1. At a Glance – Red Carpet Numbers, Backstage Reality
₹327 crore market cap. Current price ₹51.1. Stock down 38.6% in 3 months and a brutal 55.5% in 1 year. Yet, the latest quarter shows 700% sales growth and 772% profit growth.
Ladies and gentlemen, welcome to the cinematic thriller called Vashu Bhagnani Industries Ltd — formerly known as Pooja Entertainment & Films.
Latest Q3 FY26 numbers (Dec 2025 quarter) show:
- Revenue: ₹8.88 crore
- PAT: ₹3.07 crore
- EPS: ₹0.48
Stock P/E: 52.1
Industry P/E: 118
ROCE: 5.26%
ROE: 5.84%
Debt-to-Equity: 0.12
On the surface, it looks like a comeback story. But zoom out, and five-year sales growth is negative 18%. Profit growth over five years? Negative 24%.
So is this a phoenix rising… or just a movie trailer with heavy background music?
Let’s investigate.
2. Introduction – Lights, Camera… Confusion?
This company was incorporated in 1986 and operates in film production, co-production, and distribution. It is part of the Pooja Group promoted by Mr. Vashu Bhagnani.
Business model?
Make films.
Distribute films.
Sell music.
License to TV.
Explore new media.
In FY22, 99% of revenue came from film production. So basically, if a film works, numbers look good. If it flops… well, popcorn sales can’t save the balance sheet.
Recent years have been dramatic — not just on screen.
Sales volatility? Yes.
Working capital days exploding? Absolutely.
Multiple share allotments? Oh yes.
Strategic alliances? Enter Easy Trip Planners share swap proposal.
This isn’t just a production house. This is financial cinema.
But here’s the real question:
Are we watching a turnaround… or an interval before the second half meltdown?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
They:
- Produce films
- Co-produce films
- Distribute Bollywood & international films
- Monetize via theatrical release, music rights, TV licensing, DVD, VCD (yes, still mentioned), and digital media
Subsidiary: Modern Production FZ LLC (100% owned)
Recent board approval:
Up to ₹50 crore investment in Modern Production FZ LLC (₹10 crore loan + ₹40 crore equity).
Translation: They’re
