💰 Financial Performance

Revenue Growth by Segment

The company reported a total revenue of INR 1.02 Cr in FY23. Revenue is generated from two primary segments: Media Business (production of TV serials and advertisements) and Real Estate Business (Joint Development Agreement). In Q1 FY23, revenue was reported at INR 0.00, indicating high volatility and dependence on project-based recognition.

Geographic Revenue Split

100% of operations and revenue are concentrated in India, specifically centered around Mumbai, Maharashtra, where the company owns a studio and land parcel in Kanjurmarg.

Profitability Margins

Profitability is currently negative; the company reported a Profit After Tax (PAT) loss of INR 1.61 Cr in Q1 FY23. Net margins are severely impacted by low revenue scale and fixed costs associated with studio maintenance and administrative overheads.

EBITDA Margin

Not explicitly disclosed as a percentage, but core profitability is under pressure as evidenced by the INR 1.61 Cr loss in Q1 FY23 and the auditor's note that failure to impair subsidiary investments would have increased losses by an additional INR 4.37 Cr.

Capital Expenditure

The company maintains significant intangible assets valued at INR 20.90 Cr as of March 31, 2025. Historical CAPEX includes the development of the Kanjurmarg studio; current strategy shifts towards asset-light development via the K Raheja JDA.

Credit Rating & Borrowing

The company is rated 'CRISIL B+/Stable Issuer Not Cooperating'. Total consolidated non-current borrowings stood at INR 24.57 Cr as of September 30, 2025, with an additional INR 0.166 Cr in current borrowings.

⚙️ Operational Drivers

Raw Materials

Content production inputs (scripts, creative talent, and technical crew) represent the primary costs for the media segment. For the real estate segment, the primary 'input' is the land parcel in Kanjurmarg, with construction materials (steel, cement) managed by the development partner.

Import Sources

Sourced locally within India, primarily from Maharashtra for production services and construction materials.

Key Suppliers

K Raheja Corp Real Estate Pvt Ltd acts as the primary development partner for the real estate segment. Media suppliers include various freelance creative professionals and technical equipment vendors.

Capacity Expansion

The company currently has one serial on air with plans to launch 3 new serials. The real estate capacity is defined by the 24.5% share of the developed area in the Kanjurmarg project under the JDA signed on May 29, 2023.

Raw Material Costs

Not disclosed as a specific percentage of revenue due to the project-based nature of the business; however, the auditor flagged a lack of impairment on INR 20.90 Cr of intangible assets (content/rights).

Manufacturing Efficiency

Media production efficiency is tied to the 'Percentage of Completion Method' for real estate and successful 'on-air' status for TV serials.

Logistics & Distribution

Distribution is primarily digital/broadcast-based for media and handled by the JDA partner for real estate sales.

📈 Strategic Growth

Growth Strategy

The company is pursuing a dual-track strategy: 1) Real Estate monetization through a 24.5% share in a JDA with K Raheja Corp for its Kanjurmarg land, and 2) Digital Media expansion by launching various YouTube channels to build a subscriber base and generate recurring ad revenue, moving away from high-risk traditional broadcast models.

Products & Services

Television serials, commercial advertisements, YouTube video content, and residential/commercial real estate units.

Brand Portfolio

Cinevista, Cinevistaas.

New Products/Services

New YouTube channels and upcoming TV serial launches are expected to diversify revenue streams beyond the current single on-air serial.

Market Expansion

Focus remains on the Mumbai real estate market and the pan-India digital content market via YouTube.

Strategic Alliances

Joint Development Agreement (JDA) with K Raheja Corp Real Estate Pvt Ltd for the Kanjurmarg plot.

🌍 External Factors

Industry Trends

The media industry is shifting from linear TV to OTT and digital platforms like YouTube. The company is positioning itself by creating digital-first content. In real estate, there is a trend toward JDAs to unlock value from legacy land parcels without taking on full construction risk.

Competitive Landscape

Competes with large-scale production houses (e.g., Balaji Telefilms) and numerous digital content creators.

Competitive Moat

The primary moat is the ownership of a physical studio and land in a prime Mumbai location (Kanjurmarg), which provides a tangible asset base that most production houses lack. However, this is offset by 'Information Adequacy Risk' cited by credit agencies.

Macro Economic Sensitivity

Highly sensitive to interest rates (affecting real estate demand and debt servicing on INR 24.57 Cr borrowings) and the health of the Indian advertising market.

Consumer Behavior

Shift toward on-demand digital consumption is driving the company's investment in YouTube channels.

Geopolitical Risks

Low, as operations are localized in the Indian domestic market.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Ministry of Information and Broadcasting (for media) and RERA (for real estate). The company must also adhere to Ind AS 115 for revenue recognition on its JDA.

Environmental Compliance

Real estate projects must comply with RERA and local municipal (BMC) environmental norms.

Taxation Policy Impact

Subject to standard Indian corporate tax rates; deferred tax assets/liabilities are monitored but not currently a major driver of cash flow.

Legal Contingencies

The auditor issued a qualified opinion regarding the non-impairment of investments and advances to subsidiaries. If recognized, these would increase current year losses by INR 62,34,550 and INR 3,75,61,682 respectively. Intangible assets of INR 20.90 Cr also face impairment risks.

⚠️ Risk Analysis

Key Uncertainties

Information Adequacy Risk: CRISIL's 'Issuer Not Cooperating' status suggests a lack of transparency. Asset Realization Risk: Auditor concerns over the carrying value of INR 20.90 Cr in intangible assets and subsidiary investments.

Geographic Concentration Risk

100% of physical assets and real estate revenue are tied to a single location in Kanjurmarg, Mumbai.

Third Party Dependencies

Critical dependency on K Raheja Corp for the realization of real estate value, which is the company's primary long-term growth driver.

Technology Obsolescence Risk

Traditional TV production faces obsolescence from OTT; the company's digital transformation via YouTube is in early stages with 'Nil' revenue currently reported from some subsidiaries.

Credit & Counterparty Risk

Receivables quality is a concern given the erosion of net worth in subsidiary and associate companies (Heritage Productions).