BSE: 521062
PERFECT-OCTAVE MEDIA PROJECTS
Operates a single niche classical music television channel called 'Insync' under the TV Broadcasting & Software Production classification, with broadcasting accounting for 100% of segment revenue in the most recent period. Revenue from operations has shrunk sharply year-on-year, from Rs. 167.98 lakhs in FY24 to Rs. 77.05 lakhs in FY25 and Rs. 26.28 lakhs in FY26, a drop the company itself described as a struggle to scale its broadcast business. Total expenses consist almost entirely of employee costs (149.2% of revenue) and other operating expenses (460.2% of revenue), with no material cost or depreciation in the latest year, so costs vastly exceed the operating revenue base. The headline FY26 net profit of Rs. 92.21 lakhs was driven by a one-time exceptional item of Rs. 226.76 lakhs (a write-off of an amount payable to a party under a mutual agreement); without it, the company would have been in operating loss. The balance sheet is stressed, with negative other equity of Rs. 2,520.47 lakhs against total equity of Rs. 949.54 lakhs, and trade receivables of Rs. 1,200.01 lakhs at H1 FY26 representing nearly 98% of total assets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Broadcasting (100%). Very small, single-product, revenue-declining TV broadcaster with a stressed balance sheet and one-time items driving reported profits
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 2 | 2 | 1 | 0 |
| EBITDA (ex other income) | 0 | 1 | 0 | 0 | 1 |
| margin % | 12.0 | 33.7 | 26.0 | 3.9 | 353.5 |
| Owners' profit | 0 | 0 | 0 | 0 | 1 |
| EPS, as reported (₹) | 0.00 | 0.12 | 0.07 | 0.01 | 0.27 |
| ROE % · ROCE % | 0.1 · 1.6 | 5.0 · 6.5 | 2.6 · 4.6 | 0.1 · 0.3 | 9.7 · 9.9 |
| Debt / equity (x) | 0.53 | 0.41 | 0.37 | 0.39 | 0.17 |
| Cash from operations | (0) | 1 | 1 | (0) | 0 |
| Capex | 0 | 0 | 0 | 0 | 0 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | 0 | (0) | (0) | 1 | (0) | (0) |
| Net profit | (0) | (0) | 0 | (0) | (0) | 1 | (0) | (0) |
| EPS (₹) | (0.02) | (0.03) | 0.08 | (0.05) | (0.08) | 0.42 | (0.07) | (0.05) |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUN TV NETWORK LIMITED | 24,827 | 16.2 | 1.96 | 9.1 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD | 6,709 | 19.2 | 0.57 | 11.4 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM | 1,634 | 22.0 | 0.37 | 3.8 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,164 | 7.8 | 0.30 | 3.8 | 4.3 | 5.4 | (5.7) | 28.0 |
| NDTV LTD | 698 | — | 5.41 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| GTPL HATHWAY LIMITED | 607 | 80.6 | 0.48 | 1.9 | 1.0 | 1.0 | 8.6 | 10.8 |
| TV TODAY NETWORK LTD | 607 | 35.2 | 0.68 | 9.6 | 1.6 | 3.3 | 0.6 | 10.8 |
| ZEE MEDIA CORPORATION LTD | 463 | — | 2.07 | 3.9 | 0.9 | (1.8) | 3.2 | 9.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 19.2 | 3 of 9 | 75% |
| P/B | 1.1 | 0.6 | 9 of 14 | 39% |
| ROCE | 9.7 | 2.3 | 3 of 15 | 86% |
| ROE | 9.7 | 1.3 | 2 of 14 | 92% |
| Debt / Equity | 0.2 | 0.0 | 11 of 14 | 23% |
| EBITDA margin | (484.5) | 9.4 | 16 of 17 | 6% |
| Revenue growth | (46.8) | 4.5 | 14 of 16 | 13% |
| Profit growth | (19.6) | (28.2) | 7 of 16 | 60% |
| Market cap | 11 | 320 | 14 of 17 | 19% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Oct 2026 · 35th AGM voting results - all resolutions passed with 99.99% majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Perfect-Octave Media Projects holds 35th AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 35th AGM scheduled for September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book closure 26-29 Sep 2026 for 35th AGM on 30 Sep | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Annual Report FY26 filed; profit jumps to Rs 92.21 lakh | results | high | — | — |
| 7 Sept 2026 · Board fixes 35th AGM on 30 Sep 2026; book closure from 26-29 Sep | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Perfect Octave appoints new Company Secretary and Compliance Officer | management changes | medium | — | — |
| 6 Aug 2026 · Board meeting on Aug 14 to consider Q1 FY27 results | results | low | — | — |
| 19 Jul 2026 · Routine quarterly compliance certificate under SEBI Reg 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 30 Jun 2026 · Trading Window Closed from 1 July for Q1 FY27 Results | 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.