Wonderla profit nearly vanished as Q2 costs outpaced the revenue decline
Operating margin dropped 28.35 percentage points QoQ, while other income exceeded reported pre-tax profit and the tax rate rose to 97.52%.
Filed 02 Nov 2026, 13:40 IST · Wonderla Holidays Ltd (WONDERLA)
Key takeaways
- Standalone operating margin fell 28.35 percentage points QoQ as revenue declined 51.96% while expenses fell only 26.55%.
- Reported profit before tax was supported by other income equal to 446.57% of PBT, while a 97.52% tax rate left net profit at Rs 0.05 cr.
- The stock fell 7.60% on the results date, with trading volume at 20.9 times its reference level.
Price around the results
Q2 revenue contraction exposed the operating-cost squeeze
Wonderla Holidays’ standalone revenue fell 51.96% QoQ to Rs 116.57 cr, but expenses declined only 26.55% to Rs 95.56 cr. The mismatch reduced operating profit 81.33% and pulled operating margin down to 18.02% from 46.37% in Q1FY27. With no year-on-year comparison provided, the sequential deterioration is the clearest read on this quarter.
Other income supported PBT, but tax absorbed almost all of it
Other income was Rs 9.11 cr, equal to 446.57% of reported PBT, indicating that the Rs 2.04 cr pre-tax profit was not generated mainly by operations. Interest expense rose 150.00% QoQ, while depreciation declined 2.32%, so the main pressure came from the sharp fall in operating profit. The 97.52% tax rate left just Rs 0.05 cr of net profit and EPS of Rs 0.01.
Margin remained above the reported Consumer Discretionary median
Wonderla’s 18.02% operating margin was 5.28 percentage points above the 12.74% median for the 153 Consumer Discretionary peers that had reported the quarter. That relative position did not prevent a sharp sequential weakening: operating margin was 46.37% in Q1FY27.
Shares fell sharply with unusually high trading activity
The stock declined 7.60% on the results date, including a 0.60% opening gap, and its relative return was -9.28%.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹117 cr | ₹243 cr | -51.96% |
| Other income | ₹9 cr | ₹9 cr | -3.80% |
| Expenses | ₹96 cr | ₹130 cr | -26.55% |
| Operating profit | ₹21 cr | ₹113 cr | -81.33% |
| Operating margin (%) | 18.02% | 46.37% | — |
| Interest | ₹0 cr | ₹0 cr | +150.00% |
| Depreciation | ₹28 cr | ₹28 cr | -2.32% |
| Profit before tax | ₹2 cr | ₹93 cr | -97.82% |
| Tax | ₹2 cr | ₹21 cr | -90.37% |
| Net profit | ₹0 cr | ₹73 cr | -99.93% |
| EPS (₹) | ₹0.01 | ₹11.48 | -99.91% |
Operating margin of 18.02% compares with a Consumer Discretionary sector median of 12.74% across 153 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -7.60% | -9.28% |
Volume on the results session was 20.90× its 20-day average.
What to watch
- Whether standalone operating margin recovers from 18.02% after the 28.35-percentage-point QoQ decline.
- Whether revenue improves from Rs 116.57 cr toward the Q1FY27 level of Rs 242.63 cr.
- Whether the tax rate moves down from 97.52% and other income falls from 446.57% of reported PBT.