Silverstorm Parks and Resorts Limited

Consumer Cyclical — Resorts & Casinos · BSE

₹123.00₹0.00 (0.00%)

DalalBaazaar Score

71 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by short-term liabilities exceed short-term assets, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:58 pm

Understanding the Business

Company site ↗

The 60-second version of Silverstorm Parks and Resorts Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Silverstorm Parks and Resorts Limited operates as an amusement park and resort company in India. It offers dry, water, and high thrill rides.

IndustryResorts & Casinos

SectorConsumer Cyclical

Employees375

Annual revenue₹39 Cr

How does it make money?

Turns over ₹39 Cr a year. Of every ₹100 of sales, about ₹48 reaches shareholders as profit, with ₹78 left at the operating level before interest, tax and depreciation. Each of its 375 employees supports ₹10.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹10.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 14.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +156% while net margin moved +542% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+156%

Margin effect+542%

DalalBaazaar Score

71/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

77/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

79/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

14.7x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 79% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -79%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

11.2x

PEG

0.10

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 44.5% to 78.1% over 3 years.
Return on equity is rising
ROE has improved from 1.6% to 14.3%.
Return on capital is rising
ROCE has improved from 3.2% to 14.7%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 126% over 3 years, from ₹29 Cr to ₹65 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Inventory building faster than salesFinancial
Inventory up 231% against revenue up 156% — stock may not be moving.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.55 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 44.5% to 78.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 79% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 28% a year✓ 36.9% CAGR
Latest reported year was 41.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 76%✓ 78.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹38 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 12%✓ 14.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹279 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.7x

Cheap

Cheap against the generic band

P/B Ratio

1.52x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹8.38

Profitable

Profitable on a per-share basis

ROE

15.6%

Strong

Strong capital efficiency

ROCE

14.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.49x

Low

Conservative leverage

Revenue Growth (YoY)

41.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

95.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹42 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

9.0%

Good

Assets are working hard

Operating Margin

67.7%

Good

Healthy core-business profitability

Net Margin

43.6%

Good

Strong bottom-line conversion

Current Ratio

0.55

Tight

Tight short-term liquidity

52W Range Position

45%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

126.6 / 125.1

Bullish alignment (short > long)

RSI (14)

39.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹15 Cr	₹17 Cr	₹28 Cr	₹39 Cr	+36.9%
EBITDA	₹7 Cr	₹7 Cr	₹17 Cr	₹31 Cr	+65.0%
EBITDA Margin	44.5%	41.0%	61.9%	78.1%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹10 Cr	₹19 Cr	+154.4%
EPS	₹0.51	₹0.43	₹4.28	₹8.38	+154.4%
ROE	1.6%	1.2%	8.7%	14.3%	—
ROCE	3.2%	2.9%	10.3%	14.7%	—
Total Debt	₹29 Cr	₹28 Cr	₹30 Cr	₹65 Cr	+31.2%
Free Cash Flow	-₹9 Cr	-₹6 Cr	-₹18 Cr	-₹38 Cr	—

🟢 Revenue has grown at 36.9% a year over 3 years.

🟢 EBITDA has grown at 65.0% a year over 3 years.

🟢 EBITDA Margin has risen from 44.5% to 78.1% over 3 years (+33.5 pts).

🟢 PAT (Net Profit) has grown at 154.4% a year over 3 years.

🟢 EPS has grown at 154.4% a year over 3 years.

🟢 ROE has risen from 1.6% to 14.3% over 3 years (+12.7 pts).

🟢 ROCE has risen from 3.2% to 14.7% over 3 years (+11.4 pts).

🔴 Total Debt has grown at 31.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹214 Cr

Total Liabilities

₹81 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹25 Cr

Capex

-₹64 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.1%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 mixed5 general

Silverstorm Parks and Resorts Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Silverstorm Parks and Resorts Share Price: Valuation Check

Univest, 29 Sept

Silverstorm Parks and Resorts IPO listing: Shares debut almost flat, hit lower circuit; details here

Livemint, 31 JulPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Silverstorm Parks and Resorts IPO to open on July 24; check price band, offer size details

Moneycontrol.com, 20 Jul

SILVERSTORM PARKS AND RESORTS Share Price

Upstox, 31 Jul

Silverstorm Parks and Resorts Ltd Peer Comparison – Compare with Others

Value Research, 30 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability · Valuation

MiddlingFinancial Health

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑