Wonderla Q4 FY26: A record quarter, Chennai ramps up, and resorts hit best-ever numbers

Wonderla Holidays ended Q4 FY26 with its highest-ever March quarter, helped by a sharp rise in footfalls and steady improvement in guest spend. Revenue from operations rose to Rs. 135.8 crore, up 40% year on year, while total income increased 32% to Rs. 142.0 crore. Operating leverage showed up clearly in profitability. EBITDA for the quarter rose 63.7% to Rs. 50.0 crore and EBITDA margin expanded to 35.2% from 28.4% a year ago.

The full year picture was steadier. FY26 revenue from operations grew 13.1% to Rs. 518.8 crore, and total income rose 14.1% to Rs. 551.1 crore. EBITDA grew 12.3% to Rs. 192.5 crore, but PAT fell 25.2% to Rs. 81.7 crore. Management attributed the PAT decline primarily to a favorable deferred tax item recorded in FY25. In other words, FY26 profitability looks weaker on the headline, but part of the drop is explained by the absence of a prior-year tax benefit.

Footfalls and pricing did the heavy lifting

Wonderla’s Q4 growth was driven by a combination of more visitors and higher spending per guest. Quarter footfalls increased 30% year on year to 8.79 lakh. ARPU rose 7% to Rs. 1,465, supported by a 6% increase in average ticket price (to Rs. 999) and a 9% increase in average non-ticket price (to Rs. 465).

For the full year, footfalls rose 6% to 32.19 lakh and ARPU increased 6% to Rs. 1,530. Ticket pricing improved modestly, but non-ticket revenue per guest moved faster. The average non-ticket price rose 11% year on year to Rs. 470. This is important because management repeatedly highlighted the intent to lift “quality of revenue” by nudging more spending into food, retail, and value-added experiences.

Financial snapshot

Note: Values are converted from Rs. lakhs where applicable.

Chennai is the new growth engine, but seasonality will matter

A major strategic development in FY26 was the addition of the Chennai park, which commenced operations on 2 December 2025. In its first full quarter (Q4 FY26), Chennai posted revenue of Rs. 29.5 crore on footfalls of 1.91 lakh. Management acknowledged that December footfalls were higher due to seasonality and the launch month effect, but stated the first full quarter performance is broadly in line with mature parks such as Kochi and Hyderabad.

The Chennai unit economics are already visible in the presentation. For Q4 FY26, Chennai reported an average ticket price of Rs. 1,054 and non-ticket spend per head of Rs. 485, translating into ARPU of Rs. 1,539. The quarter-on-quarter mix is still evolving. In Q3 FY26, average ticket price was higher at Rs. 1,126, while Q4 saw a lower ticket price but similar ARPU.

On the concall, management said Wonderla parks typically take 3 to 4 years to mature. It also suggested that Chennai could potentially rival Bengaluru over time, though it avoided making a firm prediction until a full-year pattern of demand is established.

Older parks show mixed volume trends, but ARPU remains resilient

In the established parks, ARPU trends stayed healthy even where footfalls were flat or soft. Bengaluru remains the highest ARPU park among the mature assets, with FY26 ARPU of Rs. 1,649 and Q4 FY26 ARPU of Rs. 1,599. Footfalls in Bengaluru declined 2% in FY26 to 10.46 lakh, indicating that pricing and non-ticket monetization have become more important levers than pure volume.

Kochi delivered moderate growth in Q4 metrics, with Q4 FY26 revenue up 9% to Rs. 29.2 crore and Q4 FY26 ARPU of Rs. 1,361. However, FY26 footfalls in Kochi declined 3% to 8.49 lakh.

Hyderabad continued to be the weak spot on volume. FY26 footfalls fell 7% to 8.68 lakh and FY26 revenue declined 2% to Rs. 132.2 crore. Management attributed the softness to weather disruptions, including early monsoons impacting summer demand, and a decline in school group traffic in Q3. The COO estimated that softer school groups alone could have affected footfalls by about 50,000 to 60,000.

Bhubaneswar, while smaller, showed strong percentage growth on a low base. FY26 revenue increased 21% to Rs. 24.3 crore and footfalls rose 13% to 1.91 lakh. Management indicated a mid-term aspiration for the park to reach 3.0 to 3.2 lakh footfalls over 2 to 4 years and cited an initial FY27 milestone of about 2.5 lakh.

Resorts are scaling and management wants non-ticket revenue to rise

The resort and hospitality segment posted its best-ever quarterly and annual performance. Resort revenue rose 84% in Q4 FY26 to Rs. 7.0 crore, while FY26 revenue rose 56% to Rs. 26.4 crore. Q4 occupancy improved to 56% from 43% a year ago, and average room rental increased to Rs. 6,797.

Management framed resorts as an adjacent business that can lift the overall experience and support a premium staycation demand environment. It also noted that THE ISLE at the Bengaluru park is one of the reasons resort numbers have improved.

A larger strategic intent sits behind these operational details. Management stated that non-ticket revenue in India remains about 30% of total revenue, with ticket revenue at 70%. It highlighted that in mature markets, non-ticket revenue can exceed ticket revenue. The near-term expectation is a move toward a 40:60 split, with the company aiming for a 50:50 profile over 4 to 5 years as it adds value-added offerings and integrates resorts with parks.

Capital allocation: disciplined near-term capex, expansion discussions continue

For FY27, the company guided that it is not planning any large capex, with only sustaining capex of about Rs. 35 crore to Rs. 40 crore. It also clarified that capital work-in-progress relates to new rides and attractions, including the Sky Wheel tower at Chennai and a ride at Bengaluru, expected to be capitalised in Q1 FY27.

Depreciation will remain a key accounting swing factor as new assets settle into a full-year base. The CFO indicated that Chennai depreciation was about Rs. 13 crore for four months of operations and could rise to about Rs. 45 crore to Rs. 50 crore for a full year in FY27. This is likely to keep PAT more volatile even when operating performance improves.

On longer-term expansion, management reiterated that it is actively exploring new parks and is in discussions with multiple state governments. It also stated the process takes time due to the complexity of real estate deals, particularly in larger cities. The company said it wants to add at least five more parks over time, with an indicative view that 2 to 3 parks could be completed over the next five years. However, it avoided giving locations or definitive timelines until deals are closed.

Takeaways

Wonderla’s Q4 FY26 performance shows what the business looks like when footfalls, ARPU, and operating leverage align at the same time. Chennai has started with scale, and the resort business is now contributing meaningful growth. The near-term strategy looks focused on improving monetization and stabilizing execution rather than pursuing aggressive capex. The key investor variables to track from here are Chennai’s demand pattern across a full year, the recovery in Hyderabad footfalls, and how quickly non-ticket revenue expands as a share of the overall mix.