Ladies and gentlemen, good evening and welcome to Wonderla Holidays Limited Q1 FY 2026 Earnings Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Khanna. Thank you and over to you, sir. Yeah, thank you, operator. Good afternoon, everyone. On behalf of Ambit Capital, I would like to welcome you all to the Q1 FY 2026 Earnings Conference Call for Wonderla Holidays Limited. From the management, we have with us Mr. Arun Chittilappilly, Managing Director, and Mr. Saji Louiz, CFO of the company. We would like to now begin the call with opening remarks from the management, post which we will have the forum open for an interactive question and answer session. Thank you and over to you, Arun and Saji. Thank you for your commitment. I have been disconnected. Ladies and gentlemen, please stay on hold while we try to reconnect the management line. Thank you for your patience. We have the line for management connected. Thank you and over to you, sir. Thank you, everyone. On behalf of Wonderla Holidays, I'm delighted to welcome all of you to the Q1 FY 2025 financial results. Joining me today are our CFO, Mr. Saji, and our COO, Mr. Dheeran Choudhary. At first, you had the chance to review our results and the accounting in the presentation. FY 2025 was a milestone year for us. We celebrated 25 years of successful operations. What began as a simple yet powerful vision to bring happiness to people through world-class and amusement experiences has evolved into an inspiring journey. We have entered FY 2026 on a celebratory note, commemorating this legacy with the festive activities in our Kochi Park. Even though the market environment was challenging, we have witnessed robust starts of the year, with April footfalls growing in double digits, supported by our summer theme campaigns. These campaigns struck chords with the panelists, allowing us to welcome 9.17 lakh visitors across our parks during the quarter. During the second half of the quarter, we saw a decline in consumer sentiment owing to external factors, such as an early monsoon, yet we were able to sustain a flattish revenue compared to last year. During the quarter, we saw a positive shift in consumer behavior. Online bookings have continued to grow rapidly, and this reflects the success of our integrated digital marketing strategy. Combined with our operational excellence and enhanced guest experience, this helped deliver a 6% year-on-year rise in ARPU in Q1, reinforcing the strong value that we offer. Another highlight of the quarter was the launch of Isle by Wonderla, a boutique luxury resort experience adjoining our Bengaluru Park. Spread across 4.5 acres, 39 key resorts features private pool cottages, a glamping tent, amethyst, and nature-inspired offerings. Built with an investment of approximately INR 39 crore, Isle reflects our vision of blending hospitality with entertainment, and it aligns both with global leisure trends and evolving travel preferences in India. The initial response to Isle has been above expectations, and we hope that this continues to contribute as a complementary experience to our amusement park. Our non-ticket segment also continues to perform well, driving double-digit growth in sales per head. We continue to double down on our product offerings and guest experience, leading to this healthy growth. As an outcome of this, our customer NPS in Q1 also has shown promising growth. Construction of our fifth park in Chennai is progressing rapidly, and we remain on schedule to commence operations by December 2025. Looking forward, we are confident that our focus on innovation, guest delight, and strategic expansion will continue to drive our sustainable growth. With that, I conclude my remarks and hand over to Saji, our CFO, for the detailed analysis of financial performance. Over to you, Saji. Thank you, Arun. Good afternoon, everyone, and thank you for joining us for the Q1 FY 2026 earnings call. Let me cover the key aspects of the results. Our revenue from operations marginally declined by 3% on a YoY basis for the quarter and stood at INR 169 crore. EBITDA, including other income for the quarter, stood at INR 87.51 crore, registering a decline of 9.9% on a YoY basis. EBITDA margin for the quarter stood at 48.9%. Our profit after tax for the quarter stood approximately at INR 52.58 crore, and park margins remained at 29.4%. The major reasons for EBITDA reductions, which are INR 14 crore without considering other income, are as follows: reduction in our cooked food contributed roughly 31% of the EBITDA reduction, then incremental marketing expenditure attributes 45% of the EBITDA reduction, and net of all other expenses resulted in a balanced 23% reduction in our EBITDA. Additionally, we have generated INR 6 crore of other income in this quarter, mainly attributable to interest in the market deposit and gains from our investments. Moving on to the park-wise footfall numbers in Q1 FY 2026, footfall for Bengaluru stood at INR 3.22 lakhs, Kochi at INR 2.37 lakh, Hyderabad at INR 2.62 lakh, and Bhubaneswar at INR 1.096 lakh. The average ticket price for the quarter stood at INR 1,281 lakh with a 4% increase on a YoY basis. The average non-ticket price is INR 493, an increase of 11% YoY, and the average revenue per user ARPU stood at INR 1,775 for the quarter, with a 6% increase on a YoY basis. With this, we can open the floor for Q&A session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jai Chauhan from Trinetra Asset Managers. Please go ahead. Good afternoon. Thank you for the opportunity. I'm available. Yes, yes. Hello. Yes. I have three questions, sir. One is, we are in the glamping and boutique section of Isle. I'm wondering how Isle is observing a faster occupancy ramp-up compared to traditional resort companies. I mean, like the response and booking momentum compared to, you know, expectations of new hospitality assets compared to the hospitality industry. Sorry, I think, can you please repeat the question? Yes, sir. Basically, I was asking, sir, are you observing a faster occupancy ramp-up compared to traditional resort properties? Because I got it has been almost a month, right, you started operating the Isle? Yeah, it's doing well, better than what we thought. I think definitely there is a demand for a differentiated premium offering for that. That's what we feel here. Right, sir. Do you exclusively offer bundled packages only, or do you also sell standalone room, individual, and F&B offerings at Isle? Both, both, both. What has been the guest preference in that so far between bundled and unbundled options? We don't know yet. I mean, it's still early days, but I think it's mostly people take the, yeah, with the park. Some people may not take with the park also, yes. Right. One final question that I have is, within the reported average of non-ticket prices spent per head, could you please provide a breakup between F&B, merchandise, and any other revenue streams? I think F&B would be the dominant contributor, right? Yeah, F&B is the dominant contributor. Do you have any other ancillary revenue streams for the same, for non-ticket price, average non-ticket price? No, no, no. This is it. We have F&B, retail, and then results that come from the non-ticket revenue for us. Oh, good, good, good. That's it from us. Thank you. Thank you. Before we take the next question, we would like to remind participants to press star and one to ask a question. The next question is from the line of Navin from ithoughtPMS. Please go ahead. Hey, congratulations on completing 25 years huge milestone for the team. I hope I'm audible. Yes, yes. Yeah, this is just like a very broad-based forward-looking session. A couple of quarters ago, I remember other unpacking sessions about feed the parks, and you guys were saying that you were in discussions with governments, right? Any movement on that front? Is there anyone new? We have not been able to finalize anything yet. We have two locations where we have advanced stage of discussions going on. Once we have a closure, we will definitely announce it. Got it. Got it. Got it. it. Yeah. Just one more question. Regarding the concerts, right, I just wanted to know which line item that revenue falls into. Would it be non-ticket? Non-ticket. Okay. Has that, you know, improved in terms of contribution compared to, let's say, you know, retail resorts, B shops like that, or is it still a very small part? It's very small. It's very small, and we usually, I mean, we are not looking at that as a primary revenue driver, even from non-ticketing. It's more of a marketing-related spend that we do. Of course, we do get some ticketing revenue. I'll ask Dheeran to just explain that a little bit. Yeah. Got it. Got it. Like Arun said, it's not our core revenue driver. We look at this as a marketing initiative to kind of build Wonderla as an overall entertainment brand. A lot of these are partnerships that we do with the larger concert organizers out there. Got it. Got it. Got it. Thanks a lot, Dheeran. Thank you. The next question is from the line of Shamit from Ambit Capital. Please go ahead. Hello. Hi. Congrats to the team on completing 25 years. Could you talk about the difficulties you faced initially and how the overall amusement park landscape in India has changed over the last two decades, and how Wonderla has evolved, which gives you the confidence to increase more parks by the end of this decade? I think the main hurdle that we still face, even to this day, is that, you know, the industry is not really recognized as an industry yet. Even though in other countries, it's a very, you know, especially developed countries, it's a thriving industry. The main issue is land acquisition, government clearances, and, you know, getting the rights, quality rights at a decent price, whether you make it or you import it. These are the main challenges. Those challenges continue to remain in some ways, but a lot of those have been mitigated because we are also now vertically integrated, especially for the rides, etc. These are some of the challenges. I think that the changes now that we see is that I think a lot of governments, especially tourism-friendly states, have recognized the need for amusement parks in their states, particularly in the larger cities. That has helped us to, you know, negotiate directly with the government to set up projects and secure land at very, you know, reasonable prices. Some of those positives are also there. A lot of the challenges also remain. This industry, by its very nature, is a very complex industry. It's a very engineering-heavy, maintenance-heavy, safety-heavy industry. It's not something that can be easily tackled. It takes a lot of operational rigor to, you know, have mastery in the segment. Go ahead. Even recently, the PM of Haryana announced plans to, you know, bring Disneyland to India in a few years. How are you looking at this development? Post your commissioning of the Chennai park, how aggressively are you looking to scale up your operations, especially in the northern bays? See, Disneyland is not coming to India anytime soon. I'm sure different Chief Ministers will keep announcing it, but I don't see them coming to India anytime in the future, at least for the next five, 10 years, simply because the investment required is massive. It's like when we spend INR 500 crore- NR 700 crore per park, Disney Park will cost anywhere between $3- $7 billion per park. That kind of investment will not be financially viable for a country like India. I don't see that happening. I think there is definitely scope for smaller players like Wonderla to expand into other geographies. We are negotiating even with the Haryana government, for example, to see whether we can set up somewhere or something in the NCR region. We are also talking to Uttar Pradesh for Noida. Whoever gives us a better deal and, you know, where we see it's more suitable, we will go with that. Talks are not yet over, so we can't comment more on this. I think definitely for us, we feel that there is definitely a hope to expand into other cities, especially the larger cities, capital states, state capital cities, etc. Got it. You know, it's a good response from the newly launched Odisha Park. However, for the mature parks, which are Bengaluru, Kochi, and Hyderabad, there has been some footfall degrowth. Even though it's offset by an increase in ARPU, can you specify the reason for a decrease in footfall growth in the mature parks? Is there a sluggish demand from which type of customer group? Is it MICE or, you know, the school group, etc.? What measures are you undertaking to increase the footfall going forward? Some clarity on that, Dheeran? Yeah, I can take that. Thanks, Arun. If you actually saw the report that Arun also spoke about recently, we actually had a double-digit growth in April. We were actually on path to really drive growth across all our parks. May, actually, were some unforeseen circumstances. One was, there was this whole boss year, which actually saw the entire entertainment industry get disrupted, right? Concerts, events across. It kind of, again, hit our conglomerate sentiment to step out. The early monsoons, right? The inclement weather is never favorable, especially during summer holiday season for an industry like ours. The early monsoon actually impacted people's sentiment to really step out, right? These two were the larger reasons that actually kind of, from the second half of the quarter, led to a dip in the footfall, right? Obviously, schools were not, our business was primarily from FI team Q1 because schools are closed. That is a more Q3 business. How did we kind of try to overcome this? I think the answer is in our ARPU growth, right? Our ability to have operational excellence, add more value, increase our offerings and propositions, and give a better customer experience and better ARPU growth, even at a time when the footfall is growth, hedges some of our risk that is beyond our control. We are very positive on the consumer sentiment in the midterms and the long term. That's why we continue to double down and invest on marketing, because we feel that the more we build ourselves as a brand, you know, this will compound and over a period of time, we will be able to deliver the footfall assuming the environment stays with us. Okay. That's it from my side. All the best for the remaining quarters. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow-up question, we will request you to leave it on the queue. The next question is from the line of Adhidev Chattopadhyay from ICICI Securities. Please go ahead. Good afternoon, everyone. The first question is, what is the CapEx you incurred in the first quarter and what is now the balanced CapEx to go for the remainder of the year, especially in Chennai? When do you see the park being commissioned? That is the first question. We have incurred about INR 480 crore so far, and the park is going live by December 2025. We may also incur additionally about INR 120 crore-INR1 30 crore to complete it. Okay, this is after post-school, you're saying? Yes. INR 120 crores, post-school, right? At the end of the year, it will be INR 120 crores. Right, right. Okay. Is this Chennai totally a soft opening or what is going to be the opening you guys are planning in December? The full-fledged opening or? Yeah, it will be a soft opening. We always do a soft opening first and then do a hard, you know, like a big launch because as we are size of the park and, you know, we are not, we will not be all the rides may not be ready in time. There's a small chance that, you know, one or two rides may not be ready. We will not do a full opening. I think the full opening will happen most likely for summer, you know. That's how we do it. Okay. By April, May of next year is when you want to scale it up gradually to the full opening? Yes, yes. Yeah. Okay. Second question is in the context of Q1 performance and whatever demand you're seeing in the Q2. Overall, for the year, any guidance on footfall growth overall for the year on last year's base? Anything you'd like to share? Saji, you can answer that. We are not, see, we don't give guidance in that sense. I think we are expecting low single-digit growth in our, you know, the mature parks and the, you know, the newer parks should obviously grow slightly faster. That's the kind of, you know, benchmark we keep for ourselves. Of course, the Isle is also something new that we've launched. That should also ramp up significantly. Don't have a percentage to give you, but I think, you know, low single-digit in footfall growth is what we are, we, I mean, maybe if we are lucky, we can do better than that. When Chennai launches, that also will change numbers a little bit. From our existing parks, I think we can expect a low single-digit kind of footfall. Okay. We still stick to some growth from existing parks, right? Even after Q1, whatever the. Yes, yes. Right. Okay. That is the overall picture for the year. Okay. Okay. Thank you. Thank you. The next question is from the line of Angad Katdare f rom Sameeksha Capital. Please go ahead. Thank you for the opportunity. My first question is, to what extent do you evaluate these exogenous factors like seasonal variance and contributes to your decline in footfall in the last quarter? Sorry, we couldn't hear you. Yeah. He wants to know to what degree does. Adverse weather affect. Yeah, adverse weather will have an effect. I think numbers can, on a particular day, if the weather is good, I think we get, let's say, we get 100%. You know, if the weather is adverse, it can go down to like 60%, you know. We can lose up to 30%- 40% of footfall, depending on the severity of the situation and also sentiment and things like that. Yeah. Got it. Given that our non-ticket ARPU now accounts for 28% of our total ARPU, what are your expectations for this trend going forward? We hope that non-ticket revenues will continue to climb percentage, and you know, we want to get to a 60%-40% kind of number eventually. That's the hope that, you know, that's where we want to go. Got it. Sir, my last question is, what is the peak revenue expected from the Isle property and any commitment margin? It's very hard to predict that. It's still a new business and it's an experiment for us. We are not looking at any, you know, there's no benchmark. As of now, we are doing about 60%- 70% occupancy. We hope it will continue and maybe even grow a little bit more than that as well. Got it. Thank you again for the opportunity. Thank you. The next question is from the line of Nirav Savai from Abakkus. Please go ahead. Yeah, thanks for the opportunity. My question is, I'm continuing with the previous participant on the new hotel which has been launched. What is the difference in ARR compared to the previous one? What do you hear? The ARR is almost double of the previous hotel. Okay. With considering the 60%- 70% kind of ARPU, do we expect about INR 20 crore of revenue on an annual basis? Like I said, we can't give you a number on that right now. We'll have to wait and see how the year pans out. This is still a new business, so we can't give you a number expectation. I think we should do, if we do 60%-70% occupancy, I think we definitely will be profitable. It could be even more profitable than our other resorts offering. Secondly, on the Bhubaneswar side, have we broken even this quarter, or is it still not working? It's broken even. Saji, you can just give some. The Bhubaneswar is currently for this quarter, it is EBITDA positive. After considering depreciation and other things, it will be slightly under load. Okay. On the marketing spend, you see the other expenses have gone up by almost 60% this semester. What exactly is the reason beyond this? Last year we had launched Bhubaneswar, so the other expenses were up. It's about 23% growth on a YOY basis. Is it the entire marketing spend, or is there some other component? Yeah, we had that 23rd anniversary, so we did some spend on that. I think Dheeran is going to explain a little bit more on this. I think it's, across the one is, apart from marketing, we also had, like our 25th anniversary launch history. That had some costs. Also, some of our operating costs, in terms of wages, salaries, the inflationary high step we give them. That also costs to overall increase in the other operating expenses. With the ARR onto the year, it's basically about from 30%-35% of reduction in our top line due to the reduction in our footfall, what we expected with respect to the previous year. Similarly, about from 40%-45% of reduction in the increase in our marketing spend, which resulted in some addition in our total expenses. Apart from that, we have a certain 20%-25% with respect to all other expenses up and down, which carries for this percent year. Overall, in addition to that, we have achieved about INR 6 crore of other income coming from our fixed deposit and then the gains on mutual fund investments and which are offset. Overall, we have about INR 8 crore-INR 8.5 crore of reduction in our EBITDA, which is within these two, three heads. Okay. How do we see the entire year, other income, with the kind of cash which we're putting on? No, other income. What's the completion of KPIs required for Chennai? Yeah, mostly it will settle to the normal level now because we have the large money sitting in our WPA preprint, which is being used as a reimbursement from the monitoring agency account. That's why our interest income is slightly more compared to the previous quarter, where our investment base in the previous quarter was about INR 130 crore. Now it is about INR 240 crore. That makes some difference in the interest income. Once we complete the project by Q3, it will automatically set. For the entire year, should we see about INR 20 crore of other income or can it be higher? Presently, we have about INR 10 crore of other income, which includes about INR 4 crore of mutual fund and other things. Interestingly, about INR 5, INR 6 crore. That's how it has been built up. Maybe next one more quarter, we will get the same similar kind of a return. After that, it will eventually reduce. INR 4 crore or INR 5 crore is something which would be in H2 one month? Yeah. All right. Got it. All right, sir. Thank you so much. Thank so much. Thank you. Thank you. Thank you. A reminder to the participants, you may press star and one to ask a question. The next question is from the line of Pramod Dubey from RT Capital. Please go ahead. Hello. Am I audible? Yes, yes. Yes, sir. I have a question. Firstly, congratulations on the launch. Sorry to interrupt. Pramod, sir, there's a background noise from your line. Okay. Is it better now? No, sir. Hello? Is it better now? Yeah. I can hear you. Can you hear me? Please continue, please. Yeah. Could you please elaborate on expected occupancy rates for FY 2026 and projected revenues for Isle? The new. Projected revenues, we are expecting between 70% and 80%. 70% is what we are running currently. Because it's the first year, it's very hard for us to say what is the full year occupancy going to be, right? I think 70% is definitely, you know, better than what we expected. We expected 60%. We will maintain between 60% and 70% is our expectation. Okay. I would like to understand how Isle fits into your broader growth strategy and what could be the anticipated ROI and payback periods for the INR 39 crore investment that we have made. Again, like I said, it's a new investment. It's very hard to make a guesswork on that. It could pay back very quickly the way it's going, but we'll wait for a few more quarters before we can give you a clearer picture. I think it's definitely something that has been, is profitable and is more profitable than our other resort offering. In fact, we are also upgrading our other resorts to the same standard of Isle, and we will be relaunching the resort in a different fashion towards the end of the year. I think the resort business is going to undergo a bit of change for us. We will give you more clarity once that is done. Understood. Understood. Also, on a different note, are there any new rides or infrastructure upgrades that you have planned across your parks in FY 2026? If so, could you share some details associated with KPIs, expected launch timelines for those? We have some KPI plans. A couple of new rides will be added to every park, but nothing major. No big CapEx. I think maybe INR 10 crore per park is kind of the number that we are looking at. To add on to this, if you could remember our QAP document, we had taken money for expanding one ride at our Bengaluru Park, which is a roller coaster ride. A big roller coaster, yeah, yeah, yeah. The work has started already, which is about INR 20 crore will be the total, the planned outflow for that particular ride. Understood, sir. Thank you. Thank you. That's all from my side. Thank you for answering the question. Thank you. Thank you. Participants do have to ask a question. You may press star and one. The next question is from the line of Himanshu Upadhyay from BugleRock PMS. Please go ahead. Yeah, hi. Good afternoon. Can you give a breakup of group bookings versus individual bookings for the quarter? How has the travel from distant places, or let's say within 100 kilometers, been, or the progress on that front? Also, in Bhubaneswar, are we seeing footfall more from outside Bhubaneswar now as a percentage of overall sales, or is it still dominated by within Bhubaneswar and 15, 20 kilometers radius type of thing? See, group business for Q1 is very minimal. We are not, I think maybe less than 10%. Bhubaneswar, I think I'll ask Dheeran to just comment on that. Yeah, right. So now, like I think obviously it's summer season, so holidays. Group business is not a major business for us. I think in Bhubaneswar, now that it's been a year, earlier we were getting a lot of people from the primary market. As we build the category and expand our marketing initiatives, we are also getting a lot more people from Odisha and especially the neighboring Viziayanagaram belt attached to Andhra. During the summer holidays, there is a lot of inbound tourism that happens to Odisha. We are getting that kind of footfall. Our primary focus is to continue to first establish Bhubaneswar and Odisha as a market because we see that there is enough scope and continue to focus on inbound tourism if there is an opportunity there. That's how we build all of our footfall in all of us. Okay, thank you so much. Thank you. The next question is from the line of Richa from Equitym aster. Please go ahead. Thank you for the opportunity. My question is on Chennai Park, you know, that you plan to launch it this year. Have you budgeted any kind of, you know, marketing expense or initial promotional expenses like you had in Bhubaneswar? Of course. We will be launching with marketing funds as well. I think Dheeran and Saji can give you some more detail on the numbers. Okay. The marketing, when we are closing to the opening date, maybe in October, November time, we will be starting marketing activities and selecting the particular vendor and the service provider. As of now, we don't want to give any guidance on what could be the marketing spend and all. Yeah. Once we finish the quarter and things like that, we may be able to disclose it, what exactly it should be. Dheeran, want to add anything? No, I think. You have to put a number on it. You have to put a number on it before it's done. We will definitely spend on that marketing in proportion to the kind of market that we are speaking about. Okay. In Bhubaneswar Park, I think in the last quarter, you had shared a guidance of around you expected INR 2.8 lakh-INR 3 lakh kind of footfall. Post first quarter, do you expect a similar number of footfalls, or is there any kind of revision over there? The second related question was that I noticed that your non-ticket expense in Bhubaneswar is quite at par with your Tier 1 City Park. Does that imply that there is more scope for raising the ticket price and the affordability actually could be more better? I think the footfalls in Bhubaneswar, we are expecting roughly around INR 3 lakh footfalls in this year. Last year, it was our opening year and still a new market. We are still learning the ropes of how to operate in that state. Every state works a little differently. Every state has its own different media, the way people consume media, and the kind of messaging that has to be given is different. This year, we are slightly changing our strategy. Once that happens, we are confident that it will definitely reach somewhere there. Of course, there is headroom for growth from that number as well. The reason why we are saying higher sales for non-ticketing spend in Bhubaneswar is because the first year, a couple of years, you see early adopters will, you know, they are the ones who will come and visit the park. The early adopters, you see, spend more. They are more affluent people. Usually what happens is after year three and four, the more common, you know, like people who are not so well off also will come to the park. When that happens, you could see a slightly, maybe the ARPU now is, the space numbers can dip a little bit. As of now, Bhubaneswar is showing very healthy trends in terms of non-ticket revenue. We are being cautious by saying that that might dip a little bit, but we'll have to wait and see. It's still a new market for us, and we are still learning the market. Okay. All the best. Thank you. Thank you. A reminder to the participants, you may press star and one to ask a question. The next question is from the line of [Park] from RK Bhojani and Associates. Please go ahead. Hello. Good afternoon, sir. I have basically two small questions. First, regarding how have the footfalls and occupancy levels performed across all the parks in quarter one? What is the growth outlook for FY 26? Ajit, can you take the question? Yeah, just explain that. Yeah, Ajit. Yeah, Yeah, footfall, as explained earlier, the footfall for the month of April, which was progressing on a double-digit growth. Due to the external factors, which our CEO has already explained, there were some sentiments who were there. Due to that, we had a pace that reduction in the footfall. Otherwise, things are under control. Okay. With respect to the resort and the new one Isle is told, as explained earlier, it's almost at par with our expectation. The Isle is slightly above the expectation what we had earlier. At present, as informed by MDs, about 70% of occupancy we are getting from the new resort. Anyway, it's a new thing started in the last month. We will take some more time to understand this fully, and then only we can just give any guidance on those kind of things. Got it. Got it. Another question was regarding the recent decline in the share price, how is the management addressing investors' concerns and what steps are being taken to restore the confidence? No, we are honest. It's not something that we don't, and we are the people. The share price is depending on so many other factors. It's, you know. No, it's not in our control. We don't actively do anything in the share market. No, no, no. I was not asking like that to increase the share price and everything. I don't know that. How to keep the confidence of long-term investors I'm asking about? Long-term investors, I mean, we are bullish on the segment and we have growth plans. That could be good enough for long-term investors to see that we have a growth plan and we are executing it. I think it will definitely happen. Okay, thank you. Thank you. Participants do have to ask a question, you may press star and one. The next question is from the line of [Shivam], an individual investor. Please go ahead. Hello. Hi, sir. Thank you so much for taking my question. I'm Arjun. Yes, yes. Sir, just one question on the precost, right? Our Bengaluru resort is operating on 55%- 60% occupancy. Why are we investing in, like investing in or opening another resort rather than doing work on the Bengaluru resort? Or we invest that money to park which is our core business? As a result, I want to understand the capital allocation point of view. No, I think the two resorts that we have are in two different segments. One is a little more, like a mid-segment, like four-star. The one we have opened now, it's a little closer to a five-star accommodation. It's, you know, like pool, you know, it's a private pool and things like that. The value proposition is different, and also those kinds are, and this is a unique thing that we have just launched. I don't think there are other resorts like this, like I am in India right now. It's a winner where we are exploring and seeing how we can, you know, innovate in the resort segment and, you know, draw a new crowd to our resort segment. We are in the middle of revamping the existing resort also. That will also become more premium, and it will become very differentiated from other resorts like your Marriott and all that. We want to create differentiation and uniqueness to our resort. That is why we are doing this. I think our numbers speak for itself because, you know, I think it is showing good results. I think people are wanting to go out of the cities and spend on differentiated offerings. Our endeavor is to create those differentiated offerings. Thank you, sir. Second spending question is, like sir, the Chennai Park, we are expected to open in December. Are we looking for another park or are we planning to let these two new parks pull down the footfalls from a national level? We expand to the new park, or we are looking for some. We are already looking at other, you know, we want to create a healthy pipeline of projects. We are already looking at at least three new locations. Once we have final approvals and finality on this, we will definitely update. We are looking at further investments as well. Sir, last one is on Bhubaneswar Parks. In last year when the park was opened in June, the footfall was 70,000. In the current first full quarter, the footfall is on 96,000. What type of average footfall are we looking for Bhubaneswar for the full first quarter? Should that be around this 96 or whatever, or that will go the quarter. Like I said, Bhubaneswar is a new market for us. We are still learning the market. Sometimes Bhubaneswar also was affected a little bit by bad weather. We did lose some footfalls in May, actually. Last year, we had just opened in June. We had an unusually very heavy footfall, and we got unusually high footfalls in just those few days. This time, I think it's more a little bit of a, it's come more spread out. Our park is not that very big, so we can't handle too many people. In that sense, I think maybe INR 1 lakh can become INR 1.5 lakh for that quarter. That's the endeavor. We will definitely look at how we can improve it. As of now, this is how it has been. Hopefully, we can do a better job in the coming year. Like I said, we should cross INR 3 lakh footfalls this year. That's what we are working towards. Okay, sir. The thing is, sir, there is a Chennai Park. It's going to come this year. If they are expecting two more parks coming in two years, we are expecting like the margins will go and take a hit for coming two, three years. When the revenue starts falling, then the margins going to, like after two years, is it correct to say? The margins will be under pressure maybe for another year. I think once Chennai comes in, the margins should improve, and maybe, I don't know, maybe the second half of next year onwards, I think we are hoping that the margins will increase. Maybe after Q1 of next financial year also, it should improve. It's too early to predict that. This is not a business where you can easily predict what it's going to be like. We are not wait and see. For all the new parks, the cost will be recognized upfront, and the revenue will be recognized. We are not thinking of any specific budgeting of our costing for the parks. If the test will go on the numbers. Yeah, we are a CapEx upfront CapEx business. Obviously, the CapEx will be upfront. Okay, sir. That's it from us. Thank you. Thank you. The next question is from the line of Saurabh Dhole from True Beacon Investment Advisors. Please go ahead. Thank you so much for the opportunity. I know a lot of questions have been asked on the footfalls. Even if I take into consideration whatever Igor had already mentioned, if I look at Q1 numbers of the previous financial years, footfalls have seen kind of coming off. They were at INR 11 lakh at some point and about INR 10 lakh, and now we're at INR 9 lakh. Obviously, the ARPUs are kind of going up. I just want to understand, is there fundamentally something changing with respect to your target segments, in terms of positioning, etc.? That's question number one. The second question is, when you look at repressing the rides in a park, how feasible is it to move one ride from one park to another, in terms of cost and in terms of retaining the footfalls? Thank you. See, you have to remember that our parks are already 10-year-old parks, especially two out of three. I mean, I would say, two out of four parks are 10-year-old. We only have Bhubaneswar, which is a new park. Bhubaneswar is a very small park. It has a capacity, less than one-third of our bigger parks. I think footfalls can fluctuate, especially in the 10-year-old parks. Our strategy has been to improve ARPU because that obviously we have a premium positioning in all our markets. You see, it's anyways, we have showing value. People are willing to spend more. That has been established. Hence, every time we do a value-added offering or have a new ride, etc., we are able to increase our ARPU. This is for both ticket and non-ticket. We are not expecting huge footfall growth, especially in Q1 from our existing parks. Footfalls in Q1, unless there is a new big park, will be flattest or maybe low single digits. That's all we can expect. The revenue growth will have to come from new parks and some ARPU growth as well, which is what we are seeing. Rides we can shift, but I think depending on the ride, some rides are easy to shift. Some rides are very expensive to shift. It just depends on the ride. We have already done that for Chennai. We have moved a few rides from our older parks to Chennai. We are putting newer rides in the older parks. We keep doing that. We keep cycling whenever that is possible. Okay. Does this ride shifting have an impact on the footfalls? Yeah, yeah. I mean, of course, whenever we add new rides, there's definitely some, even if it doesn't, like for example, footfall, it helps us in marketing and creating a buzz in the market. Yeah, sir, got it. Thank you. Thank you. Ladies and gentlemen, this was the last question. I now hand the conference over to the management for the closing comments. Thank you and over to you, sir. Thank you all for attending the first quarter of FY 2026 earnings call for Wonderla Holidays. Hope to see you all in the next quarter. We are bullish on this industry, and we hope to continue growing and expanding into this segment and also experimenting on new products like Isle by Wonderla, etc. Thank you all for joining. Thank you. Thank you. On behalf of Wonderla Holidays Limited, we conclude this conference. Thank you for joining us, and you may now disconnect your lines.