Imagicaa Sees Opportunity in Domestic and Spiritual Tourism Growth, Devotional Park Expansion Planned

Imagicaa Sees Rise in Footfalls Following Prime Minister's Call for Domestic Travel

Amusement park operator Imagicaa is experiencing a surge in footfalls after Prime Minister Narendra Modi's call to prioritize domestic travel over foreign holidays. The company, which operates 10 amusement and water parks in Maharashtra, Gujarat, and Madhya Pradesh, reported an increase in bookings and footfalls following the Prime Minister's announcement.

According to Imagicaa's managing director, Jai Malpani, the company has seen a significant spike in bookings and footfalls on a week-on-week basis since the announcement. This uptick in domestic tourism comes at a time when international travel costs are higher and the Iran war has reduced outbound travel. As a result, amusement park operators like Imagicaa are likely to benefit from increased spending on local experiences.

| Comparison of Imagicaa's Revenue and Footfalls (FY26 vs. FY25) | | --- | --- | --- | | Revenue | FY26 | FY25 | | (Rs crore) | 374 | 410 | | % Change | -8.9% | | | Footfalls | FY26 | FY25 | | (lakhs) | 24.7 | 27.1 | | % Change | -8.7% | |

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Imagicaa is also capitalizing on India's booming spiritual tourism market by expanding its devotional park business to holy cities like Ayodhya. The company's devotional park format, Sai Teerth, in Shirdi has seen strong traction among families, and Imagicaa plans to replicate this model in three to five locations in the near term. The company expects to target cities with strong religious tourism and spending potential, with Ayodhya being one of the markets under evaluation.

Imagicaa's devotional parks require relatively lower capital expenditure and can operate in compact formats, making expansion easier. The company's strategy is to add one park a year, and it has recently added Shanku's Water Park in Gujarat and signed an 11-acre project on the Sabarmati Riverfront in Ahmedabad under a public-private partnership model.

In addition to expanding its core amusement business, Imagicaa is also entering the indoor entertainment space through Hello Park, a digitally immersive children's entertainment concept focused on ages three to 13. The first centre is expected to open in Hyderabad before Diwali, with two to three locations planned this fiscal.

Imagicaa plans to invest Rs 200-400 crore over the next one to two years to expand its presence in cities such as Delhi-NCR, Bengaluru, and Hyderabad. Despite facing challenges in FY26 due to an early monsoon in western Maharashtra and fewer footfalls in peak season due to the India-Pakistan clash, the company is optimistic about its summer season this year.

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