# Amusement Parks — company-by-company sector analysis

> Amusement Parks: Wonderla Holidays Ltd owns the largest revenue base; Z-Tech (India) Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 0 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Wonderla Holidays Ltd leads with revenue of ₹519 crore, based on 3 of 3 comparable companies through Mar 2026. Z-Tech (India) Ltd has the fastest current revenue growth at 40.2%, across 3 of 3 comparable companies.

### Is the Amusement Parks sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 0 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Amusement Parks company is largest by revenue?

Wonderla Holidays Ltd leads with revenue of ₹519 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Amusement Parks company is growing fastest?

Z-Tech (India) Ltd has the fastest current revenue growth at 40.2%, across 3 of 3 comparable companies.

### Which Amusement Parks company has the strongest 4-Factor Sector Score?

Z-Tech (India) Ltd ranks first at 62.4/100 with 60.4% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Amusement Parks company has the least gross debt?

Wonderla Holidays Ltd has the lowest comparable gross debt at ₹6 crore. Imagicaaworld Entertainment Ltd has the highest at ₹343 crore.

### Which Amusement Parks company has the lowest comparable PEG?

Wonderla Holidays Ltd has the lowest comparable Guarded PEG at 5.41, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Amusement Parks comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Amusement Parks against NIFTY 500 is not available from the current market series. 0 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Z-Tech (India) Ltd is the strongest against the sector itself at +5.9%.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 0/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹6.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Z-Tech (India) Ltd (ZTECH): 62/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 23.7/35 | Capital efficiency 19.6/25 | Valuation 10.0/20 | Relative strength 9.1/20
   - Exact sum: 23.7 + 19.6 + 10 + 9.1 = 62.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Wonderla Holidays Ltd (WONDERLA): 35/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 16.5/35 | Capital efficiency 12.7/25 | Valuation 4.0/20 | Relative strength 2.0/20
   - Exact sum: 16.5 + 12.7 + 4 + 2 = 35.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Imagicaaworld Entertainment Ltd (IMAGICAA): 23/100 — Adverse evidence; evidence 74%
   - Growth & earnings 0.0/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 3.2/20
   - Exact sum: 0 + 9.8 + 10 + 3.2 = 23
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Wonderla Holidays Ltd is the scale leader at ₹519 crore, 38.8% ahead of Imagicaaworld Entertainment Ltd. Z-Tech (India) Ltd's growth is 40.2% from a ₹94 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Wonderla Holidays Ltd is the scale benchmark; Z-Tech (India) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Wonderla Holidays Ltd's growth falls below Z-Tech (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Wonderla Holidays Ltd · ₹519 crore | 38.8% versus #2 · Imagicaaworld Entertainment Ltd | 3/8 recent comparable periods | 3/3 companies · 48 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Wonderla Holidays Ltd (WONDERLA): ₹519 Cr
2. Imagicaaworld Entertainment Ltd (IMAGICAA): ₹374 Cr
3. Z-Tech (India) Ltd (ZTECH): ₹94 Cr

### Revenue growth — fastest growers
1. Z-Tech (India) Ltd (ZTECH): 40%
2. Wonderla Holidays Ltd (WONDERLA): 13%
3. Imagicaaworld Entertainment Ltd (IMAGICAA): -8.9%

### 20-quarter Revenue history
- WONDERLA: Jun 2021 ₹4 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹99 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹136 Cr
- IMAGICAA: Jun 2021 ₹2 Cr | Sep 2021 ₹5 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹148 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹92 Cr
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹11 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹35 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Revenue growth history
- WONDERLA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3,625% | Sep 2022 288% | Dec 2022 135% | Mar 2023 68% | Jun 2023 24% | Sep 2023 14% | Dec 2023 9.7% | Mar 2024 1.0% | Jun 2024 -6.5% | Sep 2024 -11% | Dec 2024 -1.6% | Mar 2025 -3.0% | Jun 2025 -2.9% | Sep 2025 19% | Dec 2025 11% | Mar 2026 40%
- IMAGICAA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4,350% | Sep 2022 620% | Dec 2022 125% | Mar 2023 63% | Jun 2023 13% | Sep 2023 -0.4% | Dec 2023 -6.2% | Mar 2024 5.1% | Jun 2024 83% | Sep 2024 12% | Dec 2024 36% | Mar 2025 67% | Jun 2025 -20% | Sep 2025 4.6% | Dec 2025 0.2% | Mar 2026 -2.7%
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 51% | Sep 2024 2.4% | Dec 2024 53% | Mar 2025 58% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Z-Tech (India) Ltd leads both opm at 36.8% and margin change at +21.3 percentage points.

Investor read: Z-Tech (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Z-Tech (India) Ltd · 36.8% | 11.5% versus #2 · Imagicaaworld Entertainment Ltd | 3/4 recent comparable periods | 3/3 companies · 48 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Z-Tech (India) Ltd (ZTECH): 37%
2. Imagicaaworld Entertainment Ltd (IMAGICAA): 33%
3. Wonderla Holidays Ltd (WONDERLA): 30%

### Margin change — fastest expanders
1. Z-Tech (India) Ltd (ZTECH): +21.3 pp
2. Wonderla Holidays Ltd (WONDERLA): +10.0 pp
3. Imagicaaworld Entertainment Ltd (IMAGICAA): −9.9 pp

### 20-quarter OPM history
- WONDERLA: Jun 2021 -233% | Sep 2021 -20% | Dec 2021 30% | Mar 2022 34% | Jun 2022 61% | Sep 2022 29% | Dec 2022 50% | Mar 2023 43% | Jun 2023 63% | Sep 2023 27% | Dec 2023 44% | Mar 2024 36% | Jun 2024 53% | Sep 2024 -2.0% | Dec 2024 31% | Mar 2025 20% | Jun 2025 46% | Sep 2025 9.0% | Dec 2025 30% | Mar 2026 30%
- IMAGICAA: Jun 2021 -388% | Sep 2021 -208% | Dec 2021 35% | Mar 2022 116% | Jun 2022 44% | Sep 2022 6.6% | Dec 2022 41% | Mar 2023 27% | Jun 2023 50% | Sep 2023 12% | Dec 2023 37% | Mar 2024 30% | Jun 2024 60% | Sep 2024 -8.7% | Dec 2024 32% | Mar 2025 43% | Jun 2025 49% | Sep 2025 -22% | Dec 2025 24% | Mar 2026 33%
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 26% | Dec 2023 15% | Mar 2024 15% | Jun 2024 21% | Sep 2024 20% | Dec 2024 32% | Mar 2025 37% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Margin change history
- WONDERLA: Jun 2021 +59,167.1 pp | Sep 2021 +5,063.0 pp | Dec 2021 +235.0 pp | Mar 2022 +26.8 pp | Jun 2022 +294.0 pp | Sep 2022 +49.8 pp | Dec 2022 +20.5 pp | Mar 2023 +8.5 pp | Jun 2023 +1.9 pp | Sep 2023 −2.4 pp | Dec 2023 −6.0 pp | Mar 2024 −7.0 pp | Jun 2024 −10.0 pp | Sep 2024 −29.0 pp | Dec 2024 −13.0 pp | Mar 2025 −16.0 pp | Jun 2025 −7.0 pp | Sep 2025 +11.0 pp | Dec 2025 −1.0 pp | Mar 2026 +10.0 pp
- IMAGICAA: Jun 2021 +13,722.9 pp | Sep 2021 +58.3 pp | Dec 2021 +214.6 pp | Mar 2022 +164.3 pp | Jun 2022 +432.1 pp | Sep 2022 +214.6 pp | Dec 2022 +5.2 pp | Mar 2023 −88.8 pp | Jun 2023 +6.0 pp | Sep 2023 +5.4 pp | Dec 2023 −3.3 pp | Mar 2024 +3.6 pp | Jun 2024 +10.0 pp | Sep 2024 −20.7 pp | Dec 2024 −5.0 pp | Mar 2025 +12.4 pp | Jun 2025 −10.8 pp | Sep 2025 −13.1 pp | Dec 2025 −8.1 pp | Mar 2026 −9.9 pp
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +10.1 pp | Sep 2024 −5.5 pp | Dec 2024 +17.0 pp | Mar 2025 +21.3 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Wonderla Holidays Ltd leads with ₹81 crore of TTM profit, 301% above Z-Tech (India) Ltd. Z-Tech (India) Ltd shows ≥100% on the scoring scale (138.5% uncapped) growth from a ₹20 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Wonderla Holidays Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Wonderla Holidays Ltd · ₹81 crore | 301% versus #2 · Z-Tech (India) Ltd | 2/8 recent comparable periods | 3/3 companies · 48 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Wonderla Holidays Ltd (WONDERLA): ₹81 Cr
2. Z-Tech (India) Ltd (ZTECH): ₹20 Cr
3. Imagicaaworld Entertainment Ltd (IMAGICAA): ₹1 Cr

### Profit growth — fastest growers
1. Z-Tech (India) Ltd (ZTECH): 100%
2. Wonderla Holidays Ltd (WONDERLA): -26%
3. Imagicaaworld Entertainment Ltd (IMAGICAA): -80%

### 20-quarter Net profit history
- WONDERLA: Jun 2021 ₹-13 Cr | Sep 2021 ₹-9 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹16 Cr
- IMAGICAA: Jun 2021 ₹-75 Cr | Sep 2021 ₹-79 Cr | Dec 2021 ₹-59 Cr | Mar 2022 ₹-31 Cr | Jun 2022 ₹532 Cr | Sep 2022 ₹-22 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹-160 Cr | Jun 2023 ₹589 Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹0 Cr
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Profit growth history
- WONDERLA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 680% | Mar 2023 289% | Jun 2023 31% | Sep 2023 27% | Dec 2023 -5.1% | Mar 2024 -34% | Jun 2024 -25% | Sep 2024 7.1% | Dec 2024 -46% | Mar 2025 -52% | Jun 2025 -16% | Sep 2025 -113% | Dec 2025 -30% | Mar 2026 45%
- IMAGICAA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 -38% | Mar 2024 — | Jun 2024 -89% | Sep 2024 — | Dec 2024 -25% | Mar 2025 218% | Jun 2025 -33% | Sep 2025 — | Dec 2025 -261% | Mar 2026 -97%
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 130% | Sep 2024 -18% | Dec 2024 442% | Mar 2025 236% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Wonderla Holidays Ltd has the clearest covered balance-sheet capacity with ₹418 crore net cash and gross debt of ₹6 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Wonderla Holidays Ltd · ₹6 crore | 92% versus #2 · Z-Tech (India) Ltd | 8/8 recent comparable periods | 3/3 companies · 53 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Wonderla Holidays Ltd (WONDERLA): ₹6 Cr
2. Z-Tech (India) Ltd (ZTECH): ₹75 Cr
3. Imagicaaworld Entertainment Ltd (IMAGICAA): ₹343 Cr

### Net debt — lowest net debt
1. Wonderla Holidays Ltd (WONDERLA): ₹-418 Cr
2. Z-Tech (India) Ltd (ZTECH): ₹62 Cr
3. Imagicaaworld Entertainment Ltd (IMAGICAA): ₹316 Cr

### 20-quarter Gross debt history
- WONDERLA: Jun 2021 ₹4 Cr | Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr
- IMAGICAA: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹659 Cr | Dec 2022 ₹659 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹806 Cr | Sep 2023 ₹226 Cr | Dec 2023 ₹226 Cr | Mar 2024 ₹340 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹343 Cr
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹75 Cr

### 20-quarter Net debt history
- WONDERLA: Jun 2021 ₹-89 Cr | Sep 2021 ₹-73 Cr | Dec 2021 ₹-73 Cr | Mar 2022 ₹-102 Cr | Jun 2022 ₹-102 Cr | Sep 2022 ₹-201 Cr | Dec 2022 ₹-201 Cr | Mar 2023 ₹-249 Cr | Jun 2023 ₹-249 Cr | Sep 2023 ₹-273 Cr | Dec 2023 ₹-273 Cr | Mar 2024 ₹-208 Cr | Jun 2024 ₹-208 Cr | Sep 2024 ₹-134 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹-554 Cr | Jun 2025 ₹-554 Cr | Sep 2025 ₹-452 Cr | Dec 2025 ₹-452 Cr | Mar 2026 ₹-418 Cr
- IMAGICAA: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹648 Cr | Dec 2022 ₹648 Cr | Mar 2023 ₹745 Cr | Jun 2023 ₹741 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹239 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹316 Cr
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹62 Cr

## Return On Capital Employed

What the numbers say: Z-Tech (India) Ltd leads ROCE at 28.2%, 21.8 percentage points above Wonderla Holidays Ltd. Z-Tech (India) Ltd has the strongest latest improvement at +0.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Z-Tech (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Z-Tech (India) Ltd · 28.2% | 339.3% versus #2 · Wonderla Holidays Ltd | 1/4 recent comparable periods | 3/3 companies · 38 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Z-Tech (India) Ltd (ZTECH): 28%
2. Wonderla Holidays Ltd (WONDERLA): 6.4%
3. Imagicaaworld Entertainment Ltd (IMAGICAA): 1.9%

### ROCE change — fastest improvers
1. Z-Tech (India) Ltd (ZTECH): +0.6 pp
2. Wonderla Holidays Ltd (WONDERLA): −0.8 pp
3. Imagicaaworld Entertainment Ltd (IMAGICAA): −4.3 pp

### 20-quarter ROCE history
- WONDERLA: Jun 2021 — | Sep 2021 -6.7% | Dec 2021 — | Mar 2022 -1.9% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 19% | Dec 2023 22% | Mar 2024 16% | Jun 2024 16% | Sep 2024 11% | Dec 2024 11% | Mar 2025 5.1% | Jun 2025 6.7% | Sep 2025 4.2% | Dec 2025 6.6% | Mar 2026 4.3%
- IMAGICAA: Jun 2021 — | Sep 2021 13% | Dec 2021 — | Mar 2022 6.5% | Jun 2022 — | Sep 2022 1.8% | Dec 2022 — | Mar 2023 -0.5% | Jun 2023 — | Sep 2023 1.9% | Dec 2023 39% | Mar 2024 2.7% | Jun 2024 5.3% | Sep 2024 5.3% | Dec 2024 6.8% | Mar 2025 5.5% | Jun 2025 4.6% | Sep 2025 2.3% | Dec 2025 2.8% | Mar 2026 1.2%
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 36% | Dec 2023 — | Mar 2024 49% | Jun 2024 58% | Sep 2024 21% | Dec 2024 48% | Mar 2025 16% | Jun 2025 — | Sep 2025 17% | Dec 2025 — | Mar 2026 16%

### 20-quarter ROCE change history
- WONDERLA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +18.1 pp | Dec 2022 — | Mar 2023 +19.8 pp | Jun 2023 — | Sep 2023 +7.5 pp | Dec 2023 — | Mar 2024 −1.9 pp | Jun 2024 — | Sep 2024 −8.0 pp | Dec 2024 −10.9 pp | Mar 2025 −10.9 pp | Jun 2025 −9.6 pp | Sep 2025 −6.7 pp | Dec 2025 −4.3 pp | Mar 2026 −0.8 pp
- IMAGICAA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.3 pp | Dec 2022 — | Mar 2023 −7.0 pp | Jun 2023 — | Sep 2023 +0.1 pp | Dec 2023 — | Mar 2024 +3.2 pp | Jun 2024 — | Sep 2024 +3.4 pp | Dec 2024 −32.0 pp | Mar 2025 +2.8 pp | Jun 2025 −0.7 pp | Sep 2025 −3.0 pp | Dec 2025 −4.0 pp | Mar 2026 −4.3 pp
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −15.0 pp | Dec 2024 — | Mar 2025 −33.6 pp | Jun 2025 — | Sep 2025 −3.4 pp | Dec 2025 — | Mar 2026 +0.6 pp

## Valuation Against Growth & Quality

What the numbers say: Wonderla Holidays Ltd has the lowest comparable Guarded PEG at 5.41×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Wonderla Holidays Ltd · 5.41× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 3 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Wonderla Holidays Ltd (WONDERLA): 5.4

### P/E — lowest P/E
1. Wonderla Holidays Ltd (WONDERLA): 35.0
2. Z-Tech (India) Ltd (ZTECH): 37.9
3. Imagicaaworld Entertainment Ltd (IMAGICAA): 4,191.0

### 20-quarter Guarded PEG history
- WONDERLA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 5.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- WONDERLA: Jun 2021 — | Sep 2021 — | Dec 2021 -51.0 | Mar 2022 -140.2 | Jun 2022 19.5 | Sep 2022 31.5 | Dec 2022 22.0 | Mar 2023 19.8 | Jun 2023 21.6 | Sep 2023 24.2 | Dec 2023 27.7 | Mar 2024 33.0 | Jun 2024 32.7 | Sep 2024 36.3 | Dec 2024 30.5 | Mar 2025 31.2 | Jun 2025 33.7 | Sep 2025 38.7 | Dec 2025 39.1 | Mar 2026 37.6
- IMAGICAA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.3 | Sep 2022 — | Dec 2022 3.1 | Mar 2023 — | Jun 2023 5.2 | Sep 2023 6.2 | Dec 2023 6.8 | Mar 2024 8.9 | Jun 2024 100.2 | Sep 2024 62.2 | Dec 2024 46.5 | Mar 2025 47.2 | Jun 2025 47.6 | Sep 2025 54.4 | Dec 2025 105.5 | Mar 2026 134.3
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 24.9 | Sep 2024 44.5 | Dec 2024 60.8 | Mar 2025 51.6 | Jun 2025 38.1 | Sep 2025 42.3 | Dec 2025 46.8 | Mar 2026 37.7

## Enterprise Value & Book Value

What the numbers say: Wonderla Holidays Ltd leads both ev/ebitda at 16.2× and p/bv at 1.66×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Wonderla Holidays Ltd · 16.2× | 1.8% versus #2 · Imagicaaworld Entertainment Ltd | 0/8 recent comparable periods | 3/3 companies · 43 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Wonderla Holidays Ltd (WONDERLA): 16.2
2. Imagicaaworld Entertainment Ltd (IMAGICAA): 16.5
3. Z-Tech (India) Ltd (ZTECH): 27.1

### P/BV — lowest P/BV
1. Wonderla Holidays Ltd (WONDERLA): 1.7
2. Imagicaaworld Entertainment Ltd (IMAGICAA): 2.1
3. Z-Tech (India) Ltd (ZTECH): 4.4

### 20-quarter EV/EBITDA history
- WONDERLA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 63.2 | Jun 2022 46.4 | Sep 2022 16.1 | Dec 2022 12.1 | Mar 2023 11.9 | Jun 2023 13.6 | Sep 2023 15.1 | Dec 2023 17.4 | Mar 2024 20.7 | Jun 2024 20.2 | Sep 2024 21.6 | Dec 2024 23.3 | Mar 2025 22.5 | Jun 2025 22.6 | Sep 2025 21.3 | Dec 2025 17.2 | Mar 2026 16.2
- IMAGICAA: Jun 2021 — | Sep 2021 — | Dec 2021 278.4 | Mar 2022 33.5 | Jun 2022 48.4 | Sep 2022 13.3 | Dec 2022 12.8 | Mar 2023 17.9 | Jun 2023 22.2 | Sep 2023 31.5 | Dec 2023 26.6 | Mar 2024 34.8 | Jun 2024 41.4 | Sep 2024 28.1 | Dec 2024 23.5 | Mar 2025 23.2 | Jun 2025 22.4 | Sep 2025 21.4 | Dec 2025 18.7 | Mar 2026 16.5
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 24.3 | Sep 2024 43.5 | Dec 2024 58.7 | Mar 2025 45.0 | Jun 2025 28.4 | Sep 2025 30.0 | Dec 2025 33.6 | Mar 2026 27.1

### 20-quarter P/BV history
- WONDERLA: Jun 2021 1.4 | Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 1.6 | Jun 2022 1.5 | Sep 2022 2.5 | Dec 2022 2.2 | Mar 2023 3.0 | Jun 2023 4.0 | Sep 2023 4.3 | Dec 2023 4.6 | Mar 2024 5.4 | Jun 2024 5.4 | Sep 2024 4.5 | Dec 2024 3.6 | Mar 2025 3.6 | Jun 2025 3.2 | Sep 2025 2.2 | Dec 2025 1.8 | Mar 2026 1.8
- IMAGICAA: Jun 2021 -0.2 | Sep 2021 -0.2 | Dec 2021 -0.1 | Mar 2022 -0.1 | Jun 2022 -0.2 | Sep 2022 9.8 | Dec 2022 10.6 | Mar 2023 -0.8 | Jun 2023 -0.8 | Sep 2023 -0.9 | Dec 2023 3.6 | Mar 2024 4.8 | Jun 2024 5.3 | Sep 2024 5.5 | Dec 2024 3.5 | Mar 2025 3.3 | Jun 2025 4.1 | Sep 2025 2.5 | Dec 2025 2.0 | Mar 2026 1.7
- ZTECH: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 13.1 | Sep 2024 9.2 | Dec 2024 12.0 | Mar 2025 13.1 | Jun 2025 4.8 | Sep 2025 5.0 | Dec 2025 5.5 | Mar 2026 4.4

## Market action

Z-Tech (India) Ltd has the strongest one-year price move in Amusement Parks at -9.3%. Imagicaaworld Entertainment Ltd leads on Mansfield relative strength against NIFTY at -4.6%. 0 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Z-Tech (India) Ltd (ZTECH): -9.3%
2. Wonderla Holidays Ltd (WONDERLA): -28%
3. Imagicaaworld Entertainment Ltd (IMAGICAA): -30%

### Strongest relative strength versus NIFTY 500
1. Imagicaaworld Entertainment Ltd (IMAGICAA): -4.6%
2. Z-Tech (India) Ltd (ZTECH): -4.9%
3. Wonderla Holidays Ltd (WONDERLA): -14%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Wonderla Holidays Ltd (WONDERLA) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Imagicaaworld Entertainment Ltd (IMAGICAA) — market value ₹2.6K Cr; latest fundamentals Mar 2026
- Z-Tech (India) Ltd (ZTECH) — market value ₹763 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 1. Withheld: 0. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | ZTECH | Z-Tech (India) Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Amusement Parks index?

The Nifty Amusement Parks index tracks India's listed Amusement Parks companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Amusement Parks sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Amusement Parks stocks in India?

Ranked by this page's four-factor score, Z-Tech (India) Ltd places first among 3 listed Amusement Parks companies, followed by Wonderla Holidays Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Amusement Parks stocks are listed in India?

This comparison covers 3 listed Amusement Parks companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Amusement Parks company is the biggest?

Wonderla Holidays Ltd is the largest, with trailing-twelve-month revenue of ₹519 crore, ahead of Imagicaaworld Entertainment Ltd at ₹374 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Amusement Parks company is growing fastest?

Z-Tech (India) Ltd has the fastest revenue growth at 40.2% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Amusement Parks company has the best profit margins?

Z-Tech (India) Ltd has the highest operating margin at 36.8%, from 3 of 3 comparable companies. Z-Tech (India) Ltd shows the biggest recent improvement, at +21.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Amusement Parks company makes the most profit?

Wonderla Holidays Ltd earns the most, at ₹81 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Z-Tech (India) Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Amusement Parks company earns the highest return on capital?

Z-Tech (India) Ltd leads on return on capital employed at 28.2%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Amusement Parks stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Wonderla Holidays Ltd screens cheapest at 5.41×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Amusement Parks company has the strongest balance sheet?

Wonderla Holidays Ltd carries the lowest comparable gross debt at ₹6 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Amusement Parks stock has the strongest price momentum?

Imagicaaworld Entertainment Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Amusement Parks company scores highest for research priority?

Z-Tech (India) Ltd scores 62.4 out of 100 with 60.4% evidence confidence, from 23.7 points on growth and earnings, 19.6 on capital efficiency, 10 on valuation and 9.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Amusement Parks companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Amusement Parks sector?

The 3 Amusement Parks companies on this page carry ₹6,377 crore of combined market value. Wonderla Holidays Ltd is the largest at ₹2,974 crore, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Amusement Parks sector performing?

0 of the 3 covered Amusement Parks companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/amusement-parks