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Balaji Telefilms Limited
NSE: BALAJITELE BSE: 532382 INE794B01026 Consumer Discretionary Entertainment 🔎 Screen
₹1,101 Cr
Market Cap
19.2
P/E
1.75
PEG
-9.5%
ROCE
-7.7%
ROE
0.03
D/E
-28.8%
OPM
-35.9%
% from 52W High
36
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Incorporated in 1994, Balaji Telefilms Ltd is in the business of production of TV content, Films, event business, B2C and B2B digital content business and operates a SVOD, OTT platform, etc.

✓ Strengths 2
  • Company is almost debt free.
  • Company is expected to give good quarter
! Concerns 7
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -6.42% over past five years.
  • Promoter holding is low: 31.3%
  • Company has a low return on equity of 3.52% over last 3 years.
  • Debtor days have increased from 85.1 to 103 days.
  • Promoter holding has decreased over last 3 years: -3.04%
  • Working capital days have increased from 286 days to 587 days
Key Ratios Snapshot
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📈 Growth Pattern
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3-Statement Financial Model
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Weak quarter — consolidated revenue fell 28% YoY to ₹47.6 Cr, with PAT loss of ₹14.2 Cr, driven by sharp contraction in commissioned and movie segments. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹47.6 Cr
-28% YoY (₹66.3 Cr in Q4 FY25); full-year ₹210.8 Cr, -53% YoY
EBITDA Margin
Not explicitly stated
Segmental EBIDTA losses: Commissioned (TV+Digital) -₹13.4 Cr, Movie -₹31.2 Cr, Digital (B2C) -₹19.4 Cr for FY26
PAT
₹-14.2 Cr
vs +₹94.0 Cr in Q4 FY25 (which included deferred tax credit); full-year PAT -₹49.6 Cr vs +₹84.6 Cr in FY25
Key Metric
Revenue per hour ₹34 lacs
FY26 vs ₹29 lacs in FY25; but total production hours fell to 408 from ~1,500+ in prior years
What Went Right
  • Cash reserves strong at ~₹163 Cr in banks and mutual funds as of date.
  • Digital B2B order book exceeded ₹350 Cr with leading OTT platforms.
  • Successfully launched 'Bhooth Bangla' with worldwide gross box office over ₹240 Cr.
  • Kyunki Saas Bhi Kabhi Bahu Thi 2 and Naagin 7 topped TRP charts.
  • Strategic long-term collaboration with Netflix announced; 'Lock Upp' coming to Netflix.
What to Watch
  • Consolidated revenue collapsed 53% YoY in FY26 to ₹210.8 Cr from ₹453.1 Cr in FY25.
  • All three segments reported EBIDTA losses: Commissioned (TV+Digital) -₹13.4 Cr, Movie -₹31.2 Cr, Digital (B2C) -₹19.4 Cr for the full year.
  • Gross margin on standalone basis plunged to 10% in FY26 from 24% in FY25, reflecting cost overruns or lower realisation.
  • PAT swung to a loss of ₹49.6 Cr in FY26 from a profit of ₹84.6 Cr in FY25, driven by operating losses and lack of prior-year tax credits.
  • Movie segment revenue was only ₹15.3 Cr for the full year, indicating a weak pipeline execution despite 'Bhooth Bangla' theatrical success.
Investor Lens
The investment thesis is significantly weakened by a 53% revenue collapse and deep segmental losses across the board. While the company boasts a strong cash reserve (₹163 Cr) and a growing order book (₹350+ Cr), the current quarter shows no signs of a turnaround in profitability. The Netflix partnership and new initiatives (Kutingg, AstroGuide, Hoonur) are early-stage and did not prevent the FY26 loss. Key watch items for next quarter: (1) trajectory of commissioned (TV) revenue, which still drove 76% of revenue but at negative EBIDTA; (2) movie pipeline of 4 films in FY27 must show pre-sales recovery to de-risk the model; (3) digital (B2C) costs need to moderate as subscriber growth (ALT, Kutingg) fails to offset losses. Without a clear path to positive EBIDTA within 2 quarters, the stock remains a high-risk turnaround bet.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Revenue jumps 229% YoY to ₹240 Cr; PAT swings to ₹22 Cr profit
Revenue
Revenue surged 228.8% YoY to ₹240 Cr, from roughly ₹73 Cr in Jun 2025. QoQ growth was even sharper at 400%, indicating a strong recovery in content production and licensing activity.
Profitability
Net profit came in at ₹22 Cr, a 466.7% improvement YoY, with EPS at ₹1.84. PBT stood at ₹28 Cr with a 20% tax rate, reflecting conversion of operating leverage into bottom-line profit.
Margins
Operating profit margin improved to 11% from -13% YoY and -36% QoQ. This margin expansion is driven by higher revenue and better cost absorption, though OPM remains in low double digits.
Cash Flow
Cash flow data is not available in the provided quarterly summary. The company reported zero interest cost, indicating no significant debt servicing burden.
Balance Sheet
Debt-to-equity ratio is very low at 0.03, indicating a clean balance sheet. However, ROCE and ROE remain negative at -9.54% and -7.66%, reflecting accumulated losses from prior periods.
Key Risks
Despite a strong quarter, negative ROCE/ROE highlight past capital erosion. Revenue is highly dependent on content releases, making future quarters vulnerable to production volatility. The 400% QoQ jump signals a low base, so sustaining this run-rate is uncertain.
Outlook
If the company maintains OPM around 11% and continues ramping revenue, it can build on its return to profitability. The current PE of 19.2 suggests the market expects sustained earnings growth, but consistency across quarters remains key.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q2FY26 Q3FY26 Trend
Commission Programs
38
EBIT -5
25
EBIT -11
Digital
6
EBIT -3
10
EBIT -2
Films
5
EBIT 2
7
EBIT -17
Total 49 42

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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Investment Risk:
Investing in securities, including equities and mutual funds, involves inherent risks, including the potential loss of principal. All investments are subject to market fluctuations, regulatory changes, and other risks that may affect their value. Past performance is not indicative of future results. This report is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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The author and/or analyst may currently hold or have previously held positions in the securities or financial instruments discussed in this report. Any such positions, if material, are disclosed to the best of the author's knowledge and are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company, institution, or third party.

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The analysis and opinions expressed herein are based on publicly available information, including but not limited to company filings with the BSE/NSE, annual reports, management commentary, investor presentations, data from the Reserve Bank of India (RBI), SEBI, industry publications, and other reliable financial data sources. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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