Imagicaaworld Entertainment Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Imagicaaworld Entertainment Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Imagicaaworld reported consolidated revenue growth of 20% year-on-year to INR178 crores for Q1 FY27, with footfalls up 22% to over 11.5 lakh visitors, though management noted an unprecedented heat wave caused non-operational days at the Khopoli park and a shift in school holiday calendars affected the quarter. The company completed acquisition of a 50% stake in the SPV owning Shanku's Water Park in Mehsana and outlined its entry into indoor entertainment through an exclusive partnership with Dubai-based Hello Park, with the first center planned in Hyderabad and a second in Surat. Management also discussed catchment-wise performance across Mumbai-Pune, Rest of Maharashtra, Gujarat and Central India, and provided details on capital expenditure plans, royalty arrangements, and margin expectations for the new indoor format.
Numbers mentioned
Revenue from operations: INR178 crores (Q1 FY27)
p. 7
“On a consolidated basis, the revenue from operations grew by 20% year-on-year to INR178 crores.”
Mayuresh Kore, page 7 of the filed PDF · View the filing
EBITDA: INR90 crores (Q1 FY27)
p. 7
“EBITDA grew 24% year-on-year to INR90 crores, while EBITDA margin expanded by 170 basis points to 50.7%.”
Mayuresh Kore, page 7 of the filed PDF · View the filing
Profit after tax: INR58 crores (Q1 FY27)
p. 7
“Profit after tax increased by 30% Y-o-Y to INR58 crores, with PAT margin improving to 32.4%, reflecting the operating leverage inherent in our business model.”
Mayuresh Kore, page 7 of the filed PDF · View the filing
Park footfalls: over 11.5 lakh visitors (Q1 FY27)
p. 7
“Consolidated park footfalls increased by 22% to over 11.5 lakhs visitors, resulting in a revenue growth of 22% to INR161 crores, while ARPU has remained largely stable at around INR1,395.”
Mayuresh Kore, page 7 of the filed PDF · View the filing
Mumbai-Pune catchment revenue growth: 18% (Q1 FY27)
p. 7
“the Mumbai, Pune catchment, which remains our largest contributor, delivered an 18% growth in revenue, supported by a 19% increase in footfalls.”
Mayuresh Kore, page 7 of the filed PDF · View the filing
Rest of Maharashtra revenue growth: 33% (Q1 FY27)
p. 7
“Our rest of Maharashtra catchment delivered an excellent quarter as well, with revenue growing 33% on the back of a 14% increase in footfalls.”
Mayuresh Kore, page 7 of the filed PDF · View the filing
Gujarat catchment footfall and revenue growth: footfalls up 32%, revenue up 15% (Q1 FY27)
p. 8
“The Gujarat catchment also continued to perform well, with footfalls increasing by 32% and revenue growing by 15%.”
Mayuresh Kore, page 8 of the filed PDF · View the filing
Central India catchment growth: footfalls up 48%, revenue up 44% (Q1 FY27)
p. 8
“Our Central India catchment was the fastest growing region during this quarter, with footfalls increasing by 48% and revenue growing by 44% Y-o-Y.”
Mayuresh Kore, page 8 of the filed PDF · View the filing
Novotel Imagicaa occupancy: 62% (Q1 FY27)
p. 8
“The occupancy stood at 62% during the quarter, while the average room rates improved marginally to INR9,657.”
Mayuresh Kore, page 8 of the filed PDF · View the filing
Mehsana Next Parks investment: INR50 crores
p. 6
“The company has announced an investment of INR50 crores for a 50.002% stake in Mehsana Next Parks Private Limited, the SPV that owns and operates Shanku’s Water Park.”
Dhimant Bakshi, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Number of parks — 12 parks · by 2030
stated as an aspiration by Jai Malpani
p. 4
“By 2030, we aspire to operate a portfolio of 12 parks, having kept targets of adding approximately one park every year.”
Jai Malpani, page 4 of the filed PDF · View the filing
Hello Park center additions — two to three centers per year · coming years
stated as an aspiration by Dhimant Bakshi
p. 7
“we aim to add two to three Hello Park centers every year, building a Pan-India indoor entertainment network over the coming years.”
Dhimant Bakshi, page 7 of the filed PDF · View the filing
Hello Park EBITDA margin — 24%-25%
stated firmly by Mayuresh Kore
p. 9
“It would be around 24%-25% margins, if we account for the rentals to the malls as well.”
Mayuresh Kore, page 9 of the filed PDF · View the filing
Hello Park royalty — 5% of revenues
stated firmly by Mayuresh Kore
p. 9
“And in this consideration, we have a 5% royalty on the revenues of each center to be paid to Hello Park, that's typically like any other franchise model.”
Mayuresh Kore, page 9 of the filed PDF · View the filing
Debt to EBITDA — 2.5 to 3x average, up to 3-3.5x for limited period
stated firmly by Mayuresh Kore
p. 11
“the debt to EBITDA of the company we have been clear in this regard that that will be kept in a certain range and at best it could be 3 to 3.5x for a limited period, but the average debt to EBITDA would be in the range of around 2.5 to 3x is what fiscal discipline that we intend to continue.”
Mayuresh Kore, page 11 of the filed PDF · View the filing
Pricing corrections — next three quarters
stated firmly by Dhimant Bakshi
p. 9
“we think that over the next three quarters we have headroom there and we will make appropriate corrections.”
Dhimant Bakshi, page 9 of the filed PDF · View the filing
Price hikes — Q3, Q4 onwards
stated firmly by Mayuresh Kore
p. 16
“but you'll hear something Q3, Q4 onwards there is, there is a plan which is getting actioned.”
Mayuresh Kore, page 16 of the filed PDF · View the filing
Spiritual tourism expansion — one or two locations · next two to three years
stated conditionally by Jai Malpani
p. 16
“we are in active talks with them and we foresee at least one or two locations in the next two to three years that should come through.”
Jai Malpani, page 16 of the filed PDF · View the filing
New attraction capex budget — about 5% of top line
stated firmly by Dhimant Bakshi
p. 14
“for the capex which will drive new attractions and essentially new footfalls, we keep about 5% kind of a budget of our top line.”
Dhimant Bakshi, page 14 of the filed PDF · View the filing
Maintenance capex — 6% to 8% of revenues
stated firmly by Mayuresh Kore
p. 13
“typically it could range from 6% to 7%, 8% of our revenues.”
Mayuresh Kore, page 13 of the filed PDF · View the filing
Dave & Buster's integration into company — not in immediate next three to four months
stated conditionally by Mayuresh Kore
p. 12
“But not in the immediate next three to four months is what that we can confirm.”
Mayuresh Kore, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the impact to an unprecedented heat wave that closed the Khopoli park and a shift in school holiday calendars, and said pricing was kept softer deliberately to drive footfall this quarter.
Answered by Dhimant Bakshi
Asked by Jinesh Joshi: On a like-to-like basis versus Q1 FY25, growth appears muted despite adding the Indore park; what explains the footfall and pricing performance?
p. 8
“due to the crisis that we faced for about almost two weeks, Khopoli park was kept non-operational, which led to some obviously, since it was not operational, that led to some drop in the revenue.”
Dhimant Bakshi, page 8 of the filed PDF · View the filing
Management said Hello Park carries a 5% royalty on all center revenues, capex of about INR8-11 crores per center, EBITDA margins of 24-25% after rentals, and target ticket prices of INR800-900.
Answered by Mayuresh Kore
Asked by Jinesh Joshi: What are the margin, royalty, and ticketing economics for the Hello Park indoor format?
p. 9
“the EBITDA margins as you observe rightly because these will be inside malls, the margins would be not as similar to the water parks or the parks that we operate. It would be around 24%-25% margins, if we account for the rentals to the malls as well.”
Mayuresh Kore, page 9 of the filed PDF · View the filing
The promoter representative said the conversion would happen before the required date and expressed confidence in the business.
Answered by Jai Malpani
Asked by Jinesh Joshi: Will promoters go ahead and subscribe to the pending warrant conversion given the conversion price versus current stock price?
p. 10
“So, the conversion will happen before the given date and requirement which is there. So, we are very positive and we look forward to converting the same.”
Jai Malpani, page 10 of the filed PDF · View the filing
Management said per-park costs range from INR200 to INR500 crores depending on location and size, funded through a mix of internal accruals and moderate debt, with defined debt-to-EBITDA discipline.
Answered by Mayuresh Kore
Asked by Navin: What would a new large-format park cost and how would it be funded?
p. 11
“per park it can vary between INR200 crores to INR450 crores to INR500 odd crores based on which location and size and scale of the park we go for, based on the location and demographics.”
Mayuresh Kore, page 11 of the filed PDF · View the filing
Management said reporting had just been restructured into catchments and would consider further segmental disclosure in future, noting hotel numbers are already reported separately.
Answered by Mayuresh Kore
Asked by Ankit Kanodiya: Can the company provide segmental revenue and margin breakups across theme parks, hotels, and indoor entertainment?
p. 12
“we have broken down currently into after due deliberation into catchments, which would enable one level more of analysis.”
Mayuresh Kore, page 12 of the filed PDF · View the filing
Management said the model is still being stabilized at the group level and integration would not happen in the immediate near term.
Answered by Jai Malpani
Asked by Ankit Kanodiya: What is the status and timeline for integrating Dave & Buster's from the promoter level into the listed company?
p. 12
“So, on Dave & Buster's, that was our first foray into indoor entertainment and indoor entertainment as a whole we have seen Smaaash and other players as well.”
Jai Malpani, page 12 of the filed PDF · View the filing
Management said they deliberately tested price elasticity in Surat this quarter, resulting in lower ARPU but revenue still above FY25 levels, and expect to rebalance ARPU and volume over time.
Answered by Dhimant Bakshi
Asked by Vipulkumar Shah: Why did Gujarat catchment ARPU drop sharply despite strong footfall growth?
p. 13
“we decided to test waters and see how the price elasticity to demand was really playing out.”
Dhimant Bakshi, page 13 of the filed PDF · View the filing
Management said maintenance capex is expensed through the P&L at 6-8% of revenue, while new marquee attraction capex is budgeted at about 5% of top line, added periodically.
Answered by Dhimant Bakshi
Asked by Vipulkumar Shah: What is the annual capex requirement across new rides and maintenance for all parks combined?
p. 14
“we expense out our maintenance as part of opex. However, for the capex which will drive new attractions and essentially new footfalls, we keep about 5% kind of a budget of our top line.”
Dhimant Bakshi, page 14 of the filed PDF · View the filing
Management pointed to diversification into indoor entertainment, added indoor shows and events during off-season, Magic Pass repeat-visit programs, and geographic diversification.
Answered by Jai Malpani
Asked by Pratik: What steps are being taken to reduce revenue and profitability cyclicality across quarters?
p. 15
“we are diversifying into indoor entertainment. So that would be a good hedge against the cyclicity which is there in the business because we see that indoor entertainment inside the cities people are less prone to, even in case it rains or in case of anything, people usually go there on a faster basis.”
Jai Malpani, page 15 of the filed PDF · View the filing
Management said such expansion depends heavily on government support and land availability near existing pilgrimage hotspots, and discussions are ongoing but unconfirmed.
Answered by Jai Malpani
Asked by Pratik: Is there potential to expand spiritual tourism destinations to cities like Varanasi or Vrindavan?
p. 16
“we are in active talks, as of now we have not concluded on any locations so the talks are ongoing.”
Jai Malpani, page 16 of the filed PDF · View the filing
Risks flagged
Unprecedented heat wave caused non-operational days at Khopoli park, impacting revenue
p. 5
“this year witnessed an unprecedented heat wave, leading to some non-operational days at Khopoli Park, coupled with a shift in school holiday calendar in some catchment schools, company has yet put together a strong performance.”
Dhimant Bakshi, page 5 of the filed PDF · View the filing
Shift in school holiday calendar in certain catchment schools affecting footfall patterns
p. 9
“there was a shift opted by some of the CBSE schools that led to change in the holiday pattern.”
Dhimant Bakshi, page 9 of the filed PDF · View the filing
Hotel bookings tapered during the heat wave period
p. 9
“you would have seen that the hotel bookings also kind of tapered during this phase of heat wave.”
Dhimant Bakshi, page 9 of the filed PDF · View the filing
Price sensitivity observed in certain Gujarat markets like Surat affecting ARPU
p. 13
“in case of Gujarat, we have seen that in certain markets like Surat, there has been a bit of price sensitivity that we had observed.”
Dhimant Bakshi, page 13 of the filed PDF · View the filing
Spiritual tourism projects are unviable without government support
p. 16
“without government supports the project become unviable, specifically in terms of the spiritual bit of it.”
Jai Malpani, page 16 of the filed PDF · View the filing
Land costs and availability constrain new large park development, requiring government partnership
p. 17
“with the current land prices and the current overall land requirement, we think at least around 30% of the investment would go primarily into land acquisition and it varies depending on the location and the centers that we take.”
Dhimant Bakshi, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.