Financial result
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Awaiting price reaction for this filing.
Panorama Studios reported Q2 FY26 standalone revenue of Rs. 76.3 crore (vs Rs. 77.8 crore YoY) and consolidated revenue of Rs. 77.9 crore (vs Rs. 82.1 crore YoY), showing a mild single-digit revenue decline quarter-on-quarter. However, profitability weakened sharply — standalone PAT fell to Rs. 3.21 crore (vs Rs. 7.69 crore YoY) and consolidated PAT dropped to Rs. 0.84 crore (vs Rs. 3.50 crore YoY). For H1 FY26, revenue grew strongly (standalone +87%, consolidated +82%), but PAT declined on both bases, dragged by finance costs that nearly tripled YoY (standalone H1: Rs. 4.74 crore vs Rs. 1.37 crore) and higher depreciation. Operating cash flow remained negative (standalone -Rs. 7.99 crore H1, consolidated -Rs. 7.65 crore H1). The board also approved a 10% dividend (Rs. 0.20 per share) and confirmed the conversion of 7 lakh warrants into 35 lakh equity shares during the quarter, with no deviation in the use of preferential issue proceeds.
Weak quarterly profitability despite solid first-half revenue growth is a concern — rising finance costs and continued negative operating cash flow suggest margin and liquidity pressure in the near term. The 10% dividend and clean (unmodified) auditor review provide some comfort, but shareholders should watch for improvement in operating profitability and cash generation.