IEImagicaaworld Entertainment539056Periodic business update

Q2 FY27 update: Novotel Imagicaa sale approved for Rs. 248 crores, all convertible warrants converted

Q2 FY27 update: park footfalls fell 6% year-on-year to 2.1 lakh from 2.25 lakh, which the company links to heavy July–August rains.

By ScoutQuest · Mon 19 Oct 2026, 12:40 PM IST · 2 min read

Q2 FY27 footfalls

2.1 lakh vs 2.25 lakh YoY, down 6% (attributed to heavy July–August rains)

Novotel Imagicaa sale consideration

Rs. 248 crores to Juniper Hotels Ltd; binding MoU signed first week of October 2026

Convertible warrant conversion

2,34,82,500 warrants at Rs. 73.50 each; balance 75% = Rs. 129.45 crore received, fully converted

Q2 FY27 Business Update: what the company reported

The update covers the quarter ended September 30, 2026 and is prepared on a consolidated basis. The financial results for Q2 FY27 are stated to be subject to review by Auditors.

Footfalls: a seasonally softer quarter

• Consolidated footfalls across all parks stood at 2.1 lakh during the quarter, compared with 2.25 lakh in the corresponding period last year.
• That is a year-on-year drop of 6%, which the company mainly attributes to heavy rains in the month of July and August 2026 in the key catchments.
• The company describes Q2 of FY27 as seasonally softer, in line with the inherent seasonality of the outdoor parks business.

Sale of Novotel Imagicaa approved

• The Board of Directors have approved the sale of Novotel Imagicaa to Juniper Hotels Ltd (JHL) for a lump sum consideration of Rs. 248 crores.
• Subsequently, a binding Memorandum of Understanding (MoU) was executed with JHL in the first week of October 2026.

Warrants fully converted

• The company had allotted 2,34,82,500 convertible warrants at an issue price of Rs. 73.50 per warrant to the promoter and identified non-promoter investors.
• At the time of allotment, 25% of the consideration was received upfront.
• The balance 75% subscription amount of Rs. 129.45 crore has now been received, resulting in full conversion of the warrants into equity shares, with no warrants remaining outstanding.

New park added to the portfolio

• The company has added a new park to its diversified portfolio with the acquisition of a 50% stake in Mehsana Next Parks Private Ltd.
• That entity is the SPV which owns and operates the landmark Shanku's Water Park in Mehsana, located between Ahmedabad and Gift City.

Indoor entertainment: Hello Park launch planned

• In Q3 FY27, the Indoor Entertainment foray of the company is set to kickstart with the launch of the first Hello Park at Lakeshore Mall, Hyderabad.
• This is planned through wholly owned subsidiary Imagicaa Next Private Limited.

What a reader can take away

The update points to a quarter where visitor volumes were lower year-on-year, alongside a set of balance-sheet and portfolio actions: a Board-approved sale of a hotel asset for Rs. 248 crores, full conversion of 2,34,82,500 warrants after receipt of the balance Rs. 129.45 crore, a 50% stake in a water park SPV, and a planned indoor entertainment launch in the current quarter.

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