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Nicco Parks & Resort Overview

1. Business Overview

Nicco Parks & Resorts Ltd. primarily operates amusement parks and water parks. Its core business model involves attracting visitors through a variety of rides, attractions, and entertainment options. The company generates revenue primarily through ticket sales (entry fees for parks and specific attractions). Additionally, it monetizes through secondary spend within its premises, including food and beverage sales, merchandise, event hosting (e.g., corporate events, school trips), and potentially other recreational offerings or club memberships.

2. Key Segments / Revenue Mix

While specific revenue contributions are not detailed here, the company's operations can generally be segmented into:

Amusement Parks & Water Parks: This forms the core business, generating revenue from ticket sales and in-park spending.

Resorts / Recreation / Club: This segment may include revenue from accommodation, club memberships, and related recreational facilities, if operated by the company.

Revenue mix is predominantly driven by footfall and associated spending at its parks.

3. Industry & Positioning

Nicco Parks operates within the Indian amusement park and leisure industry, which is characterized by a mix of regional players and a few national/international brands. The industry's growth is largely driven by increasing disposable incomes, urbanization, and a growing demand for domestic tourism and family entertainment. Nicco Parks & Resorts Ltd. is one of the older and more established players in this sector, particularly known for its flagship park in Kolkata, West Bengal. It holds a significant regional presence and brand recognition in its primary operating area but faces competition from newer, often technologically advanced, amusement parks, multiplexes, malls, and other leisure options across India.

4. Competitive Advantage (Moat)

Nicco Parks' primary competitive advantages include:

Established Brand and Legacy: The company has a long operational history and a recognizable brand name, especially in Eastern India, which fosters familiarity and trust among local visitors.

Prime Location & Land Ownership: Its flagship park likely benefits from an established, accessible location, and potential land ownership can be a significant barrier to entry for competitors due to high real estate costs and regulatory hurdles.

Operational Experience: Years of experience in managing and operating amusement facilities contribute to operational know-how and customer service capabilities.

5. Growth Drivers

Rising Disposable Income: India's growing middle class is allocating more discretionary spending towards entertainment and leisure activities.

Urbanization and Tourism: Increased urban population and a growing trend of domestic tourism create a larger target audience for amusement parks.

Park Upgradation & Expansion: Investment in new, modern rides, attractions, and technological enhancements can draw new visitors and encourage repeat visits.

Diversification of Offerings: Expanding into complementary entertainment, hospitality, or event hosting can create additional revenue streams.

Marketing & Promotions: Effective marketing campaigns and tie-ups can enhance visibility and visitor numbers.

6. Risks

Seasonality & Weather Dependence: Revenue is highly susceptible to seasonal variations and adverse weather conditions (monsoons, extreme heat/cold).

Economic Downturns: As a discretionary spend, amusement park visits can decline significantly during economic slowdowns or recessions.

Intense Competition: Growing competition from modern amusement parks, themed attractions, water parks, as well as digital entertainment, cinema halls, and malls.

Safety & Maintenance: Any compromise on safety standards or inadequate maintenance of rides can lead to accidents, reputational damage, and legal liabilities.

High Capital Expenditure: Continuous investment is required for maintenance, modernization, and introduction of new attractions to remain relevant and competitive.

Regulatory & Environmental Compliance: Adherence to evolving safety standards, environmental regulations, and local permits can be complex and costly.

Pandemics/Health Crises: Events like COVID-19 can lead to extended closures and severely impact visitor numbers, as seen historically.

7. Management & Ownership

Nicco Parks & Resorts Ltd. is promoted by the Nicco Group, a well-established industrial group in India. As a publicly listed company, ownership typically involves a significant promoter holding, alongside institutional investors and public shareholders. The management often comprises long-tenured professionals with experience in the leisure and hospitality sector, guiding the company's regional operations and strategic direction within the competitive Indian market.

8. Outlook

Nicco Parks & Resorts Ltd. operates from a foundation of established brand equity and prime asset locations, particularly in its home market. The broader industry benefits from India's demographic tailwinds like rising discretionary incomes and increased domestic tourism. For the company to sustain and accelerate growth, consistent investment in modernizing attractions, enhancing visitor experience, and potentially exploring new geographical markets or revenue streams will be crucial. It faces the challenge of staying relevant against newer, often highly capitalized, competitors and mitigating risks associated with economic cycles, operational safety, and unforeseen health crises. Its ability to innovate, manage capital efficiently, and adapt to evolving consumer preferences will define its trajectory in the competitive Indian leisure market.

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Nicco Parks & Resort Key Financials

Market Cap ₹331 Cr.

Stock P/E 14.8

P/B 3.2

Current Price ₹70.8

Book Value ₹ 22.4

Face Value 1

52W High ₹125

Dividend Yield 1.77%

52W Low ₹ 59

Nicco Parks & Resort Share Price

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Volume
Price

Nicco Parks & Resort Quarterly Price

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Nicco Parks & Resort Peer Comparison

Nicco Parks & Resort Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 18 18 25 14 19 18 26 12 13 15
Other Income 1 1 1 1 1 1 1 1 2 0
Total Income 18 19 26 15 20 19 28 13 15 16
Total Expenditure 13 14 15 11 14 14 15 12 13 16
Operating Profit 5 5 11 4 6 5 12 1 2 0
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 1 -14 0 0 0
Profit Before Tax 5 5 10 4 5 6 -2 0 1 -1
Provision for Tax 2 2 3 -1 2 3 3 0 0 -0
Profit After Tax 3 3 7 4 4 3 -5 0 1 -1
Adjustments 1 2 2 1 1 0 2 0 0 0
Profit After Adjustments 4 5 9 5 5 3 -3 0 1 -1
Adjusted Earnings Per Share 0.9 1.1 1.9 1.2 1 0.7 -0.7 0.1 0.2 -0.2

Nicco Parks & Resort Profit & Loss

#(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 43 43 45 47 55 55 18 31 77 79 75 66
Other Income 2 2 2 2 2 2 2 2 2 4 5 4
Total Income 44 45 47 49 58 57 19 34 79 84 80 72
Total Expenditure 36 35 37 37 44 45 22 26 47 52 53 56
Operating Profit 9 10 11 11 13 12 -3 8 32 31 26 15
Interest 0 0 1 0 0 0 1 0 0 0 0 0
Depreciation 1 1 2 2 2 2 2 3 2 3 2 4
Exceptional Income / Expenses 0 -0 0 0 0 0 0 0 0 0 1 -14
Profit Before Tax 7 7 8 9 11 9 -4 6 32 34 29 -2
Provision for Tax 2 2 3 3 3 2 -1 1 10 9 7 3
Profit After Tax 5 5 5 6 8 7 -4 5 23 25 22 -5
Adjustments 1 1 1 1 1 1 0 0 0 0 0 2
Profit After Adjustments 5 6 6 8 9 7 -4 5 23 25 22 -3
Adjusted Earnings Per Share 1.1 1.2 1.3 1.7 2 1.6 -0.8 1 4.8 5.3 4.8 -0.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -5% 34% 6% 6%
Operating Profit CAGR -16% 48% 17% 11%
PAT CAGR -12% 64% 26% 16%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -40% -14% 10% 9%
ROE Average 22% 29% 18% 17%
ROCE Average 29% 40% 25% 23%

Nicco Parks & Resort Balance Sheet

#(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 27 31 37 46 52 54 51 57 75 94 107
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 3 3 3 1 0 1 0 0 0 0 0
Other Non-Current Liabilities 6 6 3 4 4 7 6 6 7 9 9
Total Current Liabilities 17 20 22 11 13 27 23 25 29 42 40
Total Liabilities 54 62 65 63 70 90 80 88 112 144 156
Fixed Assets 14 18 23 23 24 29 27 24 24 24 30
Other Non-Current Assets 13 13 10 16 17 18 19 20 38 38 42
Total Current Assets 27 30 31 24 29 43 34 43 50 82 85
Total Assets 54 62 65 63 70 90 80 88 112 144 156

Nicco Parks & Resort Cash Flow

#(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 1 0 1 1 1 1 1 3 4 6 3
Cash Flow from Operating Activities 8 7 6 8 10 7 -3 6 27 20 16
Cash Flow from Investing Activities -7 -4 -3 -6 -5 -3 6 -5 -19 -16 -7
Cash Flow from Financing Activities -1 -3 -3 -3 -5 -5 -2 -0 -6 -7 -6
Net Cash Inflow / Outflow -0 0 -0 -0 0 -0 0 1 2 -3 3
Closing Cash & Cash Equivalent 0 1 1 1 1 1 1 4 6 3 5

Nicco Parks & Resort Ratios

# 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) 1.13 1.2 1.33 1.66 2 1.59 -0.75 1.04 4.82 5.29 4.79
CEPS(Rs) 1.28 1.37 1.54 1.79 2.22 2.01 -0.22 1.58 5.29 5.85 5.31
DPS(Rs) 0.3 0.3 0.3 0.15 0.8 0.6 0 0 1.65 1.5 1.2
Book NAV/Share(Rs) 5.86 6.67 7.82 9.91 11.11 11.61 10.96 12.18 16.05 19.99 22.9
Core EBITDA Margin(%) 16.88 17.78 18.66 20.25 20.3 19.04 -23.12 18.6 38.46 34.27 28.87
EBIT Margin(%) 17.18 18.44 19.42 19.73 20.22 17.29 -22.33 20.93 42.73 42.59 38.74
Pre Tax Margin(%) 16.22 17.4 18.2 18.89 19.73 16.41 -25.25 19.88 42.34 42.59 38.69
PAT Margin (%) 10.73 11.54 12.1 13.45 14.7 12.53 -20.08 15.55 29.42 31.2 29.91
Cash Profit Margin (%) 13.99 15.01 16.06 17.83 18.76 17.04 -5.91 23.62 32.34 34.48 33.1
ROA(%) 8.53 8.51 8.64 9.9 12.26 8.64 -4.14 5.81 22.6 19.33 14.92
ROE(%) 16.78 16.76 16.05 15.24 16.57 12.98 -6.66 9 34.12 29.35 22.35
ROCE(%) 23.26 23.31 23.08 20.84 21.88 17.35 -7.26 12.08 49.51 40.06 28.95
Receivable days 13.65 15.72 13.81 11.77 12.15 11.88 22.61 9.28 5.61 7.77 8.14
Inventory Days 6.9 6.5 6.22 7.98 7.31 6.92 20.68 9.72 3.88 4.63 5.98
Payable days 466.41 458.15 358.92 343.68 312.69 277.67 1030.82 479.14 262.26 356.49 326.53
PER(x) 13.61 23.92 23.67 21.92 14.17 21.35 0 61.55 24.24 27.93 24.19
Price/Book(x) 2.63 4.3 4.02 3.66 2.55 2.93 4.7 5.26 7.27 7.39 5.06
Dividend Yield(%) 1.95 1.05 0.96 0.41 2.83 1.76 0 0 1.41 1.02 1.03
EV/Net Sales(x) 1.38 2.84 3.02 3.42 2.16 2.71 13.04 9.05 6.88 8.18 6.8
EV/Core EBITDA(x) 6.77 12.66 12.92 14.18 8.9 12.42 -90.3 35.04 16.52 20.69 19.38
Net Sales Growth(%) 0 -0.68 5.63 4.48 18.01 -0.64 -68.2 78.91 144.47 3.54 -5.44
EBIT Growth(%) 0 6.58 11.28 6.12 20.94 -15.04 -141.08 267.69 399.04 3.2 -14
PAT Growth(%) 0 6.85 10.81 16.1 28.99 -15.34 -150.97 238.52 362.48 9.83 -9.37
EPS Growth(%) 0 6.05 10.55 24.85 20.57 -20.15 -147.15 238.52 362.46 9.83 -9.37
Debt/Equity(x) 0.16 0.14 0.09 0.06 0.03 0.04 0 0 0 0 0
Current Ratio(x) 1.55 1.47 1.39 2.16 2.15 1.56 1.52 1.76 1.7 1.95 2.1
Quick Ratio(x) 1.5 1.49 1.35 2.05 2.07 1.53 1.53 1.8 1.71 1.96 2.14
Interest Cover(x) 17.84 17.86 15.95 23.43 41.48 19.62 -7.66 19.8 109.87 0 916.65
Total Debt/Mcap(x) 0.06 0.03 0.02 0.02 0.01 0.01 0 0 0 0 0

Nicco Parks & Resort Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 68.44 68.57 68.77 69 69.19 69.27 69.3 69.38 69.44 69.44
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 31.56 31.43 31.23 31 30.81 30.72 30.7 30.61 30.55 30.56
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Nicco Parks & Resort News

Nicco Parks & Resort Pros & Cons

Pros

  • Company has delivered good profit growth of 25% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29%
  • Debtor days have improved from 356.49 to 326.53days.
  • Company is almost debt free.

Cons

  • Stock is trading at 3.2 times its book value.
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