Amusement Parks/ Other Recreation industry

6 companies · ₹7,627 cr · 2 with AI deep dives · Q2FY27 report

Domestic leisure and value-led QSR traffic carry growth while West Asia hits inbound travel and fuel costs

Turning upmargin troughed at 9.8% and has risen for 7 quarters to 39.6%, on positive revenue growth

Revenue YoY: +17.6%
EBITDA margin: 39.6%; +200bps YoY
Price, 1 year: -19.6%; 0% of names up
P/E vs own 5y: -

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	589 cr	389 cr	+51.4%	501 cr	+17.6%	589 cr	0.0%
EBITDA margin	39.6%	25.2%	+1440bps	37.6%	+200bps	39.6%	0bps

Revenue

Jun 26: 589 cr

Exhibit 5Coverage (6 of 6)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Wonderla Holidays Ltd	₹3,008 cr	29.5x	15.6x	6.4%	31.7%	+44.2%	Unlock
Imagicaaworld Entertainment Ltd	₹2,378 cr

Exhibit 6What managements said

from Leisure Services earnings calls · as of 2026-09-30

headwindWest Asia conflict suppresses inbound, long-haul and GCC-exposed travel10 managements

This was the most widely cited issue, raised by INDHOTEL, ITCHOTELS, EIHOTEL, CHALET, THELEELA, TBOTEK, TRAVELFOOD, THOMASCOOK, VENTIVE and SAMHI. Specific impacts: foreign…

EIHOTEL (Q1FY27): “we got impacted by the Iran-US war, mainly because of foreign tourists... international…”

tailwind6 managements mixed7 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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