Silverstorm Parks & Resorts

Incorporated in October 1998, Silverstorm Parks and Resorts operates its flagship destination, Silver Storm Theme Park, spanning approximately 17.38 acres in Athirappilly, Kerala. The property combines an amusement and water park with Kerala's first indoor snow park, multiple restaurants, and the Silver Storm Resort, serving families, tourists, students, and corporate and institutional groups.

Beyond its Kerala flagship, the company operates a second indoor snow park in Jamshedpur, Jharkhand, and is actively developing a new snow park and family entertainment centre in Lucknow, Uttar Pradesh. The company is also adding a 1.2 km aerial cable car at Athirappilly, expected to be the region's first amusement-park cable car attraction, alongside new rides and water attractions — the company plans to add 25 new rides in August 2026 to mark its silver jubilee.

Revenue is diversified across ticket sales for amusement and snow parks, food and beverage services, merchandise, resort bookings, and private and corporate events. As of March 31, 2026, the company employed 375 permanent personnel across operations, marketing, hospitality, administration, and support functions.

The promoters, Puthiyaveettil Kuvaka Kunhimon Mohamed Abdul Jaleel and Shalimar Antharathara Ibrahim, bring over 25 years of industry experience and together held approximately 70.15 percent of the company pre-issue.

The Silverstorm Parks & Resorts IPO is a 100 percent fresh issue book-built offering of 61,98,000 equity shares, priced at ₹123 to ₹133 per share, aggregating up to approximately ₹82.43 crore at the upper band; the entire issue is fresh capital, with 3,11,000 shares (about 5 percent) reserved for the market maker.

On financial performance, revenue grew from ₹31.64 crore in FY2025 to ₹44.85 crore in FY2026, a 42 percent increase, while profit after tax nearly doubled, rising 97 percent from ₹9.71 crore to ₹19.10 crore over the same period — a notably stronger trajectory than most SME IPOs in this comparison set, with EBITDA margin reaching 67.37 percent and Return on Net Worth at 30.98 percent for FY2026. Total assets nearly doubled over two years, from ₹112.02 crore in FY2024 to ₹214.09 crore in FY2026, reflecting active capacity expansion.

Proceeds are earmarked for capital expenditure toward the new Lucknow Snow Park and Family Entertainment Centre (₹26.12 crore), expansion of the existing Athirappilly Theme Park (₹15.14 crore), and debt repayment (₹24.00 crore), positioning the raise as growth capital rather than primarily working-capital support. An independent review noted the company "outperformed listed peers" over the last three fiscal years and characterized the issue as "fully priced" given its financial trajectory, recommending it for well-informed investors seeking medium-to-long-term exposure — a more constructive assessment than several other SME offerings reviewed in this batch, though investors should still weigh the inherent seasonality and weather-dependency risks common to outdoor tourism and amusement-park businesses, along with execution risk on the company's multiple simultaneous expansion projects.