business and our ability to create sustainable value. With that, I now hand over to Saji to take you through the financial performance in more detail.
Saji Louiz — Chief Financial Officer
Thank you Arun Good afternoon everyone. Let me take you through the financial highlights for the quarter and the financial year. Our revenue from operations for Q4FY 2026 increased by 40% on a year on year basis 235 crore compared to 96.7 crore in the corresponding quarter of FY 2025. Our EBITDA for the quarter stood at 43.8 crore registering a growth of 2x on year on year basis with EBITDA margins at 32%. Profit after tax for the quarter came in at 16.4 crore compared to 11 crore in Q4FY 2025 reflecting an year on year growth of 49%.
The increase in EBITDA and PAT was primarily driven by expansion of our operations at Chennai along through words, law, certain taxes, Labor Code related provisions created during Q3 of FY 2026. Moving to the full year performance, revenue from operations stood at 518.8 crores as against 458.6 crore in FY 2025 representing a growth of EBITDA for the year stood at 160 crore up by 9% on year on year basis with EBITDA margins at 31%. Profit after tax for FY 2026 stood at 81.7 crore compared to 109.3 crore in the previous financial year reflecting a degrowth of 25% primarily due to the favorable defi tax record recorded in the previous financial year amounting to 24.1 crore.
Coming to the operational metrics, footfalls for the quarter stood at 8.79 lakh registering a year on year growth of 30% primarily supported by the newly expanded operations FY 2026 total footfall reached 32.19 lakh as compared to 30.49 lakh in the previous year, reflecting a growth of 6%. 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 will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their touchstone phone. 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 will wait for a moment while the question queue assembles again. To register for a question, please press star and then one. Our first question comes from the line of shame.
Please go ahead.
Shamit Ashar
Hi, am I audible? Yes.
Operator
Are you audible?
Shamit Ashar
Yeah. Yeah, thanks. So basically a couple of questions from my end. So I wanted to know that Chennai park, it started on a strong note in December with approximately 75,000 visitors. If I look at the numbers for this quarter, the footfalls were around 191,000. So you know, which is approximately 64,000 per month. So any reason for the moderation in footfalls in Chennai? And secondly, in a mature park like Hyderabad, overall for FY26 the footfalls were down by 7% year on year. So what is going on basically there?
Could you give us some sense and what initiatives are you taking to, you know, ramp up the footfall in Hyderabad park? And lastly, I would like to know your capex guidance for FY 2728.
Unidentified Participant
Yeah, I’ll take the first two questions and the CFO will give you the CAPEX bit. So December because it’s a. It’s a. Because of seasonality, because of Christmas vacations, similar to how the amusement park is structured. We obviously started off with 75,000. So it was a launch month. So there was an added expense in terms of marketing and so on and so forth. Can and Feb are usually leaner months but I think despite that we were able to do a lot more than we anticipated. And in fact in its first full quarter it’s been able to perform in line with some of our mature parks like Cochin and Hyderabad.
I think we are very happy with the performance. On your second question regarding Hyderabad because of some environmental issues. If you remember in the summers of last year there was the war operation, there were some early monsoons and that led to softening of the demand which sort of impacted our FY26 for Hyderabad. But we are very confident of the fundamentals the overall brand salience in Hyderabad and we are very confident that we will continue to build and ramp it up on a year on two year basis.
Hyderabad still shows strong performance. We’re very confident we’ll continue to grow in the mid to long term.
Saji Louiz
Regarding the capex allocations, we are not planning any large capex in this financial year. There could be certain sustaining capex about some 35 to 40 crore in the financial year. That’s all. Thank you. Any other points we missed? Anything?
Shamit Ashar
Yeah, that’s it from my endings.
Operator
Thank you. The next question comes from the line of Keshav Garg from Countercyclical pms. Please go ahead.
Gunit Singh
Sir, I’m trying to understand in your best judgment how much time it will take for the Chennai park to mature and do you expect it to surpass or reach the Bangalore park levels once the. I mean the park matures?
Arun K. Chittilappilly
Usually for us a park matures in three to four years and yeah, I think it can rival Bangalore also. We don’t know yet. It’s still a new market. Yeah, early indicators are very strong so. But one, we can’t predict anything until one year is over and we have a pattern that we can look at so we’ll have to wait and see. But yeah, it looks strong for now.
Gunit Singh
Understood. And so in the fullness of time I mean how will you rank our all our five parks in terms of the revenue potential which will be the number one, number two, number three, four and five.
Arun K. Chittilappilly
I think Bangalore and Chennai will definitely be number one maybe closely followed by Hyderabad and Cochin and then Bhuvanesher obviously being a tier 2, tier 3 city will be on the. It’ll be much smaller.
Gunit Singh
And sir, what’s the outlook for the current financial year? You think as the early signs are there that can we reach the FY24 levels in FY27?
Arun K. Chittilappilly
Hard to say. I mean it’s a lot of uncertainty in the market as you know and so obviously discretionary spend could be under pressure if the war and all continues. But let’s hope that doesn’t happen. If everything goes well as it was last year, I think we should do well. But having said that these are uncertain times so I can’t make a prediction on that right now. But it looks good so far.
Gunit Singh
And sir, where do we source the water for? Do we buy it from the tankers?
Arun K. Chittilappilly
No, we. We have our own water sources.
Gunit Singh
Okay, so underground water.
Arun K. Chittilappilly
Yeah, yeah, yeah.
Gunit Singh
Okay.
Arun K. Chittilappilly
Also it depends on the. Every location has a different way of that. We take water. Some have their Own water sources? Some we get from the government.
Gunit Singh
No sir, I’m just trying to in. In let’s say if in future there is a water shortage which is quite eminent in many places. So in which case the government might curtail the water in the. I mean these water parks since it’s a so called non essential and so on. So is there any threat from that angle
Arun K. Chittilappilly
For us because we have our own water sources but we’ll have to wait and see.
Gunit Singh
Now we have a very cash rich balance sheet. So what is stopping us from embarking on making new parks? Because even once we start it will take some like two years or so to for completion. We are already looking
Arun K. Chittilappilly
At expanding to other cities like I’ve said before but it just takes time because the nature of our business is that you know, it takes time to conclude, you know real estate deals especially in larger cities. So we are hoping that we can close one or two deals this year. But again you know it’s an uncertain year ahead of us. We don’t know how it’s going to be. But we are hopeful that at least one project we should be able to close.
Gunit Singh
Understood sir. And lastly sir, in the notes to accounts there is a mention of some pod that the company has started. So can you shed some more light on that? That point number five, the new gaming pod named ISIL commenced operation with effect from the 9th of May 25th.
Arun K. Chittilappilly
That is our extension to our resort and that has been started started in June and that is one of the reasons why our resort is showing pretty good growth in numbers.
Gunit Singh
Understood. So thank you very much.
Operator
Thank you. The next question comes from the line of Ankit Kanodia from Zain Nimesh. Please go ahead.
Unidentified Participant
Thank you for taking my question sir. If I look at the long term in the sense last four years we have gone from three parks to now five parks and our total footpath is still around 32 to 33 lakhs. I just want to know do we see from an industry perspective there is a, there is a problem or there is something where not many footfalls are coming. Something which is beyond our control. We are doing probably all the right things in terms of giving them the experience. But the industry itself is not growing.
People are not coming to parks. Do you see any challenge like that?
Arun K. Chittilappilly
Such thing is just that, you know like we have added one small park in 2022 which is very small and then we now added a big park in Chennai. So I think Chennai will definitely give like a 7 to 8 lakh visitor kind of number and so you will see that going forward. So we are not worried about the long term potential of the business and even if you look at world over most of the, you know successful companies across the world, across different regions they are all investing in new locations. So we are also continuing, we don’t see any reason why that long term potential of the business is going to be effective.
Unidentified Participant
Okay, great sir. So my second question is our non ticket revenue. If I understand correctly it was less than 2200 years back. Today it is more than 450 and probably this is one area where if you can share more color because I can see there is a lot of potential here if you can just.
Arun K. Chittilappilly
Yeah,
Unidentified Participant
So I think like, like you rightfully said we also as a business see a potential and I think a lot of focus has been done in terms of the offerings, the assortment of products and how are we able to increase dwelling time and customer engagement to be able to increase the non ticketing revenue. And I think the numbers speak for itself. It’s also about the quality of consumers we’ve been able to pull through our parks and I think that’s also helping us increase our HPH throughput and overall arpu.
And in the mid to long term we definitely see that despite discretionary spend softening, whatever footfall we will be able to bring, we will be able to continue to bring that a good ARPU and that should cushion some of our and mitigate some of the business risks.
Unidentified Participant
Got it sir. One follow up regarding this. I recently happened to visit our Bangalore park and I noticed that in terms of the photos and images which has been taken that is something which we have outsourced to an outside company. Do you see any opportunity there where we can probably put all these things inside in house and probably increase more? Is that possible?
Arun K. Chittilappilly
See wherever we find that there is a market where we can add value we will definitely take it in house. Wherever we feel that a third party can add better value, we will go with that. So it’s a hybrid strategy. We’ll have mix of our own and then third party as well.
Unidentified Participant
Okay. Thank you so much sir and all the best.
Arun K. Chittilappilly
Thank you.
Operator
Thank you. The next question comes from the line of Girish from Bryanstone Investments. Please go ahead.
Unidentified Participant
Yeah. On the capital work in progress of 102.9 crore. What is this related to? Because I thought with no new park, where exactly is this?
Saji Louiz
This is mainly through certain rides which we are opened in the month of April. One is the Skywheel tower at our Chennai park and certain Other new attractions are in the making. Similarly Bangalore park, we just opened one roller coaster ride. All those right course are sitting in CEVIP as of now. So it will be capitalized in Q1 of FY 2027.
Unidentified Participant
Understood. And this employee expenses capture stabilization post the Chennai operation Or is there scope of further increase with scaling of Chennai?
Saji Louiz
The profound increases with respect to the Chennai as well as the facility which we added in this present financial year FY 2026. Apart from that we are not adding a substantial number of employees other than the replacements which is happening in the due course.
Unidentified Participant
Understood. And you know last quarter other expenses had some ad related one off and I thought Chennai did much better than expectation. Is there any one off in this quarter also or in the other expenses?
Saji Louiz
Until right now? Yeah. Last year we had a launch expense. This year we won’t have that. Yeah. This quarter we don’t. We are not having any launch expenses but regular marketing expenses will be there. It will not be substantial which is in line with what we spend in other parts as well.
Unidentified Participant
Yeah. So you know, in the Chennai itself I thought the footballs actually positively surprised me and Arun. Is this sustainable or our expectation of 1 million will be advanced in terms of years?
Arun K. Chittilappilly
Can’t say. As of now it’s going very good. But we don’t know until one full year is over. Because every city has a different cycle. So until we go through that we can’t. We can’t make a prediction. Let’s hope that it does better than what the other parts have done so far. It’s looking very good. So.
Unidentified Participant
Yeah. Great. And Bhoneswar, you know there was a positive surprise in terms of football. Is there any other, you know, are we doing any existent activities like wedding or other events which is driving the football or is the normal operation, normal path related operation,
Arun K. Chittilappilly
Normal park operations. And I think we are maybe doing a little bit of probably some slight change in our marketing strategy and sales strategy. That’s it.
Unidentified Participant
Okay. No adjustment activity, right?
Arun K. Chittilappilly
No, no, no.
Unidentified Participant
Okay, great. Thanks Arun and Saji.
Arun K. Chittilappilly
Thank you.
Operator
Thank you. The next question comes from the line of Vinod Krishna from Avend as well.
Saji Louiz
Yes, yes.
Unidentified Participant
So there’s one first question is on the fundamentals of the park. Me to understand. So normally when a group or a family comes, they don’t repeat very often. Right. It’s not like theater or some other business. So in terms of taking our footfalls to 1 million in each park over the long run, I’m not saying next year, this year. So. And second question Is what? Like let’s say in Chennai or in Hyder, in Hyderabad, do you see competition from any other park? Not other activities but any other parts in terms of competitive intensity in each location?
Because Chennai has other parks or we don’t have. There’s no other park which gives a similar value proposition. So if you can help us location wise, at least the three big parks, Chennai, Bangalore and Hyderabad,
Arun K. Chittilappilly
We don’t have a direct competition in most of our locations. Hyderabad has another big park called Ramboji that is not an amusement park, that’s a film city. So they have a different revenue model. So I think what we do is slightly unique. So in that sense. But there are smaller competitors in every geography. So. And also we don’t consider only amusement park as competition. We consider everything, any form of entertainment day outing as a competition.
Unidentified Participant
So my question was then how do we in the long run model our footfall increase given that people don’t come again and again? Because once a group comes, they may not repeat every year. So how do we make sure that
Arun K. Chittilappilly
We don’t expect very high repeats in this business? Yes. So how do we. Two or three years, so we get fresh footfalls in most of our parks. So these are new customers and we are. And for us the main Target is the 10 to 25 age group. And so that will always be new, new customers coming in every year.
Unidentified Participant
Yes sir, but. So you’re confident on the long run each park will cross 1 million. So even with this new customer, sir, and then second question is, can you elaborate more on if I take three, four years, not one, two year, how many parks? So with a high probability that these many parks. So we can at least add or will be work in progress, new parks.
Arun K. Chittilappilly
I understand we are right now at five, we want to add at least another five more. So but in the next five years we have at least out of the five, at least three, four should be. We should, we should have at least two or three done. We will announce it, you know, whenever it’s ready.
Unidentified Participant
So can I, can I assume that over a four year at least another three parks would be there. Some would be finished, some would be working progress like that
Arun K. Chittilappilly
At least.
Unidentified Participant
So at least sir, it’s not, you understand, but it’s like high probability thing, right?
Arun K. Chittilappilly
Ah yes.
Unidentified Participant
Thank you sir. Thank you very much. And all the rest.
Arun K. Chittilappilly
So remember that.
Unidentified Participant
Okay? Thank you sir.
Operator
Thank you. Our next question comes from the line of Abhishek Shankar from ICICI Direct. Please go ahead.
Unidentified Participant
Yeah. Hi. Thanks for the opportunity and congrats on a good set of results So I just wanted to understand one thing is you know what has been the early trends in Q1? You know we’ve been witnessing some heat wave in across the country so like how the, how has been the trends across parks and also we had elections in Chennai. Right So just wanted to know on that. I’ll follow up with the next question after this.
Arun K. Chittilappilly
Yeah so I think so far it’s been pretty okay. I would say China is doing very well, continues to do well the other parks again it’s some are doing well, some are flattish so it’s too early to say how it’s going to pan out but we are hoping that this year so far at least in our markets the gateway there’s not been much of a damage because of it and if it continues like this I think we should be. We should be fine.
Unidentified Participant
Yeah thank you. So I think last time you called out that in Chennai you were doing around 11% EBITDA margins right so can you just let me know like what were the margins this time?
Arun K. Chittilappilly
We don’t, we don’t know EBITDA if 13% is 30% is the EBITDA margin for the last quarter but we don’t know how it’s going to be still in first year so it’s not, it’s not easy for us to you know predict that EBITDA is a, it’s a derivative so you know once the numbers are in then we can give you the EBITDA numbers.
Unidentified Participant
Okay so just last question so are we going to maintain the ANP spends at 7 to 8%
Saji Louiz
Which one
Unidentified Participant
Are we going to maintain the ANP spends at 7 to 8% of the top yeah okay fine. Thank you. I’ll get back into the.
Operator
Thank you. The next question comes from the line of Naveen From I thought VMs please go ahead.
Unidentified Participant
Yeah hi team. Congratulations on a great set of numbers. I hope I’m audible
Shamit Ashar
Yes
Unidentified Participant
Yeah so basically I just want to understand one thing so have we capitalized everything regarding the 10A park and like you know I’m asking it from the perspective depreciation so it’s been increasing year over year so should we expect it to stabilize until we start with an avenue park
Saji Louiz
Chennai related most of the the capex source has been capitalized and then if you could see about some 13 crore is the total depreciation which is posted for this four months of operation on a yearly basis it can touch about 45 to 50 crores in the present financial year FY 2027
Unidentified Participant
For Chennai alone you think Right.
Saji Louiz
Then alone. I’m saying yeah.
Unidentified Participant
Awesome. Yeah. That
Saji Louiz
Would be the incremental depreciation which is getting posted into the books of the
Unidentified Participant
Understood. Understood. Correct. So one more thing is so let’s just set aside macro variability and all those kind of issues that we don’t have control over. So my understanding is that there has been some amount of cost pressure because like of building the parks and make you know the launch events and all that stuff so far. So would I be right in assuming that from business angle like we should expect our margins to improve as footfalls improve for Chennai? Like it’s my top office ibct.
Saji Louiz
Yeah. But at present it is at it we can increase historically if you observe the EBITDA margin of underlies about some 40 percentage on a last 5, 10 years of an average barring the COVID years. So we would be able to should be able to reach there the last one or two years we had continuous launch of parks and resorts. I think it will settle down in the next financial year and we’ll be able to reach at that level as long as all the parks are delivering the expectation including the Chennai park.
Unidentified Participant
Got it, Got it. But this is obviously subject to any macros or if you get launch a new path this subject to a stainless. Right?
Saji Louiz
Yes.
Unidentified Participant
Awesome. Yeah, thanks a lot. I’ll jump back in the queue.
Saji Louiz
Thank you.
Operator
Thank you. Participants, you may press star and then one to ask a question. The next question comes from the line of Prolin P. Nandu from Petelwise. Please go ahead.
Prolin Nandu
Hi Arun, thank you for taking my question. Just you know it’s been more than now one year or for that matter almost 18 months since we raised money. Right. QIP and during that time, you know, the idea was to expand and open more parks. So you know, I understand that you know, you are dealing with government and there are delays but it’s been a, you know, has anything changed since we raised the money for QIP and now which has led to further delays on decision making. And as to you know how do we go about expanding where we go about expanding which are beyond our hands.
Right. I mean as the opportunity size or the you know, time it takes to deal with the government change since last 16 to 18 months?
Arun K. Chittilappilly
No, it’s I think see in the past lot of acquisitions have happened quickly also but at the same time some acquisitions take time. So now we are going to larger cities like. So initially we had a plan of doing smaller parks but then we really recalibrated and we felt that we will do tier one. We will focus on tier one more than the tier two cities. So because of that we are focusing more on tier one cities. As you know, tier one cities like Bombay, Delhi and Ahmedabad, it’s much harder to find good parcels of land.
And then also dealing with the government takes a little bit more time. So that is the only delay. We don’t see any other structural issues. The delay is not any structural or any kind of other issues. It’s just a slight recalibration of where we want to go first.
Prolin Nandu
Okay. And so I mean you sound very confident on, you know, at least announcing something in this one year. Right. So are there any discussions which are at advanced stages which gives us this confidence that we’ll be announcing something soon?
Arun K. Chittilappilly
Oh yeah, we have, we have. We have never stopped discussing. We’ve been at least talking to at least four state governments at any given point in time. Like I said before, once any deal is finalized, we will, you guys will be the first to know.
Prolin Nandu
Okay. But no color on where we are on these discussions. Right.
Arun K. Chittilappilly
We wouldn’t learn. We don’t want to, you know, speculate on that at this point point because once it’s done, we will announce it. So that’s the thing that we usually do. Okay. And
Prolin Nandu
One last question on how Q1 is panning. Right. So can we say you, you, you sounded very, I mean, fairly confident as to, you know, how has been the start of the summer season. And summer is also in some sense important for us. Right. Seasonally. Right. So can we assume that Chennai is a new park? Right. But in rest of your parks can be assumed at the foot falls this year so far for Q1 have been higher than last year’s number at least. Is that something which is giving you confidence across all your parks?
Arun K. Chittilappilly
No, I think see some are doing well, some are flattish like I said before. So that is why we are, we are confident. But like I said, you know, it’s not over until it’s over. And so we would. We always hesitate giving forward looking, you know, thing on like especially footfall. But it’s looking good now and let’s hope that it continues till end of June. So I think we should be home.
Prolin Nandu
Sure, sure. I’ll try for one last question, Arun, if that’s fine. Just wanted to understand, you know, how much predictability should we ascribe to your kind of a business. Right. Because what we have seen across, you know, three, four years, there was lull because of COVID then There was a revenge, you know, whatever you want to say, buying or experience that came into the picture. Then the past couple of years we had some, you know, weather related issues etc, etc. So when you know, you think about the business from a, you know, from in the past the experience has been how are we able to, you know, change the behavior of the customer despite these headwinds.
Right. Which are something which are beyond our hand. Can we do more promotion and ensure that, you know, we get over things which are outside our control or there’s only so much we can do and weather is weather. So how do you think about. So there will
Arun K. Chittilappilly
Be high variability in our kind of business because we literally have to bring customer to the park. Right. We are a location based entertainment and we are, we are outside the city. So variability levels and effect of weather and other micro factors will be high. And this is across the world. But having said that, I think if you look at Vandala’s numbers pre Covid post Covid, all that and you compare it to like global and Indian peers, I think we stand ahead because we first of all we have beat pre Covid numbers by a fair margin by now.
The second one would be that even compared with local peers I think the variability for our football is relatively lower. That is because we are in multiple cities and even if one dips another one usually takes over. So which is why we want to be in the larger cities. And also we are in the southern part of the country which is, you know, it’s usually hotter and it weather variability is less. But having said that, like I said before, there will always be variability in a business like ours. So I hope that answers your question.
And of course, yeah we do marketing and we do everything to make sure that we get our food.
Prolin Nandu
Thank you so much. All the very best.
Operator
Thank you participants, you may press star and then one to ask a question. The next question comes from Devang Patel from Samiksha Capital. Please go ahead.
Adhidev Chattopadhyay
Hi sir, you earlier mentioned, you know, aggregating land is something that is delaying our capex and also that we are talking to four state governments. I wanted to understand what are we expecting from state government? What kind of deal are we expecting from state governments? Is there a delay in getting those in place or is it the land acquisition that is getting delayed? And how many of our new parks are we looking at on an asset like basis?
Arun K. Chittilappilly
Yeah, so I think like I just answered for the previous question also I think we are talking to at least four state governments and most of them are large cities. So there will be delays in terms of getting the right kind of property. You know and we have our own constraints. Like somebody asked before about water availability and so many things that we have to consider before we even look at. We finalize on a particular piece of land and parallel. We also usually work with the state government to make sure that we get the right support.
Because this is an industry which is highly regulated. We need at least 50 to 60 licenses from the state governments every year which has to be renewed and etc. Etc. So there is a lot of paperwork that has to be done. So until we get a say, what do you call it, some confidence that we can go ahead with a particular location or a particular state, we will not sign on it. So that is the reason for the delay. This is a structural thing in India. I think that always happens. And laser light models also we are exploring even in the larger cities.
We will definitely keep you posted when we conclude the deal because we don’t want to keep speculating on it halfway through when it’s done. That is why I think we don’t want to give too much detail on it.
Adhidev Chattopadhyay
Got it sir. Thank you so much.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference please limit your questions to two each per participant. You may rejoin the queue for any follow up questions. The next question comes from the line of Aditya from Securities Investment Management. Please go ahead.
Unidentified Participant
Yeah. Hi sir. Thanks for the opportunities. I had a question on your Hyderabad park. So if I look at your footfall for Hyderabad. Hyderabad we have degrow for the second consecutive year. So just wanted to understand what challenges are we facing there in which is impacting our footfall growth. So is it location, is it pricing or existence of Ramoji? Due to which you know our footfalls have not been growing.
Unidentified Participant
Yeah. So I think one of the major factor was the summer season which is very big for park like Hyderabad. We had early monsoons and other weather conditions that impacted. And this year around there was a bit of softness in the school groups that actually usually come in quarter three. You would have seen that in the quarter three numbers there were certain road incidents due to which there was a ban on school groups. So that actually pulled back some of our footfall in estimate of 50 to 60,000.
Again it’s a one off incident. I think from a location perspective we are very well located. We continue to invest and build the brand and we are confident things will turn around for Hyderabad.
Unidentified Participant
Understood sir. But answer is the potential for Hyderabad path, You know, is it potential, is it possible for it to reach the levels of Bangalore or do you think Hyderabad would be a lower footfall location?
Arun K. Chittilappilly
Hyderabad is a tier one city. I think it’s in the top 10 cities in India. So we don’t see any reason why it should, you know, it should not be less than Bangalore. I think it’s almost close to Bangalore. So we are also hoping that it will kind of reach Bangalore numbers at some point. We do have some work there because it’s one of our newer parks. If you look at it, it’s just completed 10 years out of which two to three years we lost during COVID also. So we have only had about six, seven years of working years there.
Yes, we will. I think there is still potential in terms of footfalls maybe, you know. So we hope that we can, you know, cross those hurdles and get to the 1 million mark.
Unidentified Participant
Understood, sir. And sir, I just wanted to reconfirm. You mentioned that chennai park did 30% EBITDA margins this quarter.
Arun K. Chittilappilly
Yeah.
Unidentified Participant
And on the company level also we did 30%, right?
Saji Louiz
Yes,
Unidentified Participant
Understood. So there are some parks which are operating below 30% currently. The older parks,
Saji Louiz
No, most of the parks will be about some 40 to 45% depending upon the quarter to quarter. But on average basis 40 percentage will be recovering from each of the parks except the new parks like Bhuneshar and Chennai.
Unidentified Participant
Okay, understood sir. Thanks sir.
Saji Louiz
Thank you.
Operator
Thank you. The next question comes from the line of Richard from Equity Master. Please go ahead.
Unidentified Participant
So thank you for the opportunity. My question is related to. I just wanted to understand what is the potential, you know, footfall at maturity for Bhuvaneswar and you know, how do you think we have progressed? How do you assess yourself? What could we do to, you know, drive footfalls, growth further from that park.
Unidentified Participant
So we’ve been able to get close to 2 lakh footfall this year. This was a full year I think in the midterm ranging about two to four years. We see this definitely go to 3, 3.2. So there is a good headroom. And our focus would be on how do we get to maybe in this financial at least around 2.5 to begin with.
Unidentified Participant
Sorry, could you repeat that last time
Unidentified Participant
I said we are hoping to see at least about our emails to get to about 20% growth this year because there is a headroom of about one 1.2 lakh footfall to get to it at a mature stage. So our first milestone is can we get to around 2.5 lakh footfall in the coming financial year.
Unidentified Participant
Okay. Okay. And so you know now you know the economy is unfolding as such that there’s a lot of, you know, concert economy, live events, etc going on. Going on. So I’m assuming that you account for these revenues in your non ticket revenue, right?
Unidentified Participant
Hello, we do about, roughly about two to three concerts. So it’s not a very big revenue source. More of a marketing. Yeah, more of a marketing brand partnership association that we look at and not as a primary revenue source. Whatever is booked we book it under non ticketing revenue.
Unidentified Participant
Okay, so this is not going to be a major driver for you. I mean this is for marketing and visibility of Wonderland. Right?
Unidentified Participant
Exactly.
Unidentified Participant
Okay. And sir, but what is your estimate about you know growing this non ticket revenue company? Like how much can it grow on a year, on year basis and for how long?
Arun K. Chittilappilly
So in a mature countries, you know non ticket revenue will be higher than ticket revenue we hear. I think non ticket revenue is only 30% and ticket revenue 70%. So there’s a lot of headroom. As we add more parks and as we add more value added offerings, resorts and other things I think that SKU will slow, you know, it will skew towards a non ticket revenue slow.
Unidentified Participant
Okay, but do you see it moving to 5050 or will it be more like 4060 only?
Arun K. Chittilappilly
Near term it will be 4060 only but definitely I think in the next 4, 5 years it should move to the 5050 mark.
Unidentified Participant
We have current investments of 4 billion odd. So where are these parked? Like where is this money? Exactly
Saji Louiz
Which one?
Unidentified Participant
Current investments of around 4 billion I think in the balance sheet. So
Saji Louiz
We had what Only thousand crore, 1200 crores of investment in assets as of now.
Unidentified Participant
Okay. Okay, so I’ll double check and get that. Thank you.
Saji Louiz
Thank you.
Operator
Thank. Thank you.
Saji Louiz
The
Operator
Next question comes from the line of Uncle Kumar from Alpha Capital. Please go ahead.
Unidentified Participant
Hello sir, most of my questions have been answered. Just wanted to confirm on the depreciation number. What should be the depreciation number going forward for for every quarter?
Saji Louiz
Depreciation number at present is about 80, 80, 83 crores. And then once Chennai alone will have about some 45 to 50 crores in the for a full year. So this year I think there is about some 13, 14 crores depreciation for Chennai Park. So additionally about some 50, 55 crore can get added to the depreciation in the next year perks.
Unidentified Participant
So from this year as in the quarterly run rate we have reached to 28. So we should expect like 40 odd crore coming
Saji Louiz
Chennai park for four months. The depreciation is about 13 crores. So annualized depreciation can range up to 45 to 50. So that could be the incremental depreciation going for the organization as an old. So roughly you can compute whatever investments we do 8 to 10 percentage will be the depreciation hit into the P and L account.
Unidentified Participant
Got it. And sir, on. On this April and May numbers as in last year was. Last year was very weak because of this war and monsoon. So given those things can we expect some growth in. In our mature mature funds?
Saji Louiz
No, we. Our attempt is to grow on a year on year basis. Last year unfortunately we had window park tension. Then certain summer related issues. This year as of now there are certain tensions in the other West Asia and all those things which is impacting certain supplier related concerns. Not completely impacted our numbers as of now. But we need to wait and see how it will conclude. Sure sir. Thank you and all the best. Thanks.
Operator
Thank you. The next question comes from Vinod Krishna from Ivan as well. Please go ahead.
Unidentified Participant
We have started opening resorts. So what is your thinking? Like is it? We are using our free cash flow to do it as is the separate line of business. How like in the long run we are seeing lots of opportunities in multi because you that you can do in more locations than just like. Like it’s. It can go to more cities than where our parks can go. So should we see it as a adjacent business which we will pursue in the long run? So how should we look at it sir? Or only it’s around the parks. Only in the cities where we have parks will do it.
Arun K. Chittilappilly
So now for now we are looking at it as an adjacent business to our amusement park business. But we want to focus on it because as our parks mature there is a demand for premium resort offering and I guess especially after Covid people are preferring more staycations and things like that. So there’s new demand for something like this post Covid compared to pre Covid. So I think we would like to invest in it now whether we will do more of them than in other parts. That is still. I mean we are also debating that we might do it.
But as of now we want to expand to other cities where we already have parks and we have properties with free land available. So that is our for now that is our strategy for the resort business. But yes going forward we could have it in more cities.
Unidentified Participant
Thank you sir and all the best.
Arun K. Chittilappilly
Thank you.
Operator
Thank you. Next question comes from Abhishek Shankar from ic.
Unidentified Participant
Yeah, thanks for the opportunity again. So I just wanted to understand that, you know, there was a recent refurbishment of the resort in Bangalore. So like how much ADR can we expect from this? Because I think now we are doing current area of about 6,300 rupees. So where can it grow from here?
Unidentified Participant
We expect about 7 to 12% increase in India.
Unidentified Participant
7 to 12%. Okay. Okay. Okay. Yeah. Thank you.
Operator
Thank you. Your next question comes from the line of Rachna Kukreja from sim.
Unidentified Participant
Thank you for the opportunity. Two questions. First question is if the Chennai park has generated around 30% EBITDA margins and older parks generate around 40% EBITDA margins. So on corporate level for FY26 yr EBITDA margins, you know, at 30% it should be more than 30%. This is my first question.
Operator
Sorry to interrupt. Really sorry to interrupt. May we request you.
Unidentified Participant
Okay,
Operator
Thank you. Yes, management, please go. Go ahead. Sorry to. Management, please go ahead.
Unidentified Participant
Hello.
Operator
Please give us a moment while we take the line to the management. Ladies and gentlemen, please hold the line while we check the line for the manager. Thank you for patiently holding. So we have line for the management back. Yes sir. Please go ahead.
Saji Louiz
Hello.
Operator
Yes sir. You’re audible. Please go ahead.
Saji Louiz
Yeah, so what I was saying is that even though we have parts are performing about some 40, 45% beta margin, we have a corporate host sender to that which will be controlling all the paths. All the heads of each of the functions will be sitting under. That’s how we manage. And then FY 2026 we had certain one expenses because of the labor code changes. And then compared to previous years we had ESOP expenses comes into picture. And then the launch expenses of our Chennai park. And then previously the corporate setup is also having certain cost.
So these are the other cost which will be absorbed to the EBITDA margin of the parks.
Unidentified Participant
Okay. And our second question is, you know, why are new right not able to drive repeat rates? As you mentioned, you know, footfall is largely driven by fresh visitors. Is there any drag effect?
Saji Louiz
We are not able to clear hear you properly. Could you please repeat the question?
Unidentified Participant
My question is why are the new right not able to drive repeat rates across? As you mentioned, footfall is driven largely by fresh visitors.
Arun K. Chittilappilly
That’s the structural thing of this business. People don’t visit parks, you know, multiple times a year. Because this day outing needs a lot of planning. Even if you have new rides, if somebody has visited this year, even if we just launch a new ride, unless they are in the right age group. They may not want to come back to us if there are college kids. But if you are working or if you are a, you know, family with small children, you may not want to do another trip in the same year. So there will be some lag and that’s just the structural to the business.
Operator
Ma’, am, you have any further questions?
Unidentified Participant
No. Thank you.
Operator
Thank you. Your next question comes from Navi from I thought cms. Please go ahead.
Unidentified Participant
Yeah, hi. Thanks a lot for the opportunity again. So let’s have one question. So I know the Chennai park is fairly recent but you know we’ve spent a lot of time working in the market like putting up the park and like I’ve also seen footfalls now. So overall, at least from your experiences so far, I just want to understand if you have any view on like the competitive environment in Chennai. Why I asked this is because Chennai is one location that already had a couple of water parks and you know there’s an audience that you know is familiar with the concept of a water park and like they know this.
Right. So I just want to understand from your perspective, do you find it easier or more difficult entering this kind of a market rather than somewhere where you have to introduce the concept of a water park to the people itself? If you haven’t used on this broad lease, like even if it’s not like Eddie firms and such, any park hasn’t done that
Arun K. Chittilappilly
Which already has many water parks, it’s easier for us to kind of, you know, the category has already been created so it’s easier for us to kind of expand into the market and expand the whole market itself.
Unidentified Participant
Got a small follow up to this would be, you know, in the future would this influence your decision making regarding like where you would prefer to set up parks? Like would you prefer more markets?
Arun K. Chittilappilly
Answering the previous question also that we are prioritizing large amounts markets because you know it’s just easier to kind of ramp up footfalls in a, in a mature market. But having said that there are opportunities in tier 1 and tier cities, tier 2 cities across India. So you know, it just depends on what we find as the most suitable for our investment.
Unidentified Participant
Very clear. But I was a little more specific about markets that already have water parks versus those that don’t. Do you make that difference or do you differentiate between these two markets or is it just like a population affluence kind of? Yeah, I mean
Arun K. Chittilappilly
That is, I mean yeah, if there is already a water park, like I said it will be more attractive for us to set up. It depends on the size of the market. Also if it is a larger market like Chennai is all one of the largest cities in India. So obviously it’s a no brainer for us.
Unidentified Participant
Thanks.
Operator
Thank you. The next question comes from Abhinav and individual investor.
Unidentified Participant
Can you hear me?
Gunit Singh
Yes.
Unidentified Participant
Congratulations on the good quarter. I want to understand what would be the estimated value of the land we are holding. So I mean I have seen stats in the area so it would be the approximate land holding if we have to make an estimate.
Arun K. Chittilappilly
Very hard for us to estimate. We have done some estimate I think. When did we do the revaluation
Saji Louiz
In the time of migration to the new accounting standard. 2021. Yeah. Not before that. 17, 18, 20.
Arun K. Chittilappilly
Yeah. So we don’t know the current value of land. We are. I think our valuation, what we have in our books is from 2017 or 2018. We revalued
Saji Louiz
It at about 385 crores at that point of time. So we just been added to the.
Arun K. Chittilappilly
Yeah, but that’s the old value. That is 2017 or 2018. I think obviously the value has gone up significantly now but we have not revalued it after that.
Unidentified Participant
Got it? Yeah. Thank you. Thanks for that.
Operator
Thank you. The next question comes from Keshav Garg from Countercyclical pms. Please go ahead.
Gunit Singh
Some trying to understand that what time? Generally we shut the park at night and do we have the liquor license with us and is there any possibility for nightlife related activities especially on the weekends
Unidentified Participant
We shut our parks usually around 7pm only on certain key occasions we keep it open beyond 7pm which is max 10pm we don’t have a proper liquor license. We take one day liquor license basis. Certain groups or corporate gatherings that we do and if they’ve requested for it we take the license and provide them liquor. Barring our resort obviously which has a liquor license we don’t want to look at it and build a core liquor business because at the end of the day we are a family entertainment destination.
We have to also keep safety as a key focus in mind and we want to continue to prioritize our core business which is the amusement park entity.
Gunit Singh
Understood sir. So is there any other way that. I mean at night let’s say post 7:00pm when. I mean is there anything that can be done in the parks rather than just keeping them shut?
Arun K. Chittilappilly
No, we are opening them now. So we have night parks and so depending on right now it’s summer so. And sometimes we have heat waves so we do change it in such a way that people spend more time in the night. So, yeah, we do use the parks in the night, especially in summer. And we charge.
Gunit Singh
Okay, thank you.
Operator
Thank you, ladies and gentlemen. As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Arun K. Chittilappilly
So thank you all for joining our conference call for our Q4, FY26 and FY26 full year review. We are confident that the business will continue to grow, so hope to see you guys in the next quarter. Thank you.
Operator
Thank you. On behalf of Vandala Holidays Limited. That concludes this conference call. Thank you everyone for joining us. And you may now disconnect.