NSE: BALAJITELE · BSE: 532382
BALAJI TELEFILMS LIMITED.
Produces TV serials on commission for broadcasters, web series for OTT platforms, and Hindi films for theatrical release. In FY26, commissioned TV programs made up roughly 76% of revenue, with digital contributing 16.65% and films 7.13%. The TV arm produces shows like Kyunki Saas Bhi Kabhi Bahu Thi 2 and Naagin 7 for broadcast partners, while the digital business builds content for OTT platforms such as Netflix and Amazon on a B2B basis. The films segment carries a 17-movie pipeline over three years, with four releases planned for FY27, of which Bhooth Bangla grossed over ₹240 crores worldwide. The company is also building consumer-facing digital verticals — the Kutingg OTT platform, Balaji Studios content, the AstroGuide astrology app, and the Hoonur talent management business. Production and content costs were ₹265.5 crores in FY26 (125.9% of revenue), which is why the year closed with an EBITDA loss of ₹65.8 crores. Subsidiaries ALT Digital and Marinating Films were merged into the parent effective April 1, 2025, delivering ₹117 crores of GST input credit. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Commissioned TV Programs (76%), Digital (17%), Films (7%). Asset-light, project-based content production across TV, OTT, and films, with consumer digital extensions.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 337 | 593 | 625 | 453 | 211 |
| EBITDA (ex other income) | (122) | (19) | 46 | (14) | (66) |
| margin % | (36.1) | (3.2) | 7.4 | (3.0) | (31.2) |
| Owners' profit | (132) | (37) | 20 | 87 | (49) |
| EPS, as reported (₹) | (13.09) | (3.67) | 1.96 | 8.61 | (4.09) |
| ROE % · ROCE % | (29.9) · (29.0) | (9.3) · (3.9) | 4.5 · 10.1 | 12.9 · (1.0) | (8.0) · (9.9) |
| Debt / equity (x) | 0.10 | 0.25 | 0.18 | 0.01 | 0.02 |
| Cash from operations | (120) | (47) | 66 | 52 | (73) |
| Capex | (3) | (5) | (7) | (4) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 144 | 93 | 66 | 73 | 49 | 42 | 48 | 240 |
| Profit before tax | 11 | (12) | (11) | (8) | (7) | (32) | (18) | 28 |
| Net profit | 5 | (12) | 94 | (6) | (5) | (25) | (14) | 22 |
| EPS (₹) | 0.56 | (1.16) | 9.07 | (0.48) | (0.40) | (2.04) | (1.17) | 1.84 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Commissioned Programs | 87 | 39.8 |
| Films | 15 | 7.1 |
| Digital | 53 | 24.4 |
| Commission Programs | 63 | 28.7 |
| Total, before eliminations | 219 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TIPS MUSIC LIMITED | 10,163 | 47.4 | 39.10 | — | 83.4 | 110.1 | — | 55.7 |
| SAREGAMA INDIA LIMITED | 10,110 | 45.6 | 5.96 | 27.4 | 12.2 | 15.7 | 17.4 | 37.0 |
| NETWORK18 MEDIA & INV LTD | 3,722 | — | 0.75 | 35.9 | 3.1 | (2.8) | (14.7) | 2.3 |
| BALAJI TELEFILMS LIMITED. ◆ | 1,036 | — | 1.67 | — | (8.0) | (10.2) | (6.4) | 12.4 |
| ENTERTAIN NET. IND. LTD. | 391 | — | 0.52 | 5.2 | (1.0) | (3.4) | 15.7 | 15.4 |
| SHEMAROO ENTER. LTD. | 282 | — | 1.05 | — | (81.6) | (106.4) | 13.4 | (0.9) |
| MUSIC BROADCAST LIMITED | 183 | — | 0.41 | — | (12.0) | (11.8) | — | 38.4 |
| GRADIENTE INFOTAINMENT L | 59 | 12.7 | 0.19 | — | 0.9 | 1.3 | — | 10.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.7 | 0.9 | 8 of 11 | 30% |
| ROCE | (10.2) | (3.1) | 8 of 12 | 36% |
| ROE | (8.0) | (1.2) | 7 of 11 | 40% |
| Debt / Equity | 0.0 | 0.0 | 6 of 11 | 50% |
| EBITDA margin | 12.4 | 12.4 | 7 of 13 | 50% |
| Revenue growth | 229.9 | (2.8) | 2 of 11 | 90% |
| Profit growth | 476.6 | 56.4 | 3 of 12 | 82% |
| Market cap | 1036 | 183 | 4 of 13 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Employee stock options granted at Rs 62.86 per share | corporate actions | medium | — | — |
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 8 Oct 2026 · Compliance filing under SEBI Regulation 74(5) for quarter ended September 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Balaji Telefilms files 32nd AGM minutes, all 5 resolutions approved | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGM approves director continuation and MD remuneration for 2 years | management changes | medium | — | — |
| 30 Sept 2026 · AGM voting results: all 5 resolutions passed, MD remuneration approved | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 30 Sept 2026 · 32nd AGM proceedings held on Sep 29, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · Advertisement of 32nd AGM scheduled for September 29, 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · Letter to shareholders with web link for FY2025-26 Annual Report and 32nd AGM notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.