Silverstorm Parks and Resorts Limited

1. Overview

Silverstorm Parks and Resorts Limited (formerly Silverstorm Amusement Parks Private Limited, incorporated 1998) operates an integrated leisure and entertainment destination in the amusement park / tourism sector in India. The Company's flagship asset, the Athirappilly Theme Park in Thrissur, Kerala, combines an amusement-cum-water park, an indoor snow park branded "Snow Storm," and an in-park accommodation facility, Silver Storm Resort, across approximately 17.38 acres near the scenic Athirappilly and Vazhachal waterfalls.

The Company is an ISO 9001:2015 certified operator and, on completion of its planned ropeway cable car, expects to become India's first fully integrated amusement destination combining a water/amusement park, snow park, aerial cable car, and resort within a single property. Beyond its home market of Kerala, the Company has expanded geographically with a snow park in Jamshedpur, Jharkhand (operational since October 2025) and is developing a new snow park and family entertainment centre (FEC) in Lucknow, Uttar Pradesh, expected to be operationalized in Q4 FY2027.

Scale and growth: The Company recorded total Footfalls of 6.71 lakhs, 5.14 lakhs, and 4.24 lakhs in Fiscal 2026, 2025, and 2024.

Competitive standing: Management believes the Company is one of the renowned and established amusement park operators in the Kerala/South India region, drawing visitors from a catchment population of over 50 million across Kerala and neighbouring Tamil Nadu districts including Coimbatore, Erode, Tirupur, and Madurai (Source: CARE Report).

2. Business Model and Revenue Streams

Revenue by Stream (Segment-wise, ₹ in Lakhs)

Ticketing vs. Non-Ticketing Mix

The Company's strategic goal is to increase the non-ticketing revenue mix through F&B, merchandise, resort bookings, and event hosting, aligning with global amusement park benchmarks.

Pricing Strategy and Contract Model

The Company follows a tiered pricing model — standard admission, group pricing slabs, institutional/school bookings, and separately-billed premium attractions (Snow Storm, and the upcoming ropeway cable car), allowing it to monetize the same footfall base at multiple price points.

Client / Revenue Concentration

Historically, all or a majority of revenue has been derived from the single Athirappilly Theme Park — a concentration risk the Company is actively addressing through geographic diversification (Jamshedpur, Lucknow).

Industry-Specific Operating Metrics (Tourism/Amusement Park KPIs)

3. Products and Service Portfolio

A. Athirappilly Theme Park (Kerala) — Primary Revenue Driver

• Amusement cum Water Park: 41 rides across water-based (wave pool, Caribbean Bay aqua play, boomerang slide, kamikaze slide, jurassic splash, master blaster, turbo twister) and land-based (roller coaster, giant ferry wheel, horror house, mirror maze) categories.
• Snow Storm (launched 2017): a standalone, separately-ticketed 10,000 sq. ft. indoor snow park maintained at -10°C, featuring snowfall simulation, snow tubing, snow dance rink, and igloo house — a key differentiator versus regional peers, and also used as an events/photo-shoot venue.
• Silver Storm Resort: 8 rooms, conference facilities, and a multi-cuisine restaurant, converting the property from a day-trip destination into a multi-day stay option.

B. Emerging / Under-Development Segments

• Ropeway Cable Car (~1.2 km round trip): under development at Athirappilly, expected operational Q2 FY2027, to be a standalone-ticketed attraction connecting to a themed "forest village."
• Jamshedpur Snow Park (Jharkhand): operational since October 2025, ~5,183 sq. ft., the Company's first footprint outside Kerala.
• Lucknow Snow Park & FEC: ~11,100 sq. ft. facility at Omaxe Hazratganj Mall, comprising a snow park and family entertainment centre; targeted for Q4 FY2027.

25th Anniversary Ride Additions

As part of anniversary celebrations, the Company has (through October 2025) launched several new attractions — flying boat, chick run, spray ball, mini train, space shuttle, giraffe flying chair, mechanical bee/plane, mini pirate ship — and upgraded its kids' pool into a "family castle pool." Further rides on order include flying UFO, tagda, flying kite, sambha balloon, and tea cup.

4. Key Business Strengths

• First fully integrated amusement destination in India (prospective): On ropeway commissioning, the Company will combine a water/amusement park, indoor snow park, aerial cable car, and resort within one property — a differentiated positioning versus single-format peers.
• Established 25+ year brand and track record: Operating since 2000, with the Snow Storm addition in 2017 building a distinctive, weather-independent attraction that supports footfall stability across seasons.
• Experienced promoters with deep industry expertise: Promoters Shalimar Antharathara Ibrahim and Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel bring over two and a half decades of amusement park industry experience; one Promoter holds leadership positions in the Indian Association of Amusement Parks and Industries (IAAPI).
• Institutional marketing network: A dedicated 46-person in-house sales/marketing team covers Kerala and nearby Tamil Nadu districts, driving recurring institutional (school/corporate) bookings that reduce dependence on unpredictable walk-in traffic.
• High safety and hygiene standards: ISO 9001:2015 certification, reverse-osmosis water treatment, dedicated quality-control lab, lightning arrestors, and 910 kVAh backup generator capacity.
• Prudent, disciplined capital allocation: A track record of reinvesting growth capital into new rides and attractions while maintaining cost discipline on capital expenditure.

5. Future Growth Strategy

• Attraction expansion and upgradation at Athirappilly: Continued investment in new rides (part of the 25th-anniversary rollout) and the ropeway cable car project, funded partly from IPO proceeds (₹1,513.70 lakhs earmarked for park expansion).
• Geographic diversification via snow parks and FECs: Expansion beyond Kerala through the Jamshedpur snow park (already live) and the upcoming Lucknow Snow Park & FEC (₹2,611.70 lakhs funded from IPO proceeds), targeting a mix of company-owned, partnership, and asset-light franchise/lease models.
• Capitalizing on industry tailwinds: India's theme park segment is projected to grow from ₹47.8 billion (CY25P) to ₹87.5 billion by CY29P (16.3% CAGR), and the water park segment from ₹18.3 billion to ₹31.70 billion (14.4% CAGR) over the same period (Source: CARE Report), with South India leading market share.
• Maximizing non-ticket monetization: A deliberate strategy to grow F&B, merchandise, resort, and event revenue as a share of total income, reducing reliance on ticket sales alone (non-ticketing mix already up from 11.84% in FY24 to 28.05% in FY26).
• Balance sheet deleveraging: ₹2,400.00 lakhs of IPO proceeds earmarked for repayment/prepayment of borrowings, aimed at improving the debt-to-equity ratio and strengthening the capital structure for future expansion funding.