NSE: PFOCUS · BSE: 532748
PRIME FOCUS LIMITED
Provides visual effects (VFX), animation and post-production services to the film and content industry through its subsidiary DNEG, alongside an in-house content production slate. FY26 consolidated revenue of Rs 4,675.81 crore was driven by visual effects and animation work for global film and streaming clients, with key projects including Ramayana (Diwali 2026 release), The Angry Birds Movie 3 and Cocomelon The Movie. The Brahma AI platform, built for AI-assisted VFX and content workflows, has secured multi-year deals and a partnership with Google Cloud, and is being extended into Healthcare and Sports verticals. The order book and visible pipeline stand at approximately $1 billion for FY27 and beyond. The business is labour-intensive: employee cost accounts for 53.5% of revenue and depreciation 14.1%, with negligible raw-material cost. FY26 EBITDA margin was 32.216% on total assets of Rs 10,649.43 crore, and the group employs about 12,000 people. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Visual effects, animation and post-production services, Content production and IP monetisation, Brahma AI platform and technology services. Asset- and talent-heavy VFX, animation and content production services business with high depreciation and people costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,386 | 4,644 | 3,930 | 3,599 | 4,676 |
| EBITDA (ex other income) | 616 | 914 | 232 | 406 | 1,399 |
| margin % | 18.2 | 19.7 | 5.9 | 11.3 | 29.9 |
| Owners' profit | (172) | 147 | (405) | (377) | 219 |
| EPS, as reported (₹) | (5.81) | 6.49 | (16.31) | (12.57) | 3.94 |
| ROE % · ROCE % | (90.7) · 12.7 | 123.8 · 14.2 | (62.9) · (0.6) | (22.4) · 3.6 | 11.8 · 24.9 |
| Debt / equity (x) | 15.97 | 24.74 | 5.06 | 2.00 | 1.94 |
| Cash from operations | 183 | 254 | (33) | 295 | 1,024 |
| Capex | (85) | (360) | (305) | (365) | (532) |
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 | 897 | 909 | 979 | 1,023 | 1,061 | 1,207 | 1,384 | 1,267 |
| Profit before tax | 75 | (94) | (257) | 164 | 6 | 83 | 82 | (32) |
| Net profit | 50 | (99) | (252) | 110 | 4 | 69 | 118 | (46) |
| EPS (₹) | 1.68 | (3.30) | (7.70) | 2.05 | 0.10 | 0.91 | 1.06 | (0.53) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Prime Focus EOGM notice published, meeting on November 7, 2026 | compliance | minimal | — | — |
| 16 Oct 2026 · Prime Focus EOGM on November 7 for AI unit restructuring and PE deal | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Prime Focus board approves PE investment in AI subsidiaries, loss of control | fund raising | high | — | — |
| 14 Oct 2026 · Income Tax search and seizure proceedings have concluded, no adverse findings | regulatory legal | high | — | — |
| 7 Oct 2026 · Income Tax survey at Mumbai offices confirmed; operations unaffected | regulatory legal | critical | — | — |
| 7 Oct 2026 · BSE seeks clarification from Prime Focus on CNBC TV18 news report | regulatory legal | high | — | — |
| 1 Oct 2026 · Intimation of institutional investor meeting schedule | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Newspaper notice on Namit Malhotra's Whole-time Director appointment | compliance | minimal | — | — |
| 30 Sept 2026 · AGM 2026: All 17 resolutions passed, Rs 3,000 Cr fund raise approved | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Prime Focus AGM 2026: Rs 3,000 Cr fundraise, subsidiary transfers and director changes approved | general | 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.