Basilic Fly Studio Ltd Q2 FY26 – When VFX Profits Look More Real Than Bollywood CGI
1. At a Glance
Lights, camera, profit! Basilic Fly Studio Ltd (BFS), the Chennai-based VFX wizard behind many big-screen fantasies, seems to have more plot twists in its financials than a Christopher Nolan movie. With a market cap of ₹802 crore, stock price ₹317, and a P/E ratio of 15.2 (that’s cheaper than a Netflix subscription compared to its peers), this studio is flying high on both technology and ambition. Despite a 32% drop in the last three months, the numbers scream “sequel potential.”
In the September 2025 quarter, BFS posted sales of ₹94 crore and PAT of ₹15 crore, translating to an EPS of ₹5.59, up 107% YoY and flat QoQ. That’s not just growth—it’s cinematic acceleration. The company has a ROCE of 31.2%, ROE of 24.8%, and a debt-to-equity ratio of just 0.21. In an industry known for creative accounting, these guys have somehow managed to make the balance sheet look like a Marvel hero—powerful yet surprisingly clean.
If you’ve ever wondered who made those explosions in sci-fi films look better than your cousin’s wedding fireworks, chances are Basilic Fly had a hand in it.
2. Introduction
Basilic Fly Studio’s journey reads like an underdog blockbuster. Incorporated in 2016, this once small Chennai-based team has become a global post-production powerhouse, delivering visual effects (VFX), rotoscopy, computer graphics, and 3D conversions to clients worldwide. From Hollywood sci-fi to Indian OTT dramas, their portfolio spans over 10,000 projects, including 900 movies, 2,000 series, and 8,000 commercials.
They got listed on NSE Emerge in 2023 through a ₹66 crore IPO—since then, the stock’s been acting like a visual effect itself: blinking between ₹510 and ₹223.
What makes Basilic interesting isn’t just its tech—it’s their hustle. While most VFX firms are content freelancing for Marvel or Netflix, Basilic is building global subsidiaries in Canada and the UK, expanding into Eastern Europe and South Korea, and opening new facilities in Hyderabad and Salem.
Still, not everything is pretty pixels. Promoter holding fell from 59.9% to 55.3%, and they raised ₹85 crore via QIP at ₹419.72—clearly, expansion costs money (and maybe a few sleepless nights). Yet, for a company where exports form 80% of revenue and North America alone contributes 40%, the story is more global than most Indian tech companies can dream of.
3. Business Model – WTF Do They Even Do?
Let’s decode the magic. Basilic Fly Studio’s business is simple—make fake things look real and real things look better.
Their services span every key layer of the VFX pipeline:
Rotoscopy: The painstaking frame-by-frame isolation of characters or props. Think of it as tracing your ex out of every frame of your old movie.
Previsualization (Previs): Creating rough 3D drafts of scenes before shooting starts. Directors love it; actors probably have no idea it exists.
Camera & Body Tracking / Rotomation: This is where they track every movement—so your superhero lands just right.
Computer Graphics (CG): Explosions, flying cars, monsters—if it moves, glows, or terrifies, they made it.
Paint and Prep: The digital broom that cleans up production messes (wires, rigs, unwanted extras).
On-Set Supervision: A VFX expert literally standing next to the director saying, “You’ll thank me in post.”
Their tech stack is a geek’s dream: Autodesk Maya, Nuke, Houdini, Blender, ZBrush, ShotGrid, Teradici, and Aspera. That’s like the Avengers lineup of the VFX software world.
They work with clients across North America, Europe, and Oceania, with top 5 customers contributing ~57% of revenue. That concentration looks scary but is quite normal for global post-production outfits, where major studios keep projects flowing like popcorn refills.
4. Financials Overview
Quarterly Results (₹ in Crores)
Metric
Latest Qtr (Sep 2025)
YoY Qtr (Sep 2024)
Prev Qtr (Jun 2025)
YoY %
QoQ %
Revenue
94
56
95
67.8%
-1.1%
EBITDA
20
9
17
122.2%
17.6%
PAT
15
6
12
150.0%
25.0%
EPS (₹)
5.59
2.53
4.19
121.3%
33.6%
The September 2025 quarter was a sequel worth watching—revenues almost doubled YoY while profits did a full Bollywood comeback arc. OPM improved to 22%, and annualized EPS hits ₹22.36, making the current P/E of 15.2 look criminally underrated compared to the industry’s 39.3.
