Basilic Fly Studio Ltd Q2 FY26 – When CGI Becomes ROI: The Desi VFX House That’s Making Global Studios Blink Twice

1. At a Glance

Welcome to Basilic Fly Studio Ltd, where pixels meet profit and Chennai silently tells Hollywood, “Boss, we can make your dragon fly cheaper and better.” The ₹779 crore market-cap company, trading at ₹308 (after a dramatic 34% slide in six months), has been serving cinematic illusions while giving real headaches to competitors. With quarterly sales at ₹189 crore and PAT of ₹23.9 crore, its Q2 FY26 performance screams“Rotoscopy rocks!”

The company’s stock trades at a P/E of 14.8—modest for a VFX house that literally manufacturesvisual lies for a living. ROE is a spicy 24.8%, and ROCE at 31.2% suggests the management knows how to squeeze every rupee of creative effort. Debt-to-equity? 0.21. That’s less leverage than your average Netflix subscription price hike.

And while the promoters recently diluted 4.58% (down to 55.3%), the studio continues to expand globally, adding facilities in Hyderabad and Salem. But what’s truly cinematic here isn’t the VFX—they’ve just raised ₹85 crore via QIP, bagged ₹265 crore worth of new orders, and plan ₹400–₹450 crore revenue for FY26. That’s what you call a sequel worth waiting for.

2. Introduction – When South India Took Over Sci-Fi

Remember when you thought all cool visual effects came from California? Basilic Fly Studio Ltd (BFS) is here to prove that the only thing more magical than Hogwarts is a Tamil engineer with Houdini software. Incorporated in 2016 and listed in 2023, the company has quietly grown from a modest rotoscopy outfit into an international VFX monster spanning Chennai, Pune, Vancouver, and London.

Their clientele? A juicy cocktail of 900 movies, 2,000 web series, and 8,000 commercials. Basically, if you’ve binge-watched anything with explosions, dragons, or time travel since 2018, there’s a 40% chance a Basilic intern touched it up at 3 a.m.

VFX is no longer a side hustle—it’s the new gold rush of Indian creative exports. And BFS is milking this global digital boom, blending Indian tech talent with Western production budgets. With exports contributing nearly 80% of revenue (FY23) and North America + Europe forming 75% of FY24 sales, Basilic is the silent outsourcing giant of Hollywood’s visual sorcery.

So yes, when you next marvel at a Marvel movie, remember—a part of that superhero’s cape was probably rendered in a Chennai workstation during power cuts.

3. Business Model – WTF Do They Even Do?

Think of Basilic Fly Studio as the invisible hand behind every visible illusion. Their business model revolves around six core services that make producers richer and viewers believe the unbelievable.

a) Rotoscopy:The art of cutting human outlines frame-by-frame. Sounds boring? It is. But it’s also 70% of all VFX grunt work. Basilic’s artists do it faster than ChatGPT types this article.

b) Pre-Visualization (Previs):Before a director shouts “Action!”, BFS already knows where the dragon will fart fire. This pre-shoot visual planning helps studios avoid costly retakes.

c) Camera & Object Tracking / Rotomation:They literally track camera movements and replicate them in 3D—like stalking, but professionally.

d) Computer Graphics:The main course. From explosions to magical rainbows—Basilic’s team converts caffeine into 3D lightning bolts.

e) Paint & Prep:Cleaning up errors in raw footage. Essentially Photoshop, but on steroids and with more crying interns.

f) On-Set Supervision:The cool job. Basilic sends experts to film sets to ensure directors don’t shoot something impossible to fix later (like casting errors).

Their tech stack includes heavyweights like Autodesk Maya, Nuke, Houdini, Blender, and ZBrush—basically the Avengers of VFX software.

So yes, Basilic Fly Studio doesn’t just make visuals—they makecinema’s imagination financially viable.

4. Financials Overview – Quarterly Results (Consolidated Figures in ₹ crore)

Data Type: Quarterly (Q2 FY26)