Ladies and gentlemen, good day and welcome to Wonderla Holidays Ltd, Q2 and H1 FY 2026 earnings conference call, hosted by Ambit Capital. As a reminder, all participants' 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 any assistance during the conference call, you may press star, then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shamit Ashar from Ambit Capital. Thank you, and over to you, sir. Yeah, good afternoon, everyone. On behalf of Ambit Capital, I would like to welcome you all to the second quarter and first half FY 2026 earnings conference call for Wonderla Holidays Ltd. From the management, we have with us Mr. Arun Chittilappilly, the Managing Director, Mr. Saji Louiz, CFO, and Mr. Dheeran Choudhary, COO of the company. We would now like to begin the call with opening remarks from the management, post which we will have the forum open for an interactive Q&A session. Thank you, and over to you, Arun and Saji. Thank you. Good afternoon, everyone. This is Arun. On behalf of Wonderla Holidays, I would like to extend all of you a warm welcome to our Q2 and H1 FY 2026 earnings conference call. Joining me today is our CFO, Mr. Saji Louiz, and our COO, Dheeran Choudhary. I trust all of you had the opportunity to go through our results and accompanying investor presentation. This quarter marks a defining moment in Wonderla's journey. We have achieved our best-ever Q2 performance, as well as a sharp improvement in profitability, a 24% year-on-year growth in total income, and an 8x jump in EBITDA. This highlights the resilience of our business model and the power of our brand. Our multiple footfall and branding campaigns, along with enhanced ride sales strategies with digital channels, are now driving almost half of our bookings. This reflects our success of our indicated digital strategy and the growing adoption of online channels by our guests. Isle by Wonderla, our new resort in Bangalore, continues to deepen guest engagement and broaden the revenue base. The resort business has delivered best-ever Q2 as well, with revenues outside of about INR 2 crore and EBITDA improvement of about 2%. On the non-ticketing front, we have sustained double-digit growth on our spend, driven by a mix of volume and value proposition. Our fifth park in Chennai is progressing rapidly towards completion, and we expect to commence the commercial operations from next month, December 2025. Looking ahead, we remain focused on innovation, growth experience, and disciplined capital allocation. With a strong brand, diversified portfolio, and a robust balance sheet, we are confident of sustaining growth and delivering long-term value to our investors. With that, now I hand over to Saji, our CFO, for detailed analysis of financial performance. Over to you, Saji. Thank you, Arun. Good afternoon, everyone. Let me take you through the financial highlights for Q2 and H1 FY 2026. Our revenue from operations for Q2 FY 2025 stood at INR 80.15 crore, as compared to INR 67.38 crore, reflecting a growth of about 19% YoY basis. EBITDA for the quarter stood at INR 74.84 crore, up by 8x on YoY basis. The EBITDA margin for the quarter stood at 9% approximately. During the quarter, our reported PAT is INR -1.75 crore, which is improved by INR 7.62 crore on YoY basis, without considering the exceptional items. Moving on to the half-year performance, our revenue from operations for H1 FY 2026 stood at INR 248.4 crore, as compared to INR 240.3 crore, reflecting a growth of about 3% on YoY basis. The EBITDA for the period stood at INR 84.16 crore, and profit after tax for the period stood at INR 50.8 crore. Now let me take you through the park-wise footfall. In Q2 FY 2026, our Bangalore Park received a footfall of INR 1.96 lakh, Kochi Park INR 1.92 lakh, Hyderabad about INR 0.93 lakh, and Bhubaneswar INR 0.24 lakh. In H1 FY 2026, Bangalore recorded a footfall of INR 5.19 lakh, Kochi INR 4.28 lakh, Hyderabad INR 3.55 lakh, and Bhubaneswar with INR 1.20 lakh. With this, I conclude my speech and open the forum for Q&A session. Thank you. Thank you very much. Ladies and gentlemen, we will begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Harsh Gupta from Ionic Wealth. Please go ahead. Arun and team, congratulations on a very good set of numbers. I had a couple of questions. First is, I believe Wonderla has been making some of the rides or designing some of the rides, around a third of the rides, on their own. Could you please explain the process of how you're benefiting from this economy-driven indigenization? Do you design and then send the rides to be made by a contractor or a subcontractor? The other two-thirds of the rides, are you just buying secondhand from Europe or East Asia? How do we benefit from being a multiple park chain in terms of designing and manufacturing our parks to reduce costs while remaining safe? That's my first question. This is something that we've been doing ever since the company was incorporated way back in the 1990s. The reason why we make a lot of our own rides is it's prohibitively expensive to buy everything from outside. As you know, India is an amusement park industry and nation state, so there are not too many manufacturers who manufacture rides for us. Consequently, we have built the capability to design, build, operate, and maintain a lot of the rides. When we do that, I think the cost benefit is huge. We can build rides for a fraction of the price of what a foreign company would charge. We have, for example, the Ferris wheel that we built. It costs a few crore, like maybe INR 3 crore-INR 4 crore. The same ride, if I had to import from Germany, would cost maybe 3x or 4x as much. That is the rough calculation. Importing will be about four times as expensive. The other advantage for us is safety because we are able to quickly repair if there is any issue. Because we have designed and built the ride ourselves, it is easier for us to repair it. We use Indian parts. In fact, we use our own parts for a lot of the rides. These are some of the advantages. That makes a lot of sense. Where is the unit? Where is the factory unit where we manufacture some of these rides ourselves? We are in Kochi. We are in Hyderabad. We are in Bangalore. Okay. So it happens in situ in all of the three parks. Yes. It happens on the. All our big parks, we have them. Yeah. Okay. The second question is, after Bhubaneswar and Chennai, there has been no announcement on any future parks so far. In Bhubaneswar, I believe we got a very multi-decade lease for around INR 600 crore. Is the plan still to. Yeah, I think we are looking at various cities. We have offers from various state governments. It's just that we are kind of relooking at some of those offers because we feel financially, if it's not viable, we will not proceed with some of those. We are still exploring, and we will definitely update you when there is an update, when there's a concrete date on when we can start our next project. We are in discussions with various state governments, and we will definitely announce something soon. Right now, we are busy with, sorry, in Chennai. Once that is done, I think by that time, we will be able to announce something. Also, these are my very last questions. We obviously. In a QYP in December last year. The management, you have guided that we'll use a mix of debt, equity, and internal accruals for future parks. We'll roughly have two parks every three years or so. I'm just. Oh, yeah. Back of hand calculation, a park like Bhubaneswar. Might get slightly delayed because, yeah, it might get slightly delayed because these are long-distance projects. We may not be able to do two parks all the time. Like I said, theoretically, we can do two parks simultaneously. That is what I said. It depends on the land acquisition and government approval. Those things can get delayed. For example, in Bhubaneswar, everything happened within a few months, whereas in Chennai, it has taken years. It just depends on every state. We are a business which is dependent on a lot of government approval. Some of those will factor into some of the timelines. Oh, okay. Thank you. Thank you very much. Next question is from Mr. Angad from Sameeksha Capital. Please go ahead. Thank you for the opportunity and for the good set of numbers. Sir, my first question is regarding, I just want to understand from a strategic perspective that if I look at the footfalls till FY 2024, where we reported the maximum footfalls, last year, we saw the growth, and now we are again catching up to FY 2024 numbers. On the other hand, we are seeing that ARPU has seen a drastic growth since the last two years, primarily driven by both ATP, but primarily driven by the non-ticket prices growth. Just want to understand, is our strategy going forward to premiumize our mature park offerings as there seems to be a limited scope for footfall growth? Is my understanding right? And. Yeah, yeah. Use the new parks to drive the footfall growth and keep the ticket prices low, as we can see in the Bhubaneswar park ticket prices have seen a degrowth. See, I see. Every geography will have its own differentiated pricing. Bhubaneswar is a new park, and it is in a tier two city, so obviously, the pricing will be different. Our long-term objective is to premiumize the offering. I will give the mic to Dheeran to explain further. Yeah. Hi, good afternoon. I think we understand that there is an opportunity in terms of adding a lot more value to the overall experience of a park in terms of premiumizing S&B, in terms of giving many other products that we have been getting feedback from customers that will enhance their experience. All of this is an outcome of the ARPU growth. We feel that if we continue to build on this experience, we will be able to continuously build our ARPU and simultaneously also look at opportunities, especially in the leaner season, which is quarter two, on how we can turn around to bring in some footfall as we have capacity in our parks. Some of our strategies that we have implemented in quarter two have paid some heed. It is good learning, and we hope to continue to improvise on this. Okay. Thank you. My second question is to Saji sir. With our Chennai Park opening next month, how do you see the upfront cost from the Chennai Park in trickling in our P&L from employee, advertising, etc., and other costs? Mostly, the cost structure will be similar to the other parks we already are having. The only thing is that for the launch purpose, we may be spending some additional amount for creating the initial buzz and all. Otherwise, it should be almost equal to the structuring will be the same. Got it. One clarification. Are we breakeven at the Bhubaneswar Park on EBITDA and PAT level? The EBITDA level is mostly we have to match the revenue. It's only some [INR 11 lakh] or something decreased there in the EBITDA. Otherwise, it's almost match. Got it. Got it. Thank you, sir. I'll get back in a little bit. Thank you very much. Participants, if you wish to ask a question, you may press star and one. Next question is from Prolin Nandu from Edelweiss Public Alternatives. Please go ahead. Hi. Thank you, team, for taking my question. Slightly similar question on the footfall, right? Now, if I look at your numbers park-to-park basis, right, maybe half-yearly or even quarterly, we haven't surpassed. I hear you clearly. Hello? Is it better now? Yeah, yeah. Yeah. No, so I was saying my question is around footfall. If I look at four-year strength, right, for each and every park, our footfalls are trending a bit lower, right? How should one think about this 2023, 2024, FY 2023, as well as FY 2024 as a year, right? Should we just think about it as an anomaly and there was a pent-up demand of post-COVID? Oh, yes, yes. That is how it is. I explained this before in earlier calls also. 2023 was post-COVID. We had that extremely high footfall. I think it kind of stabilized for the next couple of years. Now, again, we are seeing some growth. I mean, this is expected. This is how it should work. So what I'm trying to understand is that probably expecting that we will surpass that numbers anytime soon is probably not a right metric, right? We should probably think about the reset which happens. Oh, it keeps improving. Yeah. Every year, I think you can expect some improvement. I mean, it usually does not happen in a clockwork fashion. You will see spikes, and then you will see drops. Sometimes you will see when we launch a new couple of rides or do some marketing, you will see a huge spike. Sometimes, maybe a couple of other next year, you might not see that spike. You might see a slight dip. It is just the way the business works. Right, right. If you look at it over a long period of time, you'll see growth. Yes. Okay, okay. Because see, FY 2025 alone was also a slightly muted year for us, right? There were lots of disruptions related to election, related to weather. Yeah, yeah. On top of that, we have added some, we have done some digital initiative as well, added some new rides as well. Despite that, if we look at the footfall for half-yearly basis, it's still negative. I'm just trying to understand whether our understanding of. It keeps improving over a period of time now. Exactly how it will happen, I mean, we can't predict the future, right? Definitely, over a period of time, it will improve. That is what we're seeing even for this quarter. Okay, okay. Just one last point before I probably move to other topics. See, we had an equation in mind, right, that part of the growth will come from footfalls, and part of it will come from ARPU. What we are at least witnessing in the last couple of years is that there is a stronger growth on ARPU versus the footfall, right? Is it just, again, something which is a temporary kind of a thing, and we should again revert back to our expectation of how the growth should come from contribution from volume? It keeps changing. We are focusing more on ARPU growth now because if footfalls are being impacted, then obviously, our effort will be to maximize ARPU. Whereas if footfalls are coming in more, then obviously, sometimes ARPU may get affected. It is a cyclical thing. Sometimes you will see both. For example, in Q3, you will see ARPU may come down a little bit, and footfalls will grow. For example, in Q1, where parks are already running full, the chance of getting footfall growth there is maybe limited because parks are already full. There is a finite capacity. ARPU growth makes more sense then. It will be a mix and match of both. Understood. One last point on this expansion plan beyond Chennai, right? Now, when last couple of quarters back, when we had raised money, we thought that we are in advanced discussion with some of these governments, right? I mean, where is the delay, right? I mean, what is the delay? There will be some delays because it's a government thing. They usually take their own free time sometimes to do land is involved. It's not easy for us to conclude land deals quickly. Sometimes there will be delays. Sometimes we also will reassess some of the locations, and then we want to move to a different location. All those considerations, I mean, will happen. We will definitely keep you updated where the next location will be. We are definitely looking at tier one and tier two cities as well. We will give you a concrete whenever there is some signing or something concrete happens, we'll keep you updated. Thank you so much. All the very best. Thank you. Thank you. Thank you. Next question is from [Naveen] from ithought PMS. Please go ahead. Hi, team. Congratulations on the good set of numbers. Hope you guys can hear me. Yes. Yeah. Yeah. Just wanted to ask a couple of quick questions. The first one is I completely understand that the approval for new parks or announcements for new parks, that might be a little lumpy. I remember a few quarters back, you set a vision to be like India is a 10-12 park country. Is there any change in that number, or do you have a different number? No, no. Our strategy is to go to all the tier one and some of the tier two cities. I do not see any change in our strategy. Some delays here and there can happen. Like I said, these are long-gestation projects. It is not easy to find land. We need large tracts of land. It is difficult to find and expensive. We need to find that right balance. Whenever we will definitely be, we are constantly on the lookout for new projects. We will keep you updated when there is some movement on that front. It will happen soon, but we will keep you updated. Got it, got it. The second one would be, so I read about the fact that we've started doing this entire QR journey from beginning to end for food as well as the ticketing. Has that started, this thing, or I mean, yeah, the launch of that. Yeah. That is part of our digital transformation journey. We have just launched one part of it, but there is a lot more to be done. I think the whole exercise will take us a couple of years. We are expecting to see a revenue upside because of this as well, and a better customer experience, and also more control for us in terms of handling, quicker turnaround, and also giving more options to guests in terms of self-booking or reducing queue times, all these kind of things. Got it, got it. Just wanted to ask that. If I can squeeze in one more small question regarding the Chennai Park? You already asked two questions. You have to go back on the queue, please. Yeah, sure. Yeah, thanks. Thank you. Next question is from Nilesh Doshi from Tree Asset Management. Please go ahead. Hello. Am I audible? Yes. Thank you for the opportunity. Yeah, yeah. The first time, I'm attending the con call of Wonderla. My question may be the noise. I understand that the amusement park business is largely dependent upon the footfall, the number of visitors, which is the amusement park. In quarter two, the company has reported that 12% volume growth. If we look into the last three years' quarter two data, then there is no growth because if we exclude the Bhubaneswar Park, then absolutely there is no growth. In quarter two, 2024, already we have reported the 4.96 lakh visitors, and this year, it is 4.81 lakh if we exclude the Bhubaneswar Park. Why is the company not attracting a higher number of visitors to our park? Is it because of the characteristics of the amusement park business, or we have a? It is a characteristic of the business. It is a characteristic of the business. Q2 is a weaker quarter, usually. Because of that, I think footfalls do fluctuate from time to time. Q2 is unusually heavy with rain and all that. Because of that, visitor numbers, that is why Q2 is the lowest quarter for us. No, no, no. I'm not asking about the number per particular quarter because I'm comparing the quarter two with the quarter two of the previous year. See, I'm comparing the quarter two 2024 data with the quarter two 2026 data. The quarter two 2024 has reported 4.96 lakh visitors. And in current year, it is 4.81 lakh. Still, if we compare the YoY quarter two 2025, there is a 12% volume growth. But if we compare with the quarter two 2024, there is no volume growth. It is a volume slow. You know that 2023, 2024 were post-COVID years. So there was a huge growth in footfall. Then after that, one year, the growth has come down. So now it's again growing. So that's how it works. For attracting the footfall, we have to set up the new park at somewhere in the geographically new destination. This is the only way because if we maintain such numbers constantly, and we are not the same in other business, there was always the same sales growth. Here, we can attract the more number or the repeated visitors or the higher number of the footfall because how much ARPU we can increase because ultimately, the number of visitors will increase our business. Is there any possibility we can attract the more number of people, the same repeated customers or same repeated visitors? It's difficult to do it in a Q2 because Q2 is, we are a seasonal business. So it's very difficult to get footfall sometimes in Q2. Sometimes it's possible. That's why you're seeing, for example, this quarter, we have done well. Whereas the same quarter last year, we didn't do well because we had extra heavy rains and we had floods and all that. So all those things will affect our footfall. That's how it works. You have another question? Okay. That is all from my side. Thank you very much, sir. Participants, you may press star and one to ask a question. Next question is from Vivek Kumar from Bestpals Research and Advisory. Please go ahead. Am I audible? Yes. Yes. Continue. Thank you. Thanks for the opportunity. My first question is regarding what kind of parks do you prefer? Is it going to be Chennai kind of park, or is it going to be Bhubaneswar, or is it going to be a satellite? I am talking about the size, not just about the way you go ahead about doing it. The new parks, what do you prefer? Where do you think? We want to do large format parks. We will only do large format parks mostly. That is what our brand stands for. All our parks are pretty big, whether it is Bhubaneswar or Chennai or Kochi or Bangalore. They are all kind of similar in size. They all can handle a large number of visitors. That is our strategy. Second question is, if I go to three to four years, can we assume other two parks apart from Chennai, or you don't want to even give two parks after four years? No, no. We want two more. We'll definitely be adding a couple more locations at least. Maybe even more than that. We will keep you updated. Just a follow-up question on this only, nothing new. You are very sure because you are very sure about the locations and because there are not many locations in India where you can put up large parks. There may be another five-six cities. Do we have that urgency, or you do not think anybody is going to put up so we have our time? I do not know how to am I making sense? This is not a way. Like I said, these are large gestation projects, not only in India, all over the world. I mean, it takes years to build parks. In fact, Wonderla builds parks the fastest among any amusement park operator. I think anywhere in the world, we are able to build a park in two years, three years, which is very, very small. Yeah. We will definitely look at larger cities first, like tier one, like Bombay, Delhi, Ahmedabad. These are the cities that we will be looking at. We will also be looking at tier two cities, but that depends on the government if they are giving us a sweet deal for the land or how we did in Bhubaneswar. It depends on the final deal that we are able to do with the government. My question was, sir, there are only maximum another five cities at least. If I take a 10-year horizon, maximum another five cities. There are at least 15 cities where we can do this because any city which has more than 2 lakh, less than 2 million population, we can do it. I'm talking about large park. You can put up large park in another 15 locations? Maybe five to large cities, tier one cities, maybe we will have four, five more cities, and then tier two cities, we'll have another 10. Yeah. That was my question. Is there any urgency so that we can go ahead and put up there faster than or we do not bother because we can do it at our own pace because of lack of other players? What do you say about it? This is not a very easy business to master. I don't think we need to be in too much of a hurry because it's also a very capital-intensive business. We will do it whenever we feel that there is a good opportunity for us to enter the market. Okay. Thank you. Thank you very much, sir. Thank you. Next question is from Harsh Gupta from Ionic Wealth. Please go ahead. Hi, Arun. My question was, let's just think about the Chennai Park for a second. If the Chennai Park was hypothetically done on a leased land, then I want to understand instead of INR 600 crore, how much money would we have spent? So basically, what's the rough breakdown of land versus rides? We would have saved maybe INR 100 crore. Okay. So you and I saved even then, the INR 600 crore would have been like INR 400 crore-INR 500 crore at least? Yeah, yeah. Because like I said, these are large gestation, large CapEx projects. So land is maybe 1/4 the cost of a total, maybe 1/4 or 1/5 of the cost of the land, the project. Land is around 1/4-1/5 of the cost of a normal large project. Yeah. Got it. Thank you. For example, in Bhubaneswar, we have not spent on the land. The land was given to us on a long lease by the government. So we did not spend that whatever, INR 50 crore -INR 100 crore. In Bhubaneswar, we spent about INR 60 crore on the land, right, for the 18 and tier lease? That's it. Yeah, that's it. It is very less. Therefore, which basically means that the Bhubaneswar size is roughly half of Chennai on the X land basis, roughly half. Yes. Yeah. A little less than half, yeah, if you look at the thing. Yeah. Okay. Okay. Thank you. Thank you, Arun. Thank you. Bye. Thank you very much. Next question is from Vinay from Hathway Investment, please go ahead. Yeah. Thank you very much. I have just two questions. One is on when I see Bhubaneswar, you seem to have dropped the average ticket price. And with the same footfalls, you have got a higher non-ticket price. Was that a conscious call to take to attract more visitors? Yes, yes. Bhubaneswar is a new park and it's a market where we have to create the category because amusement parks did not exist there before Wonderla went there. I think there we have to give sweeter deals in terms of ticket pricing. What we are seeing there is people are willing to spend more on food and merchandise. We are getting healthy non-ticket revenue from there. That is what they see. Non-ticket revenues across your parks are more or less constant in around INR 500-INR 550 bracket, I mean, INR 450-INR 500 bracket. So it doesn't matter whether it is a tier one or a tier two city visit for non-ticket revenue? Yes. Non-ticket revenue. Non-ticket revenue. Non-ticket revenue. Yes. I think people are willing to spend. We are a special one-day outing. We are not a high-frequency visit. People do tend to spend more when they come to an amusement park. At least that is our question. No, I'm saying between tier two and tier one, also, there is no change. So you are offering. There will be difference. There will be difference between tier one. No, there will be some difference between tier one and tier two. Mostly, ticket prices will definitely be higher. Food, I think there is not that much difference. We are seeing we expected Bhubaneswar to have lower spend, but what we are seeing is people are willing to spend there also. It is also a function of an early adopter kind of population who are coming to us. We have still a new park there. It has only been a year since we opened. This is how it is. People do tend to spend more, especially the early adopters tend to spend a bit more. Secondly, on this period of this quarter two, there have been rains across the country, and they have created a havoc everywhere else. Somehow, your footfalls have increased in spite of rains. Is there anything that you had done to encourage people to come during rains also, or was it just a? Yeah. I'll just let Dheeran explain that. I think we've looked at some innovative digital marketing interventions and some great learnings from that that has yielded outcomes. We continue to double down on this in the future. That's about it. Okay. In terms of occupancy of your Bangalore Resort, that has really impressively gone up to 60% now. Anything specific there? Is it attracting foreigners? How exactly are you pitching that park? In June, we launched an extension of our resort, the new property, Isle by Wonderla. I think that's helped us premiumize our overall resort business, and that's been well received in the market, and we've got an overwhelming response. I think the outcome of that is overall occupancy of the resort inclusion of Isle by Wonderla. Would you start Chennai with the resort, or no? No. Currently, we will only start with the park. As we start building our crews, we will consider it in the future. Thank you very much. Thanks a lot. Participants, if you wish to ask a question, you may press star and one. Next question is from [Abhishek] from ICICI. Please go ahead. Yeah. Thank you for taking my question, and congrats on a good set of results. I just wanted to know what has been the early trends going into Q3 now? We have had Diwali in October. How have been the footfalls? You know how the government has given some benefit to the customers through GST reforms. Are you seeing anything incremental flowing through to you? The spends have been increasing towards your parks or something like that? The amusement park business has not got any GST rebate. We continue to be on similar GST. Hence, that impact would not be seen in our park. No, sir. Not that. I was just trying to understand that with this benefit, there would be some disposable income that would be left in the hands of the consumers. Are you witnessing any incremental spends post-September coming into October, and how has been the demand trends in early Q3? It has been mixed. We will have to wait for the entire quarter to get over because we also have the Christmas season. That is a much bigger duration versus Diwali, which is just three days. We will have to wait for the quarter. Okay. Thank you. Next question is from [Athar Saiyad] from Smart Sync Services. Please go ahead. Hello. Hi. Sir, I have a couple of questions. My first question is, can you please tell us your segment-wise revenue? Can you please give your revenue breakup from how much revenue you get from parks and how much from food and other things? We have two segments, ticket and non-ticket. It's a 70/30 split, 30% is non-ticket. Okay. Just, sir, what is the reason there is a decrease in our bank balance, and there is some very much increase in our cash and cash equivalent? What is the reason behind this decrease in bank balance and increase in cash and cash equivalent? That may be a mix of reasons. One could be we need to arrange the cash and cash equivalents and then fix it up, which is having a tenure more than three months, we need to group it in different heads. Each of the quarters, the mix will get changed. Because of that, some up and down, it will be there in our cash and bank balance. Some of them will go to the cash and equivalents. Other ones will go to the current assets. The other way, there is not much of a change in our cash and cash balance. All our cash, what we generate from the operations, is getting properly reflected in our cash balance for the quarter and even for the half year. Okay. Sir, why is there approximately no growth or degrowth in Hyderabad Park? I saw in our TPT, there is almost no growth in Hyderabad Park. Can you please elaborate on that? Yeah. Unfortunately, this year, especially mid-August to September and itself all the way till October, there has been a lot of rains versus last year. In fact, you would have also heard of the cyclonic effects in the Andhra Pradesh Belt that impacts Hyderabad. That led to some degrowth in footfall. Okay, sir. Okay. Thank you so much. Thank you very much. Next question is from Harsh Kumar from MIV Investments Management. Please go ahead. Yeah. Hi. I have a couple of questions. Is it safe to assume that your Chennai Park would have peak footfalls of the other parks as well, so around INR 10 lakh annually? Yes. Not immediately, but first year, we are not expecting 10 lakh visitors. We will start with we do not even know what it is going to be. We are hoping that it will increase. Yeah. Yeah, we can accommodate 10 lakh -12 lakh visitors there also. Internally, how would you be expecting the ramp-up to happen? Would it take maybe three, four years till you reach that peak level? Yes. Three, four years is what we feel. Yeah. That's what we saw when we launched Hyderabad Park. We are hoping it would take a similar amount of time. Okay. Could you talk a little bit about how the Chennai Park would be different from your other parks in terms of the rides that are there or S&B outlets that you're looking for? Would you be expecting your ticket and non-ticket prices to be materially higher versus other parks when, obviously? Yeah. It will be at par with our other parks because it's also classified as a big park, so it will be priced similar to a Kochi or a Hyderabad. Eventually, it could be a slightly more premium park, but it's too early to say how the pricing will be. We might also have to do some discounting in the first initial years to create more footfall. We don't know. I mean, pricing, at the beginning, it will be priced at par with other parks, the larger ones. Mr. Abhishek? Yeah. Just one more question. I think your maintenance CapEx was around INR 10 crore per park. I think it was mentioned in previous earnings call. I just want to understand, with no other major CapEx coming up in the upcoming year, how much of this is going to increase with the Chennai Park coming in? Maybe some indication? 10% of our top line will be spent for maintenance CapEx. I mean, basically, CapEx in our existing park. Sorry, sir. I couldn't hear you. 10% of our top line will be used for CapEx. Okay. 10% of the top line. This will be for maintenance CapEx, right? Yes. Yes. Okay. Thank you. Thank you. Anyone who wishes to ask a question may press star and one. Next question is from Sneha from SKS Capital. Please go ahead. Hello, sir. Thank you for the opportunity. I just wanted to know what would be your medium to long-term growth targets internally, given the new parks that are opening up? I think each park, we don't, I mean, we are expecting the new park to add substantially to the revenues because it's a new park and it's a large market as well. I will give the phone to Saji. The new parks, generally, we expect the footfall growth generally happens from the new parks, maybe once it settles in three to four years down the line, and then minimal growth from the mature parks. When I say mature park, our Kochi and Bangalore, about some single-digit growth in our footfalls, and then overall about some 8%-10% of growth in our overall revenue. That's what we generally expect. Yeah. That's it from my side. Thank you so much. Thank you very much. Next question is from Rudy Vora from SAS Capital. Please go ahead. Hello. Am I audited? Yes. Yes, ma'am. Yes. I have a question. Can you give me an update on the new large roller coaster ride which has been added in the Bangalore Park, which was around INR 20 crore CapEx? When is the expected, we should expect commissioning date? There is a new roller coaster that we have imported from the US. It's going to be installed in Bangalore. It will take another six to eight months. Next financial year, we will launch it in Bangalore. Okay. I also, like, for Hyderabad, it continues to show a subdued growth. It was like -3% revenue in H1. Are you seeing? That is because of adverse weather condition. We are expecting that to improve in this coming quarter. Okay. You're seeing it. Are you going to see any structural demand weakness in the market, or this was just temporary for H1 only? It is because of weather conditions. Like cyclones, there were two cyclones that were hitting Hyderabad and the whole Andhra area. Because of that, I think we've seen a lot of warnings. People have not traveled. If you see, most of this kind of entertainment where people have to go out and travel would have come down. We are also quite affected in the same way. That's it. Okay. Okay. My last question is that you had earlier guided for INR 3 lakh annual footfalls in FY2026. Are you on track to achieve that? Where is it? Sorry. INR 3 lakh? Footfall annually. Yeah. I think we should be able to more or less, we'll get there. We'll get there. Okay. Thank you. All the best for the future. Thank you. Thank you. Next question is from Vivek Kumar from Best Paths Research and Advisories. Please go ahead. I audible, sir? Yes. Yes, please go ahead. This is slightly long-term question. I do not know if I can use the word challenge, but the challenge for any amusement park is to get a repeat because if I come once, I may not be coming every year apart from a small percentage of customers. How do you, what do you do internally and what factors externally in the economy do you think will help your footfalls grow in the long run? Like Bangalore today is like 1.2, it is around that. Do you see Bangalore going from there over a 10-year or no, you still think even after 10 years, Bangalore will be 1.1-1.2, or what are the factors? I think eventually it will grow, but it also is a function of adding attractions and having capacity to handle footfalls. Right now, with our current capacity, we can handle about 12 lakh-13 lakh visitors. We are hitting about 10, 11, 12 lakh like that. I think we, but there is not too much room to grow, so 12 lakh cannot become 25 lakh. We do not have the space for that. That will happen only gradually as we add new attractions to the park. Eventually, yes, we want to be able to accommodate more visitors in our park. That's my question. What do you think internally you will do and what factors you will look externally that, okay, we have to now expand our park, add new rides, make it bigger? What factors externally are you looking? Is it like per cap? You want incomes or so what will give you an indication that we have to start going ahead and adding more parks and expanding our parks? Now, for example, Bangalore, we are already adding new rides because we know that it's already running full. I mean, whenever we feel that there is enough, there's too much of a capacity constraint in a particular location, we will keep adding new restaurants, new rides, new roller coasters, all these kinds of things. That's a continuous process. Okay. Okay. Thank you, sir. Thank you very much. Thank you. Thank you. Anyone who wishes to ask a question may press star and one. We have a follow-up question from Harsh Gupta from Ionic Wealth. Please go ahead. Hi. Thank you again, Arun. I wanted to understand. I read earlier that your mature parks, which is Kochi, Hyderabad, and Bangalore now, have roughly or almost half of their land currently underutilized or unused for the theme park purposes. Is that ratio, first of all, broadly correct? Yeah. We have roughly about 40%, not 50%. I would say 30%-40% of land available in Kochi and Bangalore. Hyderabad, we do not have that much land. We probably have like 15%-20% land that is available. Okay. Pune, sure, also we have at least, yeah. Okay. So maybe roughly 1/3 of the land is available in your mature parks, not 40%-50%, including Hyderabad. My question is, are we planning to expand into these pieces of land over the next five to seven years? Because that is also, in a way, going to increase your top line and overall revenue. Yes. Yes. Yeah. We are already doing it. We are slowly, like, for example, Bangalore, we will use about, we have used four acres for our new resort. Then we will use another four acres for the new roller coaster. Every time we add a big ride or a big attraction or a resort or restaurant, the area will get consumed. Just to get a sense, like the Bangalore Park or the Hyderabad Park, let's say 50 acres-60 acres each, what would be the current market value of the land? I know it's not available. Roughly INR 3 crore -INR 5 crore per acre. Okay. So roughly INR 5 crore. INR 5 crore. Yeah. Maybe Hyderabad will be like INR 6 crore per acre kind of. Yeah. Also Hyderabad maybe INR 5 crore -INR 6 crore and Bangalore, Kochi, INR 3 crore -INR 4 crore per acre. Yeah. That's why everything is around, I would say, INR 5 crore per acre is the average you can take. Okay. And our. Some are a little more, some are a little less. Yeah. Of course. Of course. It's an average number. Our overall number of acres we have across the three parks, ignoring Chennai and Bhubaneswar, is roughly what, 150 acres, 140 acres, 150 acres? No. I think much more than that. I think we have maybe 250 acres-300 acres of land. 300 acres of land. Okay. The land value at market value today is around [INR 300 core]. Yeah. I have not really looked, but yeah, you could say that. Okay. Okay. Thank you so much, Arun. I'll go back to pick you. Thank you. Thank you. We have another follow-up from Vinay from Hathway Investments. Please go ahead. Yeah. I just wanted to check out, you have a customer loyalty program for your customers, regular customers? We have special offers that we keep doing for and also, we have email-based offers that we send. We do not have a loyalty program as yet. We are currently undergoing a digital transformation. Once that is done, we will launch a new loyalty program. We used to have another one before, but I think post-COVID, we have not relaunched it because we need to change overall our entire system, which we are doing now. Once that is done, we will launch a new system loyalty program. What kind of average customer age profile do you get in your parks? The average customer age, I think, varies between 13 to 24. So that we are a young customer that we get mostly. We do get slightly like from 24 to, say, 35 also we get, but a smaller percentage. Okay. Okay. So basically, it will be college and young professionals. Old colleges, families, and then, yeah, we do get corporates also. That is a smaller number. Okay. Sure. Thank you. Thank you very much. Thank you. As there are no further questions, I would like to hand over the conference to management for closing comments. Thank you all for joining Wonderla Holidays, Q2 FY2025-FY2026 quarter results. We are excited to launch our fifth park in Chennai in this ongoing quarter. We hope to see you at the next conference call as well. Good day and all the best. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us. You may now disconnect your lines.