Vashu Bhagnani Industries Ltd (532011)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vashu Bhagnani's revenue was ₹2.5 Cr (+72.7% year on year, +9.1% on the previous quarter), and net profit ₹0.4 Cr (-61.8% year on year); the operating margin was 4.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2.5 | +72.7% | +9.1% |
| Operating profit | ₹0.1 | -86.8% | from loss |
| Net profit | ₹0.4 | -61.8% | from loss |
| EPS (₹) | 0.06 | -64.7% | from loss |
| Operating margin | 4.9% | — | — |
📢 Recent Corporate Announcements
The Investigation Wing of the Income Tax Department conducted search and seizure operations at the premises of Vashu Bhagnani Industries starting September 28, 2026. The proceedings temporarily concluded on October 4, 2026, and the company reported that normal operations have resumed. The filing was delayed beyond the 24-hour LODR requirement due to operational disruptions caused by the search. While the company stated there is no material financial impact yet, the final outcome and any tax demand remain pending.
- Search and seizure proceedings initiated by the Income Tax Department on September 28, 2026
- Proceedings temporarily concluded on October 4, 2026, with business operations resuming smoothly
- Filing delayed past the 24-hour statutory limit due to temporary suspension of office activities
- No material financial or operational impact reported yet, subject to final departmental outcome
Vashu Bhagnani Industries Ltd announced that the Investigation Wing of the Income Tax Department initiated search proceedings at company premises on September 28, 2026. The company stated it is extending cooperation to officials but cannot provide further details at this stage. The disclosure comes against a modest financial profile with TTM revenue of Rs 15 Cr and a market cap of Rs 425 Cr. Further clarifications will be submitted upon the conclusion of proceedings or receipt of material updates.
- Income Tax Investigation Wing initiated search proceedings on September 28, 2026
- Filing made on October 5, 2026 confirming company cooperation
- Further details not yet provided pending conclusion of proceedings
- Company trades at a P/E of 166.9 with TTM revenue of Rs 15 Cr
Vashu Bhagnani Industries Ltd has formally submitted an application for the direct listing of its equity shares on the National Stock Exchange of India Limited (NSE) on September 21, 2026. This application follows prior board approval and involves no public offer or further issue of shares. Currently traded on the BSE with a market capitalization of Rs 425 Cr, a dual listing on the NSE is aimed at enhancing trading liquidity. The proposal remains subject to regulatory review and approval by the NSE.
- Application for Direct Listing submitted to NSE on September 21, 2026
- Direct listing proceeds without any public offer or fresh issue of equity shares
- Follows board approval previously granted on September 21, 2026
Vashu Bhagnani Industries has approved a proposal to list its equity shares on the National Stock Exchange of India (NSE) via direct listing. The listing will take place without any public offer or fresh issuance of equity shares, avoiding dilution for existing shareholders. The application is subject to necessary approvals from the NSE and other regulatory authorities. The company currently trades on the BSE with a market capitalization of approximately Rs 425 crore.
- Board approved direct listing of equity shares on NSE on 21st September 2026
- Listing to proceed without any public offer or further issuance of shares (zero equity dilution)
- Application to be submitted to NSE in due course subject to regulatory approvals
- Meeting commenced at 03:00 P.M. and concluded at 03:30 P.M.
Vashu Bhagnani Industries Limited has appointed M/s Rahul Pramod & Co., Chartered Accountants, as its new Statutory Auditor on August 30, 2026. The appointment fills a casual vacancy created by the resignation of the previous statutory auditor. The Board has also recommended a 5-consecutive-year term spanning FY 2026-27 to FY 2030-31 (from the 39th AGM to the 44th AGM), subject to shareholder approval.
- Appointment of M/s Rahul Pramod & Co. (FRN: 100149W) approved effective August 30, 2026
- Casual vacancy filled following the resignation of the existing Statutory Auditor
- Recommended for a full 5-year term covering FY 2026-27 through FY 2030-31
- Final appointment subject to member approval at the ensuing 39th Annual General Meeting
Vashu Bhagnani Industries has revised the transaction structure for its proposed GBP 4.4 Million investment in UK-based Puja Casa A Limited. Instead of a direct investment, the transaction will now be routed through its wholly-owned UAE subsidiary, Modern Production FZ LLC. The Board also noted the resignation of statutory auditor M/s D S M R & Co. (effective August 13, 2026) and approved the appointment of M/s Rahul Pramod & Co. for a 5-year term subject to shareholder approval. The 39th Annual General Meeting is scheduled for September 26, 2026.
- Revised transaction structure to route GBP 4.4 Million investment in Puja Casa A Limited (UK) via UAE subsidiary Modern Production FZ LLC
- Noted resignation of statutory auditor M/s D S M R & Co. effective August 13, 2026
- Appointed M/s Rahul Pramod & Co. as statutory auditor for a 5-year term from FY 2026-27 to FY 2030-31
- Scheduled 39th Annual General Meeting on September 26, 2026 with e-voting cut-off on September 19, 2026
M/s. D S M R & Co has resigned as the Statutory Auditor of Vashu Bhagnani Industries Ltd effective August 13, 2026. The auditors cited an inability to reach a mutually agreeable fee structure that reflects the increased professional time and compliance resources now required for the engagement. The firm was originally appointed for a five-year term starting September 2024 and has completed the FY26 audit and Q1 FY27 limited review before stepping down. This change comes as the company, with a small TTM revenue of ₹14.42 cr, trades at a high P/E of 140.4.
- Resignation effective from August 13, 2026, mid-way through a 5-year term scheduled until 2029.
- Auditors cited disagreement over fee structure relative to increased 'compliance resources' required.
- The firm completed the Q1 FY2026-27 limited review on August 11, 2026, just two days prior to resignation.
- Company is currently diversifying from film production into luxury real estate in Juhu, Mumbai.
- TTM Revenue stands at ₹14.42 cr against a Market Cap of ₹439 cr.
Vashu Bhagnani Industries (formerly Pooja Entertainment) approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company is currently trading at a high P/E of 143.6 with a TTM revenue of only Rs 14 Cr, making quarterly performance critical for valuation support. This filing follows a volatile FY26 where the company reported a net profit of Rs 3.13 Cr but faced a loss of Rs 2.32 Cr in the March 2026 quarter. Investors should monitor the transition from film production to luxury real estate in Juhu for future revenue growth.
- Board meeting concluded at 5:00 PM on August 11, 2026, to approve Q1 FY27 results.
- Unaudited financial results cover both Standalone and Consolidated operations for the period ending June 30, 2026.
- Company maintains a high promoter holding of 74.48% as of June 2026.
- TTM revenue of Rs 14 Cr is small relative to the current Market Cap of Rs 449 Cr.
Vashu Bhagnani Industries (formerly Pooja Entertainment) approved its unaudited financial results for the quarter ended June 30, 2026, in a board meeting held on August 11, 2026. The company currently operates on a small scale with TTM revenue of Rs 14 Cr and a TTM PAT of Rs 3 Cr, while commanding a market cap of Rs 449 Cr. This results in a high P/E of 143.6, reflecting significant market expectations from its diversification into the Juhu luxury real estate market. The board meeting was brief, concluding within one hour.
- Board meeting held on August 11, 2026, concluded in exactly 1 hour (4:00 PM to 5:00 PM).
- Approval of unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
- TTM Revenue of Rs 14 Cr is small compared to the current Market Cap of Rs 449 Cr.
- Promoter holding remains stable at 74.48% as per latest available context.
Vashu Bhagnani Industries Ltd has scheduled a board meeting on August 11, 2026, to review and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a weak March 2026 quarter where the company reported a net loss of ₹2.32 crore on revenue of ₹2.31 crore. Investors will be monitoring for a turnaround in profitability and updates on the company's strategic pivot into luxury real estate in Juhu. The stock currently trades at a high P/E of 138.5 despite a 49.9% decline in price over the last 12 months.
- Board meeting set for August 11, 2026, to approve Q1 FY27 results.
- Company reported a net loss of ₹2.32 crore in the preceding quarter (March 2026).
- TTM revenue stands at ₹14 crore, representing only ~3.2% of the current ₹433 crore market capitalization.
- Promoter holding remains stable at 74.48% as of June 2026.
Vashu Bhagnani Industries Ltd has approved the 100% acquisition of Puja Casa A Limited, a UK-based real estate company, for GBP 4.4 Million (approx. ₹48 Cr). This is a Related Party Transaction as the target is owned by the promoter, Mr. Vashu Bhagnani, through his UK construction firm. While the target entity has reported zero turnover for the last three financial years, it holds total assets worth GBP 9.26 Million as of March 2026. The acquisition cost is significant, representing approximately 32% of the company's current net worth of ₹148 Cr and over 3x its TTM revenue of ₹14 Cr.
- Acquisition of 100% equity in Puja Casa A Limited, UK for a cash consideration of GBP 4.4 Million
- Target entity reported Nil turnover for the financial years 2023-24, 2024-25, and 2025-26
- Total assets of the target entity were valued at GBP 9,260,447 as of March 31, 2026
- Transaction is a Related Party Transaction involving promoter Vashu Bhagnani's UK interests
- Completion of the acquisition is targeted within the financial year 2026-27
Financial Performance
Revenue Growth by Segment
Standalone revenue (primarily Media & Entertainment) fell 82.7% YoY to INR 947.28 Lakhs. Consolidated revenue decreased 71.6% YoY to INR 1,658.15 Lakhs. Real Estate is a new segment with inaugural projects in Juhu, so YoY growth is not yet applicable.
Geographic Revenue Split
Not disclosed in available documents, though operations are primarily focused in India with theatrical and digital distribution reaching overseas markets.
Profitability Margins
Standalone Net Profit Margin fell to 3.04% from 10.24% due to the significant drop in turnover. Standalone Operating Profit Margin improved to 17.16% from 8.70% due to changes in the sales revenue mix and cost management.
EBITDA Margin
Standalone Operating Profit Margin (EBITDA proxy) improved from 8.70% to 17.16%. Standalone Profit Before Tax fell 95.4% to INR 40.20 Lakhs, while Consolidated PBT fell 45.2% to INR 613.19 Lakhs.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company is investing in the transformation of a commercial building into a luxury residential project in Juhu under the 'Pooja Constructions' brand.
Credit Rating & Borrowing
The company has taken unsecured loans from related parties. The Debt-Equity ratio significantly improved from 0.26 to 0.01 as total outside liabilities were reduced relative to equity.
Operational Drivers
Raw Materials
Content and scripts for film production; Land and construction materials (cement, steel) for the real estate segment.
Key Suppliers
Collaborates with Pooja Leisure and Lifestyle for real estate ventures.
Capacity Expansion
Expanding from pure-play Media & Entertainment into Real Estate; inaugural project involves converting a commercial building into a residential haven in Juhu.
Raw Material Costs
Not disclosed as a specific % of revenue, but the company noted that the cost of content continues to rise for film studios, impacting margins.
Manufacturing Efficiency
Not disclosed; however, the company carried out line production for movies like 'Bade Miyan Chote Miyan' and 'Mere Husband ki Biwi' during the year.
Logistics & Distribution
Distributes films through theatrical release, television licensing, and new media distribution avenues.
Strategic Growth
Expected Growth Rate
3.7%
Growth Strategy
Achieving growth through diversification into the luxury real estate market (Juhu project) and building a strong future movie slate for theatrical and digital exploitation.
Products & Services
Films (production, distribution, licensing), Residential Real Estate units.
Brand Portfolio
Pooja Entertainment, Pooja Constructions.
New Products/Services
Luxury residential project in Juhu; upcoming movie slate including 'Bade Miyan Chote Miyan'.
Market Expansion
Entry into the real estate market in Mumbai; targeting luxury housing segments (above INR 1 Crore).
Strategic Alliances
Collaboration with Pooja Leisure and Lifestyle for real estate business.
External Factors
Industry Trends
Global E&M industry growing at 3.7% CAGR; luxury housing in India surging due to lifestyle changes; office leasing hitting record levels in FY2025.
Competitive Landscape
Traditional media faces competition from user-generated content and immersive gaming; real estate faces competition from Grade A developers.
Competitive Moat
Promoter Vashu Bhagnani's dual expertise in film production and construction ('Pooja Constructions') provides a unique brand moat in niche luxury developments.
Macro Economic Sensitivity
Sensitive to Indian economic growth and urbanization; global E&M industry revenue reached US$ 3 trillion in 2024.
Consumer Behavior
Shift toward interactive and immersive gaming experiences; lifestyle changes driving demand for luxury residential assets.
Regulatory & Governance
Industry Regulations
RERA has improved sectoral transparency; municipal approval processes and environmental clearances remain procedural hurdles.
Environmental Compliance
Growing sustainability expectations for Grade A assets are adding incremental compliance costs for real estate projects.
Taxation Policy Impact
Standalone tax expense was a credit of INR 12.50 Lakhs in FY25 compared to an expense of INR 309.57 Lakhs in FY24.
Legal Contingencies
Pending tax disputes total INR 905.70 Lakhs, including an Income Tax demand of INR 20.17 Lakhs (AY 2020-21) and a GST demand of INR 885.53 Lakhs (FY 2018-19).
Risk Analysis
Key Uncertainties
High revenue volatility (82.7% standalone drop) due to the cyclical nature of film releases and project-based real estate revenue.
Geographic Concentration Risk
High concentration in Mumbai, specifically Juhu, for the inaugural real estate project.
Third Party Dependencies
Dependency on related parties for unsecured loans and collaboration in the real estate segment.
Technology Obsolescence Risk
Cybersecurity risks associated with smart homes and digital transactions in real estate; AI disruption in media content creation.
Credit & Counterparty Risk
Debtors Turnover Ratio improved to 2.5 from 2.15, indicating better management of trade receivables.
