Wonderla Holidays H1 FY27 EBITDA Reaches Rs 150 Crore

Wonderla Holidays Limited reported H1 FY27 EBITDA of Rs 150 crore, up 47% year-on-year, supported by the Chennai park’s ramp-up and growth across its established park network. The result matters because Chennai is adding revenue while the company manages higher depreciation from its investment in the new facility.

How did Wonderla Holidays perform in H1 FY27?

Wonderla Holidays delivered H1 income of Rs 378 crore, a 41% year-on-year increase, while EBITDA rose 47% to Rs 150 crore. The resulting EBITDA margin was 40%, according to management’s comments during the November 3 earnings call.

For the September quarter, revenue from operations rose 45% year-on-year to Rs 116.57 crore. Income for the quarter was Rs 126 crore, up 42%, while EBITDA increased 90% to Rs 30.11 crore. The quarterly EBITDA margin expanded to 24% from 18% in the year-ago period.

The company also moved from a loss in the corresponding quarter of the previous year to a profit of Rs 0.05 crore in Q2 FY27. However, profit growth lagged the improvement in operating earnings because depreciation and tax costs increased after the Chennai park investment.

What drove Wonderla Holidays’ quarterly revenue growth?

Wonderla Holidays’ Chennai park was the main incremental contributor during the quarter, generating Rs 28 crore in revenue and recording 1.9 lakh footfalls. In the first half, Chennai generated Rs 73 crore in revenue with 4.32 lakh footfalls, according to the earnings-call highlights.

The established parks in Bengaluru, Kochi, Hyderabad and Bhubaneswar also contributed. Their combined revenue grew 8% in Q2, supported by 6% growth in footfalls and 2% growth in average revenue per user, or ARPU. Bengaluru and Kochi recorded their best-ever Q2 performance, while Hyderabad recorded its best-ever H1.

The resort business reported its best-ever Q2, with revenue growth of 57% year-on-year. Non-ticket revenue per guest increased 11% in Q2 and 16% in H1, reflecting the company’s effort to expand spending beyond admissions through activities such as weddings, concerts and banquets.

Why did Chennai affect profit and ticket pricing?

Wonderla Holidays said Chennai’s contribution to revenue and EBITDA growth was significant, but the new park also raised depreciation charges. The company invested about Rs 570 crore in the Chennai park, and management attributed the comparatively flat Q2 profit partly to a Rs 10 crore increase in depreciation and a Rs 2.23 crore increase in tax expenses, including prior-period taxes.

Average ticket price declined 3% year-on-year to Rs 983 in Q2. Management said the lower Chennai ticket price reflected higher discounts, while ARPU rose 1% to Rs 2,491. The company indicated that group visitors at discounted rates affected the period’s ticket-price trend.

Chief Operating Officer Dheeran Choudhary said management remained positive on overall ARPU and intended to keep it stable and grow it in line with the mature Kochi and Hyderabad parks. Management estimates that Chennai may take two to three years to reach optimal utilisation and about three years to approach Bengaluru-level footfalls.

What challenges did Wonderla Holidays face during the quarter?

Wonderla Holidays faced difficult weather conditions on the east coast, particularly at Bhubaneswar. Footfalls at the park fell about 20% year-on-year in Q2 to about 20,000, with the company citing exceptionally heavy rainfall and cyclones.

Management said rainfall in the region was about 900% above normal during the affected period. Bhubaneswar H1 footfalls were down 1% year-on-year. The result shows that park operations remain exposed to local weather patterns even as the broader portfolio expands.

The Chennai park also remains in its ramp-up phase, where pricing, promotions and capacity utilisation may differ from mature locations. The Q2 data shows that the new park contributed meaningfully to revenue, but the associated depreciation continues to influence reported profit.

What is Wonderla Holidays’ expansion strategy?

Wonderla Holidays aims to expand its portfolio to eight or nine parks over the next five to six years. Management said it is evaluating additional locations, while noting that land availability, government-related processes and weather conditions are relevant considerations for new projects.

The company’s strategy combines geographical expansion with an effort to increase non-ticket revenue. Weddings, concerts and banquets were identified as areas that can add to visitor spending and support margins, alongside the traditional ticketing business.

Management also said it does not plan further equity dilution and expects internal cash flows to support future capital expenditure. That approach places attention on the operating performance and cash generation of Chennai as the business considers its next phase of expansion.

How do the results matter for investors and operations?

For investors, the key positive is the sharp rise in EBITDA and the 40% H1 margin, alongside continued revenue growth at existing parks. Chennai added Rs 73 crore of H1 revenue, providing evidence that the recently developed asset is building visitor volumes.

At the same time, the Q2 profit of Rs 0.05 crore highlights the distinction between operating growth and reported earnings. Higher depreciation from Chennai and higher taxes limited the translation of EBITDA into net profit during the quarter.

For operations, higher non-ticket revenue per guest and growth at the resort business support the company’s stated focus on improving visitor monetisation. But weather disruption at Bhubaneswar and discounted ticketing at Chennai remain relevant factors when assessing the performance of individual locations.

Conclusion

Wonderla Holidays’ H1 FY27 performance was led by a 47% increase in EBITDA to Rs 150 crore, with Chennai contributing new revenue and established parks sustaining growth. The quarter also demonstrated that strong EBITDA expansion does not immediately translate into equally strong profit growth when a new, capital-intensive park raises depreciation and tax costs.

The next items to watch are Chennai’s progress towards optimal utilisation over the stated two-to-three-year period, the company’s ability to grow ARPU through ticket and non-ticket spending, and developments around land and approvals for future parks.