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Basilic Fly Studio Seeks Shareholder Nod to Migrate from NSE Emerge to Main Board of NSE and BSE
Basilic Fly Studio has issued a Postal Ballot notice seeking shareholder approval via special resolution to migrate its equity shares from the NSE EMERGE platform to the Main Board of both NSE and BSE. Under SEBI ICDR Regulation 277, the resolution requires votes cast by public shareholders in favour to be at least two times the votes cast against. The remote e-voting window opens on September 30, 2026, and closes on October 29, 2026, with results expected on or before November 2, 2026. If approved, the move removes SME lot-size trading restrictions and facilitates broader institutional participation for the Rs 422 Cr market cap visual effects company.
Confidence: HIGH
What changedThe company has formally initiated shareholder voting to migrate from the SME exchange to the main boards of NSE and BSE.
Why it mattersMain board listing eliminates mandatory minimum SME trading lot sizes, enhancing equity liquidity, retail accessibility, and opening eligibility for institutional investors.
Market Cap: Rs 422 CrVoting Cut-off Date: September 25, 2026E-voting Start Date: September 30, 2026E-voting End Date: October 29, 2026Voting Threshold (Public): Votes in favour >= 2x votes against
📅 Short termShareholder sentiment may improve due to the liquidity expectations from a main board migration; focus will be on the postal ballot outcome by November 2, 2026.
📈 Long termMigration facilitates institutional capital access, better analyst coverage, and improved trading volumes, supporting future equity fundraises and inorganic growth plans.
⚠ Risk flags
- Subject to securing a 2:1 favorable public shareholder vote and subsequent exchange approvals
Key Highlights
Proposed migration of equity shares from NSE EMERGE platform to the Main Board of NSE and BSE
Requires public shareholder votes in favour to be at least 2x the votes cast against under SEBI ICDR Regulation 277
Remote e-voting period runs from September 30, 2026 (9:00 AM) to October 29, 2026 (5:00 PM)
Voting cut-off date was September 25, 2026; voting results to be declared on or before November 2, 2026
👀 What to Watch
Track the e-voting results announcement scheduled on or before November 2, 2026, followed by in-principle and final listing approvals from NSE and BSE.
Basilic Fly Secures Approval to Reallocate ₹21.4 Cr IPO Funds for Bengaluru Studio Expansion
Basilic Fly Studio has received shareholder approval to alter its IPO proceeds utilization, redirecting ₹214 million (₹21.4 crore) originally intended for Hyderabad and Salem towards a new studio in Bengaluru. The total cost of the revised project is ₹233 million (₹23.3 crore), with ₹19 million funded through internal accruals. The proposed facility will cover ~11,000 sq. ft. with seating capacity for ~150 employees, targeted for completion by March 2027. This planned capex of ₹23.3 crore represents approximately 6.6% of TTM revenue (₹351 crore) and 9.2% of net worth (₹252 crore).
Confidence: HIGH
What changedReallocated ₹21.4 crore of unutilised IPO proceeds from setting up studios in Hyderabad and Salem to a single new studio in Bengaluru.
Why it mattersConsolidates expansion into a major tech and creative hub (Bengaluru), adding 150 seats to existing domestic capacity to support growth.
Total project cost: ₹233 millionReallocated IPO proceeds: ₹214 millionInternal accruals funding: ₹19 millionNew studio area: 11,000 sq. ft.Seating capacity: 150 employeesCapex vs Net Worth: ~9.2%
📅 Short termClear regulatory overhang around unutilised IPO proceeds as shareholder approval is secured, with immediate focus shifting to studio setup.
📈 Long termExpands talent access in Bengaluru, augmenting the existing 700+ artist workforce and domestic delivery capacity over FY27-FY28.
⚠ Risk flags
- Execution timeline risk until scheduled completion in March 2027
- Talent acquisition and studio utilization ramp-up risks
Key Highlights
Shareholders approved variation in IPO object at the AGM concluded on September 28, 2026.
Unutilised IPO funds of ₹214 million redirected from Hyderabad and Salem to a new Bengaluru studio.
Total project cost estimated at ₹233 million, with balance ₹19 million funded via internal accruals.
New facility spans ~11,000 sq. ft. with seating capacity for ~150 employees, scheduled for full implementation by March 2027.
👀 What to Watch
Track the construction, hiring progress, and rollout timeline toward the targeted completion date of March 2027.
Basilic Fly Studio reports ₹255 Cr order book and ₹105 Cr YTD wins in Q1 FY27 concall
Basilic Fly Studio disclosed in its Q1 FY27 earnings call that its undelivered order book stood at ₹255 Cr as of July 2026, scheduled for execution over Q2-Q4 FY27. The company has secured ₹105 Cr in new international orders FY27 YTD, representing ~30% of its TTM revenue (₹351 Cr). Additionally, the active bid pipeline stands at ₹700 Cr with 40% in advanced stages, and domestic OTT revenue has already crossed 2x of its entire FY26 domestic revenue. During Q1 FY27, the studio delivered 89 projects across 60 clients globally with an expanded workforce exceeding 800 professionals.
Confidence: HIGH
What changedManagement provided detailed operational updates, disclosing a ₹255 Cr order book and ₹105 Cr FY27 YTD new wins post Q1 FY27 earnings.
Why it mattersThe order book of ₹255 Cr provides strong revenue visibility for the remainder of FY27, covering ~73% of TTM revenue (₹351 Cr), addressing recent investor concerns over growth and utilization.
Undelivered Order Book: ₹255 CrFY27 YTD New International Orders: ₹105 CrOrder Book vs TTM Revenue: ~72.6%Active Bid Pipeline: ₹700 CrProjects Delivered in Q1 FY27: 89
📅 Short termProvides improved visibility into H2 FY27 revenue trajectory following a softer Q1 FY27 PAT of ₹6.7 Cr.
📈 Long termExpansion into high-end direct creative mandates and international scaling via One of Us strengthens BFS's position across global streaming networks.
⚠ Risk flags
- Lumpy milestone-based revenue recognition dependent on client approval schedules
- Pricing pressures in overseas markets and reliance on high-cost creative talent
Key Highlights
Undelivered order book reached ₹255 Cr as of end-July 2026 (up from historical levels of ₹100-150 Cr), to be executed across Q2 to Q4 FY27
Secured ₹105 Cr of new international orders FY27 YTD, equivalent to ~30% of TTM revenue of ₹351 Cr
Active bidding pipeline stands at ₹700 Cr, with 40% at an advanced stage of conversion
Delivered 89 projects (28 movies, 53 series, 8 commercials) for 60 clients (10 new) in Q1 FY27
Domestic OTT revenue crossed 2x the full-year FY26 revenue generated from this segment
👀 What to Watch
Track execution timeline of the ₹255 Cr order book in upcoming Q2 and Q3 FY27 results, alongside conversion rates from the ₹700 Cr bidding pipeline.
Basilic Fly Q1 FY27: Revenue at Rs 103.5 Cr, EBITDA Margin 13.91%, Bid Pipeline at £55M
Basilic Fly Studio released its Q1 FY27 investor presentation, reporting consolidated operational revenue of INR 103.5 Cr (INR 1,035 Mn) with an EBITDA margin of 13.91%, down from 20.89% in FY26. The company reported an active bid pipeline of £55 million, with approximately 40% at an advanced stage of conversion. Europe accounted for 79% of Q1 FY27 revenue, followed by North America at 10% and Others at 11%. Domestic OTT sales revenue showed strong traction, already exceeding ~2x of full-year FY26 domestic revenue following full-length mandates from Netflix and Amazon.
Confidence: HIGH
What changedBasilic Fly published its Q1 FY27 investor presentation detailing quarterly operational performance, margin trends, and pipeline visibility.
Why it mattersDemonstrates strong commercial pipeline visibility (£55M) and domestic OTT expansion, while highlighting near-term margin pressure (EBITDA margin at 13.91%).
Q1 FY27 Consolidated Revenue: INR 1,035 MnQ1 FY27 EBITDA Margin: 13.91%Active Bid Pipeline: £55MPipeline at Advanced Stage: ~40%Europe Revenue Share (Q1 FY27): 79%
📅 Short termMargin compression to 13.91% may keep trading muted in the near term, though positive traction in domestic OTT and a large bid pipeline provide underlying operational support.
📈 Long termThe company is executing on offshoring high-cost UK/Europe production to its Indian delivery centres (Chennai, Pune, Bengaluru) to capitalize on a 30–40% structural cost advantage.
⚠ Risk flags
- EBITDA margin contraction to 13.91% in Q1 FY27 compared to 20.89% in FY26
- Geographic concentration risk with Europe contributing 79% of Q1 FY27 revenues
- Execution and conversion risk across the £55M bid pipeline
Key Highlights
Q1 FY27 consolidated revenue reached INR 103.5 Cr (INR 1,035 Mn) with an EBITDA margin of 13.91%
Active bidding pipeline stands at £55 million, with ~40% at an advanced conversion stage
Q1 FY27 revenue mix was dominated by Europe (79%), North America (10%), and Others (11%)
Domestic OTT revenue has already crossed ~2x of full-year FY26 revenue after onboarding Netflix and Amazon
👀 What to Watch
Track the conversion timeline of the £55M bid pipeline into billed revenue and watch for EBITDA margin recovery toward historical 20%+ levels in upcoming quarters.
Q1 FY27 PAT Drops 44% YoY to ₹6.7 Cr Despite 10% Revenue Rise to ₹103.5 Cr; Order Book at ₹308 Cr
Basilic Fly Studio reported Q1 FY27 consolidated revenue of ₹103.5 Cr (INR 1,035 Mn), up 10% YoY, but operating profitability faced severe margin compression. EBITDA fell 23% YoY to ₹14.4 Cr with margins contracting to 13.91%, while Net Profit declined 44% YoY to ₹6.7 Cr due to higher IT costs, travel, and forex losses. The company reported a solid executable order book of ₹308 Cr (approx. 90% of TTM revenue of ₹342 Cr), with 91% scheduled for execution in FY27. Additionally, the active bidding pipeline stands at ₹700 Cr (GBP 55 Mn), with 40% in advanced evaluation stages.
Confidence: HIGH
What changedBasilic Fly Studio announced its Q1 FY27 financial results showing revenue expansion alongside a sharp contraction in operating and net margins.
Why it mattersWhile top-line demand and the order book (₹308 Cr) remain robust across major global OTT players, rising IT overheads and forex headwinds have sharply eroded operating margins from historical >20% levels to 13.91%.
Q1 FY27 Revenue: INR 1,035 MnQ1 FY27 EBITDA: INR 144 MnQ1 FY27 Net Profit: INR 67 MnEBITDA Margin: 13.91%Order Book: INR 3,080 MnOrder Book vs TTM Revenue: ~90.0%
📅 Short termEarnings numbers reflect margin pressure which could weigh on near-term market sentiment, pending clarity from the upcoming analyst call on cost trajectory.
📈 Long termThe structural migration of delivery roles to India (offering 30–40% cost advantages) and adoption of AI workflows could support long-term margin recovery if order pipeline conversions materialize.
⚠ Risk flags
- Operating margin compression driven by escalated IT infrastructure and software costs
- Foreign exchange volatility and pricing pressure on international studio contracts
Key Highlights
Q1 FY27 consolidated revenue increased 10% YoY to INR 1,035 Mn (₹103.5 Cr)
EBITDA dropped 23% YoY to INR 144 Mn (₹14.4 Cr) with EBITDA margin shrinking to 13.91%
Net profit fell 44% YoY to INR 67 Mn (₹6.7 Cr), impacted by higher IT expenses and forex losses
Confirmed order book stands at ~INR 3,080 Mn (~₹308 Cr), representing ~90% of TTM revenue
Active bidding pipeline reached INR 7,000 Mn (GBP 55 Mn), with 40% in advanced evaluation
👀 What to Watch
Track the earnings conference call scheduled for August 17, 2026, to monitor management commentary on operational cost inflation and the timeline for margin normalization from the India-led delivery transition.
Q1 Consolidated PAT Drops 44% YoY to ₹6.7 Cr; Approves Main Board Migration & IPO Fund Shift
Basilic Fly Studio reported a 44.2% YoY decline in Q1 consolidated net profit to ₹6.7 Cr (₹67 Mn) from ₹12.0 Cr (₹120 Mn), despite revenue from operations growing 9.9% YoY to ₹103.5 Cr (₹1,035 Mn). Profitability was weighed down by elevated employee benefit expenses of ₹70.3 Cr and higher finance costs. The Board also approved migrating its shares from the NSE Emerge platform to the Main Boards of NSE and BSE. Additionally, the company proposed reallocating ₹21.4 Cr (₹214 Mn) of IPO proceeds from Hyderabad/Salem studios to a new 11,000 sq. ft., 150-seat facility in Bangalore.
Confidence: HIGH
What changedReported Q1 FY27 financial performance showing margin compression, reallocated ₹21.4 Cr IPO funds to Bangalore, and initiated the formal process to migrate to the Main Boards of NSE and BSE.
Why it mattersMain Board migration will improve institutional liquidity and visibility, while the sharp margin contraction underscores operational cost inflation and pricing pressures in global VFX projects.
Consolidated Revenue (Q1): ₹1,035 MnConsolidated Net Profit (Q1): ₹67 MnReallocated IPO Proceeds: ₹214 MnBangalore Studio Seating Capacity: 150 employeesQ1 Diluted EPS: ₹2.61
📅 Short termEarnings weakness with PAT down >40% YoY may create near-term stock overhang, partially offset by positive sentiment around Main Board listing.
📈 Long termMain Board listing enhances investor reach, while execution at the Bangalore studio and margin improvement in international VFX projects remain central to long-term compounding.
⚠ Risk flags
- Sharp contraction in operating and net profit margins due to rising employee costs
- Dependency on timely shareholder approval for IPO object variations and Main Board migration
Key Highlights
Q1 Consolidated revenue rose 9.9% YoY to ₹103.5 Cr (₹1,035 Mn) from ₹94.2 Cr in Q1 previous year.
Consolidated net profit dropped 44.2% YoY to ₹6.7 Cr (₹67 Mn) compared to ₹12.0 Cr in Q1 previous year, with diluted EPS decreasing to ₹2.61 from ₹5.16.
Proposed reallocation of ₹21.4 Cr (₹214 Mn) IPO proceeds from Hyderabad & Salem facilities to a 11,000 sq ft, 150-seat Bangalore studio.
Approved migration from NSE Emerge SME platform to the Main Boards of NSE and BSE via Postal Ballot.
👀 What to Watch
Track the shareholder postal ballot voting for Main Board migration, operational commissioning of the Bangalore facility, and margin recovery in subsequent quarters.
₹105 Cr New Order Win and ₹700 Cr Bidding Pipeline Strengthen FY27 Growth Visibility
Basilic Fly Studio (BFS) has announced new international order wins totaling ₹105 Cr (~GBP 8.2 Mn) for FY27, which accounts for approximately 30.7% of its TTM revenue of ₹342 Cr. These projects from major platforms like Netflix, Disney, and Apple are set to begin in August 2026 and be completed within the current fiscal year. The company's bidding pipeline has surged to a record ₹700 Cr, providing a massive potential growth runway compared to its current revenue base. BFS is also scaling its Bengaluru operations to 100 resources by March 2027 to optimize its cost structure by 30-40% through India-led delivery.
Confidence: HIGH
What changedThe company secured a major order block equivalent to 30% of last year's revenue and significantly expanded its potential project pipeline to over 2x its annual revenue.
Why it mattersThis provides strong revenue visibility for FY27 and validates the company's ability to win high-end niche projects from global streaming giants while maintaining a low-cost India-based delivery model.
New Order Value: ₹105 CrOrder vs TTM Revenue: ~30.7%Bidding Pipeline: ₹700 CrPipeline vs TTM Revenue: ~204.4%Bengaluru Resource Target: 100
📅 Short termThe stock is likely to see positive sentiment as the ₹105 Cr order win provides immediate revenue certainty for the current fiscal year.
📈 Long termThe massive ₹700 Cr pipeline and expansion into high-margin niche projects suggest a structural shift toward higher scale and profitability if execution remains consistent.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in scaling the Bengaluru center
- Dependency on global streaming platforms' production budgets
- Pricing pressure from overseas studios with excess capacity
Key Highlights
Won ₹105 Cr in new Hollywood projects from Netflix, Disney, and Apple for FY27 delivery.
Bidding pipeline reached a record ₹700 Cr, with 40% of active bids in advanced stages.
Bengaluru delivery center expansion on track to reach 100 resources by March 2027.
Total workforce now exceeds 850 professionals across Chennai, Pune, Vancouver, and London.
Project Hybrid cost-saving initiative for cloud infrastructure is in final user testing.
👀 What to Watch
Monitor the conversion rate of the ₹700 Cr bidding pipeline into firm contracts and the impact of 'Project Hybrid' on operating margins in the H2 FY27 results.
