Panorama Studios International Ltd Q2FY26 – Bollywood’s Balance Sheet Meets Box Office Madness

1. At a Glance

Welcome to the Bollywood balance sheet, where EBITDA meets item songs and cash flow dances to the beat of “Drishyam”.Panorama Studios International Ltd, trading at ₹169 (as of 21 Nov 2025), is the production house that turned Ajay Devgn’s squint into a profitable franchise. With amarket cap of ₹1,258 crore, this ₹5.54 EPS player runs on more drama than a Bigg Boss reunion episode.

In the latest quarter (Sep 2025), revenue dropped to ₹77.86 crore (down 5.21% QoQ), while PAT shrank by 66% to ₹0.84 crore — proving once again that even film producers have bad Fridays. The stock trades at aP/E of 31.9, aROE of 25.7%, and aROCE of 27.2%— impressive for a company that juggles cameras, actors, and auditors.

With a 3-year profit CAGR of108%, Panorama has pulled off a blockbuster turnaround since its “flop show” FY22. But, working capital days have inflated to 186 — that’s longer than the editing timeline of “Adipurush.” So buckle up; we’re diving into a cinematic rollercoaster of numbers, nepotism, and net margins.

2. Introduction

Panorama Studios isn’t just another production company — it’s that ambitious producer who thinks “pan-India” means releasing in Malayalam and Mongolia at once. Incorporated in1980, the company’s evolution from indie struggler to an industry name mirrors the story arc of a typical Bollywood hero: broke beginnings, questionable partnerships, and a flashy climax with multiplex glamour.

Behind the spotlight lies a company that’s mastered bothfilm production and distribution, while secretly nurturing a third baby —Panorama Music, which caters to every Indian’s unshakable desire for 90s nostalgia and modern heartbreak ballads.

From blockbusters likeDrishyamandSinghamto its Marathi and Punjabi expansion plans, Panorama has moved beyond the “Hindi cinema” label. The company also dipped intomusic rights, line production, and OTT collaborations, often featuring Jio Studios as its recurring co-star.

But what makes it spicy is itsreal-life financial drama— a bonus issue in the making, preferential allotments worth ₹67 crore, and a strategic stake in NY Cinemas (Ajay Devgn’s multiplex venture). In short, this company plays both sides of the screen — making filmsandcashing tickets.

Let’s see how the numbers stack up in this box-office-meets-balance-sheet saga.

3. Business Model – WTF Do They Even Do?

Panorama Studios operates on the principle that “content is king, but rights are royalty.” The company earns through two main verticals:

1. Film Production (91% of FY24 revenue)Here’s where the magic (and the madness) happens. Panorama develops and produces films across languages — Hindi, Marathi, Gujarati, Punjabi, and soon English. Think of them as the “Mukesh Ambani of regional cinema” — everywhere, with everyone. They’ve got hits likeOmkara,Special 26,Drishyam 2,Rustom, andBaazaar. Each of these contributes not just to box-office but to long-term content monetization — satellite, digital, and remake rights.
2. Film Distribution & Others (9%)This includes distribution, publicity, and music. Their divisionBrain on Renthandles film promotions — a title that’s either genius or a cry for help. Their labelPanorama Musicboasts 1.31 million YouTube subscribers, because who doesn’t want to hear another “reimagined” ghazal remix?

Recent Expansions:

• Signed ₹114 crore line-production deal forDhamaal 4(June 2024).
• Entered co-production forDaveed(Malayalam).
• Partnered Jio Studios for three Punjabi films (Feb 2024).
• Signed with GSP Development (USA) forDrishyamEnglish remakes.

Panorama has effectively turned its IP into a recurring cash cow. The upcomingKorean remake of Drishyamis the icing — India’s soft power now travels via suspense thrillers.

4. Financials Overview

Commentary:The quarter looked like a flop sequel. Revenue dipped 43% QoQ, while profits nosedived. Maybe the timing of releases skewed earnings — not every quarter has aDrishyam 2. But the company remains profitable year-over-year and maintains a solid EBITDA margin across its full-year data.

Lesson:You can’t judge a studio by one quarter — Bollywood works in seasons, not spreadsheets.

5. Valuation Discussion – Fair Value Range Only

Let’s decode this reel into real numbers.

P/E Method:

• EPS (TTM): ₹5.54
• Industry P/E: 176
• Company