Ladies and gentlemen, good day, and welcome to the Wonderla Holidays Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and then zero on your touch-tone 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. Good afternoon, everyone. On behalf of Ambit Capital, I would like to welcome you all to the Q4 and FY 2026 earnings conference call for Wonderla Holidays Limited. From the management, we have with us Mr. Arun Chittilappilly, 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. Over to you, Arun and Saji. Management, please go ahead. Ladies and gentlemen, please give us a moment while we check the line for the management. Ladies and gentlemen, thank you for patiently holding. We have the line for the management back. Yes, sir. Please go ahead. Yeah, sorry for that. As I was saying, FY 2026 has been a year of execution for us, where we have not only strengthened performance across our existing parks, but also established a strong foundation in the new market with a clear focus on long-term value creation and operational readiness. During this quarter, we had our highest ever Q4, with an income growing by 32% Y-O-Y, about INR 142 crores, supported by footfalls of roughly 8.79 lakhs. This growth reflects both the strong underlying demand for our continued focus on driving higher guest spend across parks. EBITDA for the quarter stood at INR 50 crores, up 64% year-on-year. For the full year, income grew by 14% Y-O-Y, INR 551.1 crore, with footfalls of 32.19 lakh. EBITDA for the year stood at INR 192.5 crore, up 12% Y-O-Y. The Chennai park, which is commenced operations in December, has scaled up well and is already contributing meaningfully to the overall performance of the company. This gives us confidence in long-term potential, and we hope better performance happens this year as well. Our resort and hospitality business delivered best ever performance also during the quarter, supported by strong demand and improved occupancy levels. We also continue to focus on improving the quality of our revenue. Our two trends remain healthy during the year, supported by premiumization across F&B and retail, as well as increased adoption of value-added experiences. At the same time, we've seen a significant improvement in our customer experience scores, reflecting our continued focus on delivering high-quality guest experiences. During the year, we continued to invest selectively in enhancing our offerings and strengthening engagement across parks, and while maintaining a strong focus on operational discipline, safety and compliance. Looking ahead, our focus remains on driving sustainable growth through a combination of ramping up new assets, strengthening performance in older assets, and continuing to invest in differentiated experiences for our guests. With improving traction across our portfolio and a full year contribution expected from Chennai, we remain optimistic about the growth outlook for FY 2027. We remain confident in the long-term growth potential of the business and our ability to create sustainable value. With that, I now hand over to Saji Louiz to take you through the financial performance in more detail. Thank you, Arun Chittilappilly. Good afternoon, everyone. Let me take you through the financial highlights for the quarter and the financial year. Our revenue from operations for Q4 FY 2026 increased by 40% on a year-on-year basis, INR 235 crore compared to INR 96.7 crore in the corresponding quarter of FY 2025. Our EBITDA for the quarter stood at INR 43.8 crore, registering a growth of 2x on year-on-year basis, with EBITDA margins at 32%. Profit after tax for the quarter came in at INR 16.4 crore compared to INR 11 crore in Q4 FY 2025, reflecting an year-on-year growth of 49%. The increase in EBITDA and PAT was primarily driven by expansion of our operations at Chennai, along with reversal of certain taxes, labor code related provisions created during Q3 of FY 2026. Moving to the full year performance, revenue from operations stood at INR 518.8 crore, as against INR 458.6 crore in FY 2025, representing a growth of 13%. EBITDA for the year stood at INR 160 crore, up by 9% on year-on-year basis, with EBITDA margins at 31%. Profit after tax for FY 2026 stood at INR 81.7 crore compared to INR 109.3 crore in the previous financial year, reflecting a degrowth of 25%, primarily due to the favorable deferred tax recorded in the previous financial year amounting to INR 24.1 crore. Coming to the operational metrics, footfalls for the quarter stood at 8.79 lakh, registering an year-on-year growth of 30%, primarily supported by the newly expanded operations. FY 2026 total footfall reached 32.19 lakh as compared to 30.49 lakh in the previous year, reflecting a growth of 6%. With this, I conclude my remarks. We can now open the call for Q&A session. Thank you all. Thank you very much. We will now begin with the question and answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Shamit Ashar from Ambit. Please go ahead. Hi, am I audible? Yes. Yes, sir, you're audible. Yeah, yeah. Thanks. Basically a couple of questions from my end. I wanted to know that Chennai park, it started on a strong note in December with approximately 75,000 visitors. If I look at the numbers for this quarter, the footfalls were around 191,000, so, you know, which is approximately 64,000 per month. Any reason for the moderation in footfalls in Chennai? Secondly, in a mature park like Hyderabad, overall for FY 2026, the footfalls were down by 7% year-on-year. What is going on basically there? Could you give us some sense? What initiatives are you taking to, you know, ramp up the footfall in Hyderabad Park? Lastly, I would like to know your CapEx guidance for FY 2027, 2028. Yeah. I'll take the first two questions, the CFO will give you the CapEx bit. December, because of seasonality, because of Christmas vacations, similar to how the amusement park is structured, we obviously started off with 75,000 footfalls. Also it was a launch month, so there was an added expense in terms of marketing, and so on and so forth. Jan and Feb are usually leaner months. I think despite that, we were able to do a lot more than we anticipated. In fact, in its first full quarter, it's been able to perform in line with some of our mature parks like Cochin and Hyderabad. I think we are very happy with the performance. On your second question regarding Hyderabad, because of some environmental issues, if you remember in the summers of last year, there was the war, Operation Sindoor. There were some early monsoons. That led to a softening of the demand, which sort of impacted our FY 2026 for Hyderabad. But we are very confident of the fundamentals, the overall brand salience in Hyderabad, and we're very confident that we will continue to build and ramp it up. On a year on two year basis, Hyderabad still shows strong performance. We're very confident we'll continue to grow in the mid to long term. Regarding the CapEx allocations, we are not planning any large CapEx in this financial year. There could be certain sustaining CapEx, about some INR 35 crore-INR 40 crore in the financial year. That's all. Thank you. Any other points? We missed anything? Shamit sir. No, that's it from my end. Thanks. Thank you. The next question comes from the line of Keshav Garg from Counter Cyclical PMS. Please go ahead. Sir, I'm trying to understand, in your best judgment, how much time it will take for the Chennai park to mature. Do you expect it to surpass or reach the Bangalore park levels once, the, I mean, the park matures? Usually for us, a park matures in 3-4 years. Yeah, I think it can rival Bangalore also. We don't know yet. It's still a new market. Yeah, Yes, early indicators are very strong. We can't predict anything until one year is over and we have a pattern that we can look at. We'll have to wait and see. Yeah, it looks strong for now. Understood. In the fullness of time, I mean, how will you rank all our five parks in terms of the revenue potential, which will be the number 1, number 2, number 3, 4, and 5? I think, Bangalore and Chennai will definitely be number 1, very closely followed by Hyderabad and Cochin. Bhubaneswar, obviously being a tier 2, tier 3 city, it'll be much smaller. Sir, what's the outlook for the current financial year? You think, as the early signs are there that can we reach the FY 2024 levels in FY 2027? Hard to say. I mean, there's a lot of uncertainty in the market, as you know. Obviously discretionary, you know, spend could be under pressure if the war and all continues. We let's hope that doesn't happen. If everything goes well as it was last year, I think we should do well. Having said that, you know, it's, these are uncertain times, you know, I can't make a prediction on that right now, but it looks good so far. Sir, where do we source the water, do we buy it from the tankers? No, we have our own water sources. Underground, water? Yeah, yeah. Okay. Now sir. We have ground supply also. Every location has a different way of that we take water. Some have their own water sources, some we get from the government. No, sir, I'm just trying to in, let's say if in future there is a water shortage, which is quite imminent in many places, so in which case the government might curtail the water usage in the, I mean, these water parks since it's a so-called non-essential and so on. Is there any threat from that angle? Not a threat for us because we have our own water sources. We'll have to wait and see. Sir, now we have a very cash-rich balance sheet. What is stopping us from, embarking on, making new parks? Even once we start, it will take some, like two years or so for completion. We are already looking at, expanding to other cities, like I said before. It just takes time because the nature of our business is that these are, you know, it takes time to conclude, you know, real estate deals, especially in larger cities. We are hoping that we can close one or two deals this year. Again, you know, it's an uncertain year ahead of us. We don't know how it's going to be, but we are hopeful that at least one project we should be able to close. Understood, sir. Lastly, sir, in the notes to accounts, there is a mention of some pod that the company has started. Can you shed some more light on that? That, point number 5, the new gaming pod named Isle commenced operation with effect from ninth May 2025. That is our extension into our resort, and that has been started in June, and that is one of the reasons why our resort is showing pretty good growth in numbers. Understood, sir. Thank you very much. Thank you. The next question comes from the line of Ankit Kanodia from Zen Invest. Please go ahead. Thank you for taking my question. Sir, if I look at the long term in the, in the sense last four years, we have gone from three parks to now five parks, and our total footfalls is still around 32 lakhs-33 lakhs. I just want to know, do we see from an industry perspective there is a problem or there is something where not many footfalls are coming, but something which is beyond our control. We are doing probably all the right things in terms of giving them the experience, but the industry itself is not growing. People are not coming to parks. Do you see any challenge like that? We don't see such thing. It's just that, you know, like we have added one small park in 2022, which is very small, and then we now added a big park in Chennai. I think Chennai will definitely give like a 7 lakh-8 lakh visitor kind of number. You will see that going forward. We are not worried about the long-term potential of the business. Even if you look at world over or most of the, you know, successful companies across the world, across different regions, they are all investing in new locations. We are also continuing. We don't see any reason why that long-term potential of the business is going to be affected. Okay, great, sir. My second question is, our non-ticket revenue, if I understand correctly, it was less than INR 200 years back. Today it is more than INR 450. Probably this is one area where, if you can share more color, because I can see there is a lot of potential here. Yeah, I think- -throw more light on- -improving on this. Dheeran can talk. I think, like you rightfully said, we also as a business see a potential. I think a lot of focus has been done in terms of the offerings the assortment of products, and h ow are we able to increase dwelling time and customer engagement to be able to increase the non-ticketing revenue. I think the numbers speak for it itself. It's also about the quality of consumers we've been able to pull through our parks, and I think that's also helping us increase our FPH throughput and overall ARPU. In the mid to long term, we definitely see that, despite discretionary spend softening, whatever footfall we'll be able to bring, we will be able to continue to bring at a good ARPU, and that should cushion some of our and mitigate some of the, business risks. Got it, sir. Sir, one follow-up regarding this. I recently happened to visit our Bangalore park, and I noticed that in terms of the photos and images which have been taken, that is something which we have outsourced to an outside company. Do you see any opportunity there where we can probably put all these things inside in-house and probably increase more our ARPU there? Is that possible? See, wherever we find that there is a market where we can add value, we will definitely take it in-house. Wherever we feel that a third party can add better value, we will go with that. It's a hybrid strategy. We'll have mix of our own and then third party as well. Okay. Thank you so much, sir, and all the best. Thank you. Thank you. The next question comes from the line of Girish from Bankstone Investments. Please go ahead. Yeah. On the Capital Work in Progress of, INR 102.9 crores, what is this related to? I thought, with no new parks, where exactly is this? No, this is mainly through certain rides which we are opened in the month of April. One is the Skywheel tower at our Chennai park, and certain other new attractions are in the making. Similarly, Bangalore park, we just opened one rollercoaster ride. All those ride costs are sitting in CWIP as of now, so it will be capitalized in Q1 of FY 2027. Understood. So I see this employee expenses, you know, capture stabilization for the Chennai operation, or is there scope of further increase with scaling of Chennai? The percentage increase is with respect to the Chennai as well as the Isle facility which we added in this present financial year, FY 2026. Apart from that, we are not adding a substantial number of employees other than the replacements which is happening in the due course. Understood. You know, last quarter, their expenses had some A&P related one-off, and I thought Chennai did much better than expectation. Is there any one-off in this quarter also or in the other expenses? Not till right now. Yeah, last year we had a launch expense. This year we won't have that. Yeah. This quarter we are not having any launch expenses. Regular marketing expenses will be there. It will not be substantial, which is in line with what we spend in our parks as well. In the Chennai itself, I thought the footfalls, you know, actually positively surprised me. Arun, is this sustainable or, you know, our expectation of 1 million will be advanced in terms of years? Can't say. As of now, it's going very good. We don't know until one full year is over because every city has a different cycle. Until we go through that, we can't make a prediction. Let's hope that it does better than what the other parks have done. So far it's looking very good. Great. Great. Bhubaneswar, you know, there was a positive surprise in terms of footfall. Is there any other, you know, are we doing any adjacent activities like wedding or other events, which is driving the footfall, or is the normal operation, normal park related operations? Normal park operations, I think we are maybe doing a little bit which probably is a slight change in our marketing strategy and sales strategy. That's it. Okay. No adjacent activity, right? No, no. Okay, great. Thanks, Arun and Saji. Please. No worry. Thank you. Thank you. The next question comes from the line of Vinod Krishna from Avendus Wealth. Please go ahead. Sir, am I audible, sir? Yes, yes. There's one first question is on the fundamentals of the park for me to understand. Normally when a group or a family comes, they don't repeat very often, right? It's not like theater or some other business. In terms of taking our footfalls up to 1 million in each park over the long run, I'm not saying next year, this year. Second question is what, like let's say in Chennai or in Hyderabad, do you see competition from any other park, not other activities, but any other park in terms of competitive intensity in each location? Because Chennai has other parks or we don't have, there's no other park which gives a similar value proposition. If you can help us location-wise, at least the three big parks, Chennai, Bangalore and Hyderabad, if you can-[crosstalk] We don't have a direct competition in most of our locations. Hyderabad has another big park called Ramoji Film City-[crosstalk] Ramoji City, yes. That is not an amusement park, that's a film city. They have a different revenue model. I think what we do is slightly unique. In that sense, but there are smaller competitors in every geography. Also we don't consider only amusement parks as competition. We consider everything, any form of entertainment, a day outing as a competition. Got it. That's the way we look at it. Yeah. Sir, so my question was then how do we in the long run model our footfall increase given that people don't come again and again because once a group comes, they may not repeat every year, so and how do we make sure that- [crosstalk] We don't expect very high repeats in this business. Yeah. how do we- [crosstalk] After two or three years. We get fresh footfalls in most of our parks. These are new customers. For us, the main target is 10 to like 25 age group. That will always be new customers coming in every year. Yes, sir. You're confident over the long run each park will cross 1 million, so even with this new customers and your demand? Yeah, yeah. Absolutely. yeah. Absolutely. Sir, second question is, can you elaborate more on if I take 3, 4 years, not 1, 2 year, how many parks with high probability that these many parks we can at least add or will be work in progress, new parks? We will be adding- I understand. Like I said, we want to be right now at five. We want to add at least another five more. In the next five years we have at least out of the five, at least three, four should be, we should have at least two or three done. We will announce it, you know, whenever it's ready. Can I assume that over four year at least another three parks would be there, some would be finished, some would be work in progress like that? Yeah, yeah. At least. At least, sir, it's not, you understand, right? It's like high probability thing, right? High end. Yeah. Thank you, sir. Thank you very much and all the best. It's a probability. Remember that. Yeah, understood. Yeah. Got it. Thank you, sir. Thank you. Our next question comes from the line of Abhishek Shankar from ICICI Direct. Please go ahead. Yeah. Hi. Thanks for the opportunity and congrats on the good set of results. I just wanted to understand one thing is, you know, what has been the early trends in Q1? You know, we've been witnessing some heatwave across the country. Like, how has been the trends across parks? Also we had elections in Chennai, right? Just wanted to know on that. I'll follow up with the next question after this. I think so far it's been pretty okay. I would say Chennai is doing very well and continues to do well. The other parks, again, it's some are doing well, some are flattish. It's too early to say how it's going to pan out. We are hoping that this year so far, at least in our markets, the heatwave has, there's not been much of a damage because of it. If it continues like this, I think we should be, we should be fine. Yeah. Thank you. I think last time you called out that in Chennai you were doing around 11% EBITDA margins, right? Can you just let me know, like what were the margins this time? We don't, we don't know exact EBITDA. 13% is the EBITDA margin for the last quarter. Okay. We don't know how it's going to be. It's still first year, it's not easy for us to, you know, predict that. EBITDA is a derivative, you know, once the numbers are in, we can give you the EBITDA numbers. Okay. Just last question. Are we going to maintain the A&P spends at 7%-8%? Which one? Are we going to maintain the A&P spends at 7%-8% of the top line? Yeah, yeah. Okay, fine. Thank you. I'll get back into the queue. Thank you. The next question comes from the line of Naveen from iThought PMS. Please go ahead. Yeah. Hi, team. Congratulations on the great set of numbers. I hope I'm audible. Yes. Yeah. I just want to understand one thing. Have you capitalized everything regarding the Chennai Park? You know, I'm asking it from the perspective, depreciation. It has been increasing year-over-year, so should we expect it to stabilize until we start with another new park? Is my assumption right on that front? The Chennai related, most of the CapEx source has been capitalized. If you could see about some INR 13 crore is the total depreciation, which is posted for this four months of operation. On a yearly basis, it can touch about INR 45-INR 50 crore in the present financial year, FY 2027. It's for Chennai alone, you're saying, right? Chennai alone, I'm saying. Yeah. Awesome. Yeah. Thanks a lot. That would be the incremental depreciation which is getting posted into the books of the company. Understood. Understood. Got it. One more thing is, let's just set aside macro variability and all those kind of issues that we don't have control over. My understanding is that there has been some amount of cost pressure because of building the parks and, you know, the launch events and all that stuff so far. Would I be right in assuming that from business angle, we should expect our margins to improve as footfalls improve for Chennai? If we talk of this very basic thing. At present, it is at. It can increase. Historically, if you observe the EBITDA margin of Wonderla, about some 40% on a last five, 10 years of on an average, barring the COVID years. We should be able to reach there. With last one or two years, we had continuous launch of parks and resorts. I think it will settle down in the next financial year, we'll be able to reach at that level 1, as long as all the parks are delivering the expectation, including the Chennai park. Got it. Got it. This is obviously subject to any macros or if you get to launch a new park, it's subject to those changes, right? Yes. Yes. Awesome. Yeah. Thanks a lot. I will jump back in the queue. Thank you. Thank you. The next question comes from the line of Prolin B. Nandu from Edelweiss. Please go ahead. Hi, Arun. Thank you for taking my question. Just, you know, it's been more than now one year or for that matter almost 18 months since we raised money, right? QIP. During that time, you know, the idea was to expand and open more parks. I understand that, you know, you are dealing with government and there are delays. It's been a, you know, has anything changed since we raised the money for QIP and now, which has led to further delays on decision-making as to, you know, how do we go about expanding, where we go about expanding, which are beyond our hands, right, I mean, has the opportunity size or the, you know, time it takes to deal with the government changed since last 16 months-18 months? In the past, lot of acquisitions have happened quickly also, but at the same time, some acquisitions take time. Now we are going to larger cities like initially we had a plan of doing smaller parks, but then we recalibrated, and we felt that we will do tier 1. We will focus on tier 1 more than the tier 2 cities. We are focusing more on tier 1 cities. As you know, tier 1 cities like Bombay, Delhi and Ahmedabad, it's much harder to find good parcels of land. Also dealing with the government takes a little bit more time. That is the only delay. We don't see any other structural issues. The delay is not any structural or any kind of other issues. It's just a slight recalibration of where we want to go first. Okay. I mean, you sound very confident on, you know, at least announcing something in this one year, right? Are there any discussions which are at advanced stages which gives us this confidence that we'll be announcing something soon? Yeah. We have never stopped discussing. We are at least talking to at least four state governments at any given point in time. Like I said before, once any deal is finalized, you guys will be the first to know. Okay. No color on where we are on these discussions, right? We don't wanna, you know, speculate on that at this point because once it's done, we will announce it. That's the thing that we usually do. Okay. Yeah. One last question on how Q1 is panning, right? Can we say you sounded very, I mean, fairly confident as to, you know, how has been the start of the summer season. Summer is also in some sense important for us, right? Seasonally. Right? Can we assume that Chennai is a new park, right? In rest of your parks, can we assume that the footfalls this year, so far for Q1 have been higher than last year's number? At least is that something which is giving you confidence across all your parks? No. I think, see, some are doing well, some are flattish, like I said before. That is why we are confident. But like I said, you know, it's not over until it's over. We always hesitate giving forward-looking, you know, thing on like especially footfall. But it's looking good now, and let's hope that it continues till end of June. I think we should be home. Sure. Sure. I'll try for one last question, Arun, if that's fine. Sure. Just wanted to understand, you know, how much predictability should we ascribe to your kind of a business, right? What we have seen across, you know, 3, 4 years, there was a lull because of COVID. There was a revenge, whatever you want to say, buying or experience that came into the picture. In the past two years we had some weather-related issues, et cetera, et cetera. When you think about the business, in the past the experience has been how are we able to, you know, change the behavior of the customer despite these headwinds, right? Which are something which are beyond our hand. Can we do more promotion and ensure that, you know, we get over things which are outside our control? There's only so much we can do and weather is weather. How do you think about- Yeah. -strategy? I think so there will be high variability in our kind of business because we literally have to bring customer to the park, right? We are a location-based entertainment, and we are, we are outside the city. Variability levels and effect of weather and other macro factors will be high, and this is across the world. Having said that, I think if you look at Wonderla's numbers, pre-COVID, post-COVID, all that, and you compare it to like global and Indian peers, I think we stand ahead because First of all, we have beat pre-COVID numbers by a fair margin by now. The second one would be that even compared with the local peers, I think the variability for our footfall is relatively lower. That is because we are in multiple cities and even if one, you know, dips, then another one usually takes over. Which is why we want to be in the larger cities. And also we are in the southern part of the country, which is, you know, it's usually hotter and the weather variability is less. But having said that, like I said before, there will always be variability in a business like ours. I hope that answers your question. Of course, yeah, we do marketing and we do everything to make sure that, you know, we get our footfalls. Thank you so much, Arun. All the very best. Yeah. Thank you. Participants, you may press Star and then One to ask a question. The next question comes from Dewang Patel from Sameeksha Capital. Please go ahead. Hi, sir. You earlier mentioned, you know, aggregating land is something that is delaying our CapEx and also that we are talking to four state governments. I wanted to understand what are we expecting from state government, what kind of deal are we expecting from state governments? Is there a delay in getting those in place or is it the land acquisition that is getting delayed? How many of our new parks are we looking at on an asset-light basis? Yeah. I think, like I just answered for the previous question also, I think we are talking to at least four state governments, and most of them are large cities. There will be delays in terms of getting the right kind of property. You know, we have our own constraints, like somebody asked before about water availability and so many things that we have to consider before we even look at, we finalize on a particular piece of land. Parallelly, we also usually work with the state government to make sure that we get the right support because this is an industry which is highly regulated. We need at least 50- 60 licenses from the state governments every year, which has to be renewed, et cetera, et cetera. There is a lot of paperwork that has to be done. Until we get a, say, what do you call it, some confidence that we can go ahead with a particular location or a particular state, we will not sign on it. That is the reason for the delay. This is a structural thing in India, I think that always happens. Asset-light models also we are exploring even in the larger cities. We will definitely keep you posted when we conclude the deal because we don't wanna keep speculating on it halfway through when it's done. That is why I think we don't wanna give too much detail on it. Got it, sir. Thank you so much. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two each per participant. You may rejoin the queue for any follow-up questions. The next question comes from the line of Aditya from Securities Investment Management. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Sir, I had a question on your Hyderabad park. If I look at your footfalls for Hyderabad, we have de-growth for the second consecutive year. Just wanted to understand what challenges are we facing there, you know, which is impacting our footfall growth. Is it location, is it pricing or existence of Ramoji due to which, you know, our footfalls have not been growing? Yeah. I think one of the major factor was the summer season, which is very big for a park like Hyderabad. We had early monsoons and other weather conditions that impacted. Yes. This year around, there was a bit of softness in the school groups that actually usually come in quarter three. You would have seen that in the quarter three numbers. There were certain road incidents due to which there was a ban on school groups. That actually pulled back some of our footfall in estimate of 50,000-60,000. Again, it's a one-off incident. I think from a location perspective, we are very well located. We continue to invest and build the brand, we are confident things will turn around for Hyderabad. Understood, sir. Sir, is the potential for Hyderabad park, you know, is it possible for it to reach the levels of Bangalore or do you think Hyderabad would be a lower footfall location? Hyderabad is a tier 1 city. I think it's in the top 10 cities in India, we don't see any reason why it should not be less than Bangalore. I think it's almost close to Bangalore. We are, we are also hoping that it'll kind of reach Bangalore numbers at some point. We do have some work there because it's one of our newer parks. If you look at it's just completed 10 years, out of which 2-3 years we lost during COVID also. We have only had about 6-7 years of working years there. Yes, we will I think there is still potential in terms of footfalls. Maybe, you know, we hope that we can, you know, cross those hurdles and get to the 1 million mark. Understood, sir. Sir, I just wanted to reconfirm, you mentioned that Chennai park did 30% EBITDA margins this quarter? Yep. On the company level also we did 30%, right? Yes, yes. Understood. There are some parks which are operating below 30% currently, the older parks? No, most of the parks will be about some 40%-45%, depending upon the quarter-to-quarter. On average basis, 40% will be, recovering from each of the parks, except the new parks like Bhubaneswar and Chennai. Okay, understood, sir. Thanks, sir. Thank you. Thank you. The next question comes from the line of Richa from Equitymaster. Please go ahead. Sir, thank you for the opportunity. I just wanted to understand what is the potential, you know, footfall at maturity for Bhubaneswar and, you know, how do you think we have progressed? How do you assess yourself? What could we do to, you know, drive footfalls growth further from that park? We've been able to get close to 2 lakh footfall this year. This was a full year. I think in the midterm, ranging about 2- 4 years, we see this definitely go to 3.2. There is a good headroom, and our focus would be on how do we get to maybe in this financial year, at least around 2.5 to be there. Sorry, could you repeat that last line? I said we are hoping to see at least about, our aim is to get to about 20% growth this year because there is a headroom of about 1.2 lakh footfall to get to it at a mature stage. Our first milestone is can we get to around 2.5 lakh footfall in the coming financial year. Okay. Sir, you know, now, you know, the economy is unfolding as such that there's a lot of, you know, concert economy, live events, et cetera, going on. I'm assuming that you account for these revenues in your non-ticket revenue, right? Hello? Yeah, we do about roughly about 2- 3 concerts, so it's not a very big revenue source. More of a marketing- Yeah. Yeah. More of a marketing brand partnership association that we look at and not as a primary revenue source. Whatever is booked, we book it under non-ticketing revenue. Okay. This is not going to be a major driver for you. I mean, this is for marketing and visibility of Wonderla, right? Exactly. Exactly. Okay. Sir, what is your estimate about, you know, growing this non-ticket revenue component? Like, how much can it grow on a year-on-year basis and for how long? In a mature countries, you know, non-ticket revenue will be higher than ticket revenue. We here, I think, non-ticket revenue is only 30% and, ticket revenue is 70%. There's a lot of headroom. As we add more parks and as we add more, value-added offerings, resorts and other things, I think that, skew will slow, you know, it'll skew towards the non-ticket revenue slowly. Okay. Do you see it moving to 50/50 or will it be more like 40/60 only? Near term it'll be 40/60 only. Definitely I think in the next 4, 5 years it should move, to the 50/50 mark. Okay. Currently, like, we have current investments of INR 4 billion odds. Where are these parked? Like, where is this money invested exactly? Which one? Current investments of around INR 4 billion, I think, in the balance sheet. We had about only INR 1,000 crore, INR 1,200 crore of investment in assets as of now. Okay. Okay, sir. I'll double-check and get back to you. Thank you. Thank you. Thank you. The next question comes from the line of Ankur Kumar from Alpha Capital. Please go ahead. Hello sir. Most of my questions have been answered. Just wanted to confirm on the depreciation number. What should be the depreciation number going forward for every quarter? Depreciation number at present is about INR 83 crores. Once Chennai alone will have about INR 45-INR 50 crores for a full year. This year, I think there is about INR 13-INR 14 crores depreciation for Chennai park. Additionally, about INR 55 crore can get added to the depreciation in the next year approx. From this year, as in the quarterly earned, we have reached to INR 28, so we should expect like INR 40 odd crore coming quarter. Yeah, that's what I'm saying. Chennai park for four months, the depreciation is about INR 13 crores. Annualized depreciation can range up to INR 45-INR 50 crores. That could be the incremental depreciation going for the organization as a whole. Roughly you can compute whatever investments we do, 8%-10% will be the depreciation hit into the P&L account. Got it. Sir, on this April and May numbers, I think last year was very weak because of this war and monsoon. Given those things, can we expect some growth in our mature parks? No, our attempt is to grow on a year-on-year basis. Last year, unfortunately, we had [India park tension] and then certain summer related issues. This year, as of now, there are certain tensions in the other West Asia and all those things, which is impacting certain supplier related concerns. Not completely impacted our numbers as of now, but we need to wait and see how it will conclude. Sure, sir. Thank you and all the best. Thanks. Thank you. The next question comes from Vinod Krishna from Avendus Wealth. Please go ahead. Sir, am I audible, sir? Yes. Sir, we have started opening resorts, what is your thinking, like is it we are using our free cash flow to do it as a separate line of business? How, like in the long run, we are seeing lots of opportunities because that you can do in more locations than just like it's, it can go to more cities than where our parks can go. Should we see it as an adjacent business which we will pursue in the long run and how should we look at it, sir? Only it's around the parks, only in the cities where we have parks we'll do it. For now we are looking at it as an adjacent business to our amusement park business. We want to focus on it because, as our parks mature, there is a demand for, you know, premium resort offerings. I just, especially after COVID, people are, you know, preferring more staycations and things like that. There's definitely a new demand for something like this, post-COVID compared to pre-COVID. I think we would like to invest in it. Now, whether we will do more of them than in other parks, that is, that is still I mean, we are also debating that. We might do it. As of now, we want to do expand to other cities where we already have parks and we have properties with free land available. That is our for now, that is our strategy for the resort business. Yes, going forward, we could have it in more cities as well. Thank you, sir, and all the best, sir. Thank you. Thank you. The next question comes from Abhishek Shankar from ICICI Direct. Yeah. Thanks for the opportunity again. I just wanted to understand that, you know, there was a recent refurbishment of the resort in Bangalore. Like, how much ADR can we expect from this? Because I think now we are doing current ADR of about INR 6,300. Where can it go from here? We expect about a 7%-12% increase in ADR after the refurbishment. 7%-12%. Okay. Yeah. Thank you. Thank you. Your next question comes from the line of Rachna Kukreja from SiMPL. Please go ahead. Thank you for the opportunity. Two questions. First question is, if the Chennai park has generated around 30% EBITDA margins and older parks generate around 40% EBITDA margins, on corporate level for FY 2026, why are our EBITDA margins, you know, at 30%? It should be more than 30%. This is my first question. We have certain cost savings. I'm sorry to interrupt. Really sorry to interrupt. May we request you please wait till like the end of the call? Okay. Thank you. Yes, Management, please go ahead. Management, please go ahead.[audio distortion] Hello? Rachna, ma'am, please give us a moment while we check the line for the management. Ladies and gentlemen, please hold the line while we check the line for the management. Thank you for patiently holding. We have the line for the management back. Yes, sir. Please go ahead. Hello. Yes, sir. You're audible. Please go ahead. Yeah. What I was saying is that, even though we have parks are performing about some 40%-45% EBITDA margin, we have a corporate cost center to that which will be controlling all the parks, all the heads of each of the functions will be sitting under corporate. That's how we manage. FY 2026, we had certain one-time expenses because of the labor code changes. Compared to previous years, we had ESOP expenses comes into picture, and then the launch expenses of our Chennai park. Previously the corporate setup is also having certain costs. These are the other costs which will be absorbed to the EBITDA margin of the parks. Okay. Our second question is, you know, why are our new rides not able to drive repeat rates? As you mentioned, you know, footfall is largely driven by fresh visitors. Is there any lag effect? We are not able to hear you properly. Could you please repeat the question? My question is, why are the new rides not able to drive repeat rates across parks? As you mentioned, footfall is driven largely by fresh visitors. No, yeah. See, that's the structural thing of this business. People don't visit parks, you know, multiple times a year because this is day outing, needs a lot of planning. Even if you have new rides, if somebody has visited this year, even if we just launch a new ride, unless they are in the right age group, they may not want to come back to us. If they're a college kid, yes. If you are a working or if you are, you know, family with small children, you may not want to do another trip in the same year. There will be some lag, and that's just structural to the business. Okay. Ma'am, you have any further questions? No, thank you. Thank you. Your next question comes from Navin Koushik from ithoughtPMS. Please go ahead. Hi, thanks a lot for the opportunity again. Just have one question. I know, the Chennai park is slightly different, but, you know, we've spent a lot of time working in the market, like, putting up the park and looking at all the same footfalls now. Overall, at least from your experiences so far, I just wanna understand if you have any view on, like, the competitive environment in Chennai. Why I ask this is because Chennai is one location that already had a couple of water parks and, you know, there's an audience that, you know, is familiar with the concept of a water park and like they know this, right? I just want to understand from your perspective, did you find it easier or more difficult entering this kind of a market rather than somewhere where you have to introduce the concept of a water park to the people itself? If you have any views on this broadly, like even if it is not like very firm since Chennai park has been done. Yeah. In a city which already has many water parks, it's easier for us to kind of, you know, the category has already been created, so it's easier for us to kind of expand into the market and expand the whole market itself. Got it. A small follow-up to this will be, you know, in the future, would this influence your decision-making regarding, like, where you would prefer to set up parks? Like, would you prefer more markets like Mumbai? Yeah. Answering the previous question also that we are prioritizing larger markets because, you know, it's just easier to kind of ramp up footfalls in a, in a mature market. Having said that, there are opportunities in tier 1 and tier 2 cities across India. You know, it just depends on what we find as the most suitable for our investment. Got. Very clear, I was a little more specific about markets that already have water parks versus those that don't. Like, do you make that difference or do you differentiate between these two markets or is it just like a population affluence kind of situation? Yeah. I mean, if there is already a water park, like I said, it will be more attractive for us to set up. It depends on the size of the market also. If it is a larger market like Chennai is one of the largest cities in India, obviously it's a no-brainer for us. Got it. Got it. Yeah, this is very clear. Thanks a lot, team. Thank you. The next question comes from Abhinav Kashyap, an individual investor. Please go ahead. Can you hear me? Yes. Yes. Congratulations on the good quarter. I want to understand what would be the estimated value of the land we are holding. I mean, I have seen the stacks in the area, INR 3,000-INR 4,000. What would be the approximate land holding if we have to make an estimate? Very hard for us to estimate. We have done some estimate. I think when did we do the revaluation? At the time of migration to the new accounting standard. 2021. Yeah. No, before that. 2017, 2018. yeah. We don't know the current value of land. I think our valuation, what we have in our books is from 2017 or 2018. We revaluated at about INR 385 crores in that point of time. That's the old value. That is 2017 or 2018. I think obviously the value has gone up significantly now. We have not revaluated after that. Got it. Yeah. Thank you. Thanks for that. Thank you. The next question comes from Keshav Garg from Counter Cyclical PMS. Please go ahead. I'm trying to understand that what time generally we shut the park at night and do we have the liquor license with us and is there any possibility for nightlife related activities, especially on the weekends? Yeah. We shut our parks usually around 7:00 P.M. Only on certain key occasions we keep it open beyond 7:00 P.M., which is max 10:00 P.M. We don't have a proper liquor license. We take one-day liquor license basis certain groups or corporate gatherings that we do, and if they've requested for it, we take the license and provide them liquor, barring our resort obviously, which has a liquor license. We don't want to look at it and build a core liquor business because at the end of the day, we are a family entertainment destination. We have to also keep safety as a key focus in mind, and we want to continue to prioritize our core business, which is the amusement park entity. Understood. Is there any other way that, I mean, at night, let's say post 7:00 P.M., I mean, is there anything that can be done in the parks rather than just keeping them shut? No, we are opening them now. We have night parks depending on like right now it's summer. Sometimes we have heat waves, we do change it in such a way that people spend more time in the night. Yeah, we do use the parks in the night, especially in summer. We charge. Understood. Okay. Thank you. Yeah. Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you all for joining our conference call, for our Q4 FY 2026 and FY 2026 full year review. We are confident that the business will continue to grow. Hope to see you guys in the next quarter. Thank you. Thank you. On behalf of Wonderla Holidays Limited, that concludes this conference call. Thank you everyone for joining us, and you may now disconnect.