At a Glance
Moving Media Entertainment Ltd is renting out cameras like your cousin rents out his DSLR on Shaadi weekends — but with ₹10.4 Cr profit. From 16 employees to ₹131 Cr market cap, this 2022-born rental startup is now rolling out a ₹43.4 Cr NSE SME IPO. With EBITDA margins of 77% and an ROE of 26%, it smells like a Netflix production budget. But is this just IPO lighting, or a box-office multibagger in the making?
1. 🎬 Introduction with Hook
What’s common between Bigg Boss, Dance India Dance, and your college short film?
They’ve all probably used rented gear.
Enter Moving Media Entertainment Ltd (MMEL) — a Mumbai-based camera rental company with just 16 employees and a dream:
“Why buy RED cameras when you can rent and still flex?”
From lighting kits to sound systems to imported cinema lenses — they rent it all. And guess what, they made ₹10.4 Cr PAT in FY25 doing just that.
Now they want your money. ₹43.4 Cr worth of it. Through an NSE SME IPO with a price band of ₹66-₹70.
But is this more Andhadhun or Himmatwala? Let’s roll.
2. 🎥 WTF Do They Even Do? (Business Model)
- Business Type: Camera and lens rental for film/TV production
- Founded: May 2022
- HQ: Mumbai (of course)
- Clients: Star India, Colosceum Media, Sunshine Pictures, Celebframe, SOL Production
- Services:
- Camera/lens/lighting/audio rentals
- Custom rental packages
- Vendor collaboration for all-India reach
- Responsive logistics (yes, they say that)
Competitive Gyan:
| USP | What it Means |
|---|---|
| Owns most of its gear | No middleman costs |
| Latest tech & brands | They probably rent out REDs and ARRI |
| Vendor collab pan-India | Scale without Capex |
| 16-person team | Probably still uses WhatsApp groups |
3. 💰 Financials Overview – Profit, Margins, ROE, Growth
3-Year Snapshot (₹ in Cr):
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 7.67 | 23.38 | 37.06 |
| EBITDA | 2.28 | 16.47 | 28.59 |
| PAT | 1.50 | 10.09 | 10.40 |
| Net Worth | 1.51 | 11.60 | 39.45 |
| Total Assets | 8.34 | 32.56 | 94.77 |
🧠 Takeaway:
- Revenues up 5x in 2 years
- PAT grew 7x in 2 years
- EBITDA margin = 77.15% (Netflix jealous yet?)
- ROE = 26.35%, ROCE = 18.49%
- Debt-to-Equity = 1.05 (they’re not camera-poor, just slightly loaned-up)
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
- IPO Valuation: ₹131.64 Cr
- Price Band: ₹66–₹70
- Post-Issue P/E: ~12.66x
- Price to Book: 2.24x
- FY25 PAT Margin: 28.05%
🎯 Fair Value Range Calculation:
- Assuming sustainable PAT of ₹8–9 Cr post-listing
- With reasonable SME P/E of 12–15x
- FV Range = ₹96 Cr to ₹135 Cr
- On expanded equity: 1.88 Cr shares → FV/share = ₹51–₹72
👉 EduInvesting FV Range: ₹51 – ₹72 per share
At ₹70 — the upper band — it’s fully priced unless growth sustains.
5. 🔥 What’s Cooking – News, Triggers, Drama
- 📈 EBITDA jump from ₹2.28 Cr to ₹28.59 Cr in 2 years = either legendary ops or Bollywood accounting
- 🎯 ₹25 Cr from IPO to go into buying advanced camera tech
- 🧹 ₹9 Cr to repay debt (respect)
- 🪄 Client list includes media houses with daily shoot needs (think OTT, TV, events, short films)
- 🧑💼 Big reliance on few high-end clients = slight key customer risk
- 🔮 Future optionality: studio space, editing suites, post-production add-ons?
6. 📉 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Net Worth | ₹39.45 Cr |
| Total Borrowing | ₹41.61 Cr |
| Reserves | ₹26.84 Cr |
| D/E Ratio | 1.05 |
📦 Note: Overleveraged? Not really. But not conservative either.
7. 💵 Cash Flow – Sab Number Game Hai
- No detailed CFO/FCF in RHP
- High EBITDA suggests positive cash ops, but real test is equipment maintenance, capex, and receivables from studios (who never pay on time 🫠)
8. 📊 Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 26.35% ✅ |
| ROCE | 18.49% ✅ |
| PAT Margin | 28.05% ✅ |
| EBITDA Margin | 77.15% 🚨 Unusually high |
| P/E Post IPO | 12.66x |
| Debt/Equity | 1.05 |
🎤 Verdict: These margins scream “either genius or future SEBI case study.”
9. 🧾 P&L Breakdown – Show Me the Money
- Revenue rose from ₹7.67 Cr → ₹37.06 Cr in 2 years
- PAT nearly flat YoY (₹10.09 Cr → ₹10.4 Cr) — margin pressure alert?
- Big jump in fixed assets + borrowings = aggressive capex buildout
10. 🎭 Peer Comparison – Who Else Is in the Game?
| Company | Revenue | PAT | P/E | ROE | D/E |
|---|---|---|---|---|---|
| Moving Media | ₹37.06 Cr | ₹10.4 Cr | 12.66x | 26.35% | 1.05 |
| Cineom Tech | ₹60 Cr+ | ₹4 Cr | ~25x | ~8% | 0.4 |
| PictureTime Digiplex (Rental/Infra Adjacent) | ₹18 Cr | ₹1.1 Cr | ~22x | ~6% | 0.8 |
🎬 TL;DR: MMEL has better margins, but others have longer track records.
11. 👥 Misc – Shareholding, Promoters, Anchor Drama
- Promoters:
- 🎬 Kuuldeep Bhargava
- 📽️ Ayush Bhargava
- 🎞️ Anjali Bhargava
- Pre-IPO Holding: 85.58%
- Post-IPO Holding: ~66.5% (est.)
- Anchor Investors brought in ₹9.87 Cr on June 25 (lock-in ends July 31 for half)
12. 🧠 EduInvesting Verdict™
📸 Moving Media Entertainment Ltd is trying to be the Netflix-for-Gear of India. Their EBITDA margin of 77% is suspiciously sexy, and the financial ramp-up has film-like perfection.
But — let’s not forget:
- It’s a 2.5-year-old company
- With just 16 employees
- Raising ₹43.4 Cr on ₹10.4 Cr PAT
- And listing at a P/E of 12.6x
🎭 Could it list with drama and go viral? Maybe.
📉 Could it collapse if a few large clients ghost them? Also maybe.
🔍 EduVerdict™:
“Camera angle acha hai, but check the lighting twice before investing.”
Fair Value Range: ₹51–₹72 per share
✍️ Written by Prashant | 📅 June 30, 2025
📂 Tags: Moving Media IPO, NSE SME, Camera Rental IPO, SME IPO June 2025, Moving Media Analysis, IPO Satire
