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Balaji Telefilms Q1 FY26 results: net loss widens to ₹5.95 crore, revenue down 51.2%
Balaji Telefilms Limited reported consolidated revenue of ₹72.83 crore and a net loss of ₹5.95 crore in Q1 FY26, compared with revenue of ₹149.17 crore and a net loss of ₹2.22 crore in Q1 FY25. EBITDA moved from ₹4.41 crore to a loss of ₹9.83 crore, while the EBITDA margin fell to -13.5% from 3.0%.
Key points
- Consolidated revenue fell 51.2% to ₹72.83 crore in Q1 FY26 from ₹149.17 crore a year earlier.
- EBITDA was a loss of ₹9.83 crore in Q1 FY26, compared with ₹4.41 crore in Q1 FY25, and the margin declined 16.5 percentage points to -13.5%.
- The company reported a net loss of ₹5.95 crore and basic EPS of -₹0.48, compared with a net loss of ₹2.22 crore and basic EPS of -₹0.07 in Q1 FY25.
- Digital revenue rose 197.0% to ₹29.15 crore, while Commissioned Programs revenue fell 33.7% to ₹49.95 crore and Films revenue fell 98.1% to ₹1.40 crore.
- On the standalone basis, revenue was ₹72.83 crore and the company reported a net loss of ₹5.26 crore.
How did Balaji Telefilms perform in Q1 FY26?
Balaji Telefilms reported consolidated revenue of ₹72.83 crore for Q1 FY26, down 51.2% from ₹149.17 crore in Q1 FY25. Total expenses fell 42.9% to ₹84.64 crore, but EBITDA changed from ₹4.41 crore to a loss of ₹9.83 crore. The EBITDA margin was -13.5%, compared with 3.0% in the year-ago quarter, a decline of 16.5 percentage points.
Against Q4 FY25, revenue rose 9.9% to ₹72.83 crore from ₹66.25 crore and EBITDA improved to a loss of ₹9.83 crore from a loss of ₹19.09 crore. The margin recovered to -13.5% from -28.8%, although the company returned to a net loss of ₹5.95 crore from net profit of ₹94.03 crore. Basic EPS was -₹0.48, compared with ₹9.07 in the previous quarter.
On the standalone basis, revenue was ₹72.83 crore and the net loss was ₹5.26 crore. The standalone profit before tax was ₹9.74 crore, compared with a consolidated profit before tax of ₹7.81 crore in Q1 FY26.
| ₹ crore | Q1 FY26 | Q4 FY25 | Q1 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 72.83 | 66.25 | 149.17 | −51.2% | +9.9% |
| Other income | 3.99 | 10.26 | 1.12 | +256.2% | −61.1% |
| Total expenses | 84.64 | 87.25 | 148.28 | −42.9% | −3.0% |
| EBITDA | −9.83 | −19.09 | 4.41 | turned to loss | |
| EBITDA margin | -13.5% | -28.8% | 3.0% | −16.5 pp | +15.3 pp |
| Profit before tax | −7.81 | −10.74 | 2.01 | turned to loss | |
| Tax | −1.87 | −104.77 | 4.23 | ||
| Net profit | −5.95 | 94.03 | −2.22 | turned to loss | |
| EPS (₹) | −0.48 | 9.07 | −0.07 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Balaji Telefilms' costs and profit?
Cost of materials was ₹95.81 crore in Q1 FY26, up ₹28.76 crore or 42.9% from ₹67.05 crore in Q1 FY25, while other income rose ₹2.87 crore to ₹3.99 crore. Total expenses fell ₹63.64 crore to ₹84.64 crore, but EBITDA declined by ₹14.24 crore to a loss of ₹9.83 crore.
Employee cost increased ₹1 crore to ₹8.53 crore. Finance costs fell ₹1.29 crore to ₹0.22 crore, depreciation fell ₹0.25 crore to ₹1.76 crore and other expenses fell ₹2.48 crore to ₹16.62 crore. There was no exceptional item. Tax moved from ₹4.23 crore in Q1 FY25 to ₹1.87 crore in the current quarter, and profit before tax declined by ₹9.82 crore to ₹7.81 crore.
The consolidated net loss widened by ₹3.73 crore to ₹5.95 crore, while the loss attributable to owners increased by ₹5.07 crore to ₹5.76 crore. Basic EPS fell by ₹0.41 to -₹0.48 from -₹0.07 in Q1 FY25. Compared with Q4 FY25, the tax movement was ₹102.90 crore, while other income fell ₹6.27 crore to ₹3.99 crore.
| ₹ crore | Q1 FY26 | Q1 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 95.81 | 67.05 | +28.76 | +42.9% |
| Employee cost | 8.53 | 7.53 | +1 | +13.3% |
| Finance costs | 0.22 | 1.51 | −1.29 | −85.4% |
| Depreciation | 1.76 | 2.01 | −0.25 | −12.4% |
| Other expenses | 16.62 | 19.10 | −2.48 | −13.0% |
| Total expenses | 84.64 | 148.28 | −63.64 | −42.9% |
| Other income | 3.99 | 1.12 | +2.87 | +256.2% |
| Tax | −1.87 | 4.23 | −6.10 |
Source: Company's results filing (XBRL).
How has Balaji Telefilms done over the last 8 quarters?
Revenue peaked at ₹199.55 crore in Q2 FY24 and bottomed at ₹66.25 crore in Q4 FY25 before rising to ₹72.83 crore in Q1 FY26. The latest quarter was therefore higher than the preceding quarter but remained below the year-ago level of ₹149.17 crore.
Profit was highest at ₹94.03 crore in Q4 FY25 and lowest at a loss of ₹11.85 crore in Q3 FY25. Q1 FY26 recorded a net loss of ₹5.95 crore, while the EBITDA margin improved from -28.8% in Q4 FY25 to -13.5% but remained below 3.0% in Q1 FY25.
Which businesses drove the quarter?
Commissioned Programs generated revenue of ₹49.95 crore in Q1 FY26, down 33.7% from ₹75.36 crore in the year-ago quarter. Segment EBIT moved from ₹3.22 crore to a loss of ₹5.45 crore, with an EBIT margin of -10.9%.
Films revenue fell 98.1% to ₹1.40 crore from ₹73.21 crore in Q1 FY25. The segment reported an EBIT loss of ₹2.27 crore, compared with EBIT of ₹3.04 crore, and an EBIT margin of -162.1%.
Digital revenue increased 197.0% to ₹29.15 crore from ₹9.81 crore in the year-ago quarter. Its EBIT loss narrowed to ₹0.92 crore from ₹2.08 crore, while the EBIT margin improved to -3.2%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Commissioned Programs | 49.95 | −33.7% | −5.45 | -10.9% |
| Commissioned Programs | 49.95 | −33.7% | −5.45 | -10.9% |
| Films | 1.40 | −98.1% | −2.27 | -162.1% |
| Films | 1.40 | −98.1% | −2.27 | -162.1% |
| Digital | 29.15 | +197.0% | −0.92 | -3.2% |
| Digital | 29.15 | +197.0% | −0.92 | -3.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
On 3 July 2025, the board approved the re-appointment of Ernst & Young LLP as internal auditors for FY26 and Chhawchharia & Associates as tax auditors for FY26. It also approved the appointment of AVS & Associates as secretarial auditors for five consecutive financial years from 1 April 2025 to 31 March 2030, subject to shareholder approval.
The board approved the re-appointment of Dr Archana Hingorani as a non-executive independent director for a second term of five years from 28 August 2025, subject to shareholder approval. The company also disclosed that the penalty for delayed publication of the March 2025 results had been paid in full to both exchanges; the board said the delay was due to the scheme of arrangement.
What did Balaji Telefilms' management say?
Management said the ALT and Marinating Films subsidiaries had been merged into Balaji Telefilms, and a long-term creative collaboration with Netflix was signed in June 2025. It said the digital B2B order book was over INR300 crore and targeted an annual run-rate of INR100 crore from that stream, while the ALT app’s cash burn had fallen from INR120-145 crore per year to INR35 lakh per month.
Management said motion pictures were targeted to become the primary revenue driver in three years, with six films per year compared with three to four historically, and TV expected to become the third business line. It also said the fundraise of INR130.7 crore was completed with promoter participation, with INR65 crore earmarked for movies, INR33 crore for digital and music and the balance for general corporate purposes.
Management did not provide forward-looking guidance because of the company’s policy of not issuing guidance. It said TV yield remained 25% below pre-COVID levels, the movie business faced 8-12 months of release-window fluidity, quarterly movie releases could make revenue uneven, and the digital platform remained EBITDA-negative at an INR28 crore loss.
Management said the film business had recovered about 85% to 90% of production costs before release. It also said the digital model had shifted towards a hybrid SVOD and AVOD approach, and that regional expansion would include Tamil and Telugu, while the YouTube channel crossed 10 lakh subscribers in one month.
How did Balaji Telefilms shares react?
The Media & Entertainment industry median fell 0.8% on the reaction day, leaving Balaji Telefilms 1.3 percentage points ahead of the sector. By the next day, the stock was 0.2 percentage points below the sector median, while the five-session excess move was 0.1 percentage points.
Earlier results-day reactions were positive on 11 February 2025, when the stock rose 1.5%, and on 14 November 2024, when it rose 3.7%. It fell 4.9% on 30 May 2024.
| After the filing | Stock | Media & Entertainment median |
|---|---|---|
| Reaction day | +0.5% | −0.8% |
| Next day | −1.5% | −1.3% |
| 5 days | −1.3% | −1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 February 2025 | +1.5% |
| 14 November 2024 | +3.7% |
| 30 May 2024 | −4.9% |
Source: MarketPing price-reaction measurement.
How did other Media & Entertainment companies do?
Nine other Media & Entertainment companies were compared for the quarter, with a median revenue growth of -9.6%. Three grew more slowly than Balaji Telefilms and six grew faster than Balaji Telefilms. Profit was compared across 11 peers, of which four reported higher profit.
| Balaji Telefilms revenue growth (YoY) | −51.2% |
|---|---|
| Median of 9 other Media & Entertainment companies | −9.6% |
| Companies with slower revenue growth than Balaji Telefilms | 3 of 9 |
| Companies with faster revenue growth than Balaji Telefilms | 6 of 9 |
| Companies whose net profit rose | 4 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Balaji Telefilms' revenue in Q1 FY26?
Revenue from operations was ₹72.83 crore, down 51.2% from ₹149.17 crore in Q1 FY25 (consolidated).
Did Balaji Telefilms make a profit in Q1 FY26?
No. It reported a net loss of ₹5.95 crore, against a net loss of ₹2.22 crore in Q1 FY25.
What was Balaji Telefilms' EPS in Q1 FY26?
Basic loss per share was ₹0.48, against a loss of ₹0.07 in Q1 FY25.
How did Balaji Telefilms shares react to the Q1 FY26 results?
On the reaction day the stock moved +0.5% from the previous close; the median Media & Entertainment stock moved −0.8%.
When did Balaji Telefilms announce its Q1 FY26 results?
On 3 July 2025, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 3 July 2025) · PDF
- Outcome of Board Meeting (NSE, 4 July 2025) · PDF
- Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter Ended June 30, 2025 (BSE, 31 July 2025) · PDF
- Update on board meeting (BSE, 6 August 2025) · PDF
- Outcome of Board Meeting (NSE, 12 August 2025) · PDF
- Outcome of Board Meeting (NSE, 12 August 2025) · PDF
- The earnings call (7 July 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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