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
