BSE: 532011
VASHU BHAGNANI INDUSTRIES LIMI
Produces and distributes films and television content through its UAE-based wholly-owned subsidiary Modern Productions FZ LLC, which reported turnover of ₹732.63 lakhs in FY 2025-26 and held total assets of ₹2,604.44 lakhs as of March 31, 2026. Vashu Bhagnani Industries Limited (formerly Pooja Entertainment and Films Limited) has been infusing capital into this subsidiary (₹10.09 crore in May 2026 on top of ₹50 crore in September 2025) to fund the film/TV business and new real estate ventures. In a strategic shift, the board approved acquiring 100% of UK-based Puja Casa A Limited, a building development and construction firm, for GBP 4.4 million, alongside overseas investment of up to ₹50 crore in UK real estate. Standalone revenue from operations was ₹996.46 lakhs in FY26 (up from ₹947.28 lakhs in FY25) and standalone profit after tax was ₹140.66 lakhs. The cost structure is dominated by other operating expenses at 80.6% of revenue, with employee costs at 12% and negligible materials and capex. Total consolidated assets stood at ₹217.188 crore on FY26 consolidated revenue of ₹14.4185 crore, with EBITDA margin of 26.81%. The entity is BSE-listed (scrip 532011), having withdrawn a recent NSE direct listing application, and is led by Managing Director Puja Vashu Bhagnani. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Film and television production, distribution and exhibition, Real estate. Small entertainment holding pivoting towards overseas real estate, with negligible capex and high operating-leverage cost structure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25 | 47 | 58 | 16 | 14 |
| EBITDA (ex other income) | 3 | 4 | 12 | 6 | 1 |
| margin % | 12.9 | 7.7 | 20.0 | 36.0 | 7.4 |
| Owners' profit | 0 | 3 | 0 | 6 | 3 |
| EPS, as reported (₹) | 6.17 | 6.33 | 2.31 | 1.13 | 0.49 |
| ROE % · ROCE % | 7.2 · 8.2 | 6.8 · 8.4 | 10.3 · 13.9 | 4.6 · 4.2 | 2.1 · 2.0 |
| Debt / equity (x) | 0.22 | 0.29 | 0.31 | 0.10 | 0.04 |
| Cash from operations | (5) | (3) | 0 | (73) | 11 |
| Capex | 0 | (0) | (39) | 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 | 9 | 1 | 1 | 4 | 1 | 2 | 9 | 2 |
| Profit before tax | 7 | 0 | (1) | (0) | 1 | 1 | 4 | (2) |
| Net profit | 6 | 0 | (0) | 1 | 1 | 1 | 3 | (2) |
| EPS (₹) | 1.03 | 0.03 | (0.09) | 0.16 | 0.17 | 0.22 | 0.48 | (0.36) |
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) | 118.6 | 44.7 | 9 of 11 | 20% |
| P/B | 2.6 | 1.2 | 10 of 14 | 31% |
| ROCE | 2.0 | 1.2 | 8 of 19 | 61% |
| ROE | 2.1 | 1.8 | 7 of 14 | 54% |
| Debt / Equity | 0.0 | 0.0 | 9 of 14 | 39% |
| EBITDA margin | (101.5) | 2.5 | 9 of 13 | 33% |
| Revenue growth | (48.5) | (20.2) | 10 of 13 | 25% |
| Profit growth | (362.9) | (44.7) | 13 of 13 | 0% |
| Market cap | 387 | 15 | 3 of 19 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA certificate submitted under SEBI Regulation 74(5) for Q2 2026 | compliance | minimal | — | — |
| 12 Oct 2026 · Income Tax search at premises concluded, no material impact reported | regulatory legal | high | — | — |
| 5 Oct 2026 · Income Tax Department conducted search at company premises | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed for Q2 and half year ending Sep 30, 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · New statutory auditor appointed for 5-year term | management changes | medium | — | — |
| 26 Sept 2026 · All 9 resolutions passed at Vashu Bhagnani Industries 39th AGM | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Scrutinizer Report: All 9 Resolutions Passed at 39th AGM | compliance | low | — | — |
| 26 Sept 2026 · 39th AGM held; financials adopted, auditor appointed, RPTs approved | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Applied for direct NSE listing without public offer or new issue | capital market events | high | — | — |
| 21 Sept 2026 · Vashu Bhagnani Industries to seek direct NSE listing without fresh issue | capital market events | high | — | — |
How to read this document
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|---|---|---|
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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.