Sarachchandra open-air theatre is a theatre located in the University of Peradeniya. It is popularly known as the Wala, among university students and the drama enthusiasts. Theatre is named in memory of Prof. Ediriweera Sarachchandra, Sri Lanka's premium playwright. Built in early 1950s, it is considered to be the only theatre of its kind in Sri Lanka. It was built according to the architectural style of ancient Greek theatres.

The performance space is a simple semi-circular one in the middle. It is called the orchestra. Spectators sit in the stone steps created at a slope of which produced a natural theatric, literally "watching place". It can accommodate a very large number of people. Even the spectators in the extreme back row can hear the sounds clearly. Still, most of the dramas shown in the University of Peradeniya uses Sarachchandra open-air theatre as their venue.