Mukta Arts Limited (MUKTAARTS)
₹55.31 -0.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mukta Arts' revenue was ₹40.6 Cr (+10.5% year on year, -10.6% on the previous quarter), and net profit ₹-2.1 Cr (a smaller loss than a year earlier); the operating margin was 2.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹40.6 | +10.5% | -10.6% |
| Operating profit | ₹0.9 | from loss | -76.6% |
| Net profit | ₹-2.1 | loss narrowed | loss widened |
| EPS (₹) | -0.95 | loss narrowed | loss widened |
| Operating margin | 2.2% | — | — |
MUKTAARTS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 87.97% of the MUKTAARTS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.75%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 91.3% · 79.0% · 86.0% · 92.0% · 88.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Mukta Arts Limited has issued a Postal Ballot notice seeking shareholder approval for material related-party transactions with its subsidiary, Mukta A2 Cinemas Private Limited, for an aggregate value up to Rs 107.69 Cr in FY27. This transaction size represents approximately 60.5% of Mukta Arts' TTM revenue of Rs 178 Cr and roughly 85% of its Rs 127 Cr market capitalization. The transaction framework includes terms around Compulsorily Convertible Preference Shares (CCPS) valued at Rs 100.15 Cr, convertible upon an external investment, IPO, or maturity. Remote e-voting runs from October 19, 2026, through November 17, 2026.
- Material related-party transaction limit set up to Rs 107,69,44,000 for FY 2026-27 with subsidiary Mukta A2 Cinemas
- CCPS instrument value under transaction documents totals Rs 100,15,44,000
- E-voting commences on Monday, 19th October 2026 and ends on Tuesday, 17th November 2026
- Transaction ceiling represents ~60.5% of the company's TTM consolidated revenue (Rs 178 Cr)
Mukta Arts Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Transfer Agent MUFG Intime India Private Limited. The RTA confirmed that no requests for dematerialisation of shares were received during the quarter. This filing is purely statutory and reflects standard procedural compliance.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018.
- Covers the quarter ended 30th September, 2026.
- RTA MUFG Intime India Private Limited noted that zero dematerialisation requests were received during the period.
Mukta Arts submitted voting results from its 44th Annual General Meeting held on September 22, 2026. Shareholders approved all three resolutions, including the adoption of FY26 financial statements, the reappointment of director Mr. Parvez Farooqui, and a special resolution enabling the sale, divestment, dilution, or disposal of investments in a material subsidiary. The special resolution for subsidiary divestment received 99.9997% votes in favour out of 1.61 crore votes polled (71.19% turnout). This filing rectifies a typographical error in the earlier covering letter.
- Resolution 3 approving sale/divestment/dilution in material subsidiary passed with 99.9997% votes in favour
- Overall voter turnout stood at 71.19% representing 1,60,79,229 votes polled out of 2,25,85,200 shares
- Re-appointment of director Mr. Parvez Farooqui passed with 99.9997% votes in favour
- Total number of shareholders on record date (September 15, 2026) was 7,771
Mukta Arts Limited has executed a Shareholders Agreement and Securities Subscription Agreement to bring up to ₹10 crore of investment into its exhibition subsidiary, Mukta A2 Cinemas Private Limited, from investor Sunil Shamrao Patil. Currently, Mukta Arts holds 70% in Mukta A2, while Rajiv Malhotra holds 30%. Upon issuance of equity shares and Compulsorily Convertible Debentures, Mukta Arts' stake will dilute to approximately 42%–49%, turning Mukta A2 from a subsidiary into an associate company. Mukta Arts is restricted from transferring its shares in Mukta A2 without prior consent from the investor.
- Investor Sunil Shamrao Patil to invest up to ₹10 crore in Mukta A2 Cinemas
- Mukta Arts' shareholding in Mukta A2 to reduce from 70% to approximately 42%–49%
- Mukta A2 will cease to be a subsidiary and become an associate company post-transaction
- Securities issued will comprise Equity Shares and Compulsorily Convertible Debentures (CCDs)
- Mukta Arts cannot transfer any Mukta A2 shares without prior written consent from the investor
Mukta Arts Limited announced the voting results of its 44th Annual General Meeting held on September 22, 2026. Shareholders approved all three resolutions, including an ordinary resolution adopting the FY26 financial statements and the reappointment of director Parvez Farooqui. Crucially, a special resolution enabling the sale, divestment, dilution, or disposal of the company's investments in a material subsidiary was passed with 99.9997% of votes polled in favor. Overall voting saw 71.19% of total outstanding shares polled across 16,079,229 votes.
- Special resolution to approve sale/divestment/dilution/disposal of material subsidiary passed with 99.9997% votes in favor
- Overall voter participation reached 71.1937% of outstanding shares (16,079,229 votes polled out of 22,585,200 shares)
- Resolution 1 (FY26 financial statements adoption) approved with 99.9998% votes in favor
- Director Parvez Farooqui reappointed with 99.9997% votes in favor
Mukta Arts Limited concluded its 44th Annual General Meeting on September 22, 2026. Key business conducted included the adoption of FY26 financial statements and director re-appointment. Notably, shareholders considered a special resolution to approve the sale, divestment, dilution, or disposal of the company's investment in a material subsidiary, aligning with its earlier strategic initiatives around its exhibition arm, Mukta A2 Cinemas.
- 44th Annual General Meeting held on September 22, 2026, commencing at 4:00 p.m. IST
- Special resolution presented for sale/divestment/dilution/disposal of investment in a material subsidiary
- Remote e-voting was open between September 18, 2026 (9:00 a.m.) and September 21, 2026 (5:00 p.m.)
- Adoption of Audited Financial Statements for the financial year ended March 31, 2026
Mukta Arts presented its FY26 review and outlook at its 44th AGM. Consolidated revenue from operations grew to ₹173.91 crore (up from ₹166.72 crore in FY25), while consolidated EBITDA surged 52% to ₹26.44 crore with margins expanding to 15%. Consolidated net loss narrowed by 32% to ₹11.80 crore. Mukta A2 Cinemas led the operational recovery with revenue rising 18% and EBITDA more than doubling to ₹14.77 crore, supported by an upcoming capital-light partnership with One Cinemas.
- Consolidated revenue from operations rose to ₹173.91 crore in FY26 from ₹166.72 crore in FY25
- Consolidated EBITDA increased 52% to ₹26.44 crore, expanding margins from 10% to 15%
- Consolidated net loss narrowed 32% to ₹11.80 crore from ₹17.32 crore in FY25
- Mukta A2 Cinemas EBITDA grew 127% to ₹14.77 crore with average ticket price improving to ₹213.60 from ₹194
- Whistling Woods International revenue rose 7% to ₹58.42 crore with new student admissions rising to 440 in July 2026 intake
Mukta Arts Limited has mutually agreed to terminate its Binding Term Sheet (dated 28 February 2024) and Shareholders/Subscription Agreements (dated 7 August 2024) for subsidiary Mukta A2 Cinemas Private Limited. The agreements were terminated alongside investor Maverick Media Private Limited and Rajiv Malhotra following unresolvable differences. Consent Terms were signed on 15 September 2026, taking effect from the Share Transfer Date. The company stated that the termination does not have any material adverse impact on its business, operations, or revenue.
- Termination of Binding Term Sheet dated 28th February 2024 for Mukta A2 Cinemas
- Securities Subscription Agreement and Shareholders Agreement dated 7th August 2024 terminated
- Consent Terms executed on 15th September 2026 due to unresolvable differences between parties
- Management states no material adverse impact on the operations, revenue, or business of the company
Mukta Arts has mutually agreed to terminate the Binding Term Sheet dated February 28, 2024, along with the Shareholders and Securities Subscription Agreements dated August 7, 2024, for its subsidiary Mukta A2 Cinemas Private Limited. The agreements with Maverick Media Private Limited and Mr. Rajiv Malhotra were called off due to unresolvable differences between the parties. Consent Terms were formally executed on September 15, 2026. The company stated that the termination does not have any material adverse impact on its business, revenue, or operations.
- Termination of Binding Term Sheet dated 28th February 2024
- Termination of Securities Subscription Agreement and Shareholders Agreement dated 7th August 2024
- Execution of Consent Terms dated 15th September 2026 due to unresolvable differences
- Management states no material adverse impact on operations, revenue, or business
Mukta Arts Limited has informed the exchanges that in compliance with Regulation 36(1)(b) of SEBI Listing Regulations, it dispatched letters containing the web-link to the Annual Report on August 27, 2026. This communication was sent to shareholders who have not registered their email addresses with the company or depository participants. The filing is a standard compliance procedure and carries no operational or financial impact.
- Dispatched Annual Report web-link letters to unregistered shareholders on August 27, 2026
- Complied with Regulation 36(1)(b) of SEBI Listing Regulations
- Company web link provided at https://muktaarts.com/
Mukta Arts Limited has issued notice for its 44th Annual General Meeting scheduled for Tuesday, September 22, 2026, via video conferencing. The company also published its Annual Report for FY 2025-26, reviewing performance across its education (Whistling Woods International) and exhibition (Mukta A2 Cinemas) arms. On a standalone basis, FY26 total income was Rs 31.34 crore with a PAT of Rs 5.59 crore, compared to Rs 34.70 crore and Rs 7.44 crore respectively in FY25. Statutory auditors issued a qualified opinion on internal financial controls over financial reporting.
- 44th AGM scheduled for Tuesday, September 22, 2026, at 4:00 PM IST via Video Conferencing.
- Notice and Annual Report dispatched to shareholders registered as of August 21, 2026.
- Standalone FY26 revenue from operations stood at Rs 14.82 crore (Rs 148,213 thousand) with total income of Rs 31.34 crore.
- Whistling Woods International enrolled a new batch of 440 students in July 2026.
Mukta Arts Limited's material subsidiary, Mukta A2 Cinemas Private Limited, has received a Show Cause Notice (SCN) under Section 74 of the CGST Act, 2017 from the CGST Audit Commissionerate, Vadodara. The notice pertains to audit observations across four financial years (FY21, FY22, FY23, and FY24), seeking regularization of alleged contraventions along with interest and penalties. The specific monetary demand is not disclosed in the filing, and the company stated it intends to seek expert advice and contest the notice.
- Material subsidiary Mukta A2 Cinemas received an SCN under Section 74 of the CGST Act, 2017.
- The notice was received via email on 24th August, 2026 from the Commissioner of CGST and Central Excise, Vadodara Zone.
- The inquiry covers 4 financial years: FY 2020-21, 2021-22, 2022-23, and 2023-24.
- Exact financial demand was not disclosed; company maintains there is no immediate material operational impact.
Mukta Arts has approved a Rs 10 crore investment by Mr. Sunil Shamrao Patil into its material subsidiary, Mukta A2 Cinemas Private Limited. The investment, via equity and Compulsorily Convertible Debentures (CCDs), will reduce Mukta Arts' stake from 70% to a range of 42%-49%, reclassifying the unit as an associate company. For Q1 FY27, the company reported a consolidated net loss of Rs 2.15 crore on revenue of Rs 45.45 crore, while standalone operations achieved a profit before tax of Rs 1.64 crore. This capital infusion aims to support the exhibition business's growth while potentially reducing the parent's consolidated debt burden.
- External investment of up to Rs 10 crore into Mukta A2 Cinemas via equity and CCDs
- Parent stake in the material subsidiary to dilute from 70% to approximately 42%-49%
- Consolidated Q1 FY27 net loss narrowed to Rs 2.15 crore from higher losses in previous quarters
- Standalone Q1 FY27 profit before tax improved to Rs 1.64 crore
- Mukta A2 Cinemas to transition from a subsidiary to an associate company post-transaction
Mukta Arts reported a consolidated net loss of Rs 2.15 cr for Q1 FY27, showing a significant recovery from the Rs 6.09 cr loss in Q1 FY26. The company approved a Rs 10 cr investment by Sunil Shamrao Patil into its exhibition subsidiary, Mukta A2 Cinemas Private Limited. This transaction will dilute Mukta Arts' stake from 70% to between 42% and 49%, causing the unit to transition from a subsidiary to an associate company. The capital infusion is aimed at supporting the exhibition business, which remains a key revenue driver.
- Consolidated revenue from operations grew 10.5% YoY to Rs 40.59 cr in Q1 FY27
- Consolidated net loss narrowed by 64.7% YoY to Rs 2.15 cr from Rs 6.09 cr
- External investor to infuse up to Rs 10 cr via equity and Compulsorily Convertible Debentures (CCDs)
- Parent stake in Mukta A2 Cinemas to dilute from 70% to approximately 42%-49%
- Standalone profit for the quarter recorded at Rs 1.64 cr compared to a loss of Rs 0.76 cr YoY
Mukta Arts Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited (RTA), confirms that securities received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. It further verifies that physical certificates were mutilated and cancelled after due verification. This is a standard administrative filing with no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation that dematerialization requests were processed within prescribed SEBI timelines
- Verification and cancellation of physical security certificates confirmed by RTA MUFG Intime India Private Limited
- Securities comprised in the certificates are confirmed as listed on the stock exchanges
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 grew 1.4% YoY to INR 86.09 Cr. The Exhibition segment (Mukta A2 Cinemas) grew 21% YoY to INR 40.05 Cr. The Education segment (Whistling Woods International) grew 9% YoY to INR 30.10 Cr. Standalone revenue (Production/Distribution) stood at INR 12.82 Cr.
Geographic Revenue Split
The company operates primarily in India and Bahrain (via Mukta A2 Multiplex W.L.L.). Specific percentage split by region is not disclosed in available documents.
Profitability Margins
Standalone PAT margin improved significantly from 10% to 19% on a YoY basis for H1 FY26. Standalone EBITDA margin improved from 36% to 53% YoY. Consolidated net loss before tax narrowed to INR 0.95 Cr in H1 FY26 from a loss of INR 10.87 Cr in H1 FY25.
EBITDA Margin
Consolidated EBITDA margin for H1 FY26 was 8%, amounting to INR 7.02 Cr. Standalone EBITDA margin reached 53%, reflecting high core profitability in the standalone production/distribution business.
Capital Expenditure
Net cash used in investing activities (purchase of fixed assets) for H1 FY26 was INR 0.15 Cr, a significant reduction from INR 3.07 Cr in H1 FY25.
Credit Rating & Borrowing
Consolidated finance costs dropped by 90.5% YoY to INR 0.64 Cr in H1 FY26 from INR 6.79 Cr in H1 FY25, indicating a substantial reduction in debt or borrowing costs.
Operational Drivers
Raw Materials
Film Content Rights (estimated at 30-40% of exhibition costs) and Faculty/Human Capital (primary cost for education segment).
Key Suppliers
Film Distributors and Production Houses (e.g., major studios providing content for Mukta A2 Cinemas).
Capacity Expansion
Whistling Woods International (WWI) recorded revenue of INR 30.10 Cr in H1 FY26. Mukta A2 Cinemas operates as the exhibition arm; specific screen count expansion targets were not detailed in the provided snippets.
Raw Material Costs
Not applicable as a manufacturing metric; however, film hire costs are a primary operational expense for the exhibition segment (INR 40.05 Cr revenue).
Strategic Growth
Growth Strategy
Restructuring the exhibition arm through a binding Term Sheet (Feb 2024) and Subscription Agreement (Aug 2024) for Mukta A2 Cinemas. Leveraging the 21% growth in exhibition and 9% growth in education to scale the consolidated group revenue (INR 86.09 Cr).
Products & Services
Cinema tickets, food and beverage (F&B) at cinemas, film production and distribution rights, and media/creative arts education degrees and diplomas.
Brand Portfolio
Mukta A2 Cinemas, Whistling Woods International, Mukta Arts.
Market Expansion
Expansion of the Mukta A2 Cinemas footprint and increasing student intake at Whistling Woods International.
Strategic Alliances
Joint Venture with Mukta V N Films Limited (51.89% stake) and a strategic subscription agreement with Mr. Rajiv Rameshchandra Malhotra for Mukta A2 Cinemas.
External Factors
Industry Trends
The industry is shifting toward premium multiplex experiences and specialized vocational training in creative arts. Mukta Arts is positioned as an integrated player across the entertainment lifecycle.
Competitive Landscape
Competes with major multiplex chains like PVR Inox and various private media universities.
Competitive Moat
Strong brand legacy of Subhash Ghai and the premier reputation of Whistling Woods International provide a durable competitive advantage in attracting talent and students.
Macro Economic Sensitivity
Highly sensitive to consumer discretionary spending and GDP growth, which affects cinema footfalls and education enrollments.
Consumer Behavior
Increasing consumer preference for high-quality cinematic experiences and professional creative education.
Geopolitical Risks
Trade and cultural barriers affecting film distribution in international markets like Bahrain.
Regulatory & Governance
Industry Regulations
Compliance with the Cinematograph Act, educational accreditation standards for WWI, and the Companies Act 2013.
Environmental Compliance
The company emphasizes health and safety standards across its cinema and campus operations to meet environmental standards.
Taxation Policy Impact
Standard corporate tax rates apply; standalone provision for taxation was not detailed for the current quarter.
Risk Analysis
Key Uncertainties
Content risk (box office performance) and regulatory changes in the education sector could impact 70% of consolidated revenue.
Geographic Concentration Risk
Significant concentration in India, specifically Maharashtra, and secondary exposure to Bahrain.
Third Party Dependencies
High dependency on film producers for content supply in the exhibition segment.
Technology Obsolescence Risk
Risk from OTT platforms disrupting traditional cinema footfalls; requires constant digital upgrades in film education.
Credit & Counterparty Risk
Exposure to receivables from film distributors and student fee collections.
