Panorama Studios International Ltd.

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panoramastudios.in / www.ainvest.co.inBSE: -NSE: PANORAMA

Market Cap₹ 1,392 Cr.

Current Price

High / Low₹ 56 / 40

Stock P/E57.6

Book Value₹ 9

Price to Book7.56

Dividend Yield0.00 %

ROCE28.2 %

ROE25.5 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Media Entertainment & Publication

Hold

This sector uses indirect proxies rather than direct ad-spend data. Urban CMIE sentiment at 109.5 (2026-07), disposable personal income of INR 353131560 million (Dec/25), and consumer spending of INR 44743 billion (Jun/26) are supportive, but formal consumer confidence weakened to 88.3 (Jul/26). FPI flow is mildly negative at INR -558 crore over 3 months to 2026-08-31, so the stance remains neutral and confidence is capped.

Confidence

48%

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PROS

Company has delivered good profit growth of 38.5% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 50.0%
Company has a healthy return on capital (ROCE) of 44.9%
Latest quarter profit grew 263.0% YoY, showing strong momentum
Operating margins have improved to 16.5% from 6.2%
Company has consistently been profitable over the last 5 years

CONS

Operating cash flow has been negative in recent years
Recent results are weak - TTM profit is down 72.2% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.11x)
Total debt has risen sharply - up 134.1% year on year
Working capital days have increased from 129 to 191 days
Company has delivered a poor sales growth of 3.0% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Media Entertainment & PublicationMedia & EntertainmentFilm Production, Distribution & Entertainment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	PVRINOX	1237.75	27.34	12154.70	0.00	56.50	203.67	1622.20	10.42	11.51	32.59
2.	SAREGAMA	505.30	43.99	9742.66	0.89	51.88	42.10	263.60	27.48	18.53	35.40
3.	TIPSMUSIC	659.55	39.29	8431.13	1.97	43.70	-4.67	106.51	20.94	124.42	50.27
4.	PANORAMA	53.43	57.65	1392.04	0.00	127.15	3529.75	1830.70	1242.65	28.17	10.94
5.	SUNSHINE	407.45	36.83	1269.16	0.00	—	—	—	—	41.33	—
6.	BALAJITELE	90.50	0.00	1103.22	0.00	22.39	476.59	240.29	229.94	-1.16	10.71
7.	AQYLON	21.41	45.85	543.24	0.00	-1.85	-3535.19	0.04	-96.33	-45.28	-1750.00
8.	CINELINE	96.45	29.73	367.60	1.30	-12.47	-91.95	55.01	48.56	-3.12	-78.71
9.	UFO	62.14	10.04	241.26	0.00	5.64	-13.50	110.69	3.81	12.77	16.36
10.	TIPSFILMS	330.65	0.00	142.94	0.00	-29.41	-720.49	47.96	-49.71	-6.69	-61.48
11.	BAGFILMS	4.48	20.79	97.63	0.00	3.57	58.90	38.59	22.62	5.57	18.58
12.	CINEVISTA	14.76	13.88	84.78	0.00	1.00	0.70	7.49	61.77	14.45	31.09

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71	52	33	283	36	82	34	213	136	78	29	65	1,831
	67	41	28	243	32	74	30	168	129	75	28	52	1,682
Operating Profit	4	11	5	40	4	8	4	44	8	2	1	13	148
OPM %	6.09%	21.39%	14.48%	14.21%	10.14%	9.36%	11.75%	20.91%	5.57%	3.20%	4.99%	19.94%	8.11%
	1	1	1	1	1	1	1	1	2	3	1	3	21
Interest	2	3	2	6	2	1	2	3	3	3	3	3	38
Depreciation	0	0	0	0	0	0	1	1	1	1	2	2	14
Profit before Tax	3	10	3	36	3	7	2	42	5	2	-2	12	169
Tax %	31.96%	37.33%	29.54%	23.33%	25.23%	27.10%	30.11%	25.58%	26.93%	45.45%	20.83%	39.58%	24.90%
Net Profit	0	0	0	0	2	5	1	31	4	1	-2	7	127
	3.26	0.25	0.55	4.40	4.34	0.87	0.08	1.18	0.72	0.28	-0.02	0.34	0.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	23	314	76	83	371	440	364	2,003
	20	303	64	87	319	379	304	1,838
Operating Profit	4	11	13	-4	53	61	60	165
OPM %	15.50%	3.45%	16.66%	-5.33%	14.25%	13.77%	16.48%	8.25%
	2	1	1	10	5	5	4	28
Interest	2	1	2	6	8	12	8	46
Depreciation	0	0	0	0	1	1	3	18
Profit before Tax	3	10	11	-1	49	52	54	181
Tax %	44.80%	23.70%	23.71%	-20.98%	28.50%	26.90%	25.91%	26.08%
Net Profit	2	8	8	-1	35	38	40	134
EPS	0.00	6.80	9.61	0.56	29.94	28.57	5.90	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	3.50%	3.39%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 3%
3 Years:: 64%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 58%
3 Years:: 294%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 40%
3 Years:: 50%
Last Year:: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	8	8	12	12	13	14
Minority Interest	4	7	10	9	8	8	6
	1	5	10	11	49	111	173
	20	27	26	76	38	30	77
Trade Payables	18	51	114	46	39	95	91
	52	175	55	96	95	200	191
Total Liabilities	99	272	223	251	241	456	552
	26	25	24	13	14	5	49
	0	0	0	0	0	0	1
	18	76	62	124	75	199	237
	0	0	0	0	0	91	78
Cash & Bank	1	0	2	1	6	19	5
	55	170	135	113	146	142	183
Total Assets	99	272	223	251	241	456	552

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	22	-5	10	-64	52	-8	-26
Cash from Investing	-26	0	-0	15	-3	-10	-32
Cash from Financing	5	9	-3	49	-39	22	53
	0	-0	2	-1	5	4	-4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.16	67.16	64.96	64.96	64.96	64.96	66.61	66.61	66.61
	0.00	0.00	0.85	1.49	1.35	0.53	0.46	0.46	0.29
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.84	32.84	34.20	33.54	33.68	34.51	32.93	32.93	33.10

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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