Cinevista Ltd Q3 FY26 – From Daily Soaps to Daily Site Visits | ₹133 Cr Land Flip, ₹88 Cr Market Cap, and a Balance Sheet Having an Identity Crisis
1. At a Glance – TV Producer Turned Part-Time Builder (and Full-Time Stress Case)
Once upon a time, Cinevista Ltd was busy producing Hindi TV shows, ad commercials, and regional content. Fast forward to FY26, and the real TRP is coming from brick-and-mortar drama rather than daily soaps.
Market Cap: ₹88.2 Cr
Current Price: ₹15
Book Value: ₹9.10
Promoter Holding: 67.4% (no pledges, at least no one pawned the studio keys)
Debt: ₹22.8 Cr
ROE: -47.7% (negative, aggressive, unapologetic)
ROCE: -19.9%
FY25 Revenue: ₹28.1 Cr
FY25 PAT: -₹20.6 Cr
The headline twist? FY25 revenue was ~99% real estate and ~1% digital ad curation, which means Cinevista is now technically a real estate company that occasionally remembers it owns TV channels.
But before you laugh, remember this: They’re sitting on Kanjurmarg land valued at ~₹133–134 Cr, while the entire company trades at ₹88 Cr.
Is this deep value or deep confusion? Let’s roll camera 🎬
2. Introduction – From TRPs to RERA Numbers
Cinevista was incorporated in 1982, back when Doordarshan ruled India and “OTT” sounded like a cough. For decades, the company lived the glamorous life of television content production—commissioned shows, feature films, ads, and regional programming.
Then reality hit harder than a failed prime-time slot.
TV margins collapsed. Content monetisation got messy. And Cinevista quietly realised something profound:
“Land earns better than TRPs.”
So the company pivoted. Not gently. Not gradually. But like a TV villain revealing a secret twin—straight into real estate development.
The crown jewel? A large parcel of land in Kanjurmarg, earlier used for studio operations. Instead of shooting serials, the board decided to shoot for joint development profits.
And honestly, this pivot is the only reason Cinevista is still in investor conversations today.
But does land value automatically mean shareholder value? Or is this another Bollywood remake where the original was better?
Let’s investigate 🕵️♂️
3. Business Model – WTF Do They Even Do Now?
🎥 Old Avatar: Media Production
Commissioned TV programmes (mostly Hindi + regional)
Feature films
Ad commercials
Five owned channels:
Cinevista Classics
Cinevista Entertainment
Cinevista Marathi
Cinevista Gujarati
Swift & Fast
Reality check: Media contribution to revenue in FY25 was ~1%. That’s not diversification—that’s nostalgia.
🏗️ New Avatar: Real Estate via JDA
Cinevista entered a Joint Development Agreement (JDA) with K. Raheja Corp Real Estate Pvt Ltd on 29 May 2023.
Key facts:
Land area: 158,17.48 sq. meters
Converted to stock-in-trade: at ₹133–134 Cr valuation
Revenue sharing:
Developer (Raheja): 75.5%
Cinevista: 24.5%
Project:Antares – Residential + small retail
RERA Registered: Yes
Construction start: Nov 2024
Completion target: 2029
So Cinevista doesn’t build, doesn’t sell, doesn’t brand— It waits and collects its 24.5% share like a passive landlord with patience issues.
Smart? Possibly. Risk-free? Absolutely not.
Would you rather make daily soaps or wait five years for RERA approvals? Exactly.
4. Financials Overview – Quarterly Numbers That Look Like a Plot Twist
