NSE: NICCOPAR · BSE: 526721
NICCO PARKS & RESORTS LTD
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.
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) |
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 |
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 |
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. | 3,246 | 31.8 | 1.81 | — | 4.5 | 5.8 | — | 50.3 |
| IMAGICAAWORLD ENT LTD | 3,005 | 212.4 | 2.40 | 26.4 | 0.1 | 0.6 | 76.3 | 52.5 |
| DELTA CORP LIMITED | 1,653 | — | 0.73 | 9.5 | 3.8 | 4.8 | 10.4 | (158.1) |
| NICCO PARKS & RESORTS LTD ◆ | 388 | 77.6 | 3.71 | 437.1 | (2.6) | (1.8) | 30.5 | 1.1 |
| AJWA FUN WORLD & RESORT LTD. | 23 | 2.2 | 0.49 | — | 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) | 77.6 | 27.0 | 84 of 91 | 8% |
| P/B | 3.7 | 2.1 | 61 of 83 | 27% |
| ROCE | (1.8) | 5.4 | 84 of 101 | 17% |
| ROE | (2.6) | 5.8 | 75 of 87 | 14% |
| Debt / Equity | 0.0 | 0.1 | 5 of 87 | 79% |
| EBITDA margin | 1.1 | 23.4 | 76 of 85 | 11% |
| Revenue growth | (12.8) | 12.1 | 77 of 89 | 14% |
| Profit growth | (121.5) | 17.5 | 73 of 83 | 12% |
| Market cap | 388 | 388 | 52 of 103 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY26-27 results approved; 25 percent interim dividend declared | results | medium | — | — |
| 13 Aug 2026 · Q1FY27 Results: Profit Rs 518.73L, Revenue down 27.5%, Interim Dividend 25% | results | high | — | — |
| 5 Aug 2026 · Board meeting on Aug 13 to consider Q1 results and interim dividend | results | low | — | — |
| 2 Aug 2026 · IEPF transfer notice for shares with unclaimed dividends from FY 2018-19 | compliance | minimal | — | — |
| 20 Jul 2026 · Two new directors appointed to the board | management changes | medium | — | — |
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 |
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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.