Silverstorm Parks & Resorts IPO
Silverstorm Parks & Resorts IPO is an SME IPO raising ₹82 Cr at ₹123 – ₹133 a share. It listed on 31 Jul 2026 at ₹133, −0.1% against its issue price of ₹133, and trades at ₹124 today (−6.9% since issue). It was subscribed 2.27× in total.
2.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Silver Storm operates an integrated amusement destination near the Athirappilly waterfalls in Thrissur, Kerala, combining an amusement cum water park, an indoor snow park ('Snow Storm'), and an 8-room resort on about 17.38 acres. It is building a 1.2 km ropeway cable car there and has expanded to an indoor snow park in Jamshedpur, Jharkhand (operational since October 2025), with another snow park and family entertainment centre under development in Lucknow. Visitors are primarily families, school and college groups, corporates, and domestic tourists drawn from Kerala and nearby Tamil Nadu cities.
How it earns
Primarily through entry ticket sales to the amusement cum water park and indoor snow park, supplemented by in-park food and beverage sales (self-operated from October 2024), merchandise and photography, resort room bookings, and hosting private/institutional events; tickets accounted for 71.95% of operating revenue in FY26.
Who buys
End consumers visiting the parks (families, school/college students, corporate groups, domestic tourists); catchment covers Kerala plus Tamil Nadu cities including Coimbatore, Erode, Tirupur, Namakkal, Madurai, Dindigul, Karur, Nilgiris and Salem (over 50 million population per Care Report). No named B2B customer or concentration percentage is disclosed.
Scale
Athirappilly Theme Park spans ~17.38 acres with 41 rides, 3 restaurants and an 8-room resort; Snow Storm indoor snow park ~10,000 sq ft; Jamshedpur Snow Park 5,183 sq ft; upcoming Lucknow Snow Park and FEC over 11,000 sq ft; 1.2 km ropeway cable car under construction; total footfalls of 16.09 lakhs over FY24–FY26; in-house sales/marketing/new-project team of 46 people. FY26 Revenue from Operations: ₹4,358.00 lakhs (≈ ₹43.58 crore; 1 crore = 100 lakhs).
What it says sets it apart
- Positioned as India's first fully integrated amusement destination combining amusement/water theme park, indoor snow park, ropeway cable car and resort on a single property at the Athirappilly waterfalls tourist location (per Care Report).
- Operated Kerala's first indoor snow park 'Snow Storm' since 2017 (~10,000 sq ft, maintained at -10°C) with separate ticketing, including snowfall simulation, snow tubing, snow mat slide, snow dance rink, igloo house and themed play areas.
- Operational track record since 2000 (over 25 years) with Revenue from Operations growing from ₹1,885.84 lakhs in FY24 to ₹4,358.00 lakhs in FY26, a 52.02% CAGR, and footfalls rising from 4.24 lakhs to 6.71 lakhs over the same period.
- Dedicated in-house sales and marketing team of 46 personnel conducting direct outreach to schools, colleges, corporates, travel agencies and event organisers across all districts of Kerala and key Tamil Nadu urban centres, supporting recurring institutional group bookings.
- ISO 9001:2015 certified park with reverse-osmosis water treatment, dedicated water quality laboratory, lightning arrestors, 910 kVAh combined diesel generator backup, and trained lifeguards/nurses at water attractions.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs133 / stated EPS Rs11.59 (Fiscal 2026 diluted EPS (post-split basis, after 1:10 share split on October 13, 2025), restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹44 Cr+41% | ₹19 Cr+97% | 43.8% | ₹133 Cr | ₹65 Cr |
| FY2025 | ₹31 Cr+64% | ₹10 Cr+905% | 31.3% | ₹112 Cr | ₹30 Cr |
| FY2024 | ₹19 Cr | ₹1 Cr | 5.1% | ₹78 Cr | ₹28 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 13risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
What to watch
- Priced at 11.5× earnings — 100% below the median of the peers the issuer itself names.
- The register's top risk: Single-park revenue concentration (95.70% from Athirappilly) (prospectus page 34).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track SILVERSTORM PARKS AND RESORTS
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.