BTML - Bodhi Tree

📊 NSE: BTML 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/13/2025 19:38

💰 Financial Performance

Revenue Growth by Segment

The company reported a 30% YoY growth in total income for H1 FY26, reaching INR 42.8 Cr compared to INR 32.83 Cr in H1 FY25. Q2 FY26 revenue grew 65% YoY to INR 24.4 Cr from INR 14.82 Cr. Growth is driven by the shift from commissioned production to IP ownership and digital monetization.

Geographic Revenue Split

BTML targets both domestic and global markets through its original TV and OTT projects. Specific percentage splits per region are not disclosed in available documents.

Profitability Margins

Net profit for H1 FY26 stood at INR 3.53 Cr, a 185% increase from INR 1.24 Cr in H1 FY25. Q2 FY26 net profit grew 36% to INR 3.05 Cr. The company is targeting a 10% PAT margin within the next three years as it scales its IP business.

EBITDA Margin

EBITDA for H1 FY26 grew 149% YoY to INR 6.47 Cr, up from INR 2.62 Cr. Q2 FY26 EBITDA rose 53% to INR 4.91 Cr. The margin expansion is attributed to operating leverage and an improved quality of the content pipeline.

Capital Expenditure

BTML utilizes a Special Purpose Vehicle (SPV) structure with Amit Khan Content Hub (AKCH) to lead financing and operations. Specific historical or planned CapEx in INR Cr is not disclosed.

Credit Rating & Borrowing

The company has sanctioned working capital limits in excess of INR 5 Cr from banks. Specific credit ratings and interest rate percentages are not disclosed.

⚙️ Operational Drivers

Raw Materials

Creative talent (writers, directors, sound engineers, editors) and intellectual property rights represent the primary 'raw materials', accounting for the bulk of production costs.

Import Sources

Content development is primarily sourced from India, leveraging domestic creative professionals and storytellers.

Key Suppliers

Amit Khan Content Hub (AKCH) is a primary strategic partner for creative development and storytelling.

Capacity Expansion

BTML is expanding its capacity by building multiple 'creator studios' to achieve economies of scale and better margins through shared resources and vendor deals.

Raw Material Costs

Production and content costs are managed through an SPV structure where BTML leads financing. The company is shifting from a high-cost commissioned model to a high-margin IP ownership model.

Manufacturing Efficiency

Efficiency is driven by 'economies of scale' in the commissioned business, using shared resources across multiple creator studios to mitigate low margins.

Logistics & Distribution

Distribution is handled through the 'BodhiTree Ventures' arm, focusing on digital monetization across YouTube, OTT, and FAST platforms.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

BTML is transitioning from a production-only model to an IP ownership model. It is scaling digital revenue through 'BodhiTree Ventures', its monetization arm, and forming strategic alliances like the Jio-Star partnership. The company uses an SPV structure with AKCH to combine financing strength with creative reach, targeting a dominant position in the media industry within three years.

Products & Services

Original TV shows, OTT projects, digital IP for YouTube, Podcasts, and FAST (Free Ad-supported Streaming TV) platforms, and content syndication services.

Brand Portfolio

Bodhi Tree Multimedia, BodhiTree Ventures, and Amit Khan Content Hub (AKCH) partnership projects.

New Products/Services

Expansion into FAST platforms and global OTT projects is expected to contribute significantly to the 10% PAT margin target.

Market Expansion

Targeting regional and global markets through strategic partnerships and digital-first content monetization.

Strategic Alliances

Collaboration with Amit Khan Content Hub (AKCH) and strategic partnerships with Jio-Star to unlock regional markets.

🌍 External Factors

Industry Trends

The industry is shifting from 'production' to 'ownership'. India's content boom is moving toward digital-first monetization (YouTube, FAST), and BTML is positioning itself as an IP owner to capture higher margins.

Competitive Landscape

The market is moving away from small, traditional production companies toward scaled entities that can leverage shared resources and technology.

Competitive Moat

The moat is built on 'creator empowerment' and a library of owned IP. By controlling the IP rather than just producing for a fee, the company creates sustainable, long-term revenue streams through syndication and sponsorships.

Macro Economic Sensitivity

Sensitive to changes in the Indian media and entertainment landscape and shifts in consumer demand for digital content.

Consumer Behavior

Shift toward digital consumption on OTT and YouTube is driving the company's strategic pivot to digital-first monetization.

Geopolitical Risks

Changes in political and economic environments in India and tax laws are cited as factors that could affect operations.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations & Disclosure Requirements) and the Companies Act, 2013. Operations are subject to government actions and local political developments.

Environmental Compliance

Not disclosed as a material factor for this industry.

Taxation Policy Impact

Subject to Indian corporate tax laws; changes in tax laws are noted as a forward-looking risk.

Legal Contingencies

INR 0. The company states it does not have any pending litigations that would impact its financial position.

⚠️ Risk Analysis

Key Uncertainties

Technological risks and the possibility of internal financial control failures (collusion or management override) could impact financial reporting accuracy.