💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 2% YoY to ₹104.48 Cr, primarily driven by commissioned television production contracts with broadcasters and streaming platforms.

Geographic Revenue Split

100% of revenue is generated within India, with core operations and production infrastructure based in Mumbai.

Profitability Margins

Operating Margin (EBITDA) improved from 14.46% to 14.85% (+39 bps) and Net Margin (PAT) improved from 10.64% to 11.17% (+53 bps), reflecting enhanced operational efficiency.

EBITDA Margin

14.85%, representing a 4.7% YoY increase in absolute EBITDA to ₹15.51 Cr, driven by disciplined financial management and operational leverage.

Capital Expenditure

₹0 Cr spent on capital assets via CSR; the company maintains an asset-light model by leasing production infrastructure from third parties.

Credit Rating & Borrowing

Not disclosed; however, the company maintains a debt-free structure with a Debt-to-Equity ratio of NA for both FY24 and FY25.

⚙️ Operational Drivers

Raw Materials

Creative talent (actors/writers), scripts, and leased production infrastructure (studios/equipment), which constitute the primary cost of production.

Import Sources

100% domestic sourcing within India, primarily from the Maharashtra region.

Key Suppliers

Third-party studio owners for leased infrastructure and various talent agencies for creative professionals.

Capacity Expansion

Current capacity is focused on commissioned TV content; planned expansion involves building an IP-owned content library for digital monetization.

Raw Material Costs

Optimized through strategic planning and resource allocation; specific cost as % of revenue is not disclosed but contributes to the 14.85% EBITDA margin.

Manufacturing Efficiency

Efficiency is measured by the ability to meet targeted air dates for episode delivery to broadcasters as per contract terms.

Logistics & Distribution

Distribution is handled via digital and satellite delivery to broadcasters; costs are not disclosed as a separate % of revenue.

📈 Strategic Growth

Expected Growth Rate

2%

Growth Strategy

Growth will be achieved by transitioning from a commissioned production model (per-episode fee) to an Intellectual Property (IP) ownership model. By retaining IP rights for original content and songs, the company can monetize its library across multiple digital and OTT platforms, creating long-term recurring revenue streams beyond one-time production fees.

Products & Services

Television shows, OTT series, and music/songs.

Brand Portfolio

Studio LSD

New Products/Services

IP-owned songs and exclusive digital content tailored for OTT platforms; expected to provide higher-margin revenue compared to commissioned work.

Market Expansion

Expansion into the digital content ecosystem and leveraging modern distribution models to reach a broader audience.

Market Share & Ranking

Not disclosed; company is a newly listed entity on the NSE SME Platform (EMERGE).

Strategic Alliances

Collaborations with talented artists, scriptwriters, and industry professionals to enhance creative capabilities.

🌍 External Factors

Industry Trends

The industry is shifting from traditional TV to digital/OTT distribution. Studio LSD is positioning itself by moving from commissioned production to IP ownership to capture long-term value in the digital ecosystem.

Competitive Landscape

Highly competitive market with numerous independent studios and large production houses vying for broadcaster commissions.

Competitive Moat

Moat is built on strong broadcaster relationships, a registered concept protection process, and a debt-free capital structure providing financial agility.

Macro Economic Sensitivity

Sensitive to the Indian services sector growth (PMI services expansion) and advertising market trends which influence broadcaster budgets.

Consumer Behavior

Shift toward on-demand digital content and diverse genres affecting the type of content commissioned by platforms.

Geopolitical Risks

Minimal impact due to domestic focus, though global streaming trends influence local commissioning strategies.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013, SEBI (LODR) Regulations 2015, and content broadcasting standards.

Environmental Compliance

Minimal impact; company focuses on safety protocols and environmental compliance within its studio operations.

Taxation Policy Impact

Not explicitly stated; however, the PAT margin of 11.17% is calculated after all applicable taxes.

Legal Contingencies

No material pending court cases or case values in INR disclosed; management certifies no fraudulent or illegal transactions occurred.

⚠️ Risk Analysis

Key Uncertainties

Content reception and broadcaster contract renewals represent the primary business risks, potentially impacting 100% of the commissioned revenue stream.

Geographic Concentration Risk

100% of revenue is concentrated in the Indian market.

Third Party Dependencies

High dependency on third-party infrastructure leases and the distribution platforms of broadcast partners.

Technology Obsolescence Risk

Risk of traditional TV decline; mitigated by the strategic shift toward digital content and IP ownership.

Credit & Counterparty Risk

Credit exposure is primarily to established broadcasters and streaming platforms with generally reliable payment cycles.