Picturepost Studios Limited (PPSL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Picturepost Studios' revenue was ₹8.2 Cr (-58.1% year on year, -32.2% on the previous half-year), and net profit ₹0.6 Cr (-76.8% year on year); the operating margin was 39.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹8.2 | -58.1% | -32.2% |
| Operating profit | ₹3.2 | -41.0% | +62.0% |
| Net profit | ₹0.6 | -76.8% | +150.0% |
| EPS (₹) | 0.20 | -77.3% | +150.0% |
| Operating margin | 39.4% | — | — |
PPSL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 90.48% of the PPSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.37%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. It traded 4.4 times its average daily volume. It closed at its upper price band (circuit) on 16 Oct, one of 6 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 90.5%
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
Picturepost Studios Limited (PPSL) reported the voting results and scrutinizer's report for its 3rd Annual General Meeting held on September 30, 2026. All 4 ordinary and special resolutions were passed with 100% of the total 1,03,95,000 valid votes cast in favor. The resolutions included the adoption of audited financial statements for FY ended March 31, 2026, the reappointment of Mr. Parish Tekriwal, and director appointments for Mr. Prateek Tekriwal and Ms. Urvashi Dilip Maharshi. Out of total voting capital of 2,93,00,000 shares, total turnout stood at 35.48%.
- All 4 resolutions passed with 100% approval (1,03,95,000 votes in favor, 0 against)
- Total voter turnout represented 35.48% of the company's 2,93,00,000 total shares
- Promoter group polled 99,39,000 votes out of their 1,58,39,000 holding (62.75% turnout)
- Public non-institutional shareholders cast 4,56,000 votes via remote e-voting
Picturepost Studios Limited has scheduled its 3rd Annual General Meeting (AGM) for FY 2025-26 on Wednesday, September 30, 2026, at 10:00 AM IST in Mumbai. The company has fixed Wednesday, September 23, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting and voting at the meeting. Remote e-voting will commence on September 26, 2026, at 9:00 AM IST and conclude on September 29, 2026, at 5:00 PM IST via NSDL.
- 3rd Annual General Meeting scheduled for September 30, 2026, at 10:00 A.M. (IST)
- Remote e-voting eligibility cut-off date set as September 23, 2026
- Remote e-voting window opens September 26, 2026 (09:00 AM IST) and closes September 29, 2026 (05:00 PM IST)
- Voting services facilitated through National Securities Depository Limited (NSDL)
Picturepost Studios Limited announced key leadership changes following its Board meeting on September 02, 2026. Managing Director Parish Tekriwal has taken on the dual role of Chief Financial Officer (CFO) effective September 02, 2026. The Board also approved the regularization of Prateek Tekriwal as Non-Executive Non-Independent Director and Urvashi Dilip Maharshi as Non-Executive Independent Director for a 5-year term ending June 01, 2031, subject to shareholder approval. The company's 3rd Annual General Meeting (AGM) has been scheduled for September 30, 2026.
- Parish Tekriwal appointed as CFO effective September 02, 2026, while continuing as MD
- Urvashi Dilip Maharshi regularized as Independent Director for a 5-year term until June 01, 2031
- Prateek Tekriwal appointed as Non-Executive Non-Independent Director effective May 21, 2026
- 3rd AGM scheduled for September 30, 2026 at 10:00 AM in Mumbai
Picturepost Studios Limited (PPSL) announced the outcome of its board meeting held on September 02, 2026. The Board approved the appointment of Managing Director Parish Tekriwal to the additional role of Chief Financial Officer (CFO) effective immediately. Additionally, the company approved the regularization of Prateek Tekriwal as Non-Executive Director and Urvashi Dilip Maharshi as Independent Woman Director for a 5-year term ending June 01, 2031, subject to shareholder approval. The company's 3rd Annual General Meeting is scheduled for September 30, 2026.
- Parish Tekriwal (Promoter & MD) appointed to the additional role of Chief Financial Officer (CFO) effective September 02, 2026.
- Ms. Urvashi Dilip Maharshi appointed as Independent Woman Director for a 5-year term from June 02, 2026 to June 01, 2031.
- Mr. Prateek Tekriwal (brother of MD) proposed for regularization as Non-Executive Non-Independent Director.
- 3rd Annual General Meeting scheduled for September 30, 2026, with NSDL appointed for e-voting.
Financial Performance
Revenue Growth by Segment
Total revenue grew 68.9% YoY to INR 3,712.4 lakhs in FY25. The Commercial Advertisement segment contributed 91.51% (INR 3,397.3 lakhs), growing 59.5% from FY24. The Films & OTT segment contributed 8.49% (INR 315.2 lakhs), representing a massive 362.8% growth from its 3.1% share in FY24, reflecting a strategic shift toward long-form content.
Geographic Revenue Split
Not explicitly disclosed by percentage, but the company identifies as a 'preferred destination for outsourcing' and is expanding collaborations with international production houses to leverage India's cost efficiency.
Profitability Margins
Gross profitability is driven by managing direct expenses which stood at 63.8% of revenue (INR 2,368.48 lakhs). PAT margin improved slightly from 13.29% in FY24 to 13.6% in FY25 (INR 503.7 lakhs), showing stable bottom-line conversion despite rapid scaling.
EBITDA Margin
EBITDA margin increased from 23.71% in FY24 to 26.5% in FY25 (INR 983.2 lakhs). This 279 bps improvement is attributed to better capacity utilization and a higher mix of specialized services like HDR grading.
Capital Expenditure
The company utilized INR 7.86 Cr (INR 785.97 lakhs) from IPO proceeds for purchasing high-end equipment and software. Total cash outflow for investing activities in FY25 was INR 11.77 Cr, aimed at upgrading VFX and CGI infrastructure.
Credit Rating & Borrowing
The company significantly deleveraged using INR 5.00 Cr of IPO proceeds for debt repayment. Non-current borrowings were reduced to zero, while current borrowings decreased 41.7% to INR 3.24 Cr in FY25.
Operational Drivers
Raw Materials
Direct project expenses (INR 2,368.48 lakhs) represent 63.8% of total revenue, primarily consisting of freelance artist costs, software licenses (Adobe, Autodesk), and cloud rendering credits.
Import Sources
Software and high-end hardware (servers/GPUs) are primarily sourced from the USA and Europe, exposing the company to forex volatility.
Key Suppliers
Not specifically named, but includes global providers of VFX software and specialized hardware for HDR/Dolby Vision grading.
Capacity Expansion
Planned expansion into AR/VR and immersive media labs. Current focus is on scaling the talent pool of award-winning artists to handle the 362% growth in OTT project volume.
Raw Material Costs
Direct expenses grew 81.5% YoY to INR 2,368.48 lakhs, outpacing revenue growth (68.9%), suggesting higher costs for specialized talent and external processing for complex VFX projects.
Manufacturing Efficiency
Efficiency is measured by the stage of completion on service contracts. Unbilled revenue is identified as a key audit matter, requiring significant judgment in estimating project progress.
Logistics & Distribution
Distribution is digital; costs are reflected in IT and communication expenses within the 'Other Expenses' category of INR 1.45 Cr.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
PPSL aims to achieve this by leveraging its TPN certification to win international outsourcing contracts, expanding into AR/VR technologies, and increasing the scope of projects with its top 20 customers who already provide 84% of revenue.
Products & Services
Visual Effects (VFX), Computer Generated Imagery (CGI), Color Grading (HDR & Dolby Vision), and digital brand-driven campaigns.
Brand Portfolio
Picturepost Studios Limited (PPSL).
New Products/Services
Expansion into AR/VR and immersive media is expected to contribute to the 17% industry CAGR by capturing high-growth digital marketing segments.
Market Expansion
Targeting international production houses for VFX outsourcing, utilizing India's cost-efficiency to gain global market share.
Market Share & Ranking
Not disclosed, but the company is a leading TPN-certified studio in the Mumbai hub.
Strategic Alliances
Collaborations with international production houses and long-term partnerships with top 20 domestic clients.
External Factors
Industry Trends
The global industry is growing at 8.5% CAGR to reach USD 46.5 billion by 2030. PPSL is positioning itself in the high-growth VFX and CGI segments which are disrupting traditional filmmaking.
Competitive Landscape
Faces competition from both domestic boutique studios and large global VFX houses; competition is intensifying for skilled talent.
Competitive Moat
Moat is built on TPN certification (security), proprietary tech platforms, and a pool of award-winning talent. These are sustainable as they create high switching costs for studios requiring secure, high-quality post-production.
Macro Economic Sensitivity
Highly sensitive to advertising budgets which correlate with GDP growth; the Indian post-production market is projected to grow from INR 79 billion to INR 147 billion by 2031.
Consumer Behavior
Shift toward OTT consumption (growing 362% for PPSL) is driving demand for higher-quality visual content compared to traditional television.
Geopolitical Risks
Trade barriers or data localization laws could impact the 'outsourcing' model that PPSL relies on for global growth.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and TPN (Trusted Partner Network) security standards is mandatory for handling international studio content.
Environmental Compliance
Minimal impact as a service-based digital studio; ESG costs not specifically disclosed.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 25.6% (INR 173.2 lakhs tax on INR 676.9 lakhs PBT).
Legal Contingencies
The company reported zero pending litigations as of March 31, 2025, that would impact its financial position.
Risk Analysis
Key Uncertainties
The auditor noted that the 'audit trail' (edit log) facility in the accounting software was not enabled throughout FY25, presenting a significant internal control risk.
Geographic Concentration Risk
Operations are concentrated in Mumbai; 84% of revenue comes from the top 20 clients, primarily in the Indian advertising hub.
Third Party Dependencies
High dependency on freelance creative talent and third-party software vendors for project execution.
Technology Obsolescence Risk
Rapid evolution in AI-driven VFX and CGI requires continuous CapEx (INR 7.86 Cr recently spent) to avoid becoming obsolete.
Credit & Counterparty Risk
Receivables increased 125.8% YoY, leading to a negative operating cash flow of -INR 1.27 Cr, signaling potential credit risk or collection delays from clients.
