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 The entity is BSE-listed (scrip 532011), having withdrawn a recent NSE direct listing application, and is led by Managing Director Puja Vashu Bhagnani.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.
| ₹ 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 |
| ₹ 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 |
| 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 % |
|---|---|---|---|---|
| 2 Sept 2026 · Notice of 39th AGM via video conferencing, e-voting and book closure | compliance | minimal | — | — |
| 1 Sept 2026 · Book Closure Sep 20 to 26 for 39th AGM on Sep 26, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · 39th AGM on Sep 26, 2026 via VC; auditor change and RPT approvals on agenda | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Annual Report FY2025-26 and 39th AGM Notice filed with BSE | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Newspaper publication of 39th AGM notice - 26 September 2026 | compliance | minimal | — | — |
| 30 Aug 2026 · New auditor appointed after previous statutory auditor resigned | management changes | medium | — | — |
| 30 Aug 2026 · 39th AGM scheduled for September 26, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 30 Aug 2026 · Board approves auditor change, revises UK subsidiary investment structure | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Statutory Auditor resigns mid-term citing fee disagreement | management changes | high | — | — |
| 12 Aug 2026 · Newspaper publication of Q1FY27 unaudited financial results | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| BABA ARTS LTD. |
| 74 |
| 108.0 |
| 2.69 |
| — |
| 2.4 |
| 3.0 |
| — |
| 2.5 |
| 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) | 57.7 | 17.0 | 12 of 16 | 27% |
| P/B | 3.1 | 1.2 | 11 of 14 | 23% |
| ROCE | 2.0 | 1.2 | 8 of 19 | 61% |
| ROE | 2.1 | 1.8 | 8 of 16 | 53% |
| Debt / Equity | 0.0 | 0.0 | 11 of 16 | 33% |
| 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 | 454 | 16 | 3 of 19 | 89% |
| 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.
