Phantom Digital Effects Limited (PHANTOMFX)
Q2 FY27 results
📅 Next results: 21 Oct 2026 (board meeting)Phantom Digital Effects Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, H1 FY26, Phantom Digital's revenue was ₹85.0 Cr (+139.1% year on year, +26.9% on the previous half-year), and net profit ₹21.0 Cr (+153.8% year on year); the operating margin was 29.4%.
| H1 FY26 (₹ Cr) | Value | YoY vs H1 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹85.0 | +139.1% | +26.9% |
| Operating profit | ₹25.0 | +64.4% | +13.6% |
| Net profit | ₹21.0 | +153.8% | +75.0% |
| EPS (₹) | 12.99 | +113.3% | +47.8% |
| Operating margin | 29.4% | — | — |
PHANTOMFX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 88.33% of the PHANTOMFX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 78.48%. That is close to its usual level. Turnover was only ₹18 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 76.9% · 91.7% · 91.3% · 74.1% · 88.3%
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
Phantom Digital Effects Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The report confirmed by Registrar and Share Transfer Agent, Purva Sharegistry (India) Pvt. Ltd., indicates nil physical share certificates were received or processed for dematerialisation during the period July 1, 2026 to September 30, 2026. This is a standard quarterly regulatory compliance intimation with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd. on October 1, 2026
- Total shares dematerialised reported as NIL for the period from July 1, 2026 to September 30, 2026
Phantom Digital Effects Limited announced that preparation of its Standalone and Consolidated Audited Financial Results for FY26 is progressing satisfactorily. The company reaffirmed that the Board Meeting scheduled for October 21, 2026, to consider and approve these results will proceed as planned. A formal intimation under Regulation 29 will follow separately.
- Audited financial results for the year ended 31st March, 2026 are progressing satisfactorily
- Board meeting confirmed to proceed on 21st October, 2026
- Follows earlier intimation dated 12th September, 2026
Phantom Digital Effects Limited has scheduled its Board of Directors meeting on October 21, 2026, to consider and approve the Audited Standalone and Consolidated Financial Results for FY 2025-26. This follows an earlier intimation dated August 24, 2026, citing that additional time is required to finalize the year-end audit alongside the review of financial information for the half-year ending September 30, 2026. For context, the company reported TTM revenue of Rs 188 Cr and PAT of Rs 41 Cr, but its annual results for the period ended March 31, 2026, are substantially delayed past standard statutory deadlines. The company assured stakeholders that the meeting will take place on October 21, 2026, without fail.
- Board meeting to approve FY26 audited results scheduled for 21st October, 2026
- Approval covers Audited Financial Results (Standalone and Consolidated) for the year ended 31st March, 2026
- Delay attributed to year-end audit completion aligned with review of the half-year ending 30th September, 2026
- Follows prior intimation submitted to the Stock Exchange on 24th August, 2026
Phantom Digital Effects Limited has received approval from the Registrar of Companies (ROC), Chennai, for a two-month extension to hold its Annual General Meeting (AGM) for FY26. The AGM, originally due on or before September 30, 2026, can now be convened up to November 30, 2026. Additionally, the company stated it plans to convene a Board meeting no later than the second week of September 2026 to consider and approve its delayed Audited Financial Results (Standalone and Consolidated) for FY26.
- ROC Chennai granted a 2-month extension for holding the FY26 AGM.
- The statutory AGM deadline is extended from 30th September, 2026 to 30th November, 2026.
- Board meeting to approve FY26 Audited Financial Results will take place no later than the second week of September, 2026.
- ROC advised the company to ensure stricter adherence to Companies Act compliance timelines in the future.
Phantom Digital Effects Limited conducted a virtual group investor and analyst meeting on August 18, 2026, from 4:30 PM to 5:30 PM IST. The meeting was attended by approximately 76 participants, including institutional entities like Avendus Spark, Counter Cyclical PMS, and JM Financial, alongside multiple high-net-worth individuals. The company confirmed that the interaction was conducted in a Q&A format without any formal presentation or disclosure of Unpublished Price Sensitive Information (UPSI).
- Meeting conducted virtually on August 18, 2026, from 4:30 PM to 5:30 PM IST
- Attended by 76 institutional, brokerage, and individual investor representatives
- Interactions conducted strictly in a Q&A format with no company presentation made
- No Unpublished Price Sensitive Information (UPSI) was shared during the session
Phantom Digital Effects Limited has scheduled a virtual group meeting with investors and analysts for August 18, 2026, at 4:30 PM IST. This interaction follows a period of significant stock price correction, with the share price down 50.3% over the last 12 months despite a TTM revenue of ₹188 Cr and a PAT of ₹41 Cr. The meeting is expected to cover general business updates and historical performance. Investors will likely look for commentary on the integration of recent international acquisitions and the progress of the ₹59 Cr domestic expansion project.
- Virtual group meeting scheduled for August 18, 2026, at 04:30 PM IST
- Company maintains a high Operating Profit Margin (OPM) of 33.2% on TTM revenue of ₹188 Cr
- Stock has experienced a significant 12-month price return of -50.3%
- Ongoing domestic studio infrastructure expansion in Chennai, Mumbai, and Hyderabad valued at ₹59 Cr
- Recent international expansion includes the October 2025 acquisition of Milk VFX and Lola Post
Phantom Digital Effects has approved a further investment of USD 2.7 million (approx. ₹22.5 cr) into its UK-based wholly-owned subsidiary, Milk Visual Effects Limited. This investment, intended for working capital and growth, represents roughly 12% of the company's TTM revenue of ₹188 cr. The board also approved seeking a regulatory extension for holding the FY26 Annual General Meeting (AGM) and reconstituted five board committees. The capital infusion follows the company's strategic acquisition of Milk VFX in October 2025 to expand its global footprint.
- Approved USD 2.7 million investment in Milk Visual Effects Limited, UK, for working capital and growth.
- Investment value represents approximately 9.5% of the company's current market capitalization of ₹243 cr.
- Application filed under Section 96 of the Companies Act for an extension of the FY26 Annual General Meeting.
- Reconstitution of Audit, NRC, CSR, Stakeholder, and Risk Management committees effective August 7, 2026.
- Milk VFX remains a 100% wholly-owned subsidiary following this cash consideration subscription.
Financial Performance
Revenue Growth by Segment
Consolidated Total Income grew 140.91% YoY to INR 88.29 Cr in H1 FY26, driven by sustained demand across North America, Europe, and APAC. Standalone revenue for the half-year ended September 2025 was INR 84.98 Cr, reflecting a 140.93% YoY increase.
Geographic Revenue Split
Revenue is driven by demand across North America, Europe, and APAC regions. The company operates across eight countries, including India, US, Canada, UK, Dubai, and China, to enable smooth collaboration across time zones.
Profitability Margins
EBITDA margin expanded to 32.42% in H1 FY26, while Profit After Tax (PAT) margin reached 23.43%. Profitability is being unlocked through a unified group structure and the integration of AI-enhanced workflows.
EBITDA Margin
EBITDA margin of 32.42% in H1 FY26, with absolute EBITDA rising 75.39% YoY to INR 28.62 Cr from INR 16.32 Cr in H1 FY25.
Capital Expenditure
Planned CapEx of INR 59.00 Cr for new studios and infrastructure in Chennai, Mumbai, and Hyderabad, with INR 47.01 Cr utilized as of September 30, 2025. An additional INR 6.13 Cr is allocated for the UK subsidiary's expansion.
Credit Rating & Borrowing
Debt to Equity ratio stood at 0.25 times in FY25. Interest paid in H1 FY26 was INR 2.42 Cr compared to INR 4.13 Cr in the previous full year, reflecting active debt management.
Operational Drivers
Raw Materials
Creative Talent/Manpower (represents the primary cost of service delivery), AI-enabled software tools, and high-end computing infrastructure.
Import Sources
India (Chennai, Mumbai, Hyderabad), UK, USA, and China (Hangzhou).
Key Suppliers
Not applicable for the service-based VFX industry; however, the company utilizes 'Indian manpower' to serve global clients to optimize profit margins.
Capacity Expansion
Expanding domestic studio infrastructure in Chennai, Mumbai, and Hyderabad (INR 59 Cr project). Internationally, the company established Huantong Digital Technology in China and acquired Milk VFX and Lola Post in Europe.
Raw Material Costs
Manpower costs are the primary driver; the company is strategizing to include more Indian manpower to serve global clients to improve margins. AI integration is also helping optimize resource allocation.
Manufacturing Efficiency
AI-enhanced workflows allow the studio to deliver more work in shorter time frames and optimize resource allocation, improving margins without compromising creativity.
Strategic Growth
Expected Growth Rate
140.91%
Growth Strategy
Growth is achieved through strategic acquisitions (Milk VFX, Lola Post, Tippett Studio), expansion into high-growth markets like China, and the adoption of AI-enabled workflows to increase scalability and agility.
Products & Services
End-to-end Visual Effects (VFX) for films, web series, and commercials; 3D animation; gaming content; and 3D ride animations.
Brand Portfolio
Phantom Media Group (Umbrella), PhantomFX, Tippett Studio, Milk VFX, Lola Post, Spectre Post.
New Products/Services
Exploring gaming, 3D ride animations, and original IP creation to diversify the portfolio beyond traditional VFX.
Market Expansion
Established Hangzhou Huantong Digital Technology in China; expanded European footprint across UK, Ireland, France, and Spain through acquisitions.
Market Share & Ranking
Positioned as one of India's most trusted and recognizable VFX providers with a growing global footprint.
Strategic Alliances
Acquisition of 100% equity in Milk Visual Effects Limited and Lola Post; partial ownership of Tippett Studio.
External Factors
Industry Trends
The VFX industry is shifting toward AI integration, which is now commercially impactful. The adoption curve is accelerating, and Phantom is positioning itself as a creative technology organization.
Competitive Landscape
Competes with global VFX houses; differentiates through agility, scalability, and tax-efficient project structuring in the UK and Europe.
Competitive Moat
Durable advantages include Oscar, BAFTA, and Emmy-winning talent, TPN certification, and a unified global pipeline that enables 24/7 production across time zones.
Macro Economic Sensitivity
Sensitive to global entertainment spending and OTT platform budgets (Netflix, Disney+).
Consumer Behavior
Increasing demand for high-end genres like sci-fi, fantasy, and period dramas in the OTT and film sectors.
Geopolitical Risks
Trade barriers or changes in international co-production subsidies could impact the financial efficiency of global projects.
Regulatory & Governance
Industry Regulations
Certified Trusted Partner Network (TPN) member, requiring strict adherence to content security and quality standards.
Taxation Policy Impact
Unlocks UK Film & TV Tax Relief and European co-production subsidies, which are critical for global competitiveness and financial efficiency.
Legal Contingencies
Auditor flagged scope for improvement in internal control functions relating to customer/vendor acceptance and credit evaluation, though no specific court case values were disclosed.
Risk Analysis
Key Uncertainties
Internal control weaknesses in credit evaluation and vendor selection could lead to financial leakage or bad debts.
Geographic Concentration Risk
Revenue is increasingly diversified across North America, Europe, and APAC, reducing dependency on any single region.
Third Party Dependencies
Dependency on major streaming platforms (Netflix, Amazon) and studios (Universal, Disney) for high-value project pipelines.
Technology Obsolescence Risk
Risk of falling behind in AI adoption; mitigated by the company's 'AI-enhanced workflows' strategy.
Credit & Counterparty Risk
Trade receivables increased to INR 65.39 Cr in H1 FY26 from INR 42.14 Cr in FY25; 65% collection rate achieved on previous year's outstanding.
