🟨 At a Glance
PVP Ventures Ltd is like that multi-talented cousin who does too many things — real estate, film production, infra development — and excels at… confusing investors. With ₹605 Cr market cap, 61% promoter holding, zero dividends, negative ROE, and quarterly profits that move like box office collections, PVP is where “corporate strategy” meets “South Indian cinema plot twists.”
1. 🎞️ Introduction: What Do They Even Do?
PVP Ventures is:
- A real estate developer with urban infra dreams
- A holding company for ventures in film production and movie financing
- Once associated with big-ticket Telugu and Tamil films
- Now associated with SEBI notices and ₹19 Cr quarterly revenue
Its journey is more Netflix drama than business case study:
- 2015: Overleveraged and bleeding losses
- 2020: Near-bankruptcy
- 2023: ₹334 Cr PBT (no typo), ₹216 Cr “Other Income”
- 2025: Back to losses
This isn’t a balance sheet. It’s an emotional rollercoaster.
2. 🏗️ WTF Do They Even Own?
🏢 Real Estate:
- Urban infra focus, primarily Hyderabad and Chennai
- Residential + mixed-use + JV projects
- Land bank hidden in “Other Assets” → ₹336 Cr as of FY25
🎥 Media & Entertainment:
- Invests and co-produces South Indian films
- Past associations with projects like Eega, Vishwaroopam, and Brahmotsavam
- Revenue from this segment = volatile AF
📦 No manufacturing, no recurring services — just assets, financing, and projects.
3. 🧮 Financials – A Masterclass in Mood Swings
| FY | Sales | PAT | OPM | Other Income | EPS |
|---|---|---|---|---|---|
| FY21 | ₹17.8 Cr | ₹-80.6 Cr | -76% | ₹-3.8 Cr | ₹-2.30 |
| FY22 | ₹48.8 Cr | ₹-95.2 Cr | 14.9% | ₹-33.4 Cr | ₹-2.43 |
| FY23 | ₹175.7 Cr | ₹309.5 Cr | 73.6% | ₹216 Cr | ₹8.79 |
| FY24 | ₹8.5 Cr | ₹66 Cr | -140.9% | ₹80 Cr | ₹2.55 |
| FY25 | ₹27.2 Cr | ₹-8.6 Cr | -27.8% | ₹4.7 Cr | ₹-0.26 |
⚠️ Most of FY23’s profit = non-operational
⚠️ FY24+FY25 = back to losses
✅ Debt reduced from ₹373 Cr (FY22) → ₹23 Cr (FY25)
😬 Reserves still negative: ₹-38 Cr
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
| Metric | PVP | Oberoi Realty | Godrej Properties |
|---|---|---|---|
| CMP | ₹23.2 | ₹1,982 | ₹2,391 |
| P/E | NA (losses) | 33.3x | 51.8x |
| Book Value | ₹8.52 | ₹431 | ₹575 |
| CMP/BV | 2.7x | 4.6x | 4.2x |
| ROE | -0.69% | 14.7% | 10.2% |
So, is it undervalued? Technically yes, if you’re pricing it like land.
But earnings? Not even close to justifying ₹600 Cr market cap.
🧠 EduFair™ Value Range
Let’s assume:
- ₹336 Cr in land (based on Other Assets)
- ₹100 Cr in viable infra projects
- ₹100 Cr in film investments (aggressive)
- Subtract ₹38 Cr negative reserves
🎯 Asset-Based Fair Value = ~₹400 Cr
CMP = ₹605 Cr → ~50% premium already baked in
5. 🔍 What’s Cooking – SEBI, Cinema & Confusion
🎥 FY23-24 saw one-time Other Income from asset sales, old write-backs
⚖️ SEBI Notices (Jun 2025): Company says no violation, all clarified
📉 FY25 back to ₹8 Cr loss
💸 FII + DII: Combined holding = 0.19% 🤡
📈 Shareholders = 44,635 retail dreamers
6. 🧾 Balance Sheet – How Much Land, How Many Lies?
| FY | Borrowings | Reserves | Assets |
|---|---|---|---|
| FY21 | ₹355 Cr | ₹-232 Cr | ₹566 Cr |
| FY22 | ₹373 Cr | ₹-289 Cr | ₹505 Cr |
| FY25 | ₹23 Cr | ₹-38 Cr | ₹374 Cr |
✔️ Massive debt reduction — credit where it’s due
❌ But reserves still negative — no profits, no surplus
🔍 Land = ~₹300–₹350 Cr in Other Assets — but not monetized yet
7. 💵 Cash Flow – The Punchline
| Year | CFO | CFI | CFF |
|---|---|---|---|
| FY23 | ₹327 Cr | ₹-123 Cr | ₹-202 Cr |
| FY24 | ₹0.04 Cr | ₹6.87 Cr | ₹-7.85 Cr |
| FY25 | ₹20 Cr | ₹2.55 Cr | ₹-22.8 Cr |
🚨 All 3 years’ cash flow = non-operational
🚨 No real FCF from core business in any year
8. 🧮 Ratios – Nothing Sexy Here
| Metric | FY25 |
|---|---|
| ROE | -0.69% |
| ROCE | 0.70% |
| OPM | -27.8% |
| Interest Coverage | Low |
| Dividend | ₹0 since inception |
This stock is running entirely on hope and hype.
9. 👥 Shareholding – Who’s Holding the Camera?
| Holder | % |
|---|---|
| Promoters | 61.3% |
| FII | 0.04% |
| DII | 0.15% |
| Public | 38.5% |
| Shareholders | 44,635 |
⚠️ High retail base
⚠️ No institutions
🔒 Promoters keep increasing stake despite losses — curious, or confident?
🧠 EduInvesting Verdict™
PVP Ventures is not a turnaround play. It’s a “still figuring it out after 3 decades” play.
- Real estate assets? Yes.
- Cash flow? No.
- Earnings visibility? Absent.
- SEBI track record? Mixed.
- Stock price up 63% in 3Y? Yes. But why?
Unless you’re betting on:
- Real estate monetization
- Film biz becoming Netflix-certified
- A holding company rerating
…you’re paying a premium for promises, not performance.
✍️ Written by Prashant | 📅 27 June 2025
Tags: PVP Ventures, Real Estate Stocks, SEBI Notice, South Indian Movies, Urban Infrastructure, Asset Value Play, EduInvesting
