Panorama Studios International Ltd (539469)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Panorama Studios' revenue was ₹183 Cr (+34.3% year on year, +182.4% on the previous quarter), and net profit ₹12.7 Cr (+263.3% year on year); the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹183 | +34.3% | +182.4% |
| Operating profit | ₹20.0 | +164.2% | +55.0% |
| Net profit | ₹12.7 | +263.3% | +77.6% |
| EPS (₹) | 0.52 | — | +52.9% |
| Operating margin | 10.9% | — | — |
No EPS growth against Q1 FY26: 5:2 bonus in Dec 2025.
📢 Recent Corporate Announcements
The Income Tax Department conducted a search at the registered office and premises of key management personnel of Panorama Studios International Limited from September 28, 2026, to October 3, 2026. The search operation has officially concluded, and tax officials have vacated the premises. The company stated it has received no formal outcome communication yet, making it impossible to assess any financial or operational impact at this stage. Operations continue in the normal course, but findings could have regulatory implications on the Rs 1,047 Cr market cap firm.
- Income Tax search operation ran from 28th September 2026 to midnight of 3rd October 2026
- Search covered company's registered office as well as premises of certain promoters and key management personnel
- Officials have left premises after receiving required information and documents
- Company reported no formal communication yet regarding the outcome or financial impact
Panorama Studios International Limited has announced a collaboration with actor Unni Mukundan and Unni Mukundan Films (UMF) for a major pan-Indian Malayalam film project. The project marks Unni Mukundan's 50th film, which he will also write and direct. Panorama Studios is currently expanding into regional South Indian cinema, supplementing its Hindi film portfolio (TTM revenue of Rs 355 Cr). Commercial deal terms, investment outlay, and project timelines were not disclosed in the announcement.
- Collaborates with Unni Mukundan Films (UMF) for Unni Mukundan's 50th film project
- Unni Mukundan to headline the high-octane Malayalam project as Writer-Director
- Panorama's Abhishek Pathak directing Drishyam: The Conclusion, slated for theatrical release on 2 October
- Project budget and financial investment terms remain not disclosed
Panorama Studios International Limited has announced a collaboration with actor Unni Mukundan and Unni Mukundan Films (UMF) for a major pan-Indian Malayalam film project. The project marks Unni Mukundan's 50th film, which he will also write and direct. Panorama Studios is currently expanding into regional South Indian cinema, supplementing its Hindi film portfolio (TTM revenue of Rs 355 Cr). Commercial deal terms, investment outlay, and project timelines were not disclosed in the announcement.
- Collaborates with Unni Mukundan Films (UMF) for Unni Mukundan's 50th film project
- Unni Mukundan to headline the high-octane Malayalam project as Writer-Director
- Panorama's Abhishek Pathak directing Drishyam: The Conclusion, slated for theatrical release on 2 October
- Project budget and financial investment terms remain not disclosed
Promoter Kumar Mangat Rajaram Pathak has created a pledge on 60,00,000 equity shares of Panorama Studios International Ltd in favor of Motilal Oswal Financial Services for personal borrowing on August 24, 2026. Prior to this, 2,75,75,000 shares (10.58% of total share capital) were encumbered. With this creation, total encumbered promoter shares rise to 3,35,75,000 shares, representing 12.89% of the company's total share capital out of Pathak's total 35.27% holding.
- Pledge created on 60,00,000 equity shares (6.27% of share capital) on August 24, 2026
- Pledge created in favor of Motilal Oswal Financial Services for personal borrowing
- Total encumbered shares increased from 2,75,75,000 (10.58%) to 3,35,75,000 (12.89% of total share capital)
- Kumar Mangat Pathak holds a total of 9,18,83,774 shares representing 35.27% equity stake
Panorama Studios International Limited has entered into a distribution agreement with Jaasvand Entertainments Pvt Ltd and Storywalla Film. Under the agreement, the company has secured theatrical and non-theatrical exploitation rights for the Marathi feature film 'Kapuskonda' across India and worldwide in perpetuity. Financial consideration and release timelines were not disclosed in the filing. The acquisition aligns with the company's stated strategy to expand its footprint in regional Indian cinema.
- Executed distribution agreement with Jaasvand Entertainments Pvt Ltd and Storywalla Film
- Secured theatrical and non-theatrical rights for the entire world, including India
- Rights acquired in perpetuity for Marathi film 'Kapuskonda'
- Commercial deal value and distribution revenue share not disclosed
Panorama Studios International Ltd has signed a distribution agreement with Jaasvand Entertainments Pvt Ltd and Storywalla Film. Under the agreement, the company has acquired theatrical and non-theatrical rights in perpetuity for the entire world, including India, for the Marathi feature film 'Kapuskonda'. The film is directed by Sachin Mohite and stars Sachin Pilgaonkar and Madhurani Gokhale. Commercial terms and deal consideration were not disclosed in the filing.
- Acquired theatrical and non-theatrical rights for the Marathi film 'Kapuskonda' across India and worldwide
- Secured distribution rights in perpetuity from Jaasvand Entertainments and Storywalla Film
- Commercial deal value and expected release schedule were not disclosed
- Directorial venture of Sachin Mohite starring Sachin Pilgaonkar and Madhurani Gokhale
Panorama Studios International Limited has issued an update following its earlier disclosure dated May 7, 2026, regarding a cybersecurity incident at its third-party hosting service provider. Further assessment confirmed that data on the affected server environment is not recoverable. In response, the company has launched a new website (panoramastudios.in), activated an additional email ID, and initiated updates across MCA/ROC records and other statutory platforms to ensure business continuity.
- Follow-up disclosure to earlier cybersecurity incident reported on May 7, 2026
- Third-party server assessment determined hosted website and email data is not recoverable
- Activated new website (panoramastudios.in) and additional official email ID (info@panoramastudios.in)
- Updating official details across MCA/ROC records, regulatory filings, and corporate stationery
Panorama Studios International Limited held a Board meeting on August 14, 2026, approving the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The statutory auditor, Sigmac & Co, issued an unmodified Limited Review Report for both standalone and consolidated statements. The consolidated financials incorporate five subsidiaries and LLPs, including Panorama Studios Pvt Ltd and Panorama Music Pvt Ltd. Detailed revenue and profit tables were omitted from the filing extract.
- Approved standalone and consolidated financial results for the quarter ended June 30, 2026
- Statutory auditor Sigmac & Co issued an unmodified/clean Limited Review Report
- Consolidated accounts cover 5 subsidiaries/LLPs including Panorama Music and Panorama Studios Inflight LLP
- Board meeting commenced at 08:00 PM and concluded at 09:30 PM on August 14, 2026
Panorama Studios International Limited held its Board of Directors meeting on August 14, 2026, approving the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The independent auditor, SIGMAC&CO, issued an unmodified limited review report for both standalone and consolidated statements. The consolidated results encompass subsidiaries including Panorama Studios Private Limited, Panorama Music, Panorama Studios Inflight LLP, and Brain on Rent LLP. The filing also confirmed nil deviations or variations in issue proceeds and no outstanding defaults on loans or debt securities.
- Board meeting concluded at 09:30 P.M. on August 14, 2026, approving Q1 FY27 financial results
- Independent auditor SIGMAC&CO provided unmodified Limited Review Reports for standalone and consolidated results
- Consolidated scope covers 5 key operating subsidiaries and LLPs including Panorama Studios Inflight LLP and Brain on Rent LLP
- Company reported 'Not Applicable' for statements on deviation of issue proceeds and loan defaults
Panorama Studios International Ltd has acquired a 10% minority stake in Rhea & Dia Enterprises Private Limited through a fresh allotment of equity shares. The investment is described as a strategic move to further the company's business objectives, though specific financial terms and the target's business profile were not disclosed. With a TTM revenue of ₹309 Cr and a high P/E of 77.0, the company continues to seek growth through external investments. This acquisition does not result in a change of control for the target entity.
- Acquisition of 10% of the fully diluted, post-money paid-up equity share capital.
- Investment made through subscription to fresh, fully paid-up equity shares.
- Strategic investment intended to align with the company's long-term business objectives.
- No change in control of Rhea & Dia Enterprises Private Limited following the allotment.
Panorama Studios International Ltd, through its subsidiary Panorama Studios Inflight LLP, has acquired exclusive worldwide airborne rights for the Telugu film 'Hrudayam'. This acquisition from 2341081 ONTARIO INC aligns with the company's strategy to expand into South Indian regional cinema and monetize content via in-flight entertainment. While the specific deal value is not disclosed, the company's TTM revenue is Rs 309 Cr, and ancillary rights now contribute over 40% of total revenue. This move follows a pattern of recent acquisitions in the Telugu film space, aimed at capturing captive audience environments.
- Acquired exclusive worldwide airborne rights for the Telugu film 'Hrudayam' starring Sravya Mantripragada.
- Agreement executed by subsidiary Panorama Studios Inflight LLP with 2341081 ONTARIO INC.
- Ancillary rights, including airborne and digital, now contribute more than 40% of the company's total revenue.
- The company is actively targeting a 10% growth rate through regional film acquisitions in South India.
Panorama Studios International Ltd, through its subsidiary Panorama Studios Inflight LLP, has secured exclusive worldwide airborne rights for the Telugu film 'Hrudayam'. This acquisition includes rights for India and international markets, executed via an agreement with 2341081 ONTARIO INC. The move aligns with the company's stated strategy to expand into the South Indian film sector and monetize content in captive audience environments like in-flight entertainment. While the deal value was not disclosed, it supports the company's TTM revenue base of ₹309 Cr by diversifying its regional content portfolio.
- Acquired exclusive worldwide airborne rights for the Telugu film 'Hrudayam' starring Sravya Mantripragada.
- Agreement executed by subsidiary Panorama Studios Inflight LLP with 2341081 ONTARIO INC.
- Strategic expansion into the South Indian film sector (Telugu) as per the company's growth strategy.
- Company reported a TTM revenue of ₹309 Cr and a PAT of ₹10 Cr for FY26.
- Ancillary rights, including digital and airborne, now contribute over 40% of the company's total revenue.
Panorama Studios International Ltd (PSIL) announced on August 7, 2026, that its board has granted in-principle approval for a strategic investment in another company. The Managing Director, Kumar Mangat Pathak, has been authorized to negotiate and execute definitive agreements. Specific details including the investee name, investment amount, and percentage of shareholding were not disclosed in this filing. This move follows the company's stated strategy of expanding into regional cinema and digital rights, supported by a TTM revenue of Rs 309 Cr.
- Board meeting held on August 7, 2026, for a duration of 1 hour and 40 minutes (02:00 PM to 03:40 PM).
- In-principle approval granted for a strategic investment in an undisclosed company.
- Managing Director authorized to determine final terms and conditions of the proposed investment.
- Company currently maintains a Net Worth of Rs 221 Cr and Debt of Rs 130 Cr as per latest context.
- Details on investment size and target entity to be disclosed only after definitive agreements are executed.
Panorama Studios International Ltd has scheduled a board meeting on August 14, 2026, to approve un-audited financial results for the quarter ended June 30, 2026. This follows a challenging FY26 where annual revenue declined 15.4% to Rs 308 Cr and PAT dropped from Rs 40 Cr to Rs 10 Cr. Investors will be looking for a recovery in margins, which stood at a TTM OPM of 7.9%, significantly lower than the 16% seen in FY25. The stock currently trades at a high P/E of 80.4, making the upcoming earnings critical for valuation support.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results
- Results cover the three-month period ending June 30, 2026
- Company reported a TTM PAT of Rs 10 Cr against a market cap of Rs 803 Cr
- Previous full-year FY26 revenue stood at Rs 308 Cr
- Operating profit margin (TTM) is currently at 7.9%
Panorama Studios International's subsidiary, Panorama Studios Inflight LLP, has secured exclusive worldwide airborne rights for the Malayalam film 'Faces'. This acquisition aligns with the company's stated strategy to expand into the South Indian film sector and monetize content through captive audience environments. While the specific deal value was not disclosed, ancillary rights (including digital and in-flight) now contribute over 40% of the company's total revenue. The company reported a TTM revenue of Rs 309 Cr and a PAT of Rs 10 Cr as of FY26.
- Exclusive worldwide airborne rights acquired for the Malayalam film 'Faces' starring Hannah Reji Koshy.
- Agreement executed between subsidiary Panorama Studios Inflight LLP and Indywood Distribution Network.
- Ancillary rights, including airborne distribution, now contribute >40% of total company revenue.
- Company is targeting a 10% growth rate through regional film rights acquisitions in Telugu and Malayalam markets.
Financial Performance
Revenue Growth by Segment
The Indian film industry grew 3.3% YoY to INR 2.5 trillion in 2024. Within the sector, the production segment is projected to grow at a 23.6% CAGR through 2030, while mid-sized regional films saw box office collections grow 14% YoY in H1 2025. Digital and ancillary rights now contribute over 40% of total film revenue.
Geographic Revenue Split
India accounted for 5.2% of the global movie and entertainment market revenue in 2023. Panorama Studios distributes content in 38 countries, up from 33 in the previous year, targeting global markets including China and the UAE.
Capital Expenditure
The Indian government earmarked INR 11.2 trillion (USD 134.5 billion) for capital expenditure in FY26 to drive infrastructure growth, which supports the cinematic ecosystem. Specific PSIL capital expenditure is not disclosed.
Operational Drivers
Raw Materials
Content and scripts (intellectual property), skilled talent (actors/directors), and technical resources (VFX/post-production) represent the primary inputs for the production segment, which is growing at a 23.6% CAGR.
Key Suppliers
Mugafi Private Limited (rights assignment), T-Series (Super Cassettes Industries), Reliance Industries' Jio Studios, and Humble Motion Pictures FZCO.
Capacity Expansion
India produces over 1,600 feature films annually. PSIL is expanding its capacity by opening a new office in Ahmedabad and diversifying into South Indian regional cinema (Telugu and Malayalam markets).
Raw Material Costs
Production costs are escalating due to limited availability of skilled talent and technical resources, adding financial strain and potential delays to large-scale projects.
Manufacturing Efficiency
Adoption of virtual production tools is accelerating movie-making; the production segment is projected to grow at a 23.6% CAGR through 2030 due to these technological shifts.
Logistics & Distribution
Distribution reaches 38 countries. Digital and ancillary rights (OTT/Satellite) now account for over 40% of film revenue, reducing reliance on traditional theatrical logistics.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
PSIL is targeting growth through the acquisition of exclusive airborne rights for regional films to monetize content in captive audience environments. They are also leveraging strategic partnerships with T-Series for Malayalam cinema and Jio Studios for production, while expanding their global distribution footprint to 38 countries.
Products & Services
Theatrical film releases (Hindi, Marathi, Telugu, Malayalam), music rights via Panorama Music, and in-flight entertainment content via Panorama Studios Inflight LLP.
Brand Portfolio
Panorama Studios, Panorama Music, Panorama Studios Inflight.
New Products/Services
Hindi dubbed version of the film 'Kuberaa' starring Nagarjuna and Dhanush; Telugu film 'ROTI KAPDA ROMANCE'; and new Malayalam cinema projects in collaboration with T-Series.
Market Expansion
Expansion into the South Indian film sector (Telugu and Malayalam) and opening a new regional office in Ahmedabad to tap into diverse regional narratives.
Market Share & Ranking
India is the world's largest film producer (1,600+ films); PSIL is a significant player operating across six major filmmaking domains.
Strategic Alliances
Partnerships with Reliance Industries' Jio Studios, Super Cassettes Industries Pvt. Ltd. (T-Series), Humble Motion Pictures FZCO, and Mugafi Private Limited.
External Factors
Industry Trends
The industry is shifting from theatrical to digital-first revenue, with OTT users reaching 547 million in 2024 (14% YoY growth). The market is projected to reach USD 10,172.7 million by 2030 at a 10% CAGR.
Competitive Landscape
Key competitors include major studios like Dharma Production, Yash Raj Films, and T-Series, as well as OTT platforms like Netflix, Amazon Prime, and Disney+.
Competitive Moat
PSIL maintains a competitive advantage through its 360-degree filmmaking model covering project development, production, post-production, distribution, music, and publicity design, alongside high-profile partnerships with Jio Studios and T-Series.
Macro Economic Sensitivity
The sector is sensitive to India's GDP growth (estimated at 6.5% for FY25) and rising disposable income, which enables higher consumer spending on entertainment.
Consumer Behavior
Audiences are increasingly gravitating toward digital platforms and demanding high-quality, on-demand regional content (Telugu/Malayalam) with universal appeal.
Geopolitical Risks
A proposed 100% US tariff on foreign films poses a risk to export revenues and the $20 billion post-production outsourcing industry.
Regulatory & Governance
Industry Regulations
Operations are subject to censorship and regulatory frameworks that can impact creative freedom and release timelines. 100% FDI is permitted in all film-related activities.
Taxation Policy Impact
The government provides subsidies and tax incentives to enhance production capabilities and distribution networks.
Risk Analysis
Key Uncertainties
Digital piracy risks undermining 40% of revenue streams; escalating production costs and talent availability constraints; and potential 100% US tariffs on foreign film exports.
Geographic Concentration Risk
Revenue is primarily India-centric (5.2% of global market), but the company is mitigating this by distributing in 38 countries and targeting global airborne rights.
Third Party Dependencies
Dependency on rights owners like Mugafi Private Limited for content acquisition and major studios like T-Series and Jio Studios for co-production and distribution.
Technology Obsolescence Risk
The rapid integration of AI, VFX, and immersive technologies (VR/AR) demands ongoing investment; traditional studios that fail to adapt face significant disruption risks.
