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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PANORAMA STUDIOS INTL. L ◆ | 1,382 | 39.0 | 6.26 | 41.3 | 4.5 | 6.0 | 32.2 | 24.7 |
| JOJO LIMITED | 764 | 82.4 | 14.10 | 70.8 | 10.4 | 15.5 | — | 45.0 |
| VASHU BHAGNANI INDUSTRIES LIMI | 454 | 57.7 | 3.07 | 115.5 | 2.1 | 2.0 | 37.1 | (101.5) |
| Diksat Transworld Limited | 219 | 61.3 | — | — | — | — | 8.4 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · AGM notice published in newspapers | compliance | minimal | — | — |
| 9 Sept 2026 · Panorama Studios inks OTT licensing deal for Marathi film Dhondi Champya | strategic transactions | low | — | — |
| 8 Sept 2026 · 46th AGM notice on Sept 30, 2026 with key approvals sought | board shareholder meetings | low | — | — |
| 8 Sept 2026 · 46th AGM on Sep 30; seeks nod for Rs 1,500 cr borrowing and RPT limit | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Board meeting: AGM Sep 30, director re-appointments, higher borrowing limits | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Panorama Studios acquires worldwide rights for Malayalam film Koodu | business updates | medium | — | — |
| 1 Sept 2026 · Board meeting on Sept 4 to consider AGM items, director re-appointments, borrowing limit hike | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Promoter Kumar Mangat Pathak pledges 60 lakh shares for personal borrowing | ownership changes | high | — | — |
| 26 Aug 2026 · Panorama Studios signs distribution deal for Marathi film TUJHYA AAILA | business updates | medium | — | — |
| 26 Aug 2026 · Panorama Studios inks distribution deal for Marathi film Kapuskonda | business updates | medium | — | — |
| Where a broker report shows | This document shows | Why |
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| 2.69 |
| — |
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| PICTUREHOUSE MEDIA LTD. | 40 | 69.5 | — | 15.4 | (0.9) | 0.3 | 18.1 | 27468.3 |
| JMD Ventures Limited | 21 | — | 0.63 | — | (3.4) | (3.3) | — | (1021.0) |
| MEDIAONE GLOBAL ENTERTAINMENT | 21 | — | — | — | 228.8 | (12.4) | — | (271.2) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.0 | 17.0 | 10 of 16 | 40% |
| P/B | 6.3 | 1.2 | 13 of 14 | 8% |
| ROCE | 6.0 | 1.2 | 3 of 19 | 89% |
| ROE | 4.5 | 1.8 | 4 of 16 | 80% |
| Debt / Equity | 0.0 | 0.0 | 3 of 16 | 47% |
| 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 | 1382 | 16 | 1 of 19 | 100% |
| 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 |
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.
