NSE: IMAGICAA · BSE: 539056
IMAGICAAWORLD ENT LTD
Operates amusement, theme and water parks in India's western belt alongside a hotel business. The Parks Division is the main revenue line at Rs 316.8 crore, or 84.7% of segment revenue for FY26, versus Rs 57.05 crore (15.3%) from the Hotel Division. The parks earn from visitor entry, rides and in-park spend, serving 24.7 lakh footfalls in FY26 at an average revenue per user of Rs 1,259. The Hotel Division runs Novotel Imagicaa at Khopoli, which recorded 63% occupancy in Q1 FY27. Costs are dominated by other operating expenses at 44.5% of revenue and depreciation at 26.2%, reflecting the capital-intensive nature of park assets, with employee costs at 14.0% and materials at 8.5%. The company is expanding via Shanku's Water Park in Mehsana, Gujarat, investing up to Rs 100 crore through Mehsana Next Parks Private Limited and operating it under an asset-light O&M model that earns management fees in the 6%-10% range, and via a partnership with Dubai-based Hello Park to bring indoor children's entertainment centres to India starting in Hyderabad. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Parks Division (85%), Hotel Division (15%). Capital-intensive leisure and hospitality with seasonal park demand and a co-located hotel
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 72 | 251 | 260 | 410 | 374 |
| EBITDA (ex other income) | 32 | 80 | 605 | 174 | 116 |
| margin % | 44.9 | 31.8 | 232.8 | 42.4 | 31.1 |
| Owners' profit | (244) | 0 | 541 | 77 | 1 |
| EPS, as reported (₹) | (27.71) | 10.55 | 11.48 | 1.43 | 0.01 |
| ROE % · ROCE % | 28.3 · 6.5 | 151.9 · 47.6 | 68.1 · 68.5 | 6.2 · 6.0 | 0.1 · 1.8 |
| Debt / equity (x) | (1.25) | 3.43 | 0.32 | 0.13 | 0.27 |
| Cash from operations | 4 | 117 | 106 | 147 | 110 |
| Capex | (0) | (18) | (64) | (291) | (48) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 92 | 94 | 148 | 42 | 92 | 92 | 178 |
| Profit before tax | (25) | 4 | 16 | 45 | (35) | (4) | 3 | 61 |
| Net profit | (7) | 3 | 16 | 44 | (39) | (5) | 0 | 58 |
| EPS (₹) | (0.12) | 0.06 | 0.29 | 0.78 | (0.69) | (0.09) | 0.01 | 1.02 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Parks Division | 317 | 84.7 |
| Hotel Division | 57 | 15.3 |
| Total, before eliminations | 374 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WONDERLA HOLIDAYS LTD. | 3,224 | 31.6 | 1.79 | — | 4.5 | 5.8 | — | 50.3 |
| IMAGICAAWORLD ENT LTD ◆ | 2,688 | 190.0 | 2.14 | 23.9 | 0.1 | 0.6 | 76.3 | 52.5 |
| DELTA CORP LIMITED | 2,089 | — | 0.93 | 12.1 | 3.8 | 4.8 | 10.4 | (158.1) |
| NICCO PARKS & RESORTS LTD | 360 | — | 3.44 | 404.2 | (2.6) | (1.8) | 30.5 | 1.1 |
| AJWA FUN WORLD & RESORT LTD. | 26 | 61.1 | 0.55 | — | 104.0 | 111.9 | — | — |
| HANMAN FIT LIMITED | 4 | — | — | — | — | (6.7) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 190.0 | 29.0 | 84 of 87 | 4% |
| P/B | 2.1 | 1.9 | 44 of 83 | 48% |
| ROCE | 0.6 | 5.4 | 76 of 101 | 25% |
| ROE | 0.1 | 5.6 | 66 of 83 | 21% |
| Debt / Equity | 0.3 | 0.1 | 50 of 82 | 40% |
| EBITDA margin | 52.5 | 23.4 | 10 of 85 | 89% |
| Revenue growth | 19.9 | 12.1 | 28 of 89 | 69% |
| Profit growth | 29.9 | 17.5 | 35 of 83 | 59% |
| Market cap | 2688 | 349 | 25 of 103 | 77% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Quarterly compliance certificate from registrar under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 5 Oct 2026 · Sale of Hotel Novotel Imagicaa to Juniper Hotels for Rs 248 Cr | strategic transactions | high | — | — |
| 30 Sept 2026 · Imagicaaworld 17th AGM voting results: All resolutions approved | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Please find enclosed herewith summary of proceedings of 17th Annual General Meeting held on September 29, 2026. | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Imagicaaworld warrants fully converted, Rs 129.45 cr raised | ownership changes | medium | — | — |
| 25 Sept 2026 · Imagicaaworld promoter Malpani Parks converts 1.7 crore warrants into shares | ownership changes | medium | — | — |
| 24 Sept 2026 · Imagicaaworld allots 2.35 crore shares on warrant conversion | fund raising | high | — | — |
| 23 Sept 2026 · Imagicaaworld to attend PL Capital and Arihant Capital investor meetings | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Imagicaaworld to meet analysts and institutional investors | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Imagicaaworld sells Novotel Imagicaa hotel for Rs 248 crore to Juniper Hotels | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.