Geojit Financial Services has issued a buy rating on Wonderla Holidays Ltd. with a target price of ₹613 in its research report dated March 06, 2026. According to the broker's analysis, the recommendation is based on 12.5x FY28E EV/EBITDA valuation. The stock recommendation comes as the amusement park operator continues to expand its footprint across major Indian cities.
The company reported revenue from operations of ₹135 crore, representing a 10.7% year-on-year increase. As reported by Geojit Financial Services, EBITDA grew 8.3% YoY to ₹40 crore, though margins contracted 70 basis points due to non-recurring launch expenses associated with the Chennai expansion. ARPU improved 8% YoY to ₹1,377 despite flat footfall growth, indicating better monetization of existing visitors.
The Chennai park launch in December 2025 demonstrated strong initial performance with approximately 75,000 footfalls in its first month, positioning the unit to reach EBITDA-positive status early. However, footfalls were impacted by rainfall across Bhubaneswar, Hyderabad, and Chennai locations, while the Kochi park saw lower attendance following a Kerala government health advisory regarding Amoebic Meningoencephalitis, which triggered temporary consumer caution toward water-based attractions.
Reported PAT declined 28.7% YoY to ₹14 crore, primarily impacted by one-time provisions for new labour code regulations and higher depreciation from recently commissioned projects. According to Geojit Financial Services, the recent fall in stock prices has factored in these headwinds, with expectations of substantial bottom-line acceleration in subsequent years.
