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Mukta Arts Q2 FY27 results: net loss narrows to ₹0.36 crore, revenue up 0.5%
Mukta Arts Limited reported consolidated revenue of ₹45.57 crore in Q2 FY27, up 0.5% from a year earlier, with EBITDA of ₹5.34 crore and a net loss of ₹0.36 crore. The July–September 2026 quarter also saw a narrower loss than the ₹3.56 crore reported in Q2 FY26 and the ₹2.15 crore loss in Q1 FY27, though the auditors flagged a material uncertainty around the company's ability to continue as a going concern.
Key points
- Consolidated revenue was ₹45.57 crore in Q2 FY27, up 0.5% from ₹45.33 crore in Q2 FY26 and up 12.3% from ₹40.59 crore in Q1 FY27.
- EBITDA rose to ₹5.34 crore from ₹4.03 crore a year earlier, and the EBITDA margin widened to 11.7% from 8.9%.
- The company reported a net loss of ₹0.36 crore for the quarter, compared with a net loss of ₹3.56 crore in Q2 FY26; basic EPS was -0.16 against -1.57.
- For H1 FY27, revenue was ₹86.16 crore, up 5.0% from ₹82.06 crore, and the net loss narrowed to ₹2.51 crore from ₹9.65 crore.
- The auditors stated that conditions indicate a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern.
How did Mukta Arts perform in Q2 FY27?
On a consolidated basis, Mukta Arts reported revenue of ₹45.57 crore for Q2 FY27, against ₹45.33 crore in Q2 FY26 and ₹40.59 crore in Q1 FY27. Total income was ₹46.88 crore, up 1.1% from the year-ago quarter and up 3.1% from the previous quarter. EBITDA was ₹5.34 crore, up 32.5% from ₹4.03 crore in Q2 FY26, with the margin at 11.7% compared with 8.9%.
The company reported a net loss of ₹0.36 crore for the quarter, against a net loss of ₹3.56 crore in Q2 FY26 and a net loss of ₹2.15 crore in Q1 FY27. Loss before tax was ₹0.45 crore, compared with ₹3.55 crore a year earlier and ₹1.92 crore in the previous quarter. Basic EPS was -0.16, against -1.57 in Q2 FY26 and -0.95 in Q1 FY27.
On a standalone basis, revenue was ₹2.26 crore and profit after tax was ₹0.09 crore in the quarter, with revenue up 1.3% from ₹1.74 crore a year earlier.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 45.57 | 40.59 | 45.33 | +0.5% | +12.3% |
| Other income | 1.31 | 4.86 | 1.03 | +27.2% | −73.0% |
| Total expenses | 47.33 | 47.37 | 49.90 | −5.2% | −0.1% |
| EBITDA | 5.34 | 0.89 | 4.03 | +32.5% | +500.0% |
| EBITDA margin | 11.7% | 2.2% | 8.9% | +2.8 pp | +9.5 pp |
| Profit before tax | −0.45 | −1.92 | −3.55 | ||
| Tax | −0.09 | 0.22 | 0.06 | ||
| Net profit | −0.36 | −2.15 | −3.56 | ||
| EPS (₹) | −0.16 | −0.95 | −1.57 |
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 Mukta Arts' costs and profit?
Total expenses fell 5.2% to ₹47.33 crore from ₹49.90 crore in Q2 FY26, and were nearly unchanged from ₹47.37 crore in Q1 FY27. Employee cost was ₹10.79 crore, down ₹0.31 crore from the year-ago quarter but up ₹0.78 crore from Q1 FY27. Finance costs were ₹2.51 crore, down ₹0.76 crore from a year earlier and down ₹0.25 crore from the previous quarter.
Depreciation was ₹4.59 crore, down ₹0.74 crore from Q2 FY26 and down ₹0.32 crore from Q1 FY27, while other expenses were ₹27.42 crore, down ₹1 crore from the year-ago quarter and down ₹0.39 crore from the previous quarter. Other income was ₹1.31 crore, up ₹0.28 crore from Q2 FY26 but down ₹3.55 crore from Q1 FY27.
There was no exceptional item in the quarter. Tax moved from ₹0.06 crore in Q2 FY26 to -₹0.09 crore in Q2 FY27, and from ₹0.22 crore in Q1 FY27 to -₹0.09 crore. The filing does not state reasons for the changes in these cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 10.79 | 11.10 | −0.31 | −2.8% |
| Finance costs | 2.51 | 3.27 | −0.76 | −23.2% |
| Depreciation | 4.59 | 5.33 | −0.74 | −13.9% |
| Other expenses | 27.42 | 28.42 | −1 | −3.5% |
| Total expenses | 47.33 | 49.90 | −2.57 | −5.2% |
| Other income | 1.31 | 1.03 | +0.28 | +27.2% |
| Tax | −0.09 | 0.06 | −0.15 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹86.16 crore, up 5.0% from ₹82.06 crore in H1 FY26, while total income was ₹92.32 crore, up 7.2% from ₹86.09 crore. Loss before tax narrowed to ₹2.37 crore from ₹9.51 crore a year earlier.
The net loss for the first half was ₹2.51 crore, compared with a net loss of ₹9.65 crore in H1 FY26. Basic EPS for the half year was -1.11, against -4.27 in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 86.16 | 82.06 | +5.0% |
| Profit before tax | −2.37 | −9.51 | |
| Net profit | −2.51 | −9.65 | |
| EPS (₹) | −1.11 | −4.27 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹246.73 crore on 30 September 2026, against ₹243.28 crore on 31 March 2026. Total equity remained negative, though it improved to -₹44.1 crore from -₹54.62 crore. Borrowings rose to ₹61.16 crore from ₹59.98 crore, and cash and cash equivalents were ₹4.89 crore compared with ₹2.60 crore.
Trade receivables were ₹15.66 crore against ₹7.65 crore at the previous balance sheet date, while inventories were ₹1.1 crore compared with ₹1.12 crore. Trade payables were ₹4.67 crore, against ₹54.88 crore on 31 March 2026.
For H1 FY27, net cash from operating activities was ₹17.28 crore, against ₹0.69 crore in H1 FY26. Net cash used in investing activities was ₹10.9 crore compared with ₹0.29 crore a year earlier, and net cash used in financing activities was ₹4.08 crore compared with ₹0.38 crore. Capital expenditure in the half year was ₹1.55 crore against no capital expenditure in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 246.73 | 243.28 |
| Total equity | −44.10 | −54.62 |
| Borrowings | 61.16 | 59.98 |
| Cash and equivalents | 4.89 | 2.60 |
| Inventories | 1.10 | 1.12 |
| Trade receivables | 15.66 | 7.65 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 17.28 | 0.69 |
| Cash from investing | −10.90 | −0.29 |
| Cash from financing | −4.08 | −0.38 |
| Capital expenditure | 1.55 | 0 |
Source: Company's results filing (XBRL).
How has Mukta Arts done over the last 8 quarters?
Revenue across the reported quarters peaked at ₹48.10 crore in Q3 FY25 and bottomed at ₹36.73 crore in Q1 FY26. It then moved up to ₹46.46 crore in Q3 FY26, slipped to ₹40.59 crore in Q1 FY27, and recovered to ₹45.57 crore in Q2 FY27. Revenue rose year on year in each of the last three quarters.
The net loss was widest at ₹6.09 crore in Q1 FY26 and narrowed to ₹0.36 crore in Q2 FY27. The EBITDA margin bottomed at -2.8% in Q1 FY26, peaked at 14.0% in Q3 FY26, and stood at 11.7% in Q2 FY27 after 2.2% in Q1 FY27.
Which businesses drove the quarter?
Theatrical Exhibition Division was the largest segment, with revenue of ₹28.17 crore in Q2 FY27, up 5.1% from ₹26.80 crore a year earlier. Its EBIT was ₹1.91 crore against a loss of ₹2.43 crore in Q2 FY26, with an EBIT margin of 6.8%.
Education reported revenue of ₹16.38 crore, up 1.9% from ₹16.07 crore, and an EBIT loss of ₹0.95 crore compared with a loss of ₹0.65 crore. The Software Division's revenue fell 20.5% to ₹0.19 crore from ₹0.24 crore, with an EBIT loss of ₹1.23 crore against ₹1.08 crore.
Others reported revenue of ₹2.00 crore, up 3.6% from ₹1.93 crore, and EBIT of ₹1.81 crore compared with ₹1.64 crore. The Equipment Division, including other income, reported revenue of ₹0.06 crore, down 2.0%, with EBIT of ₹0.05 crore against ₹0.06 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Software Division | 0.19 | −20.5% | −1.23 | -635.1% |
| Equipment Division (including other income) | 0.06 | −2.0% | 0.05 | 95.1% |
| Theatrical Exhibition Division | 28.17 | +5.1% | 1.91 | 6.8% |
| Education | 16.38 | +1.9% | −0.95 | -5.8% |
| Others | 2 | +3.6% | 1.81 | 90.5% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
The auditors stated that the company's net worth has been fully eroded and there is a deficit of Rs. 10,614 lakhs in the shareholder's equity as on September 30, 2026. They said these conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern, although the company's unaudited financial results have been prepared on a going concern basis on the reporting date.
The auditors also stated that they did not review the interim financial results of a subsidiary, Whistling Woods International Limited, included in the consolidated unaudited financial results. Those interim results reflect total revenues of Rs. 1,573 Lakhs, and a total net loss after tax and total comprehensive loss of Rs.136 Lakhs for the quarter ended September 30, 2026. These interim results were reviewed by other auditors, whose reports were furnished to management.
How did other Film Production Distribution & Exhibition companies do?
Five other Film Production Distribution & Exhibition companies that have filed results for this quarter were compared. Their median revenue growth was 15.5%, above Mukta Arts' consolidated revenue growth of 0.5%.
All five peers grew faster than Mukta Arts, and none grew slower. Four of the five reported higher profit than a year earlier.
| Mukta Arts revenue growth (YoY) | +0.5% |
|---|---|
| Median of 5 other Film Production Distribution & Exhibition companies | +15.5% |
| Companies with slower revenue growth than Mukta Arts | 0 of 5 |
| Companies with faster revenue growth than Mukta Arts | 5 of 5 |
| Companies whose net profit rose | 4 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mukta Arts' revenue in Q2 FY27?
Revenue from operations was ₹45.57 crore, up 0.5% from ₹45.33 crore in Q2 FY26 (consolidated).
Did Mukta Arts make a profit in Q2 FY27?
No. It reported a net loss of ₹0.36 crore, against a net loss of ₹3.56 crore in Q2 FY26.
What was Mukta Arts' EPS in Q2 FY27?
Basic loss per share was ₹0.16, against a loss of ₹1.57 in Q2 FY26.
When did Mukta Arts announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Intimation Of Outcomes Of Board Meeting (BSE, 5 November 2026) · PDF
- Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 5 November 2026) · PDF
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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