Gujarat Hotels Ltd. Share Price

Silverstorm Parks and Resorts 

• Silverstorm Parks and Resorts is coming out with an initial public offering (IPO) of 61,98,000 shares in a price band of Rs 123-133 per equity share.
• The issue will open on July 24, 2026 and will close on July 28, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.30 times of its face value on the lower side and 13.30 times on the higher side.
• Book running lead manager to the issue is Vivro Financial Services.
• Compliance officer for the issue is Nagashruti Shivanand Lakkimarad.

Profile of the company

Silverstorm Parks & Resorts is an ISO 9001:2015 certified integrated amusement destination with an amusement cum water park, a snow park, an integrated resort and an upcoming aerial cable car project near Athirappilly waterfalls in Thrissur, Kerala (Athirappilly Theme Park). It is one of the renowned and established players in the region and set to become the first amusement park in the region to offer a cable car for tourist. Spread across around 17.38 acres, its park integrates an amusement cum water park, a snow park, and resort facilities, offering a comprehensive entertainment destination for families, students, tourist, corporate groups, and institutional visitors. It also owns and operates snow park at Jamshedpur, Jharkhand, with a total area of 5,183 square feet (Jamshedpur Snow Park) and is setting up a new snow park and family entertainment center at Lucknow, Uttar Pradesh with total area of more than 11,000 square feet (Lucknow Snow Park and FEC).

Located in midst of lush green forest area of western ghats in Thrissur district of Kerala and nearby scenic Athirappilly waterfalls, largest waterfall in Kerala and Vazhachal waterfalls, its Athirappilly Theme Park collectively features a wide array of 41 low to high thrill rides, 3 restaurants (including 1 restaurant at Athirappilly waterfalls) and resort with 8 well-appointed room as of March 31, 2026, making it a one-stop entertainment destination. Its Athirappilly Theme Park offers various water-based rides and amusement rides. In April 2023, it launched several new water rides, enhancing the appeal of its offering for both first-time and repeat visitors. Its Athirappilly Theme Park has been visited by over 16 lakh visitors in last three financial years.

A significant addition in Athirappilly Theme Park was the introduction of Kerala’s first indoor snow park under the brand name ‘Snow Storm’ in the year 2017, spread over around 10,000 square feet and maintained at negative 10 Degree Celsius. Snow Storm is a standalone attraction of its Athirappilly Theme Park with independent ticketing and features various snow-based experiences which are otherwise not naturally available in Kerala. In October 2025, it has expanded its geographical footprint, through its subsidiary ‘Snowstorm Parks’, by launching a new snow park at P & M Hi-Tech city center mall in Jamshedpur, Jharkhand and are also in process of setting a new snow park and family entertainment center at Lucknow, Uttar Pradesh which it expects to operationalize by first quarter of fiscal year 2027.

Proceed is being used for:

• Funding capital expenditure in relation to setting up Lucknow Snow Park and FEC.
• Funding capital expenditure in relation to the expansion and upgradation of its existing Athirappilly Theme Park, Kerala.
• Repayment and/or prepayment, in full or part, of certain borrowings availed by the company.
• General corporate purposes.

Industry overview

The Indian amusement park industry has evolved significantly since its inception in the 1980s. Initially, amusement parks in India were simple recreational spots with limited rides, primarily catering to local audiences. Early parks offered basic rides and family-oriented attractions, inspired by similar setups in the West but scaled down due to limited resources and low consumer spending power. However, the 1990s and early 2000s saw gradual advancements, with new parks incorporating larger rides and expanding facilities to appeal to both domestic tourists and the emerging middle-class consumer base. 

In the Indian amusement park market, South India consistently leads in market share, projected to reach Rs 58.8 billion by CY29P. This dominance can be attributed to South India's well-developed tourism infrastructure, favourable climate for year-round operations, and numerous established amusement parks that attract both domestic and international visitors. West India, expected to reach Rs 43.9 billion by CY29P, registering a CAGR of 15.8% during CY24 to CY29P, also shows substantial growth, driven by the presence of popular parks in Maharashtra and Gujarat, along with the region's strong tourism industry and higher disposable income levels. North and East India, though showing growth, remain smaller markets due to seasonal climate limitations and fewer large-scale parks. However, ongoing investments in entertainment infrastructure and increasing urbanisation in these regions are expected to support steady growth over the forecast period.

Key factors driving this upward trend include rising domestic tourism, with over 2 billion domestic tourist visits recorded in 2023. Additionally, increasing disposable income and the growing preference for luxury and lifestyle destinations among India’s expanding middle and upper classes. Additionally, the government’s focus on enhancing tourism infrastructure and promoting the sector has boosted investor interest, leading to improved resort facilities and a wider variety of experiences. Innovations in resort offerings, including entertainment, wellness, and family-friendly activities, are also attracting a more diverse customer base. The rise of experiential travel, from wellness retreats to entertainment-centric resorts, is also enhancing the market’s appeal to a broader audience. Together, these factors create a robust growth trajectory for India’s integrated resort sector.

Pros and strengths

Prudent capital allocation and consistent financial performance: A prudent capital allocation refers to disciplined and at the same time strategic management of financial resources of the company. This involves decision making with respect to the investment decisions, balance between risk and return and aligning this with growth strategy of the company. Its strength lies in its ability to continuously identify and add new attractions in its amusement park as well as manage capital expenditure within the budget and in a cost-effective manner. It has been prudent in capital deployment as well as identifying new attractions at reasonable costs. It is continuously re-investing the growth capital back into the company in order to expand operations by way of launching new rides and improving operational efficiency, among other strategies. This helps it deliver a fresh guest experience for its returning visitors.

Strong institutional marketing and regional sales network: It has developed a well-structured and active institutional marketing network that contributes to its stable and recurring visitor base. It has deployed a dedicated in-house sales and marketing team comprising of 46 personnel, who regularly covers all major districts in Kerala and nearby urban center of Tamil Nadu, including Coimbatore, Erode, Tirupur, Namakkal, Madurai, Dindigul, Karur, Nilgiris and Selam for various marketing activities. This regional presence enables targeted outreach and direct engagement with various visitor segments such as schools, colleges, corporates, travel agencies, and event organizers. Institutional marketing forms a core component of its business model, with educational institutions and corporate groups accounting for a significant portion of group bookings. The team regularly conducts direct marketing campaigns, relationship-based sales, and promotional drives, particularly ahead of seasonal breaks, school vacations, and holiday periods. Such group bookings contribute to steady footfalls and help maintain weekday occupancy, which traditionally sees lower volume in the amusement park industry. Its marketing efforts are further supported through multi-channel promotional strategies, including print media, visual media, radio, outdoor branding, and digital outreach via social media platforms. These initiatives are focused on generating awareness around new attractions, bundled offers, seasonal packages, and promotional events.

High safety and hygiene standards: It places considerable emphasis on ensuring that its amusement park is maintained with high safety and hygiene standards. Its Athirappilly Theme Park have been certified with ISO 9001:2015 by ARS Assessment for amusement rides, water slides, snow park and resort. For its water-based attractions, it uses reverse osmosis technology to ensure that the water is potable, clean and safe. It has set up extensive water filtering and recycling systems for each pool and a quality control laboratory for the purpose of carrying out quality checks on samples of water collected at regular intervals. It has installed lightning arrestors as a precautionary measure against lightning hazards. Further, it has diesel electricity generators with a combined capacity of 910 kVAh to ensure continuous supply of power. Apart from these specialised measures and installations, it also ensures that certain other basic safety measures are undertaken including harnesses for its rides and other attractions, availability of first-aid supplies and trained nurses and life guards stationed at all its water-based attractions at Athirappilly Theme Park.

Risks and concerns

Reliance on in-house maintenance: The company has not entered into annual maintenance contracts for the machinery, building, and other equipment used, except the Diesel Generator set used in its Athirappilly Theme Park and Athirappilly Snow Storm. Although it has a comprehensive in-house team for maintenance and management of its amusement park and snow parks, any unexpected accident, malfunction or mechanical breakdown of machinery at its amusement park and snow parks could disrupt operations, result in increased maintenance or replacement costs, and adversely affect its business, financial condition, and results of operations.

Dependence on seasonal footfalls: The footfalls in the amusement cum water theme park and snow parks are seasonal in nature. Its revenues and Footfalls are generally higher in the third quarter and first quarter of the Fiscal year due to annual school tours and festive seasons such as Diwali and Christmas, followed by Footfalls in the first quarter of the Fiscal year due to owing to schools’ summer vacation. It witnesses relatively lower Footfalls in the second quarter of the Fiscal except for the festive period of Onam. Seasonality affects leisure travel, school holidays, family outings, and group bookings. It seeks to attract increased Footfall on certain recognised days through various promotional offers such as discounts on entry fee, multi-buy promotions. Its fixed costs, including employee salaries, amusement cum water theme park operating expenses, and logistics-related costs, remain constant throughout the year. As a result, lower-than-expected Footfalls during certain quarters or more pronounced seasonal variations in attendance could disproportionately impact its revenues, operating results, and cash flows.

Operational dependence on electricity and water: The smooth functioning of its Athirappilly Theme Park depends substantially on an adequate and uninterrupted supply of electricity and water. It relies primarily on the state electricity board for its power requirements and use diesel generator sets to provide backup in case of outages. Any prolonged disruption in electricity supply during operational hours could require it to suspend rides or attractions, offer refunds to guests, and thereby adversely affect revenues and guest experience. Similarly, the operation of its snow park and water-based attractions requires access to an adequate and reliable supply of clean water. Any shortage or increase in the cost of water, due to factors such as regulatory restrictions, weather conditions, or higher demand, could increase its operating costs and affect its ability to operate attractions. Further, increases in electricity tariffs or water charges imposed by state authorities would also directly impact its costs and profitability.

Outlook

Silverstorm Parks and Resorts is primarily engaged in the business of running Amusement Parks. On operationalization of ropeway cable car at its Athirappilly Theme Park, it is positioned to be the first fully integrated amusement destination in India, combining an amusement cum water theme park, indoor snow park, ropeway cable car, and resort accommodation within a single property. On the concern side, its Athirappilly Theme Park is located in a relatively remote area of Thrissur, which increases its reliance on third-party suppliers and transportation providers for the timely delivery of spare parts, safety and maintenance equipment, food and beverage items, and other consumables. The distance from major urban centres and supply hubs can result in longer lead times, higher transportation costs, and greater susceptibility to delays arising from logistical constraints, fuel price fluctuations, road conditions, labour shortages, or supply chain disruptions.

The company is coming out with a maiden IPO of 61,98,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 123-133 per equity share. The aggregate size of the offer is around Rs 76.24 crore to Rs 82.43 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 4,358.00 lakh as against Rs 3,100.12 lakh for FY24-25, an increase of 40.58%. Profit after tax for the FY25-26 was at Rs 1,910.26 lakh against profit after tax of Rs 971.07 lakh in FY24-25, a surge of 96.72%.

Meanwhile, it intends to expand its presence beyond its current operations in Athirappilly, Kerala by entering new regional markets through the development of snow parks and other complementary family entertainment formats. Leveraging the operational success and market acceptance of Snow Storm, Athirappilly Theme Park’s indoor snow park, it has identified high-potential urban locations where indoor snow-based entertainment is expected to attract consistent footfall, particularly in geographies that lack such kind of experiences, whether natural or artificial. Going forward, it intends to enhance its overall revenue realization by optimizing both ticketing strategies and ancillary non-ticketing revenue streams, with the objective of diversifying income beyond entry fees.

A decent increase of about 38.43% in the sales to Rs. 23.16 millions was observed for the quarter ended June 2026. The sales figure stood at Rs. 16.73 millions during the year-ago period.The Total Profit for the quarter ended June 2026 of Rs. 1.28 millions grew from Rs.-0.76 millionsOperating profit surged to 2.81 millions from the corresponding previous quarter of 0.92 millions.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	23.16	16.73	38.43	23.16	16.73	38.43	73.65	83.64	-11.94
Other Income	0.06	0.03	100.00	0.06	0.03	100.00	2.45	2.44	0.41
PBIDT	2.81	0.92	205.43	2.81	0.92	205.43	6.22	9.58	-35.07
Interest	0.89	1.07	-16.82	0.89	1.07	-16.82	3.96	3.11	27.33
PBDT	1.92	-0.15	-1380.00	1.92	-0.15	-1380.00	2.26	6.47	-65.07
Depreciation	0.52	0.62	-16.13	0.52	0.62	-16.13	1.61	2.19	-26.48
PBT	1.40	-0.77	-281.82	1.40	-0.77	-281.82	0.65	4.28	-84.81
TAX	0.12	-0.01	-1300.00	0.12	-0.01	-1300.00	1.46	0.83	75.90
Deferred Tax	0.12	-0.01	-1300.00	0.12	-0.01	-1300.00	1.46	0.83	75.90
PAT	1.28	-0.76	-268.42	1.28	-0.76	-268.42	-0.81	3.45	-123.48
Equity	74.70	74.70	0.00	74.70	74.70	0.00	74.70	74.70	0.00
PBIDTM(%)	12.13	5.50	120.64	12.13	5.50	120.64	8.45	11.45	-26.27

The revenue slipped marginally during the June 2026 quarter. A decline of about Rs. 7.30 millions was observed as compared to Rs. 0.00 millions during the corresponding quarter last year.The Total Profit for the quarter ended June 2026 of Rs. 0.82 millions grew from Rs.-1.12 millions Operating profit Margin for the quarter ended June 2026 improved to 0.82% as compared to -1.12% of corresponding quarter ended June 2025

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	7.30	0.00	0.00	7.30	0.00	0.00	0.00	0.00	0.00
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.14	-100.00
PBIDT	0.82	-1.12	-173.21	0.82	-1.12	-173.21	-3.52	-3.02	16.56
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBDT	0.82	-1.12	-173.21	0.82	-1.12	-173.21	-3.52	-4.22	-16.59
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PBT	0.82	-1.12	-173.21	0.82	-1.12	-173.21	-3.52	-4.22	-16.59
TAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PAT	0.82	-1.12	-173.21	0.82	-1.12	-173.21	-3.52	-4.22	-16.59
Equity	1.00	1.00	0.00	1.00	1.00	0.00	1.00	1.00	0.00
PBIDTM(%)	11.23	0.00	0.00	11.23	0.00	0.00	0.00	0.00	0.00

The June 2026 quarter revenue stood at Rs. 1901.12 millions, up 7.83% as compared to Rs. 1763.15 millions during the corresponding quarter last year.A slender decline of -26.70% was recorded to Rs. 273.47  millions from Rs. 373.09 millions in the corresponding previous quarter.Operating profit for the quarter ended June 2026 decreased to 498.91 millions as compared to 580.91 millions of corresponding quarter ended June 2025.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202606	202506	% Var
Sales	1901.12	1763.15	7.83	1901.12	1763.15	7.83	1901.12	1763.15	7.83
Other Income	22.97	10.30	123.01	22.97	10.30	123.01	22.97	10.30	123.01
PBIDT	498.91	580.91	-14.12	498.91	580.91	-14.12	498.91	580.91	-14.12
Interest	57.50	27.09	112.26	57.50	27.09	112.26	57.50	27.09	112.26
PBDT	441.41	553.82	-20.30	441.41	553.82	-20.30	441.41	553.82	-20.30
Depreciation	65.05	54.15	20.13	65.05	54.15	20.13	65.05	54.15	20.13
PBT	376.36	499.67	-24.68	376.36	499.67	-24.68	376.36	499.67	-24.68
TAX	102.89	126.58	-18.72	102.89	126.58	-18.72	102.89	126.58	-18.72
Deferred Tax	3.66	-1.24	-395.16	3.66	-1.24	-395.16	3.66	-1.24	-395.16
PAT	273.47	373.09	-26.70	273.47	373.09	-26.70	273.47	373.09	-26.70
Equity	723.95	651.54	11.11	723.95	651.54	11.11	723.95	651.54	11.11
PBIDTM(%)	26.24	32.95	-20.35	26.24	32.95	-20.35	26.24	32.95	-20.35

With no major difference for the quarter endedJune 2026 , the total revenue stood at Rs. 3797.25  millions.Net profit declined -28.75% to Rs. 543.08 millions from Rs. 762.25 millions.Operating profit for the quarter ended June 2026 decreased to 1416.28 millions as compared to 1609.48 millions of corresponding quarter ended June 2025.

(Rs. in Million)

	Quarter ended			Year to Date			Year ended
	202606	202506	% Var	202606	202506	% Var	202603	202503	% Var
Sales	3797.25	3686.60	3.00	3797.25	3686.60	3.00	14692.32	14002.99	4.92
Other Income	437.56	419.58	4.29	437.56	419.58	4.29	1440.38	1446.11	-0.40
PBIDT	1416.28	1609.48	-12.00	1416.28	1609.48	-12.00	5926.75	4917.05	20.53
Interest	177.17	131.98	34.24	177.17	131.98	34.24	656.03	441.64	48.54
PBDT	1239.11	1477.50	-16.13	1239.11	1477.50	-16.13	2824.70	4475.41	-36.88
Depreciation	510.20	450.42	13.27	510.20	450.42	13.27	1932.48	1779.61	8.59
PBT	728.91	1027.08	-29.03	728.91	1027.08	-29.03	892.22	2695.80	-66.90
TAX	185.83	264.83	-29.83	185.83	264.83	-29.83	846.72	690.96	22.54
Deferred Tax	58.25	32.52	79.12	58.25	32.52	79.12	303.31	313.42	-3.23
PAT	543.08	762.25	-28.75	543.08	762.25	-28.75	45.50	2004.84	-97.73
Equity	2016.90	2016.42	0.02	2016.90	2016.42	0.02	2016.77	2016.42	0.02
PBIDTM(%)	37.30	43.66	-14.57	37.30	43.66	-14.57	40.34	35.11	14.88