Panorama Studios Q4 FY2026: Inventory Mountain, Margin Cliff, Multiple in the Sky
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1. At a Glance
Q4 revenue: ₹64.83 crore. Net profit: ₹8.91 crore. The company carries ₹372.91 crore in film inventory—half the balance sheet, waiting for theatrical release. Working capital stretched to 207 days; borrowings hit ₹130 crore, up 56% year-on-year. Operating margin fell to 8% from 16% YoY.
Other income of ₹8.85 crore cushioned the bottom line. The market pays 79.8x earnings against a peer median of 59.48x.
2. Introduction
Panorama Studios, incorporated in 1980, makes and distributes film in multiple languages. Over three years, the stock climbed 72% while profit fell 25%—a tension that defines the company now.
Recent moves: ₹100 crore multi-film deal with Malayalam actor Nivin Pauly, ₹114 crore line production for Dhamaal 4, 10% stake in NY Cinemas (30 screens). Growth signals mixed with cash drain.
A bonus share issue (5:2 in December 2025) and prior stock split (1:5 in July 2024) inflated share count to 26.05 crore. The company raised ₹67 crore at ₹274/share in February 2024. Every rupee has gone into content, capex, or working capital.
3. Business Model: WTF Do They Even Do?
Panorama splits into production (91% of FY2024 revenue) and distribution. It produces in Hindi, Marathi, Gujarati, and Punjabi, owns franchises like Drishyam and Singham, handles theatrical prints/rights for third-party films, runs Panorama Music (1.31M YouTube subscribers), and operates “Brain on Rent,” a publicity design hub.
The model is one-product-at-a-time: a film takes 12–24 months from greenlight to amortization. The company bets on portfolio effect—a slate of films in different languages hedging any single miss.
4. Financials Overview
Figures are consolidated, in ₹ crore.
Metric
Latest Q (Q4 FY2026)
YoY Change
QoQ Change
Revenue
64.83
-69.5%
+120%
Operating Profit
12.92
-70.4%
+784%
Net Profit
8.91
-70.4%
N/A
EPS
0.34
-70.4%
N/A
The year ended with a bounce. Q4 sales nearly doubled from Q3 (₹29.47 cr), driven by theatrical releases and exploitation of music/satellite rights. Operating margin hit 19.9% in Q4—the healthiest in three quarters—suggesting a big hit or amortization windfall landed.
But the YoY collapse is real. A year ago, Q4 FY2025 was ₹212.54 crore revenue, ₹30.13 crore profit, 1.18 EPS. This year came in at ₹64.83 crore revenue, ₹8.91 crore profit, 0.34 EPS. The theatrical calendar shifted; content that was in post-production in FY2025 is still in inventory in FY2026.
Full Year FY2026:
Revenue: ₹308.5 cr (down 15% from ₹364.15 cr) Operating Profit: ₹24 cr (down 60% from ₹60 cr) Net Profit: ₹15.67 cr (down 63% from ₹41.87 cr) EPS: 0.60 (down 63% from 1.69)
Other income: ₹8.85 cr—a significant component of bottom-line profit. Without it, the company would have reported a thinner margin.
5. Market Expectations & Historical Multiples
This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.
Metric
Current
5-Yr Average
Peer Median
P/E
79.84
30.1
59.48
EV/EBITDA
40.6
N/A
N/A
ROE
7.59%
23.9%
7.17%
ROCE
8.70%
27%
9.78%
The market currently pays 79.84x trailing earnings versus a five-year average of 30.1x and a peer median of 59.48x. The multiple sits above its own historical band—the difference being that EPS has collapsed while the stock has barely moved.
ROE, once 23.9% over five years, now stands at 7.59% (FY2026). ROCE fell from 27% to 8.70%. The equity is underworking. The company appears to be pricing in a recovery: either the theatrical
