Panorama Studios International Ltd Q2FY26 – Bollywood’s Balance Sheet Meets Box Office Madness

1. At a Glance

Welcome to the Bollywood balance sheet, where EBITDA meets item songs and cash flow dances to the beat of “Drishyam”. Panorama Studios International Ltd, trading at ₹169 (as of 21 Nov 2025), is the production house that turned Ajay Devgn’s squint into a profitable franchise. With a market cap of ₹1,258 crore, this ₹5.54 EPS player runs on more drama than a Bigg Boss reunion episode.

In the latest quarter (Sep 2025), revenue dropped to ₹77.86 crore (down 5.21% QoQ), while PAT shrank by 66% to ₹0.84 crore — proving once again that even film producers have bad Fridays. The stock trades at a P/E of 31.9, a ROE of 25.7%, and a ROCE of 27.2% — impressive for a company that juggles cameras, actors, and auditors.

With a 3-year profit CAGR of 108%, Panorama has pulled off a blockbuster turnaround since its “flop show” FY22. But, working capital days have inflated to 186 — that’s longer than the editing timeline of “Adipurush.” So buckle up; we’re diving into a cinematic rollercoaster of numbers, nepotism, and net margins.

2. Introduction

Panorama Studios isn’t just another production company — it’s that ambitious producer who thinks “pan-India” means releasing in Malayalam and Mongolia at once. Incorporated in 1980, the company’s evolution from indie struggler to an industry name mirrors the story arc of a typical Bollywood hero: broke beginnings, questionable partnerships, and a flashy climax with multiplex glamour.

Behind the spotlight lies a company that’s mastered both film production and distribution, while secretly nurturing a third baby — Panorama Music, which caters to every Indian’s unshakable desire for 90s nostalgia and modern heartbreak ballads.

From blockbusters like Drishyam and Singham to its Marathi and Punjabi expansion plans, Panorama has moved beyond the “Hindi cinema” label. The company also dipped into music rights, line production, and OTT collaborations, often featuring Jio Studios as its recurring co-star.

But what makes it spicy is its real-life financial drama — a bonus issue in the making, preferential allotments worth ₹67 crore, and a strategic stake in NY Cinemas (Ajay Devgn’s multiplex venture). In short, this company plays both sides of the screen — making films and cashing tickets.

Let’s see how the numbers stack up in this box-office-meets-balance-sheet saga.

3. Business Model – WTF Do They Even Do?

Panorama Studios operates on the principle that “content is king, but rights are royalty.” The company earns through two main verticals:

1. Film Production (91% of FY24 revenue)
   Here’s where the magic (and the madness) happens. Panorama develops and produces films across languages — Hindi, Marathi, Gujarati, Punjabi, and soon English. Think of them as the “Mukesh Ambani of regional cinema” — everywhere, with everyone. They’ve got hits like Omkara, Special 26, Drishyam 2, Rustom, and Baazaar. Each of these contributes not just to box-office but to long-term content monetization — satellite, digital, and remake rights.
2. Film Distribution & Others (9%)
   This includes distribution, publicity, and music. Their division Brain on Rent handles film promotions — a title that’s either genius or a cry for help. Their label Panorama Music boasts 1.31 million YouTube subscribers, because who doesn’t want to hear another “reimagined” ghazal remix?