Ladies and gentlemen, good day, and welcome to Wonderla Holidays Limited Q2 and H1 FY27 earnings conference call hosted by MUFG Intime India Private Limited. 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 the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is now being recorded. I now hand the conference over to Mr. Omkar Bagwe from MUFG Intime. Thank you, and over to you, sir.
Good afternoon, everyone. I welcome you all to the earnings conference call to discuss Q2 and H1 FY27 results of Wonderla Holidays Limited. To discuss our results, we have with us from the management, Mr. Arun Chittilappilly, the Managing Director, Mr. Saji Louiz, Chief Financial Officer, and Mr. Dheeran Choudhary, Chief Operating Officer. They will take you through the results, and then we will proceed to Q&A session. Before we proceed to the call, a small disclaimer. This conference may contain certain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations as on date of this call. The actual results may differ materially. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. A detailed safe harbor statement is also given on the company's investor presentation.
Now, I would like to hand the call over to Mr. Arun Chittilappilly. Thank you, and over to you, sir.
Thank you. Good afternoon, everyone, and thank you for joining our Q2 and H1 FY27 earnings call. I am joined today by Saji and Dheeran. We began FY27 on a strong note, and that momentum has been carried on to the second quarter. In the quarter, income grew 42% year-on-year to INR 126 crore, and EBITDA grew 90% to INR 30 crore. The EBITDA margin expanded to 24% from 18%. We also moved from a loss in Q2 last year to profit in this quarter. For the first half, income grew 41% to INR 378 crore, and EBITDA grew 47% to INR 150 crore at a margin of 40%. Three factors drove this performance: the continued ramp-up of Chennai operations, steady growth across our existing parks, and strong quarter from our resort business, all supported by focused sales and marketing.
First, Chennai Park Q2 welcomed 1.90 lakh visitors, contributed approximately INR 28 crore in revenue. For the first half, it recorded 4.32 lakh visitors, approximately INR 73 crore in revenue. Second, our existing parks, Bengaluru and Kochi, delivered their best-ever Q2, and Hyderabad delivered best-ever H1. Together, our parks, Bengaluru, Kochi, Hyderabad, Bhubaneswar, grew revenue by 8% year-on-year in the quarter, with footfalls up 6%. For the half year, they grew revenue by 13%, with footfall up by 7%. Our resort business delivered their best-ever Q2, with the resorts growing 57% year-on-year. Hospitality is becoming increasingly meaningful contributor to our business. Spend per guest also moving in the right direction. It has grown 11% in Q2 and 16% in H1, as more guests take up our value-added and premium offerings. Saji will take you through these metrics in detail.
Thanks, Arun. Good afternoon, everyone, and thank you for joining us for the Q2 FY 2027 earnings call. Let me take you through the financial performance, beginning with Q2 of financial year 2027. Our revenue from operations grew by 45% YoY basis to INR 116.57 crore. Our existing parks, Bengaluru, Kochi, Hyderabad, and Bhubaneswar, recorded a revenue growth of 8%, supported by 6% growth in footfalls and 2% growth in ARPU. Chennai Park contributed INR 28 crore in revenue during the quarter, with footfalls of 1.9 lakh during the quarter. EBITDA, including other income, increased by 90% YoY to INR 30.11 crore, while the EBITDA margin remained strong at 24%. Profit for the quarter stood at INR 5 lakh compared to the loss in the corresponding quarter. The INR 14.26 crore increase in EBITDA was led by Chennai.
Chennai Park contributed about INR 10.37 crore, accounting for about 73% of the EBITDA increase.
Our existing parks contributed about INR 1.83 crore, representing 13%. Our resort business contributed INR 2.06 crore, accounting for the remaining 14%. Our other income for the quarter stood at INR 9.1 crore, primarily comprising of gains received from our investments. Overall, Chennai's contribution, supported by growth in our existing parks and resort business, drove the improvement in EBITDA. Our PAT improved by INR 1.81 crore, primarily driven by improvement of EBITDA. This was partially offset by a INR 10 crore increase in depreciation on account of commencement of operation at our Chennai Park, and about some INR 2.23 crore increase in our tax expenses, which includes INR 1.12 crore of prior period taxes as well. Turning to the guest spending, the average ticket price declined by 3% on a YoY to INR 983.
This was offset by an 11% increase in non-ticket revenue for guests to INR 510. Supported by our in-park spending initiatives.
Consequently, average revenue per user increased by 1% YoY to INR 1,491. H1 financial year 2027 performance. Moving to half-year performance, revenue from operations increased by 45% YoY to INR 359.2 crore. Our existing park delivered about 13% of revenue growth, supported by 7% growth in footfall and 6% growth in ARPU. Chennai contributed about INR 73 crore in revenue during the half year, with a footfall of over 4.32 lakhs. EBITDA, including other income, grew by 47% to INR 152.1 crore, and profit after tax increased by 43% to INR 72.8 crore. The INR 48.75 crore increase in EBITDA, including other income, reflected from contribution from Chennai Park of about INR 28.62, accounting for about 58% of the EBITDA growth. Our existing parks contributed about INR 15.42 crore, representing 32% of the EBITDA growth. Our resort business contributed INR 4.71 crore, representing the remaining 10% of the EBITDA growth.
Other income for the half year stood at INR 18.6 crore, primarily comprising of gains from investments. Our PAT increased by INR 22.02 crore, supported by the higher EBITDA. This was partially offset by a INR 21.5 crore of increase in depreciation, mainly attributable to the Chennai park, and an incremental tax expense of about INR 5 crore. Our average ticket price for the half year stood at INR 1,192. The non-ticket spend per guest increased by 16% to INR 559, taking an average revenue per user up by 5% to INR 1,750. Moving on to the operating metrics for Q2 FY 2027, our footfall across our parks were as follows: Bangalore with 2.13 lakh, up by 9% on a YoY basis. Kochi, 2.02 lakh, up by 6%. Hyderabad of 0.99 lakh, up by 7%. Bhubaneswar is about 20,000, down by 20% YoY. Chennai is about 1.9 lakh.
For the half year, Bengaluru recorded about 5.56 lakh of footfall, up by 7%. Kochi, 4.53, 6% of growth. Hyderabad about 3.90 lakh, about 10%. Bhubaneswar is about 1.91 lakh, almost like 1% de-growth. Chennai park with 4.32 lakh of footfall. This concludes the financial update. We will now be happy to take your questions. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Shamit Ashar from Ambit. Please go ahead.
Yeah, hi. Am I audible?
Yes, sir.
Yeah, hi. Thanks for the opportunity, and congrats on a good quarter. If I look at Chennai park's ticket price of around INR 948, that was 20% below the average of the last three quarters. If you compare it to Bengaluru park, it was 10% lower for quarter two. Was this pricing strategy deliberately adopted to drive higher footfalls at Chennai park in Q2? Also, how should one look at the ARPUs at Chennai park going forward, given that at launch, the ARPU of Chennai park was broadly comparable to that of more mature parks like Hyderabad and Bangalore? That was my first question. Second, I wanted to know if there is any update on the new park announcement.
Yeah. Dheeran here, I'll take the first piece. Chennai was 10% lesser than Bangalore because of just the pricing. Bangalore is priced at a higher point versus Chennai because it is our largest park. Now, if you compare it versus the previous quarters, it's just a matter of this queue of footfall we got. We have two channels. One is the retail channel and the groups channel. Q2 predominantly in Chennai had a lot more groups versus retail footfall, and groups are obviously a little bit more discounted versus retail, and that's why you see the change in ATP. But we continue to remain bullish on the overall ARPU, and the non-ticketing revenue piece continues to be in line with our established mature parks. I think we will be continuing to keep the ARPUs stable and grow similar to Cochin and Hyderabad over a year period.
Got it. Overall, it will be lower than Bangalore, right?
Yes, because Bangalore, the price itself is higher than the other parks.
Got it.
No update on the new parks yet. We are working on it. We will definitely let you know whenever there is an update.
All right. Thank you.
Thank you. Participants may press star and 1 in order to ask a question. The next question comes from the line of Sonal Rajpal from ICICI Direct. Please go ahead.
Hello, am I audible?
Yes.
Yeah, hi. Good afternoon, sir. Congratulations for the strong result. I had three questions. Firstly, for Chennai and Kochi, we are entering a seasonally weaker quarter led by northeast monsoon. How do you see footfall in Chennai, especially during Q3, as it coincides with the festive season? Also, recently, the east coast witnessed Cyclone Arnab, which led to heavy rainfall across the east coast. Any impact you think during those days to the Chennai and Bhubaneswar park? Secondly, what was the issue in Bhubaneswar park in Q2 FY27? Was it purely weather-led?
Yeah, thank you for your question. I will take Chennai first, then come to Bhubaneswar. In Chennai, this is actually, in sense, our first-ever monsoon, as Chennai monsoons happen between mid-October to end November. We are also kind of understanding the overall consumer trends and patterns. But yes, the monsoons will have an impact on the footfall as we have seen, but we will only be able to get a better sense once we finish the whole year. We are actually a very first time looking at monsoons in a year that we are operating at Chennai. Cochin, we are extremely bullish on Cochin. In fact, it is not a weak quarter for Cochin, because this is a big quarter for Cochin in terms of group business. A lot of effort has been done in terms of revamping our GTM sales strategies.
We have seen some good signs in Q2, as you would have seen the results. We continue to stay bullish that Q3 will be a good quarter for Cochin, led by groups and then ending with Christmas season. On the Bhubaneswar park, it was completely weather-led. There was a 900% growth in rains, with about 20 out of 30 districts affected with extreme cyclones. Because of those weather disruptions, consumer sentiment was poor to drive footfall.
Yeah. Okay, Dheeran. Thank you.
Thank you. Participants may press star and one in order to ask a question. The next question comes from the line of Vivek Kumar from Geometric Securities. Please go ahead.
Am I audible?
Yes, sir.
So thanks for the very good numbers. My first question is on the capital that, like, if Arun sir has been guiding around, I am not asking next year, this year, around minimum of three parks in the next four year. So in terms of capital, because we are, means, even though we did Chennai last year, we bought land long before. So given the land price have gone up, I understand that you do outskirts of the city and it should not have been such an inflationary. So how much would be a typical capital for a large park now, let's say, and how many large parks can we expect in the next three years? At least some may be in working progress, some may be fully done, but new large-
Land parcel, the last time we bought was roughly INR 100 crore for Chennai. For a city like Bombay, we might have to spend maybe close to INR 200 crore. But again, it is speculative. It is hard to say how it will be. Also, land prices keep fluctuating, and this year there are a lot of uncertainties. Land prices may go down, it may go up. We do not know what is going to happen. We are looking at at least one big project in the next one or two years, and maybe one tier two city. Maybe two large cities also is possible, but we will keep you updated.
So in the next three, four years, can we expect at least three parks completed? Three, four year, I am not saying one, two year.
Hard to say.
Because very high probability.
We will let you know when there is a finality on it. It's hard for me to comment on it.
At least this year.
We are working on it. We want to do three, but maybe two will happen. I do not know. We will have to see.
At least next year, by this time next year, we will have one project in hand fully completed. Got it. Sir, how are you seeing Hyderabad park, and when will reaching 1 million
You are being nice now, my friend, because there are other people going to ask. You already asked your three questions.
Thank you, sir. Thank you, sir.
Thank you. Participants who wish to ask a question may press star and one. The next question comes from the line of Keshav Garg from Counter Cyclical PMS. Please go ahead.
Sir, thank you very much for providing this opportunity. Sir, my question is what are the plans to increase non-ticketing revenue?
Yeah.
Yeah. Thanks, Arun. I think we've been able to substantially grow our non-ticket revenue, and just not quarter-on-quarter, but I think across the four, five year CAGR, we've been able to grow at early double digits. So we've been able to come to the global trends of almost having 30% plus of non-ticket part of the entire ARPU. And we continue to build on this. There are multiple strategies with respect to retail, F&B, in terms of various product assortments that we continue to add based on customer feedback. And some of the past successes that we see, we've learned from that, and we continue to scale on those. Any more further details, granular details will be not okay to share beyond this.
No, sir. I am just interested in the minor details. Sir, the point being that at night when the park gets shut, then what can we do to increase the utilization? Basically, can't we do parties, concerts, weddings? Can't we make some kind of banquet hall or auditorium if space is there? Basically, sir, during the daytime, the parks are making money for shareholders. At night, can something be done with that property which is just locked out at night?
Our parks are not in highly dense populations. We are outskirts of city. People's willingness to travel for a particular social event for two, three hours in the night is not viable. Selling weddings in parks is not as simple as that. Beyond that, we also have a lot of maintenance activities that go post the park being shut, which is very critical to ensure a safe experience is given to our guests. I think those technicalities also kind of have to be looked into when we keep our parks open beyond certain time. Having said that, we have a resort in Bangalore Park, which we continue to leverage and build, and as you would have seen the numbers over the last couple of quarters, purely out of social and corporate events in the evenings.
Sir, and since the Zee Group is in some kind of financial trouble, and we are looking for a park in and around Bombay, sir, any possibility of acquiring Essel World?
Essel World, I don't think it's up for sale. I think they have some other issues. They are not really looking to sell it. I think they have shut the operations. But we prefer to do on our own in a separate location. It's not that difficult. I mean, for us, it doesn't make any difference whether we get an existing park or we start from scratch. It might take one or two years more. But other than that, I mean, there is no real long-term change for us. We prefer to do greenfield and more than take over somebody else's asset.
And sir, lastly, sir, you have been maintaining that we are at any point of time in talks with three-five state governments. Sir, so after Bhubaneswar, why isn't something materializing? I mean, aren't we getting any lucrative enough offer from any of the state governments?
We are getting offers, but we also, we have our own internal metrics on whether it's viable for us, what is the revenue potential, all those things. So, we will negotiate. We are negotiating. If it makes sense, we will do it. Otherwise, we won't do it. It's as simple as that.
Sure, sir. Thank you very much and best of luck.
Yeah.
Thank you. Participants may press star and 1 in order to ask a question. The next question comes from the line of Suhani Singh from ROS Capital. Please go ahead.
Hello, sir. Good afternoon. I just had a couple of questions. Despite strong EBITDA growth, the PAT remained almost flat in Q2. When can we expect better earnings conversion as the Chennai park stabilizes?
EBITDA to PAT flattening you are asking, no?
Yes, sir.
This is mainly on account of a depreciation because you know that large parks will be investing about some INR 570 odd crore. The depreciation cost about some 7%-8% of the expenses will be charging off to the P&L account. Initially, as it is on a higher side, it will be like a little softening of the PAT at this moment.
Okay. And sir, what is the outlook for footfall and ARPU growth across existing parks in H2 FY27?
It's difficult to predict, we don't want to speculate on numbers. Like just said earlier, we've had a good momentum in the first half, we continue to stay bullish on this for the rest of the financial year.
Understood. Okay, it would be helpful if you could give us the expected timeline for Chennai to achieve optimal utilization and sustainable profitability.
It will take two years, two to three years.
Understood, sir. And one last question. Sir, how is the company addressing seasonality in footfall, particularly during non-holiday periods, and what initiatives are being undertaken to improve the weekday visitor numbers?
I think we are focusing on price-led, cohort-led interventions, and I think we've seen some good results in this lean season of quarter two. During these lean seasons, we also work on bringing larger groups that otherwise cannot afford our parks in the holiday season. I think these are two initiatives that we continue to build on to increase our footfall in the lean season.
Okay, that's right. Thank you so much, sir. That's it.
Thank you. A reminder for all the participants that you may press star and one in order to ask a question. The next question comes from the line of Pahel Sharma from DD Capital. Please go ahead.
Hello. Am I audible?
Yes.
Yeah. Thanks for the opportunity. I have some set of questions with me. My first question is that with ARPU growth remaining modest, what initiatives are being undertaken to improve ticket pricing and increase non-ticket revenue?
Look, these are just input levers for the end outcome of revenue. Depending on seasonality, sometimes we have to take a bit of a dip in ARPU to drive more volume, which is the utmost importance because more people also in sense increase better word of mouth and especially in lean quarters.
I would not necessarily just focus on ARPU, but look at overall revenue growth, which has been extremely healthy for quarter two and H1 of FY27.
Understood, sir. Understood. I wanted to ask that Bengaluru and Kochi delivered their best-ever Q2 performance, right? Can management share the key drivers behind this growth and its sustainability?
I would just say rigorous focus on executing and driving campaigns based on customer feedback.
Okay. Hello?
Yeah.
Yeah. One more thing, that resort revenue recorded strong growth.
Could you get off the line, please? There are other people waiting to ask questions.
I am really sorry, I cannot hear you. Sorry.
If you could join the queue as there are other people waiting in the line, please.
Yeah, sure.
Thank you.
Thank you. Participants may press star and one to ask a question. The next question comes from the line of Rohit from iThought PMS. Please go ahead.
Yeah, hi. So, sir, just wanted to follow up on your earlier comment that you're quite bullish on Cochin. So, just, I mean, if I look at the long-term numbers, of course, this quarter has been the best quarter for both these old parks, Cochin and Bangalore. But the footfall numbers for these, if I look at slightly longer term, they've not really grown that much. Given this comment that you're saying that you're bullish, I just wanted to understand from you, is there a I mean, of course, you don't comment on how footfall will grow, et cetera, but is there a chance that we can look at a new peak for them, not in this year, but just sustainably? If you can maybe talk a bit about that.
Yeah. So, yes, you're right that if you look at a long-term perspective, I think there is an anomaly in that, which is the pent-up demand that came during post-COVID in FY 2023, FY 2024. But I think, again, I would go back that we look at larger focus on input metrics. So while over a long term we've not been able to hit the best-ever footfall, we continue to focus on also looking at ARPU growth. And I think both these input metrics are delivering the end outcome of overall revenue growth, such that growing at a stable manner across the last three, four years.
We are actually very happy that we have been able to now grow beyond the post-COVID pent-up demand, which is a one-time anomaly, which tells us that at a CAGR level of 8%-9% at a CAGR level of eight-nine years, we are seeing extremely healthy growth for an amusement park.
Right. I mean, from a capacity increase point of view, in Bangalore at least, are you, I mean, given that if you are bullish on footfall, is there also something that you are thinking in terms of adding some capacity in terms of Bangalore Amusement Park?
Adding capacity is done two ways. One is CapEx investments, which you would have seen over the last two years. We have done some substantial investments, bringing some flagship global rides. The other part is also how do you look at timings, where you are able to accommodate more people within a same day. I think both these variables we are working on based on peak demand.
Okay. You expect some kind of incremental investment in Bangalore, let us say, in next three, four quarters?
We can't comment on that right now.
Okay. If you can maybe share Chennai, how has been the start of Q3? Is the momentum continuing?
I mean, can't comment on our current quarter because the numbers are not out. I think from a year perspective, so far we're very happy because it's been able to match some of our established parks like Hyderabad and Cochin.
Got it. I'll fall back to you. Thank you.
Thank you. The next question comes from the line of Krishna Prasad from Nuden. Please go ahead.
Sir, good morning, sir. In your view, for the Chennai park to get to Bangalore level footfall, how many years do you think it will take, sir?
It should take about three years from what we see, but I think we will only know, we can only comment on this maybe after second or third year because it is just our first year. So we will have to see how the phase two of growth ramps up, which we will know only by end of FY2028.
Okay. Thank you, sir.
Thank you. The next question comes from the line of Vivek Kumar from Geometric Securities. Please go ahead.
Am I audible, sir?
Yeah.
Sir, Arun sir mentioned that if it is not economical, we will not do it. We also want to grow from five parks to some, I do not know, eight, nine parks in the next five, six years. What are the constraints? I know you cannot talk about locations and government, what exactly each government is offering you, but what are the constraints which are, in our view, maybe we are wrong as investors, but we have been sitting, waiting for a new park for last two and a half years. What are the constraints that are Is it just economics of a park, or it is land, or it is some government policy? What are the constraints in converting the or converting some locations. I am not asking any specific, but any general constraints, which are like delaying our new project launches.
I am not saying
Partly it's a bit from the government side, then partly because land acquisition is also very tricky. Both things are constraints.
You think these constraints are only delaying but not denying? Because in the previous comment you mentioned, if it doesn't make sense, we won't do.
Land acquisition and government matters, some delays are usual, as you know. So, whenever it gets resolved, we will go forward with it.
You are confident that in the next three, four years we will add parks, right? It will not be like last two, three years, like new parks and like announcement. I'm not saying-
We started new park. No, we are confident. We will do it. Look, the intent is there. But we can't take any rash decisions.
No, 100%. Thank you, sir.
Thank you. The next question comes from the line of Keshav Garg from Counter Cyclical PMS. Please go ahead.
Sir, we had plans to make resorts in all the other properties on the lines of Bangalore park. So, what is the progress on that count?
We are waiting for one full year of the new resort to complete, then we will take a call on where to expand it.
How much of the land in, let's say, percentage terms, in other parks where the resort is not there, what percentage of the park is currently being unutilized so that a resort can be made or maybe some other thing can be contemplated?
We have roughly 40%-50% land is still available. Some parks, like Hyderabad, will be less.
Sir, can't we make some pre-engineered building, kind of auditorium and banquet hall for marriages and such kind of events?
We already have banqueting facilities in all our parks. I mean, of course, you want to add a resort, but that we will wait and we will take a call on it.
Right, sir. And sir, what about, sir, do we have captive solar power for our operations?
Yes.
Sir, in all the parks?
Yeah.
Okay, great. Sir, my only suggestion was that-
I will just finish my friend here.
Yeah, sure.
Thank you.
Thank you. The next question comes from the line of Yash Mehta from Grit Securities. Please go ahead.
Hello, sir. I have got a few set of questions. Firstly, what is the expected timeline for the Chennai park to achieve operational utilization and contribute meaningfully to overall profitability?
We just answered that question. It will take us two to three years.
Okay. Nextly, the EBITDA margins have also improved significantly during the quarter. What do you think, how sustainable are these margins and what are the long-term margin potential?
Long-term margin, it will become like our established parks like Hyderabad, Bangalore, and Kochi. Its margins will continue to expand, but this is the first year, so it is very erratic. It might move up and down in different quarters. After two to three years, it will stabilize.
Understood. Also, can you brief about the company's expansion and CapEx plan for FY 2028? Are there any new locations under
Yeah, we are looking at two to three new locations, but no final call has been taken. We hope to conclude some of these deals before the end of this financial year, and we will keep you updated.
Got it. Just the last question. With ARPU growth remaining relatively modest during this quarter, what initiatives are being undertaken to improve the ticket realizations and increase non-ticket spending?
We will keep doing different activities. Some ARPU growth is actually, it is an average number, right? It is actually a derivative of all the tickets that we sold at various different prices as a result of many different campaigns, many different offers, and things like that. So it will keep varying, and of course, Q1 will be the strongest, and Q2 will be the weakest, and Q3 and Q4 will come somewhere in between.
Got it. Okay. Thank you so much. I will join the question queue again.
Thank you. The next question comes from the line of Nimish Verma from Vexora . Please go ahead.
Good afternoon, sir. I had two sets of questions. The first one being, what is the current capacity utilization across existing parks, and how much incremental footfall can be accommodated without significant additional CapEx?
If you look at a whole year perspective, I think we will be at a 30% or 40% occupancy, but that is normal for these kind of parks. We can improve in off-seasons, but it is much harder because we are also very, the footfall also dependent on weather and all, a lot of external conditions. I think 30% to 40% is a good occupancy. We could, I mean, as the years go by, we can accommodate more people in the leaner quarters. But that, again, like I said, it is unpredictable, but we continue to do different interventions to see whether we can improve the occupancy.
Got it, sir. Thank you. My other question would be, how does Wonderla plan to improve weekday footfall and reduce seasonality in visitor numbers?
Look, like answered earlier, I think we are doing cohort-led pricing interventions and also working to bring in more group footfall in the weekdays and lean season.
Oh, got it, sir. Thank you. I will join the follow-up for any.
Thank you. The next question comes from the line of Anurag Jain, an individual investor. Please go ahead.
Good afternoon, sir. My question is related to capital allocation going forward. Basically, last time when the company did the two parks in Bhubaneswar and Chennai, there were three parks already there, so cash flows from there were used and there was an equity dilution. Going forward, we have five operational parks. What are your thoughts going forward in the next five years whenever we find some opportunity and we do get into newer parks? What do you think how the capital funding would happen for those new parks? Do you expect more equity dilution to fund those parks, or the cash flows from these current five parks should be sufficient?
Whatever equity dilution we had to do, we are already done. Now we are not looking to do any further equity dilution. I think with our own cash flows, we can fund most of the CapEx. Maybe some debt we might take at some point, but as of now, we don't need to dilute equity anymore.
Thank you, sir. This is good. One more question I have. Overseas, there is a trend for entertainment parks, amusement parks to offer insurance also, related to weather. Let's say, there is a weather disruption. If the customer has bought additional insurance from the park, then they can use that ticket some other day, some other time. Is this something Wonderla is doing or not?
We have flexi tickets, which anyways allow customers to change based on weather or any other emergency conditions that they have. That's already implemented on our online booking portal.
All right, sir. Thank you.
Thank you. A reminder for all the participants, in order to ask a question, you may press star and one. Ladies and gentlemen, we will take this as the last question for today. I now hand over to the management for closing comments. Over to you, sir.
Thank you all for joining the Q2 and H1 of FY27 results discussion. Hope to see you guys again for the next call. We continue to remain bullish on the prospects of the company. Thank you.
Thank you. On behalf of Wonderla Holidays Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.