Silverstorm Parks & Resorts IPO (24-28 July) Analysis

SME IPO Analysis  |  BSE SME Platform  |  100% Book Built Issue (Fresh Issue Only)  |  Regulation 229(2)

Based on Red Herring Prospectus dated July 18, 2026  |  Amusement Parks and Leisure Entertainment  |  Chalakudy, Thrissur, Kerala

STATUS: RED HERRING PROSPECTUS FILED (Live Offer)  |  Fresh Issue: up to 61,98,000 Shares (No Offer for Sale)  |  Bid/Issue Opens: July 24, 2026  |  Bid/Issue Closes: July 28, 2026  |  Highest RoNW Among Disclosed Peers (FY2026)  |  All Figures in Rs. Lakhs

Silverstorm Parks and Resorts Limited (originally incorporated in October 1998 as Silverstorm Amusement Parks Private Limited, renamed twice, and converted to a public limited company in October 2025) operates the Athirappilly Theme Park, an amusement-cum-water theme park in Chalakudy, Thrissur, Kerala, including 'Snow Storm', an indoor snow park attraction. Its registered office is at Door No 1/77A, Vettilapara P O, Chalakudy, Thrissur 680721, Kerala. Its website is https://silverstorm.in/.

Its CIN is U92199KL1998PLC012512. The Promoters are Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel (Chairman and Non-Executive Director) and Shalimar Antharathara Ibrahim (Managing Director). Chief Financial Officer is Ramachandran K; Company Secretary and Compliance Officer is Nagashruti Shivanand Lakkimarad.

Building on the operational success of its indoor 'Snow Storm' concept at Athirappilly, the company has begun expanding beyond Kerala: a new snow park in Jamshedpur has been operational since October 2025, marking the company's first location outside its home state and serving as a pilot for further scale-up.

The company now proposes to establish a second out-of-state location, a snow park and Family Entertainment Centre at Omaxe Hazratganj Mall in Lucknow, Uttar Pradesh, funded substantially by this Offer.

Revenue is highly seasonal: the fourth quarter (January to March) has consistently contributed the largest share of annual revenue (43.41% in FY2026, 44.38% in FY2025, and 28.32% in FY2024), driven by school vacations and festive periods, while fixed costs (employee salaries, park operating expenses) remain constant year-round. The company's financial year ends March 31.

Key Basics

This is an SME IPO listing on BSE SME, not the main board, made under Regulation 229(2) and 253(1) of SEBI ICDR Regulations. The Issue is a 100% Book Built Issue comprising solely a Fresh Issue of 61,98,000 Equity Shares; there is no Offer for Sale, so neither Promoter is monetising any part of their holding through this Issue. The RHP is dated July 18, 2026 and the Offer is live, with bidding opening July 24, 2026, one day after the concurrent Bid/Offer windows of three main board companies elsewhere in this report series.

Document Type	Red Herring Prospectus (RHP) dated July 18, 2026. This Offer is live: Anchor Investor Bidding July 23, 2026; Bid/Issue Opens July 24, 2026; Bid/Issue Closes July 28, 2026.
Platform	SME Platform of BSE (‘BSE SME’), not the main board. This Issue is made under Regulation 229(2) and 253(1) of SEBI ICDR Regulations.
Issue Structure	100% Book Built Issue comprising solely a Fresh Issue of 61,98,000 Equity Shares of face value Rs.10 each. There is no Offer for Sale.
Face Value	Rs.10 per Equity Share.
Promoters	Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel (Chairman and Non-Executive Director) and Shalimar Antharathara Ibrahim (Managing Director).
Eligibility	Regulation 229(2) and 253(1) of SEBI ICDR Regulations (SME route).
Listing Exchange	BSE SME (SME Platform of BSE Limited). Designated Stock Exchange: BSE.
BRLM	Vivro Financial Services Private Limited (sole Book Running Lead Manager).
Registrar	MUFG Intime India Private Limited (formerly Link Intime India Private Limited). Contact: Shanti Gopalkrishnan.
Bid/Issue Dates	Anchor Investor Bidding: July 23, 2026. Bid/Issue Opens: July 24, 2026. Bid/Issue Closes: July 28, 2026.
Listed Peers	Three listed peers: Wonderla Holidays Limited, Imagicaaworld Entertainment Limited, and Nicco Parks & Resorts Limited. Industry P/E: highest 4,701.00x (Imagicaaworld, near-zero earnings), lowest 36.65x (Wonderla), average 2,368.83x.

The industry P/E comparison here is a genuinely extreme outlier case: the highest peer P/E (Imagicaaworld Entertainment, 4,701.00x) reflects near-zero earnings per share (Rs.0.01) rather than a premium valuation in the ordinary sense, which pulls the stated industry average (2,368.83x) far away from a figure most investors would find meaningful. The more useful reference points are the individual peer RoNW figures and Wonderla Holidays' more moderate 36.65x P/E, discussed further in Section 5.

This is a Fresh-Issue-only Offer; the entire 61,98,000-share Issue accrues to the Company, and there is no Offer for Sale.

Object	Amount (Rs. Lakhs)	Details
Lucknow Snow Park and FEC	2,611.70	Setting up an 11,100 sq. ft. snow park and Family Entertainment Centre at Omaxe Hazratganj Mall, Lucknow (lease deposit Rs.200.00 Lakhs, civil work Rs.631.30 Lakhs, plant and machinery including refrigeration and snow-making systems Rs.1,444.40 Lakhs, utilities and fittings Rs.296.00 Lakhs, consultancy Rs.40.00 Lakhs). Cost independently vetted by Dun & Bradstreet Information Services India Private Limited (report dated December 26, 2025); an MOU is in place with the identified lessor.
Athirappilly Theme Park Expansion	1,513.70	Expansion and upgradation of the Company's existing flagship theme park in Kerala.
Repayment/Prepayment of Borrowings	2,400.00	Full or partial repayment of certain outstanding borrowings.
General Corporate Purposes	[TBD]	Capped at the lower of 15% of Gross Proceeds or Rs.1,000 Lakhs.
TOTAL IDENTIFIED OBJECTS	6,525.40	Fixed-rupee objects total Rs.6,525.40 Lakhs. None of the Objects have been appraised by a bank or financial institution, though the Lucknow project cost carries an independent third-party vetting report.

The largest Object, the Lucknow Snow Park and Family Entertainment Centre (Rs.2,611.70 Lakhs, 40% of identified objects), represents the Company's most significant single step in its geographic expansion strategy to date, following the smaller-scale pilot already operating in Jamshedpur since October 2025.

Unusually for an SME filing, this specific Object's cost has been independently vetted by Dun & Bradstreet Information Services India Private Limited, providing a degree of third-party validation beyond the vendor quotations typical of most SME capex plans in this report series.

The second-largest Object, upgrading the existing Athirappilly Theme Park (Rs.1,513.70 Lakhs), reinvests in the Company's proven, cash-generative core asset. The Rs.2,400.00 Lakhs debt repayment is a standard balance-sheet strengthening measure. As with most SME filings, General Corporate Purposes remains capped only as a percentage (the lower of 15% of Gross Proceeds or Rs.1,000 Lakhs).

Financial Performance

Note: All figures in Rs. Lakhs, matching the RHP's own presentation convention. Financial periods: Fiscal 2026, Fiscal 2025 and Fiscal 2024 (years ended March 31); no interim stub period is presented in this RHP. Restated Consolidated Financial Statements.

Revenue, Profitability, and Seasonality

Metric	FY2026 (Rs. Lakhs)	FY2025 (Rs. Lakhs)	FY2024 (Rs. Lakhs)
Revenue from Operations	4,358.00	3,100.12	1,885.84
Revenue Growth % YoY	+40.60%	+64.40%	N/A
Q4 (Jan-Mar) Revenue Share	43.41%	44.38%	28.32%
Profit After Tax (PAT)	1,910.27	971.07	96.62
PAT Margin %	43.83%	31.32%	5.13%
Basic EPS (Rs.)	12.59	6.96	0.71
Diluted EPS (Rs.)	11.59	6.67	0.71
Return on Net Worth (RoNW, avg. basis) %	30.98%	26.34%	4.90%
NAV per Share (Rs.)	44.20

Revenue grew from Rs.1,885.84 Lakhs (FY2024) to Rs.3,100.12 Lakhs (FY2025, +64.40%) to Rs.4,358.00 Lakhs (FY2026, +40.60%), with PAT growing dramatically faster in percentage terms, from Rs.96.62 Lakhs to Rs.971.07 Lakhs (FY2025, a near-tenfold increase) to Rs.1,910.27 Lakhs (FY2026, +96.71%).

Investors should note the FY2024-to-FY2025 PAT jump is measured off an unusually low base; the more moderate, still-strong FY2025-to-FY2026 growth rate is a better guide to the Company's likely ongoing trajectory. PAT Margin has correspondingly expanded from 5.13% to 43.83%, an unusually high margin level reflecting the largely fixed-cost nature of theme park operations once revenue scales past a certain threshold.

Revenue seasonality is pronounced and consistent: the fourth quarter (January to March) has contributed the largest share of annual revenue in every period shown (28.32% to 44.38%), driven by school vacations and festive periods, while the Company's fixed costs (salaries, park operating expenses) remain constant throughout the year. Return on Net Worth improved sharply from 4.90% (FY2024) to 26.34% (FY2025) to 30.98% (FY2026), tracking the underlying profitability improvement.

Balance Sheet and Cash Flow

Item	Mar 2026 (Rs. Lakhs)	Mar 2025 (Rs. Lakhs)	Mar 2024 (Rs. Lakhs)
Total Assets	21,409.22	15,160.14	11,202.24
Total Equity	13,338.52	11,192.73	7,772.51
Total Borrowings	6,507.09	2,994.98	2,835.89
Cash and Bank Balances	16.19	45.00	10.93
Contingent Liabilities (Capital Commitments)	323.40
Net Cash from Operating Activities	2,528.52	642.05	494.18
Net Cash from Investing Activities	(6,283.63)	(2,363.32)	(1,012.28)
Net Cash from Financing Activities	3,715.55	1,755.34	298.60

Total Assets nearly doubled from Rs.11,202.24 Lakhs (FY2024) to Rs.21,409.22 Lakhs (FY2026), driven by substantial capital expenditure (Rs.6,360.79 Lakhs invested in property, plant and equipment in FY2026 alone) as the Company built out capacity ahead of this Offer, including the Jamshedpur pilot location.

Total Borrowings more than doubled over the same window (Rs.2,835.89 Lakhs to Rs.6,507.09 Lakhs), reflecting debt-funded capacity expansion; this borrowing growth is the direct rationale for the Rs.2,400 Lakhs debt repayment Object in Section 3.

Operating cash flow grew consistently and substantially, from Rs.494.18 Lakhs (FY2024) to Rs.2,528.52 Lakhs (FY2026), though the Company's cash and bank balances remain thin (Rs.16.19 Lakhs as of FY2026) as nearly all available cash has been reinvested into capital expenditure. Contingent liabilities are limited to Rs.323.40 Lakhs of capital commitments, a clean disclosure with no other contingent liabilities identified.

How Does It Compare to Peers?

The RHP discloses three listed industry peers in amusement parks and leisure entertainment: Wonderla Holidays Limited, Imagicaaworld Entertainment Limited, and Nicco Parks & Resorts Limited. Figures below are Fiscal 2026 for Silverstorm and Fiscal 2026 (year ended March 31, 2026) for peers; P/E is based on closing market price as of July 14, 2026 divided by Diluted EPS.

Company	Revenue FY26 (Rs. Lakhs)	EPS (Rs.)	P/E (x)	RoNW (%)	NAV/Share (Rs.)
Silverstorm Parks and Resorts Ltd. (Our Company)	4,358.00	11.59	[TBD]	30.98%	44.20
Wonderla Holidays Limited	51,877.23	12.83	36.65	4.64%	283.20
Imagicaaworld Entertainment Ltd.	37,385.38	0.01	4,701.00	0.05%	22.16
Nicco Parks & Resorts Limited	6,634.67	(0.58)	N.A.	10.74%	22.35

Silverstorm's FY2026 RoNW of 30.98% is dramatically higher than all three listed peers, Wonderla Holidays' 4.64%, Imagicaaworld's 0.05%, and Nicco Parks' 10.74%, despite Silverstorm being far smaller by revenue than both Wonderla (Rs.51,877.23 Lakhs) and Imagicaaworld (Rs.37,385.38 Lakhs), and only modestly smaller than Nicco Parks (Rs.6,634.67 Lakhs, which posted a net loss for the year).

This suggests Silverstorm's smaller, more recently-scaled operations are currently generating a meaningfully higher return on capital than its larger, more established peers, though this comparison should be weighed against Silverstorm's much shorter track record at this level of profitability and its currently single-park (plus one new pilot) footprint versus the peers' more established, multi-location operations.

Since the Issue Price and hence Silverstorm's own P/E remain undetermined ([TBD]), the ultimate valuation attractiveness relative to this peer set cannot yet be assessed.

Key Risks

l  Revenue is highly seasonal, with the fourth quarter (January to March) alone contributing 43.41% (FY2026) and 44.38% (FY2025) of annual revenue, while fixed costs (employee salaries, park operating expenses) remain constant year-round; a weak festive or school-vacation season, whether from weather, economic conditions, or other factors, could disproportionately affect annual results.

l  The Company has not entered into Annual Maintenance Contracts for its machinery, buildings, and other equipment, creating potential exposure to unplanned downtime or higher ad hoc repair costs at ride and attraction level.

l  The Company's geographic expansion strategy remains largely unproven: the Jamshedpur snow park, its first location outside Kerala, has been operational only since October 2025, and the Lucknow project, the largest single Object of this Offer, is entirely greenfield with no operating history of its own.

l  PAT growth from FY2024 to FY2025 (a near-tenfold increase) is measured off an unusually low FY2024 base (Rs.96.62 Lakhs); the more moderate FY2025-to-FY2026 growth rate (+96.71%) is a more reliable guide to the Company's likely sustainable trajectory, and investors should not extrapolate the earlier, base-effect-driven growth rate forward.

l  The Company has an ongoing related-party lending and commercial relationship with Smlash Ispat Private Limited, an entity in which certain directors are interested, including loans granted and capital goods purchases across all three fiscal years shown, worth independent scrutiny.

l  Cash and bank balances remain thin (Rs.16.19 Lakhs as of FY2026) as available cash has been substantially reinvested into capital expenditure, and Total Borrowings more than doubled between FY2024 and FY2026, increasing the Company's debt service obligations ahead of the new-market expansion this Offer will help fund.

l  The Company has filed legal proceedings against the State of Kerala, the Union of India, and social media platforms including YouTube and Google; the amounts involved are disclosed as Nil (non-monetary in nature), and no other material litigation exists against the Company, but the unusual scope of these proceedings is worth noting.

l  Funding requirements and the proposed deployment of Net Proceeds have not been appraised by a bank or financial institution, and definitive agreements have not been finalised with all vendors for the proposed capital expenditure, though the Lucknow project cost has been independently vetted by Dun & Bradstreet Information Services India Private Limited.

l  The Company deploys a large workforce across its amusement, water park, and snow park operations, creating labour availability, cost, and safety management exposure typical of the theme park industry.

l  This is a BSE SME Platform listing, which requires a Market Maker to provide liquidity and which, as a segment, typically has materially lower trading volumes than main board-listed shares.

l  The General Corporate Purposes allocation is capped only as a percentage (the lower of 15% of Gross Proceeds or Rs.1,000 Lakhs) rather than disclosed as an absolute amount, leaving a portion of Fresh Issue proceeds subject to management discretion at the time of listing.

Positives to Note

l  Return on Net Worth of 30.98% (FY2026) dramatically exceeds all three disclosed listed peers (4.64%, 0.05%, and 10.74%), despite the Company being far smaller in scale than two of the three.

l  Strong, accelerating revenue and profit growth: revenue grew from Rs.1,885.84 Lakhs (FY2024) to Rs.4,358.00 Lakhs (FY2026), and PAT grew from Rs.96.62 Lakhs to Rs.1,910.27 Lakhs over the same period.

l  A clean litigation and contingent liability profile: no monetary litigation against the Company, and contingent liabilities limited to Rs.323.40 Lakhs of capital commitments.

l  Proven format innovation with an early expansion track record: the 'Snow Storm' indoor snow park concept, first developed at Athirappilly, has already been successfully replicated in Jamshedpur (operational since October 2025), providing a genuine template ahead of the larger Lucknow expansion this Offer will help fund.

l  Consistently positive and growing operating cash flow, from Rs.494.18 Lakhs (FY2024) to Rs.2,528.52 Lakhs (FY2026).

l  A well-documented capital expenditure plan for the largest Object (Lucknow), including an independent Project Cost Vetting Report from Dun & Bradstreet Information Services India Private Limited, providing a degree of third-party validation beyond the vendor-quotation-only approach typical of many SME capex plans.

l  Genuine diversification underway across both geography (Kerala to Jamshedpur to Lucknow) and format (traditional theme park, indoor snow park, and family entertainment centre), which should reduce long-term dependence on a single location and weather-dependent format if successfully executed.

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