Thinking Hats Entertainment Solutions Limited (THESL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Thinking Hats' revenue was ₹15.2 Cr (-61.1% year on year, +81.3% on the previous half-year), and net profit ₹0.5 Cr (-80.1% year on year); the operating margin was 6.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹15.2 | -61.1% | +81.3% |
| Operating profit | ₹0.9 | -74.0% | -35.9% |
| Net profit | ₹0.5 | -80.1% | -31.1% |
| EPS (₹) | 0.41 | -80.0% | -30.5% |
| Operating margin | 6.0% | — | — |
📢 Recent Corporate Announcements
Thinking Hats Entertainment Solutions 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 certificate issued by Registrar and Share Transfer Agent, Mas Services Limited, confirms that securities received for dematerialisation were processed and confirmed to depositories within 15 days. Additionally, physical certificates were mutilated, cancelled, and records updated accordingly. This is a standard quarterly administrative filing.
- Compliance certificate filed for the quarter ended September 30, 2026
- RTA Mas Services Limited issued the certificate dated October 06, 2026
- Securities received for dematerialisation confirmed within the stipulated 15-day limit
Thinking Hats Entertainment Solutions Limited announced that shareholders approved the reclassification of Mr. Gaurav Singhania, Mrs. Shruti Singhania, and associated entities from 'Promoter/Promoter Group' to 'Public' category at the AGM held on September 30, 2026. Following this reclassification, promoter shareholding declines from 56.79% (70,91,250 shares) to 47.13% (58,85,550 shares), reducing promoter control below 50%. Correspondingly, public shareholding increases from 43.21% to 52.87% (66,01,600 shares). All three AGM resolutions passed with 100% of votes polled in favour.
- Promoter shareholding decreases by 9.66 percentage points from 56.79% to 47.13%
- Public shareholding increases from 43.21% (53,95,900 shares) to 52.87% (66,01,600 shares)
- Reclassification resolution approved with 100% votes in favour (63,74,050 votes polled)
- Approval granted at the 13th AGM held on September 30, 2026
Thinking Hats Entertainment Solutions announced that its feature film 'OHH MY DOG', co-produced with Babulal Biscope LLP, will premiere exclusively on Netflix on October 1, 2026. The film is directed by Amit Rai and features Pankaj Tripathi among the lead cast. Financial terms and licensing deal values with Netflix were not disclosed in the filing. While historically over 99% of company turnover has derived from events and retail merchandising, this release marks continued expansion into OTT content monetization against a TTM revenue base of Rs 71 Cr.
- Exclusive premiere of feature film 'OHH MY DOG' scheduled on Netflix for October 1, 2026.
- Film produced jointly by Thinking Hats Entertainment Solutions and Babulal Biscope LLP.
- Follows a promotional theatrical unveiling previously held on August 6, 2026.
- Commercial licensing fees and revenue share terms with Netflix are not disclosed.
Thinking Hats Entertainment Solutions Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR Regulations regarding communication sent to shareholders. The company provided the web link for its FY 2025–26 Annual Report to members whose email addresses are not registered. Additionally, the company confirmed that its 13th Annual General Meeting is scheduled to be held virtually on September 30, 2026, at 2:00 PM IST.
- 13th Annual General Meeting scheduled for September 30, 2026, at 2:00 PM IST via VC/OAVM
- Compliance intimation issued under SEBI LODR Regulation 36(1)(b)
- Annual Report for FY 2025–26 web-link dispatched to shareholders without registered email addresses
- Direct web access provided to the complete FY 2025–26 Annual Report document
Thinking Hats Entertainment Solutions has issued the notice for its 13th Annual General Meeting scheduled for September 30, 2026, via video conferencing. A key special business item is shareholder approval for reclassifying Mr. Gaurav Singhania (holding 9.64% or 12,03,700 shares), Mrs. Shruti Singhania (0.01%), and related entities from 'Promoter and Promoter Group' to the 'Public' category. NSE previously issued its No-Objection letter on August 12, 2026, for the proposed reclassification. Other routine items include adopting the FY26 audited accounts and the re-appointment of a retiring director.
- 13th Annual General Meeting convened for Wednesday, September 30, 2026 at 2:00 PM IST via VC/OAVM
- Special resolution proposed to reclassify Mr. Gaurav Singhania (12,03,700 shares or 9.64%) and associates to Public category
- Reclassification covers 12 promoter group entities/individuals holding a combined ~9.66% equity
- NSE granted No-Objection/approval letter for the reclassification on August 12, 2026
Thinking Hats Entertainment Solutions Limited has scheduled its 13th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 2:00 p.m. IST via Video Conferencing. The cut-off date to determine shareholder eligibility for e-voting is set for September 23, 2026. The company's share transfer books and register of members will remain closed from September 24 to September 30, 2026. Additionally, M Shahnawaz & Associates has been appointed as the scrutinizer for the e-voting process.
- 13th AGM to be held on September 30, 2026 at 2:00 p.m. IST via VC/OAVM
- E-voting cut-off date fixed as September 23, 2026
- Book closure period scheduled from September 24, 2026 to September 30, 2026
- M Shahnawaz & Associates appointed as the scrutinizer for the voting process
Thinking Hats Entertainment Solutions Limited (THESL) announced that its feature film 'OHH MY DOG' will have its theatrical release in the UAE on September 4, 2026. The film is directed by Amit Rai and stars Pankaj Tripathi, produced jointly by THESL and Babulal Biscope LLP. Commercial figures, distribution terms, and expected revenue contributions were not disclosed. The release marks THESL's international expansion in content production, supporting diversification for the company which generated TTM revenue of ₹71 Cr.
- UAE theatrical release scheduled for September 4, 2026
- Co-produced by THESL alongside Babulal Biscope LLP
- Directed by Amit Rai and featuring an ensemble cast including Pankaj Tripathi
- Financial terms, budget, and revenue-sharing specifics were not disclosed in the filing
Thinking Hats Entertainment Solutions Limited (THESL) has received a No-Objection Certificate (NOC) from the National Stock Exchange (NSE) for the reclassification of 12 entities and individuals from the 'Promoter and Promoter Group' to the 'Public' category. This approval follows the company's application submitted on May 27, 2026. The reclassified list includes individuals such as Shruti Singhania and Gaurav Singhania, as well as entities like Skillarthi Ventures Private Limited. As of March 2026, the promoter holding was 56.79%, and this administrative change will reflect in future shareholding disclosures.
- 12 specific entities and individuals approved for reclassification to the Public category
- NOC received from NSE on August 12, 2026, following an application dated May 27, 2026
- Promoter holding stood at 56.79% as of the March 2026 quarter
- Reclassification is conducted under Regulation 31A of SEBI (LODR) Regulations, 2015
Thinking Hats Entertainment Solutions Limited (THESL) has rescheduled the theatrical release of its feature film 'OHH MY DOG' from July 31, 2026, to August 7, 2026. The company cited strategic distribution planning to avoid competition with other major releases and to secure better screen availability. This tactical 7-day delay aims to maximize the film's theatrical prospects. Given the company's TTM revenue of ₹71 Cr, the performance of its content production segment is a key contributor to its overall financial health.
- Theatrical release of 'OHH MY DOG' rescheduled to August 7, 2026.
- Original release date was previously set for July 31, 2026, representing a 7-day postponement.
- Decision driven by high screen occupancy from other major releases during the original window.
- Company reported TTM revenue of ₹71 Cr and a PAT of ₹5 Cr as of the latest financial context.
Financial Performance
Revenue Growth by Segment
Total revenue grew 79% YoY to INR 4,766.80 Lakhs. Segment performance: Event Management grew to INR 3,375.00 Lakhs (70.8% of revenue), Retail Visual Merchandising grew to INR 1,369.26 Lakhs (28.7% of revenue), and Film, Music and Content Development contributed INR 22.50 Lakhs (0.5% of revenue).
Profitability Margins
Net Profit Margin declined from 11.57% in FY24 to 7.57% in FY25. Profit After Tax grew 18.5% YoY to INR 366.50 Lakhs, while Profit Before Tax grew 21.5% YoY to INR 522.92 Lakhs.
EBITDA Margin
EBITDA was INR 522.92 Lakhs in FY25, representing an EBITDA margin of 10.97%, compared to INR 499.58 Lakhs in FY24.
Capital Expenditure
Intangible Assets under Development, primarily related to content production, increased from INR 1,481.40 Lakhs in March 2025 to INR 2,019.52 Lakhs by September 2025, representing a 36.3% increase in six months.
Credit Rating & Borrowing
The company proactively manages borrowing through forward booking and vendor development. Debt-equity ratio improved from 2.18x in FY24 to 1.68x in FY25. Interest coverage ratio improved from 7.19x to 9.7x.
Operational Drivers
Raw Materials
Cost of materials consumed and services received represents 75.6% of total revenue (INR 3,602.74 Lakhs). Specific commodity names are not disclosed as the company is service-oriented.
Capacity Expansion
The company had 35 employees on payroll as of March 31, 2025. Expansion is focused on the OTT content space, which the company entered in 2019.
Raw Material Costs
Cost of materials and services received was INR 3,602.74 Lakhs in FY25. Procurement strategies include proactive vendor development and forward booking to manage price fluctuations.
Manufacturing Efficiency
Not applicable for this service-based business; however, debtors turnover improved from 2.8x to 4x, indicating higher operational efficiency in collections.
Strategic Growth
Growth Strategy
Growth is driven by expansion into the OTT content space (ventured in 2019) and multi-season series production. The company is also expanding into new client verticals and geographies while offering bundled creative and digital services to increase retention.
Products & Services
Event management services, retail visual merchandising displays, and OTT content production (films, music, and series).
Brand Portfolio
Thinking Hats Entertainment Solutions.
New Products/Services
Production of OTT content and multi-season series, which the company ventured into in 2019 to capitalize on the growing digital space.
Market Expansion
Expansion into new client verticals and geographies to mitigate client concentration risk.
Strategic Alliances
The company utilizes co-production models in the OTT segment to reduce risk exposure and align with platform guidelines.
External Factors
Industry Trends
The OTT content production industry is growing, but faces increasing regulatory oversight on digital content and high dependency on streaming platform approvals.
Competitive Landscape
The company competes in the event management, retail merchandising, and content production sectors, focusing on service diversity to navigate downturns.
Competitive Moat
Moat is built on creative expertise and management experience in the OTT space since 2019, supported by a collaborative work culture and incentive-based talent retention.
Macro Economic Sensitivity
Sensitivity to inflation and recession which may affect the discretionary marketing budgets of clients in the events and retail sectors.
Consumer Behavior
Shift toward digital and OTT content consumption is a primary driver for the company's content production division.
Geopolitical Risks
Geopolitical instability may affect client marketing budgets, particularly in discretionary spending categories.
Regulatory & Governance
Industry Regulations
Subject to growing regulatory oversight on digital content and streaming platform guidelines in the OTT segment.
Taxation Policy Impact
The company's effective tax rate for FY25 was approximately 29.9%, with total tax expenses of INR 156.42 Lakhs on a PBT of INR 522.92 Lakhs.
Legal Contingencies
No strictures or penalties were imposed by SEBI, Stock Exchanges, or any Statutory Authority for non-compliance related to capital markets during the period.
Risk Analysis
Key Uncertainties
Client concentration risk (high revenue dependency on few large clients) and execution risk (live nature of events and tight delivery timelines) could lead to financial loss or reputational damage.
Third Party Dependencies
Dependency on streaming platforms for content approval and backup vendors for critical event deliverables.
Technology Obsolescence Risk
Cybersecurity risk is managed through secure cloud infrastructure and periodic IT audits to protect digital design and project management tools.
Credit & Counterparty Risk
Debtors turnover ratio improved from 2.8x in FY24 to 4x in FY25, indicating improved receivables quality and collection efficiency.
