NSE: PANORAMA · BSE: 539469
PANORAMA STUDIOS INTL. L
Operates in film production, distribution and exhibition, earning from a mix of theatrical distribution, non-theatrical rights syndication, in-flight entertainment rights, and co-production deals. On the theatrical side, it has signed overseas theatrical distribution deals with Cinépolis India for Hindi film Baby Do or Die, acquired worldwide theatrical rights for the Punjabi film Ranjheya, and entered a distribution partnership with Cinépolis India covering Delhi and UP circuit with films including Dhamaal 4, Baby Do Die Do, Mahaprabhu Jagannath and Hanuman Ansh. Through its subsidiary Panorama Studios Inflight LLP, it exclusively exploits airborne (in-flight entertainment) rights worldwide for a string of short and feature films. The non-theatrical business licenses streaming, television and digital rights, including a Letter of Intent with Sony Pictures Networks Entertainment for Sony LIV rights to the Malayalam film Unmadam and multiple syndication agreements for short films. Co-production activity includes a joint development deal with Funstreams Movies and Entertainment LLP for two Malayalam films starring Fahadh Faasil, and a Line Producer Agreement for Gujarati film Goldhaana. Materials and content costs dominate at 85.3% of FY26 revenue of 308.50 crore, against 3.1% employee costs, 3.7% other opex and 1.9% depreciation, with EBITDA margin of 10.80%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Theatrical distribution, Non-theatrical rights syndication, Inflight entertainment rights, Film co-production. Cyclical, content-driven film production and rights distribution.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 83 | 371 | 440 | 364 | 308 |
| EBITDA (ex other income) | (4) | 53 | 61 | 60 | 24 |
| margin % | (5.3) | 14.2 | 13.8 | 16.5 | 7.9 |
| Owners' profit | 1 | 37 | 38 | 42 | 10 |
| EPS, as reported (₹) | 0.56 | 2.99 | 30.41 | 6.04 | 0.60 |
| ROE % · ROCE % | (4.0) · 13.2 | 51.2 · 69.2 | 26.8 · 39.4 | 20.1 · 24.3 | 4.5 · 10.1 |
| Debt / equity (x) | 2.22 | 0.62 | 0.23 | 0.39 | 0.00 |
| Cash from operations | (65) | 41 | (6) | (26) | (4) |
| Capex | 0 | (2) | (3) | (42) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36 | 82 | 34 | 213 | 136 | 78 | 29 | 65 |
| Profit before tax | 3 | 7 | 2 | 42 | 5 | 2 | (2) | 12 |
| Net profit | 2 | 5 | 1 | 31 | 4 | 1 | (2) | 7 |
| EPS (₹) | 2.67 | 0.87 | 0.31 | 4.34 | 0.72 | 0.28 | (0.02) | 0.34 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PANORAMA STUDIOS INTL. L ◆ | 1,536 | 44.7 | 6.95 | 45.9 | 4.5 | 6.0 | 32.2 | 24.7 |
| JOJO LIMITED | 391 | 42.2 | 7.22 | 36.1 | 10.4 | 15.5 | — | 45.0 |
| VASHU BHAGNANI INDUSTRIES LIMI | 387 | 118.6 | 2.62 | 98.2 | 2.1 | 2.0 | 37.1 | (101.5) |
| Diksat Transworld Limited | 228 | 63.7 | — | — | — | — | 8.4 | — |
| BABA ARTS LTD. | 112 | 163.5 | 4.07 | — | 2.4 | 3.0 | — | 2.5 |
| PICTUREHOUSE MEDIA LTD. | 34 | 58.6 | — | 15.1 | (0.9) | 0.3 | 18.1 | 27468.3 |
| MEDIAONE GLOBAL ENTERTAINMENT | 22 | — | — | — | 228.8 | (12.4) | — | (271.2) |
| JMD Ventures Limited | 20 | — | 0.59 | — | (3.4) | (3.3) | — | (1021.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.7 | 44.7 | 6 of 11 | 50% |
| P/B | 7.0 | 1.2 | 13 of 14 | 8% |
| ROCE | 6.0 | 1.2 | 3 of 19 | 89% |
| ROE | 4.5 | 1.8 | 3 of 14 | 85% |
| Debt / Equity | 0.0 | 0.0 | 1 of 14 | 54% |
| EBITDA margin | 24.7 | 2.5 | 5 of 13 | 67% |
| Revenue growth | (69.5) | (20.2) | 12 of 13 | 8% |
| Profit growth | (76.9) | (44.7) | 10 of 13 | 25% |
| Market cap | 1536 | 15 | 1 of 19 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Income Tax search at company premises: company clarifies disclosure delay | regulatory legal | high | — | — |
| 9 Oct 2026 · Quarterly Compliance Certificate for Q2 FY27 (Reg 74/5) | compliance | minimal | — | — |
| 6 Oct 2026 · Income Tax search at Panorama Studios premises concluded | regulatory legal | high | — | — |
| 5 Oct 2026 · 46th AGM results: all 7 resolutions passed, including Rs 1500 cr related party cap | compliance | minimal | — | — |
| 30 Sept 2026 · 46th AGM proceedings - 7 resolutions including RPT revision to Rs 1,500 cr | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Income Tax Department team at company premises for inquiry | regulatory legal | critical | — | — |
| 28 Sept 2026 · BSE seeks clarification from Panorama Studios on news report | regulatory legal | high | — | — |
| 23 Sept 2026 · Trading Window Closure from Oct 1 at Panorama Studios | compliance | minimal | — | — |
| 21 Sept 2026 · Acquired dubbing rights for film Anomie - The Equation of Death | business updates | low | — | — |
| 21 Sept 2026 · Panorama Studios partners with Unni Mukundan for new Malayalam film | business updates | medium | — | — |
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.