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Dossier · NICCO PARKS & RESORTS LTD · 6 November 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
NICCO PARKS & RESORTS LTD NSE: NICCOPAR · BSE: 526721
Operates an amusement/theme park on land leased from the West Bengal Government and reports three revenue streams: Park Operations (entry tickets and ride revenue from visitors), Consultancy, Contracts and Sale of Ride Components (engineering services and ride equipment to external clients), and F&B and Other Recreational Facilities (food, beverage and ancillary recreation to park visitors). For the period ending 31 March 2026, the named segments reported Rs 11.83 crore in Park Operations, Rs 2.20 crore in Consultancy, Contracts and Sale of Ride Components, and Rs 1.32 crore in F&B and Other Recreational Facilities, while the consolidated segment line in F_SEGMENTS showed Rs 56.99 crore of total segment revenue. Employee cost at 33.6% of revenue and other operating expenses at 42.1% are the dominant cost lines, with capex at 27.1% of revenue (Rs 17.95 crore) indicating heavy ongoing investment in park assets. The original 33-year West Bengal Government lease expired in February 2023 and remains pending renewal, and 1.46 acres of park land were repossessed by the state from 8 November 2025, prompting qualified audit opinions on both standalone and consolidated FY26 results. The business is jointly promoted with West Bengal Tourism Development Corporation (WBTDC) and West Bengal Industrial Development Corporation (WBIDC). An exceptional item of Rs 1,540.95 lakh was booked from selling down the stake in Nicco Engineering Services from 31.87% to 9.16%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Park Operations, Consultancy, Contracts and Sale of Ride Components, F&B and Other Recreational Facilities. Cyclical, asset-heavy amusement park operator with high fixed labour and opex costs and significant capex requirements.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
31
77
79
75
66
EBITDA (ex other income)
6
29
27
23
(4)
margin %
18.6
38.5
34.3
30.0
(5.5)
Owners' profit
5
23
25
22
(3)
EPS, as reported (₹)
1.04
4.82
5.29
4.79
(0.58)
ROE % · ROCE %
8.6 · 8.8
30.0 · 36.0
26.5 · 28.1
20.9 · 21.3
(2.6) · (1.8)
Debt / equity (x)
0.00
0.00
0.00
0.00
0.00
Cash from operations
7
27
20
16
7
Capex
(0)
(5)
(4)
(8)
(18)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · NICCO PARKS & RESORTS LTD · 6 November 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Revenue
25
14
19
18
26
12
13
15
Profit before tax
10
4
5
6
(2)
0
1
(1)
Net profit
9
5
5
3
(3)
0
1
(1)
EPS (₹)
1.88
1.16
1.04
0.72
(0.67)
0.05
0.20
(0.15)
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Park Operations
57
85.9
Consultancy, Contracts and Sale of Ride Components
2
3.5
F&B and Other Recreational Facilities
7
10.6
Total, before eliminations
66
100.0
Source: the filed segment block, four quarters summed.
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.
3,007
29.0
1.62
—
3.9
4.9
—
18.0
IMAGICAAWORLD ENT LTD
2,464
174.2
1.97
24.1
0.1
0.6
76.3
50.7
DELTA CORP LIMITED
2,014
—
1.05
14.8
(16.6)
(20.0)
10.4
18.0
NICCO PARKS & RESORTS LTD ◆
323
—
3.09
29.9
(2.6)
(1.8)
30.5
(1.2)
AJWA FUN WORLD & RESORT LTD.
25
—
0.53
—
0.1
0.1
—
—
HANMAN FIT LIMITED
4
—
—
—
—
(6.7)
—
(190.2)
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/B
3.1
1.8
56 of 82
32%
ROCE
(1.8)
3.1
82 of 98
17%
ROE
(2.6)
2.8
70 of 82
15%
Debt / Equity
0.0
0.1
2 of 81
81%
EBITDA margin
(1.2)
18.0
87 of 100
13%
Revenue growth
(12.8)
13.2
77 of 89
14%
Profit growth
(121.5)
16.4
73 of 85
14%
Market cap
323
299
51 of 103
51%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · NICCO PARKS & RESORTS LTD · 6 November 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
30 Oct 2026 · Board to approve September 2026 quarter and half-year results
results
low
—
—
18 Oct 2026 · Special window for re-lodgement of physical share transfer requests
compliance
minimal
—
—
17 Oct 2026 · Postal Ballot: Two Director Appointments Approved
management changes
medium
—
—
5 Oct 2026 · RTA submits quarterly dematerialisation compliance certificate
compliance
minimal
—
—
21 Sept 2026 · Trading Window Closed from October 1 for Q2 FY27 Results
compliance
minimal
—
—
16 Sept 2026 · Postal Ballot Notice dispatched to shareholders for e-voting
compliance
minimal
—
—
16 Sept 2026 · Postal ballot for two director appointments, voting till 16 Oct 2026
management changes
medium
—
—
6 Sept 2026 · Notice of IEPF share transfer for unclaimed dividends from FY 2019-20
compliance
minimal
—
—
19 Aug 2026 · Special window for re-lodgement of physical share transfer requests
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Estimate years marked E
More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
