1. At a Glance – Lights, Camera, Confusion
Digikore Studios Ltd is that rare SME stock where Hollywood glamour meets Dalal Street anxiety. A ₹100 crore market cap VFX studio, trading around ₹79, which once flirted with ₹155 and then sobered up brutally. In the last one year, the stock is down ~44.5%, reminding investors that visual effects don’t always work on stock charts. Yet, H1 FY26 results suddenly scream comeback vibes: quarterly sales of ₹34.47 crore, PAT of ₹6.11 crore, and profit growth of 117% YoY. Sounds blockbuster, right? Hold that popcorn. The company still carries ₹41 crore of debt, ROCE is -11%, ROE is -18.8%, and debtor days are a jaw-dropping 400+. Promoters hold a solid 66.8% stake with zero pledge, which is the only calm adult in the room. This stock is basically a VFX thriller—half the screen shows Marvel-level action, the other half is a balance sheet horror film. Curious already? Good. Let’s roll.
2. Introduction – From Hollywood to SME Board
Digikore Studios started in 2000, back when VFX meant basic green screens and Windows XP was elite tech. Over the years, DSL quietly became a TPN-certified VFX studio working on 250+ Hollywood films, web series, and TV shows. Yes, actual Hollywood—Marvel, Disney, Netflix, Amazon, Warner Bros., Apple—the full Avengers squad.
But here’s the irony: despite working on Titanic, Transformers, Black Panther, and Game of Thrones, Digikore’s own financial story has more twists than a daily soap. FY24 ended with revenue of ₹47.21 crore but FY25 slipped into losses, PAT at -₹7.20 crore. Just when investors were about to uninstall the app, H1 FY26 drops with profits again.
This is not a boring IT services firm with annuity revenue. This is project-based, client-concentrated, currency-exposed, debt-fuelled creative chaos. Sometimes you get Avengers money, sometimes you get “please clear dues in 180 days” emails. So the real question: is Digikore finally mastering its own script, or just adding more VFX layers over weak fundamentals?
3. Business Model – WTF Do They Even Do?
In simple words, Digikore sells “digital magic.” When you see explosions, aliens,
fake blood, giant armies, or impossible cityscapes—that’s their bread and butter.
Their main vertical is VFX Services, contributing ~87% of FY24 revenue. This includes roto, paint, matchmove, clean-up, crowd multiplication, set extensions, green screen compositing, and other wizardry that makes actors look cooler than real life.
Then comes the experimental side hustle:
- Digital Shows & Fundraising Shows
- YouTube channel – Binge Fever
- AI-powered ads via digikore.ai
- Virtual production marketplace via vpsets.com
- AI music platform – iMadeASong.com
Basically, Digikore woke up one day and decided, “Why not become Netflix + Midjourney + Spotify?” Ambitious? Yes. Profitable? Jury is still rendering.
Geographically, revenue comes mainly from North America (45%), Europe (35%), and ANZ (20%). Client concentration is high: top 10 clients = 62% of revenue. Translation: one angry Hollywood studio can ruin your quarter.
Does this sound like a stable business model or a creative adrenaline junkie? You decide.
4. Financials Overview – Numbers With Special Effects
Result Type Lock:
The latest official heading clearly states “Half Yearly Results”.
👉 EPS annualisation = Latest EPS × 2 (LOCKED, no cheating later).
Half-Yearly Financial Comparison Table (₹ Crores)
| Metric | Latest H1 FY26 (Sep 2025) | H1 FY25 (Sep 2024) | Previous H2 FY25 (Mar 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 34.47 | 22.57 | 13.48 | 52.7% | 155.6% |
| EBITDA | 10.94 | 5.85 | -10.49 | 87.0% | NA |
| PAT | 6.11 | 2.82 | -10.03 | 116.7% | NA |
| EPS (₹) | 4.81 | 2.22 | -7.90 | 116.7% | NA |
Annualised EPS (H1 FY26) = ₹4.81 × 2 = ₹9.62
Commentary:
This table looks like a Bollywood comeback montage. From losses to profits, from negative
