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
Vashu Bhagnani Industries Ltd makes and distributes films. For the three months to June 2026, consolidated revenue was ₹2.52 crore. Operating profit came to ₹0.12 crore and net profit to ₹0.36 crore. Revenue rose 72.6% from ₹1.46 crore in the same three months of 2025. Net profit fell 62.1% on that comparison. Both moves are measured on a base smaller than a mid-sized company’s canteen budget.
The market capitalisation is ₹403 crore. The market pays ₹157 for every ₹1 of yearly profit here, against ₹44 for the industry. For the full year FY26, revenue was ₹14.42 crore and net profit ₹3.16 crore. Seven permanent employees were on rolls in the last disclosed year. That works out at roughly ₹58 crore of market value for each of them.
The name is new. The company was Pooja Entertainment and Films Limited until recently. BSE filings still carry the parenthetical “(Formerly known as…)” after the new one. The scrip ID remains POOJAENT.
Around the quarter itself, the board kept a full diary. An auditor resigned in August and a replacement was appointed at the end of that month. A 4.4 million pound UK investment was restructured to travel through the UAE subsidiary instead. The financial statements run to three pages; the corporate calendar does not. The 39th annual general meeting is set for 26 September 2026.
2. Introduction
Vashu Bhagnani Industries was incorporated in 1986 and is engaged in film production and related activities. It is part of the Pooja Group, promoted by Mr Vashu Bhagnani, in the Media and Entertainment industry. Modern Production FZ LLC in the UAE is a wholly owned subsidiary. Pooja Leisure and Lifestyle, a partnership firm, appears as an Indian subsidiary in the consolidated results.
The filmography on record includes Sarbjit, Dishoom and Youngistaan. It also includes Rehna Hai Terre Dil Mein, Bade Miyan Chote Miyan and Coolie No. 1. In FY22 the company released two films, Bell Bottom and Shava Ni Girdhari Lal. Across the disclosed decade, releases per year range from none to eleven. The eleven sits in FY2017 and the nil year is FY2021. Every other year in that series shows between one and four releases.
The last eighteen months have been 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 it allotted 8,515,000 shares, taking the count to 63,953,500. Each carried a face value of ₹10 with a premium of ₹20. Equity capital rises 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 the 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. That bought 4,419 shares with a face value of AED 100 each. The premium was AED 781 a share.
On 31 July 2026 came the 4.4 million pound Puja Casa A Limited plan. On 30 August 2026 the same plan returned with a different postal route.
The business is entertainment and films: co-production, own production and distribution of films in India. Distribution runs through music release, theatrical distribution, television licensing and other new media avenues. DVD and VCD release is still listed in the disclosed description of the business. That is a long afterlife for a format, though only on paper.
The stated strategy has two parts. The first is developing own high-quality content. The second is distributing Bollywood and international movies. In FY22 the revenue split on record was roughly 99% film production and roughly 1% other income.
Mechanically, the product is a film, the factory is a shoot and the inventory is a hard drive. The balance sheet keeps to that shape. Cost of films under production is disclosed as inventory on a standalone basis, and it swings like a mood ring. It stood at ₹31.98 crore in FY2019 and ₹4.86 crore in FY2020. It stood at ₹28.02 crore in FY2023 and ₹2.73 crore in FY2025.
Unamortised cost of production is described as content library value. It sat at ₹25.19 crore for six consecutive disclosed years. The figure then moved to ₹25.08 crore, which is a library stable enough to please a Dewey Decimal purist.
Seven permanent employees run all of this. The entire payroll would fit inside a Tempo Traveller with room left over for the equipment.
Foreign exchange earnings trace their own segment story. They were nil for four straight years. They were then ₹38.91 crore in FY2023 and ₹52.90 crore in FY2024. Foreign exchange earnings were ₹5.50 crore in FY2025.
