Vashu Bhagnani - Vashu Bhagnani

📊 BSE: 532011 🏢 Film Production, Distribution & Exhibition 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue (primarily Media & Entertainment) fell 82.7% YoY to INR 947.28 Lakhs. Consolidated revenue decreased 71.6% YoY to INR 1,658.15 Lakhs. Real Estate is a new segment with inaugural projects in Juhu, so YoY growth is not yet applicable.

Geographic Revenue Split

Not disclosed in available documents, though operations are primarily focused in India with theatrical and digital distribution reaching overseas markets.

Profitability Margins

Standalone Net Profit Margin fell to 3.04% from 10.24% due to the significant drop in turnover. Standalone Operating Profit Margin improved to 17.16% from 8.70% due to changes in the sales revenue mix and cost management.

EBITDA Margin

Standalone Operating Profit Margin (EBITDA proxy) improved from 8.70% to 17.16%. Standalone Profit Before Tax fell 95.4% to INR 40.20 Lakhs, while Consolidated PBT fell 45.2% to INR 613.19 Lakhs.

Capital Expenditure

Not disclosed in absolute INR Cr, but the company is investing in the transformation of a commercial building into a luxury residential project in Juhu under the 'Pooja Constructions' brand.

Credit Rating & Borrowing

The company has taken unsecured loans from related parties. The Debt-Equity ratio significantly improved from 0.26 to 0.01 as total outside liabilities were reduced relative to equity.

⚙️ Operational Drivers

Raw Materials

Content and scripts for film production; Land and construction materials (cement, steel) for the real estate segment.

Key Suppliers

Collaborates with Pooja Leisure and Lifestyle for real estate ventures.

Capacity Expansion

Expanding from pure-play Media & Entertainment into Real Estate; inaugural project involves converting a commercial building into a residential haven in Juhu.

Raw Material Costs

Not disclosed as a specific % of revenue, but the company noted that the cost of content continues to rise for film studios, impacting margins.

Manufacturing Efficiency

Not disclosed; however, the company carried out line production for movies like 'Bade Miyan Chote Miyan' and 'Mere Husband ki Biwi' during the year.

Logistics & Distribution

Distributes films through theatrical release, television licensing, and new media distribution avenues.

📈 Strategic Growth

Expected Growth Rate

3.7%

Growth Strategy

Achieving growth through diversification into the luxury real estate market (Juhu project) and building a strong future movie slate for theatrical and digital exploitation.

Products & Services

Films (production, distribution, licensing), Residential Real Estate units.

Brand Portfolio

Pooja Entertainment, Pooja Constructions.

New Products/Services

Luxury residential project in Juhu; upcoming movie slate including 'Bade Miyan Chote Miyan'.

Market Expansion

Entry into the real estate market in Mumbai; targeting luxury housing segments (above INR 1 Crore).

Strategic Alliances

Collaboration with Pooja Leisure and Lifestyle for real estate business.

🌍 External Factors

Industry Trends

Global E&M industry growing at 3.7% CAGR; luxury housing in India surging due to lifestyle changes; office leasing hitting record levels in FY2025.

Competitive Landscape

Traditional media faces competition from user-generated content and immersive gaming; real estate faces competition from Grade A developers.

Competitive Moat

Promoter Vashu Bhagnani's dual expertise in film production and construction ('Pooja Constructions') provides a unique brand moat in niche luxury developments.

Macro Economic Sensitivity

Sensitive to Indian economic growth and urbanization; global E&M industry revenue reached US$ 3 trillion in 2024.

Consumer Behavior

Shift toward interactive and immersive gaming experiences; lifestyle changes driving demand for luxury residential assets.

⚖️ Regulatory & Governance

Industry Regulations

RERA has improved sectoral transparency; municipal approval processes and environmental clearances remain procedural hurdles.

Environmental Compliance

Growing sustainability expectations for Grade A assets are adding incremental compliance costs for real estate projects.

Taxation Policy Impact

Standalone tax expense was a credit of INR 12.50 Lakhs in FY25 compared to an expense of INR 309.57 Lakhs in FY24.

Legal Contingencies

Pending tax disputes total INR 905.70 Lakhs, including an Income Tax demand of INR 20.17 Lakhs (AY 2020-21) and a GST demand of INR 885.53 Lakhs (FY 2018-19).