Wonderla Holiday Q2 FY27 Results (NSE: WONDERLA)
Signal: Margin expansion
The read
The trajectory is accelerating at the operating level: Q2 revenue growth of 42% was broadly in line with Q1FY27's 41%, but EBITDA growth accelerated to 90% from 39% and Q2 margin expanded to 24% from 18% YoY. Chennai contributed ₹28 crore in Q2 and ₹73 crore in H1, while H1 EBITDA rose 47% to ₹15,210.08 lakh; the key watchpoint is why ₹3,011.13 lakh of EBITDA translated into only ₹5.06 lakh of Q2 PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹125.68 Cr | 42% | N/A |
| Net profit | ₹0.05 Cr | N/A | |
| EBIT margin | 24% |
P&L walk
Q2 total income increased 42% to ₹12,567.54 lakh while EBITDA grew 90% to ₹3,011.13 lakh and margin expanded to 24% from 18%; however, reported PAT was only ₹5.06 lakh versus a ₹174.66 lakh loss in Q2FY26, leaving the earnings conversion unusually weak despite strong operating growth.
Segments
No formal segment-results table was disclosed; operationally, Chennai contributed ₹28 crore of Q2 revenue and ₹73 crore in H1, while existing parks grew revenue approximately 8% YoY in Q2 and 13% YoY in H1.
Key positives
- Q2 total income reached ₹12,567.54 lakh, up 42% YoY, with footfalls up 44% to 7.25 lakh; growth is volume-led rather than dependent only on pricing.
- EBITDA rose 90% YoY to ₹3,011.13 lakh and margin expanded 600bps to 24% from 18%, materially outpacing revenue growth.
- Chennai generated ₹28 crore of Q2 revenue and ₹73 crore in H1, adding a new growth engine alongside 8% Q2 revenue growth from established parks.
- Existing parks grew Q2 revenue approximately 8% on 6% footfall growth and 2% ARPU growth; H1 growth was approximately 13% on 7% footfall and 6% ARPU growth.
- Bengaluru, Kochi and the resort businesses delivered their best-ever Q2, while Hyderabad recorded its best-ever H1 performance.
Key concerns
- Q2 PAT was only ₹5.06 lakh despite ₹3,011.13 lakh of EBITDA, so bottom-line conversion is not yet commensurate with operating momentum.
- Q2 ARPU increased only 1% YoY versus 44% footfall growth, indicating that current growth is primarily attendance-led and premiumisation has not yet produced material quarterly pricing uplift.
- Q2 EBITDA margin of 24% was below the 39% H1 margin and the 48% margin reported in the prior Q1FY27 results series, making the durability of quarterly margins important to monitor.
Research and educational content only. Not investment advice.