Vashu Bhagnani Industries Q1 FY27: ₹2.52 Cr of Revenue, 1,491 Debtor Days, and a Statutory Auditor Who Left in August
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1. At a Glance
For the quarter ended June 2026, Vashu Bhagnani Industries Ltd reported consolidated revenue of ₹2.52 crore, operating profit of ₹0.12 crore, and net profit of ₹0.36 crore. Revenue is up 72.6% year-on-year off a June 2025 base of ₹1.46 crore; profit is down 62.1% over the same comparison. Both moves are true, and both are being measured on a scale where a rounding error in a mid-cap’s canteen budget would rearrange the whole table.
The company carries a market capitalisation of ₹403 crore and a stated Stock P/E of 157, against an Industry P/E of 44.0. Full-year FY26 revenue was ₹14.42 crore with net profit of ₹3.16 crore. Seven permanent employees were on rolls as of the last disclosed year, which works out to roughly ₹58 crore of market cap per head — an efficiency ratio nobody asked for and everybody now has.
The name is new. This was Pooja Entertainment and Films Limited until recently, and every BSE filing still carries the parenthetical “(Formerly known as…)” like a man who changed his surname but kept answering to the old one. The scrip ID remains POOJAENT.
Around the quarter itself, the board has been busy: an auditor resigned in August, a replacement was appointed at end-August, a GBP 4.4 million UK investment was restructured to travel through the UAE subsidiary instead, and the 39th AGM is set for 26 September 2026. The financial statements are three pages. The corporate calendar is not.
2. Introduction
Incorporated in 1986, the company is engaged in film production and other related activities. It is part of the Pooja Group, promoted by Mr. Vashu Bhagnani, operating in the Media and Entertainment industry. Modern Production FZ LLC, UAE, is a 100% subsidiary. A partnership firm, Pooja Leisure and Lifestyle, appears as an Indian subsidiary in the consolidated results.
The filmography on record includes Sarbjit, Dishoom, Rehna Hai Terre Dil Mein, Bade Miyan Chote Miyan, Coolie No. 1 and Youngistaan. In FY22 the company released two films — Bell Bottom and Shava Ni Girdhari Lal. Across the disclosed decade, films released per year run 1, 11, 4, 2, 1, 0, 2, 1, 2, 2. That “11” in FY2017 sits in the middle of the series like a typo that turned out to be true, and the “0” in FY2021 needs no explanation to anyone who remembers what cinemas were doing that year.
The last eighteen months have been mostly about structure rather than screens. In August 2025 the company announced a strategic alliance and share swap with Easy Trip Planners, pending regulatory approvals. Later that month, 8,515,000 shares were allotted at ₹10 plus ₹20 premium, taking the count to 63,953,500 shares — which is why the Equity Capital line jumps from ₹35.00 crore to ₹63.95 crore between March 2025 and March 2026. In September 2025 the board approved up to ₹50 crore of investment into the UAE subsidiary. In April 2026 it approved FY26 results, an independent director, a direct NSE listing, and ₹50 crore of overseas expansion. On 4 May 2026 the NSE direct listing application for those 63,953,500 shares was withdrawn. Two days later, ₹10.09 crore went into Modern Productions FZ LLC for working capital and new ventures — 4,419 shares of AED 100 face value at a premium of AED 781 each.
Then, on 31 July 2026, the GBP 4.4 million Puja Casa A Limited plan. Then, on 30 August 2026, the same plan with a different postal route.
The business is entertainment and films: co-production, own production, and distribution of films in India through music release, theatrical distribution, DVD and VCD release, television licensing, and other new media distribution avenues. The DVD and VCD are still there in the disclosed description, holding the door open for a format that stopped RSVPing years ago.
The stated strategy is two-fold: develop own high-quality content, and distribute Bollywood and international movies. That is the entire operating manual — make things, and move other people’s things. In FY22, the revenue split on record was film production at roughly 99% and other income at roughly 1%.
Mechanically, this is a business where the product is a film, the factory is a shoot, and the inventory is a hard drive. The balance sheet agrees: “Cost of films under production” is disclosed as inventory, standalone, and it swings like a mood ring — ₹3,197.60 lakh in FY2019, ₹485.91 lakh in FY2020, ₹2,801.66 lakh in FY2023, ₹273.08 lakh in FY2025. Unamortised cost of production, described as content library value, sits at ₹2,519.33 lakh for six consecutive disclosed years before moving, at last, to ₹2,507.98 lakh — a library so stable it could be shelved by a Dewey Decimal purist.
Foreign exchange earnings tell their own segment story: ₹0.00 for four straight years, then ₹3,890.93 lakh in FY2023, ₹5,290.30 lakh in FY2024, then ₹549.75 lakh in FY2025. This is what a hit-driven business looks like when you plot it: not a slope, a heartbeat.
Seven permanent employees run all of this. Whatever else is true of film production as an industrial process, it is one of the few in which the entire payroll would comfortably fit in a Tempo Traveller with room for the equipment.
