WEBSITE BSE:526628 NSE: AJWA FUN WOR Inc. Year: 1992 Industry: Hotel, Resort & Restaurants My Bucket: Add Stock
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1. Business Overview
Ajwa Fun World & Resort Ltd. operates an integrated leisure and hospitality complex, likely comprising an amusement park, a water park, and resort accommodation facilities. Its core business model revolves around providing entertainment, recreation, and lodging services. The company primarily generates revenue through ticket sales for its amusement and water parks, room tariffs for its resort guests, and sales from food & beverage outlets, banqueting facilities, and event hosting services within its premises. It caters to families, tourists, and corporate clients seeking leisure, entertainment, and event spaces.
2. Key Segments / Revenue Mix
While specific revenue mix is not publicly detailed, the company's operations can typically be segmented into:
Fun World Operations: This segment includes revenue generated from ticket sales for entry to the amusement and water parks, income from specific rides or attractions, and potentially associated merchandise sales within the park area.
Resort & Hospitality: This segment encompasses revenue from room bookings, food and beverage sales (restaurants, cafes, room service), banqueting services for weddings, conferences, and other events, and potentially other ancillary services like spa or recreational activities offered within the resort.
The primary contribution likely comes from a combination of park admissions and resort stays, with F&B and event services providing significant supplementary revenue.
3. Industry & Positioning
Ajwa Fun World & Resort Ltd. operates within India's dynamic Hotel, Resort & Restaurants sector, specifically targeting the leisure and entertainment sub-segments. The Indian hospitality and tourism industry is diverse, with numerous players ranging from global chains to independent regional establishments. Ajwa Fun World & Resort Ltd. appears to be positioned as a regional player, likely focusing on specific geographic markets in India, offering a blend of entertainment and accommodation. Its positioning is likely to be distinct from pure-play hotels or standalone amusement parks, competing with other integrated leisure complexes and regional resorts, often catering to local tourism, day-trippers, and weekend getaways.
4. Competitive Advantage (Moat)
Ajwa Fun World & Resort Ltd. may possess some localized competitive advantages, primarily:
Location & Proximity: A favorable location easily accessible to a significant population base or tourist circuit could provide a stable demand stream.
Integrated Offering: The combination of an amusement park, water park, and resort in a single location can offer a unique value proposition, reducing the need for guests to travel between different leisure options.
Local Brand Recognition: Over time, it may have built a degree of brand recall and customer loyalty within its operating region, especially if it offers unique or well-maintained attractions.
However, the company's moat may not be exceptionally wide. The hospitality and entertainment industries are generally competitive, with relatively low switching costs for consumers and the potential for new entrants or facility upgrades by competitors. Scale advantages might be limited for a single-location operator.
5. Growth Drivers
Key factors that can drive growth for Ajwa Fun World & Resort Ltd. over the next 3-5 years include:
Increasing Domestic Tourism: Rising disposable incomes and a growing middle class in India are fueling domestic travel and leisure spending.
Urbanization and Weekend Getaways: Growing urban populations seek entertainment and short breaks, driving demand for such integrated resorts.
Facility Expansion/Upgrades: Investments in new attractions, improved resort amenities, or enhanced F&B offerings can attract new customers and encourage repeat visits.
MICE Segment Growth: Expansion into the Meetings, Incentives, Conferences, and Exhibitions (MICE) segment can provide a stable revenue stream, especially during off-peak leisure seasons.
Marketing & Digital Reach: Effective marketing campaigns and leveraging online travel agencies (OTAs) can expand its customer base.
6. Risks
Economic Downturns: As a discretionary spending business, a decline in economic growth or consumer confidence can directly impact footfall and resort bookings.
Seasonality & Weather Dependence: Amusement and water parks are highly seasonal and dependent on favorable weather conditions, which can lead to fluctuating revenues.
Intense Competition: The hospitality and entertainment sector in India is competitive, with numerous existing players and potential new entrants, leading to pricing pressures.
Maintenance & Safety: Operating amusement parks requires significant ongoing investment in maintenance and strict adherence to safety standards, with any incident potentially damaging reputation.
Health & Safety Regulations/Pandemics: Public health crises (like COVID-19) can severely disrupt operations, leading to temporary closures and long-term changes in consumer behavior.
Regulatory Changes: Changes in local tourism policies, environmental regulations, or licensing requirements can impact operations and costs.
7. Management & Ownership
Ajwa Fun World & Resort Ltd. is likely a promoter-driven company, common for many businesses in India. Promoters typically hold a significant ownership stake and play a crucial role in strategic decision-making and day-to-day operations. The management team would be responsible for overseeing the various facets of the integrated leisure complex, from park operations and safety to hospitality services, marketing, and financial management. Without specific information, it is difficult to comment on the depth of management or the exact ownership structure beyond its likely promoter-led nature.
8. Outlook
Ajwa Fun World & Resort Ltd. operates in a market with favorable long-term tailwinds from India's growing domestic tourism and rising discretionary spending. Its integrated model, combining entertainment and accommodation, offers a distinct appeal for families and event organizers. The potential for growth exists through strategic investments in facility upgrades, targeted marketing, and tapping into the MICE segment.
However, the company faces inherent challenges including sensitivity to economic cycles, intense competition, operational risks associated with amusement parks (safety, maintenance), and dependence on weather conditions. Its regional focus, while providing local advantages, also limits broader scale and diversification. Success will hinge on its ability to continually innovate, maintain high service standards, effectively manage costs, and adapt to evolving consumer preferences and potential external shocks.
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Market Cap ₹21 Cr.
Stock P/E 71.1
P/B 0.4
Current Price ₹33.3
Book Value ₹ 81.6
Face Value 10
52W High ₹64.1
Dividend Yield 0%
52W Low ₹ 28.1
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 1 | 2 | -0 | 0 | 1 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55 | 0 |
| Total Income | 0 | 0 | 1 | 2 | -0 | 0 | 1 | 0 | 55 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | 0 | 2 | -0 | -0 | 0 | -0 | 54 | -0 |
| Interest | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | -0 | 1 | -0 | -0 | 0 | -0 | 54 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | -0 | 1 | -0 | -0 | 0 | -0 | 54 | -0 |
| Adjustments | -0 | 0 | -0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | -0 | 1 | -0 | -0 | 0 | -0 | 54 | -0 |
| Adjusted Earnings Per Share | -0.3 | -0.5 | -0.1 | 2.2 | -0.8 | -0.3 | 0.6 | -0.3 | 85.1 | -0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 4 | 4 | 3 | 4 | 2 | 0 | 1 | 3 | 3 | 3 | 1 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 55 |
| Total Income | 4 | 4 | 4 | 3 | 4 | 2 | 0 | 1 | 3 | 3 | 3 | 56 |
| Total Expenditure | 4 | 3 | 4 | 3 | 3 | 3 | 1 | 1 | 3 | 2 | 2 | 1 |
| Operating Profit | 1 | 1 | -0 | 1 | 1 | -1 | -1 | -1 | 1 | 1 | 1 | 54 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Profit Before Tax | 0 | -0 | -1 | -0 | 0 | -1 | -1 | -1 | 0 | 0 | 0 | 54 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | -0 | -1 | -0 | 0 | -1 | -1 | -1 | 0 | 0 | 0 | 54 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | -1 | -0 | 0 | -1 | -1 | -1 | 0 | 0 | 0 | 54 |
| Adjusted Earnings Per Share | 0.1 | -0.7 | -1.4 | -0.1 | 0.3 | -1.8 | -1.6 | -1.8 | 0.4 | 0.2 | 0.5 | 85.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 44% | 8% | -3% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 24% | 26% | 37% | 16% |
| ROE Average | 0% | 0% | 0% | -65% |
| ROCE Average | 14% | 15% | 0% | -2% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 2 | 2 | 1 | 1 | 1 | -0 | -1 | -3 | -2 | -2 | -2 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 4 | 7 | 6 | 6 | 6 | 7 | 7 | 0 | 0 | 5 | 4 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 4 | 4 | 3 | 2 | 1 | 1 | 2 | 9 | 8 | 3 | 10 |
| Total Liabilities | 10 | 12 | 10 | 9 | 8 | 8 | 7 | 7 | 6 | 7 | 13 |
| Fixed Assets | 6 | 5 | 5 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 2 |
| Other Non-Current Assets | 0 | 0 | 0 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Total Current Assets | 4 | 7 | 5 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 10 |
| Total Assets | 10 | 12 | 10 | 9 | 8 | 8 | 7 | 7 | 6 | 7 | 13 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 3 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | 0 | -2 | 0 | 1 | -1 | 0 | 0 | 4 | 0 | 7 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | -6 |
| Cash Flow from Financing Activities | -0 | 3 | -1 | 0 | -1 | 0 | 0 | 0 | -5 | 0 | -1 |
| Net Cash Inflow / Outflow | 0 | 3 | -3 | 0 | 1 | -0 | 1 | 0 | -0 | -0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 3 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.13 | -0.68 | -1.4 | -0.14 | 0.25 | -1.84 | -1.55 | -1.83 | 0.41 | 0.17 | 0.47 |
| CEPS(Rs) | 1.16 | 0.76 | -0.32 | 0.73 | 1 | -1.23 | -1.08 | -1.45 | 0.72 | 0.48 | 0.47 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 3.14 | 2.46 | 1.07 | 0.92 | 1.21 | -0.63 | -2.18 | -4.01 | -3.6 | -3.43 | -2.94 |
| Core EBITDA Margin(%) | 13.13 | 13.21 | -4.55 | 5.44 | 16.07 | -34.33 | -209.64 | -161.21 | -1.03 | 18.1 | 24.93 |
| EBIT Margin(%) | 2.25 | -10.78 | -21.97 | 1.39 | 6.1 | -53.56 | -305.25 | -199.86 | 13.04 | 12.03 | 15.31 |
| Pre Tax Margin(%) | 2.02 | -11.51 | -24.28 | -2.99 | 4.01 | -60.04 | -363.46 | -211.39 | 9.54 | 4.14 | 14.4 |
| PAT Margin (%) | 2.02 | -11.51 | -24.28 | -2.99 | 4.01 | -60.04 | -363.46 | -211.39 | 9.54 | 4.14 | 11.07 |
| Cash Profit Margin (%) | 18.36 | 12.92 | -5.6 | 15.45 | 15.89 | -40.24 | -252.7 | -167.81 | 16.67 | 11.84 | 11.07 |
| ROA(%) | 0.8 | -4.08 | -8.28 | -0.96 | 1.86 | -14.91 | -13.48 | -17.05 | 4.27 | 1.71 | 3.06 |
| ROE(%) | 4.15 | -24.2 | -79.13 | -14.26 | 23.61 | -629.3 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | 1.48 | -5.72 | -10.85 | 0.63 | 3.64 | -16.31 | -14.39 | -27.72 | 17.02 | 12.51 | 14.2 |
| Receivable days | 145.4 | 137.85 | 134.64 | 83.05 | 23.67 | 47.13 | 35.22 | 48.75 | 10.29 | 4.6 | 72.08 |
| Inventory Days | 1.58 | 1.75 | 1.17 | 1.17 | 1.5 | 3.56 | 17.08 | 4.91 | 1.05 | 0 | 0 |
| Payable days | 2254.04 | 2168.32 | 1643.94 | 2097.66 | 1107 | 976.7 | 0 | 7815.32 | 962.03 | 1787.36 | 3169.73 |
| PER(x) | 52.68 | 0 | 0 | 0 | 90.13 | 0 | 0 | 0 | 43.91 | 125.06 | 70.5 |
| Price/Book(x) | 2.14 | 0 | 0 | 27.22 | 18.75 | 0 | 0 | -2.13 | -5 | -6.06 | -11.23 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.93 | 2.58 | 3.31 | 7.27 | 4.94 | 6.42 | 45.57 | 17.78 | 5.58 | 7.26 | 9.43 |
| EV/Core EBITDA(x) | 10.37 | 18.86 | -100.55 | 36.69 | 27.5 | -19.01 | -23.42 | -11.38 | 27.65 | 36.8 | 23.8 |
| Net Sales Growth(%) | 8.77 | -6.8 | -2.39 | -17.37 | 32.43 | -51.22 | -86.08 | 102.69 | 395.97 | -6.49 | 5.33 |
| EBIT Growth(%) | 128.34 | -546.78 | -99 | 105.23 | 480.89 | -528.07 | 20.61 | -32.66 | 132.37 | -13.77 | 34.09 |
| PAT Growth(%) | 123.71 | -630.4 | -105.94 | 89.84 | 277.91 | -829.87 | 15.68 | -17.84 | 122.39 | -59.4 | 181.47 |
| EPS Growth(%) | 123.71 | -630.38 | -105.95 | 89.84 | 278 | -829.71 | 15.68 | -17.84 | 122.39 | -59.38 | 181.37 |
| Debt/Equity(x) | 1.98 | 4.21 | 8.8 | 10.34 | 7.73 | -16.2 | -4.93 | -1.97 | -1.74 | -2.47 | -2.39 |
| Current Ratio(x) | 1.07 | 1.94 | 1.68 | 1.33 | 2.11 | 1.93 | 1.66 | 0.28 | 0.24 | 0.82 | 0.96 |
| Quick Ratio(x) | 1.07 | 1.93 | 1.68 | 1.32 | 2.1 | 1.92 | 1.65 | 0.28 | 0.24 | 0.82 | 0.96 |
| Interest Cover(x) | 9.95 | -14.73 | -9.51 | 0.32 | 2.92 | -8.26 | -5.24 | -17.33 | 3.72 | 1.53 | 16.82 |
| Total Debt/Mcap(x) | 0.92 | 0 | 0 | 0.38 | 0.41 | 0 | 0 | 0.93 | 0.35 | 0.41 | 0.21 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 49.54 | 49.54 | 49.54 | 49.54 | 49.54 | 49.54 | 49.53 | 49.54 | 49.54 | 49.54 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Public | 50.44 | 50.44 | 50.44 | 50.44 | 50.44 | 50.44 | 50.45 | 50.44 | 50.44 | 50.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 | 0.64 |
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