BSE: 532355
PICTUREHOUSE MEDIA LTD.
Classified under Film Production, Distribution & Exhibition, the standalone entity posted revenue from operations of Rs 3.29 lakhs in FY26 — operations are effectively dormant. The bulk of reported income is booked as 'other income' rather than film activity: 9M FY26 brought Rs 427.39 lakhs of other income against Rs 1.67 lakhs of operating revenue. Consolidated total income of Rs 1,987.61 lakhs for FY26 is similarly other-income driven (Rs 514.89 lakhs in Q3 FY26 alone). The balance sheet carries Rs 3,017.94 lakhs of film production inventory and Rs 2,521.74 lakhs of investment in subsidiary PVP Capital, an NBFC whose RBI registration was cancelled. Both standalone net worth (Rs -4,024.77 lakhs) and consolidated net worth (Rs -6,284.47 lakhs) are deeply negative, the statutory auditor has qualified the opinion (eighth year running) flagging going-concern doubt, and FY26 operating cash flow was Rs -565 lakhs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Film production, distribution and exhibition, Other income. Film production/distribution entity with effectively no ongoing operations; reported income is non-operating in character
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 16 | 0 | 0 | 0 |
| EBITDA (ex other income) | (31) | 208 | (1) | (2) | (2) |
| margin % | (191.6) | 1327.9 | (301.1) | (5431.2) | (6213.7) |
| Owners' profit | 0 | 205 | (1) | 2 | 1 |
| EPS, as reported (₹) | (13.57) | 39.24 | (0.13) | 0.40 | 0.11 |
| ROE % · ROCE % | 25.7 · 15.2 | (287.5) · (5368.4) | 1.0 · 2.5 | (3.3) · 7.9 | (0.9) · 7.9 |
| Debt / equity (x) | (0.69) | (1.20) | (3.90) | (3.39) | (3.73) |
| Cash from operations | (7) | 18 | 29 | 47 | (6) |
| Capex | 0 | (2) | 0 | 0 | (0) |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | (0) | (0) | 0 | 3 | 0 | 0 | 0 | 0 |
| Net profit | (0) | (0) | 0 | 3 | 0 | 0 | 0 | 0 |
| EPS (₹) | (0.05) | (0.06) | 0.00 | 0.51 | 0.00 | 0.01 | 0.08 | 0.02 |
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 | 1,527 | 44.4 | 6.91 | 45.6 | 4.5 | 6.0 | 32.2 | 24.7 |
| VASHU BHAGNANI INDUSTRIES LIMI | 409 | 125.5 | 2.77 | 103.9 | 2.1 | 2.0 | 37.1 | (101.5) |
| JOJO LIMITED | 382 | 41.1 | 7.04 | 35.1 | 10.4 | 15.5 | — | 45.0 |
| Diksat Transworld Limited | 219 | 61.3 | — | — | — | — | 8.4 | — |
| BABA ARTS LTD. | 106 | 155.7 | 3.88 | — | 2.4 | 3.0 | — | 2.5 |
| PICTUREHOUSE MEDIA LTD. ◆ | 35 | 60.9 | — | 15.2 | (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) | 60.9 | 44.4 | 7 of 11 | 40% |
| ROCE | 0.3 | 1.2 | 12 of 19 | 39% |
| EBITDA margin | 27468.3 | 2.5 | 1 of 13 | 100% |
| Revenue growth | 46.4 | (20.2) | 4 of 13 | 75% |
| Profit growth | (97.0) | (44.7) | 11 of 13 | 17% |
| Market cap | 35 | 15 | 6 of 19 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Quarterly Share Capital Reconciliation Audit Report filed for Sept 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · MD resigns, stays on as Non-Executive Chairman | management changes | high | — | — |
| 30 Sept 2026 · Board reconstitutes NRC; P.J. Bhavani named Managing Director | management changes | medium | — | — |
| 30 Sept 2026 · 27th AGM held on 30 Sep 2026; all agenda items transacted | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 27th AGM: All 6 resolutions passed, Bhavani confirmed as Managing Director | compliance | minimal | — | — |
| 30 Sept 2026 · Secretarial Auditor appointed for five year term | management changes | medium | — | — |
| 30 Sept 2026 · Picturehouse Media 27th AGM held on Sep 30, 2026; all resolutions transacted | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Board changes: Badey regularized as Independent Director, Bhavani appointed MD | management changes | high | — | — |
| 29 Sept 2026 · Secretarial Auditor resigns mid-term; replacement proposed at AGM | management changes | 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.