Theme park twists as Imagicaa rides back to profit in Q3

MUMBAI: The rollercoaster finally slowed and steadied. Imagicaaworld Entertainment Limited swung back into the black in the December quarter, delivering a modest profit after a bruising September, even as higher costs and softer nine-month numbers kept the ride far from smooth.

For the quarter ended December 31, 2025, the company reported revenue from operations of Rs 91.25 crore, more than doubling sequentially from Rs 41.06 crore in Q2, and broadly flat compared with Rs 91.86 crore in the year-ago quarter. Including other income of Rs 4.56 crore, total income stood at Rs 95.80 crore.

The sharper top-line recovery translated into a profit after tax of Rs 1.54 crore, reversing a loss of Rs 30.24 crore in the preceding quarter and improving on the Rs 3.22 crore profit reported a year earlier. The turnaround was driven largely by stronger park operations and improved cost absorption during the festive-heavy quarter.

That said, expenses continued to loom large. Total costs for the quarter climbed to Rs 93.80 crore, led by other expenses of Rs 32.58 crore, depreciation and amortisation of Rs 20.50 crore, and finance costs of Rs 5.40 crore, underscoring the capital-intensive nature of the theme park business.

On a nine-month basis, the picture remained more restrained. Revenue from operations fell to Rs 269.60 crore, compared with Rs 315.82 crore in the corresponding period last year. Net profit for the nine months stood at Rs 14.52 crore, sharply lower than Rs 62.75 crore a year earlier, reflecting uneven footfalls, elevated fixed costs and the drag from financing and depreciation.

Exceptional items during the quarter were marginal, with a net gain of Rs 0.40 crore, largely linked to fair-value adjustments, offering limited relief to the bottom line.

For the full year ended March 2025, Imagicaa had reported revenue of Rs 410.00 crore and a profit of Rs 77.79 crore, setting a high base that the current year has struggled to match.

As the company heads into the final quarter, the message is clear: the crowds are returning, but the margins are still queuing. The December rebound offers breathing space, yet sustained profitability will depend on keeping costs in check while ensuring the turnstiles keep spinning.