1. At a Glance – Lights, Camera… Correction?
₹598 crore market cap.
Current price ₹237.
P/E just 11.
ROCE 31.2%.
ROE 24.8%.
Sales ₹417 crore.
PAT ₹52.6 crore.
Return in 3 months: -26.7%.
Welcome to Basilic Fly Studio Ltd, a VFX company that helps Hollywood blow up cities on screen while its own stock price quietly exploded downward from ₹510 to ₹237.
Q3 FY26 consolidated revenue stands at ₹1,050 mn (₹105 crore), but PAT dropped 28.5% YoY to ₹88 mn (₹8.8 crore). Margins slipped. Expenses rose. Taxes suddenly remembered they exist.
Yet over 9M FY26, revenue has grown 74.3% YoY to ₹2,944 mn with PAT up 44.9%.
So what’s happening here? Is this a temporary VFX render glitch? Or did someone accidentally add too many explosions to the cost sheet?
Let’s roll the footage frame-by-frame.
2. Introduction – From Chennai to Hollywood (With a Detour Through NSE SME)
Incorporated in 2016, Basilic Fly Studio is a visual effects company headquartered in Chennai with subsidiaries in Canada and the UK.
Translation for lazy investors:
They make dragons fly, superheroes glow, and cities collapse — digitally.
They’ve completed ~11,300 projects.
390+ clients.
1100 movies.
2100 series.
8100 commercials.
And they got listed on NSE Emerge in September 2023 via a ₹66 crore IPO.
Then came expansion mode:
- Acquired 70% stake in UK-based “One of Us”
- Raised ₹85 crore via QIP at ₹419.72
- Expanded into Vancouver, London, Pune
- Planning Hyderabad and Salem
- AI lab in London
- Creative hub in Bengaluru
Ambition level? Global VFX powerhouse.
Balance sheet pressure level? Let’s just say… noticeable.
Now the big question: Are they becoming the next Indian global VFX champion — or just another SME stock that peaked on listing hype?
3. Business Model – WTF Do They Even Do?
Let’s decode this without using Hollywood jargon.
They provide:
- Rotoscopy (cutting actors from background frame-by-frame)
- Previsualization (planning CGI scenes before shooting)
- Tracking & Rotomation
- Computer graphics (explosions, creatures, environments)
- Paint & cleanup
- On-set supervision
They use tools like Autodesk Maya, Nuke, Houdini, Blender, ShotGrid — basically the Avengers of VFX software.
Revenue Model:
- Project-based contracts
- Time & material
- Fixed price
Client mix includes:
- Netflix
- Disney
- HBO
- Warner Bros
- Prime Video
- BBC
- Fox Studios
Revenue breakup FY25:
Exports 99.8%. Domestic 0.2%.
Geographical split (H1 FY26):
- Europe 53%
- North America 32%
- Australia & NZ
