Panorama Studios International Limited

Communication Services — Entertainment · NSE

₹62.50−₹0.62 (−0.98%)

DalalBaazaar Score

34 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Panorama Studios International Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Panorama Studios International Limited, together with its subsidiaries, engages in the production and distribution of media entertainment and content in India.

IndustryEntertainment

SectorCommunication Services

Employees73

Annual revenue₹261 Cr

How does it make money?

Turns over ₹261 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 73 employees supports ₹3.57 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin13.2%

Net margin6.0%

Revenue / employee₹3.57 Cr

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

BHARTI AIRTEL LIMITEDP/E 39.8x · ROE 20.2%

VODAFONE IDEA LIMITEDP/E 3.6x · ROE —

What is its competitive advantage?Little sign of one

Returns on capital of 9.9% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE9.9%

ROE7.1%

Peer median ROE20.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -20% while net margin moved -47% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-20%

Margin effect-47%

DalalBaazaar Score

34/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 7.2% a year
✗ Profit has declined at 25.1% a year

Quality vs. Valuation

Company Quality

34/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

24/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

67.9x

Sector Median

21.7x

median of 2 sector peers

⚠️Against its sector it trades 213% above the peer median of 21.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

21.7x median of 2 peers · +213%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

67.9x

P/B

7.42x

EV/EBITDA

51.0x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention7

Margins are compressing
EBITDA margin has slipped from 17.9% to 13.2% over 3 years.
Debt is rising
Total debt is up 247% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 61.0% to 7.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 69.2% to 9.9% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 290% against revenue growth of -20% — customers are taking longer to pay.
Inventory building faster than sales
Inventory is up 395% against revenue growth of -20% — stock may not be moving.

Red Flags

7 items require attention · 4 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 247% over 3 years, from ₹38 Cr to ₹130 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 290% against revenue up -20% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 395% against revenue up -20% — stock may not be moving.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 8.3x to 2.5x.
🟡Profit is decliningFinancial
Net profit is down 58% over 3 years.
🟡Margins are compressingFinancial
EBITDA margin is down 4.8 points over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 17.9% to 13.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The debt load needs earnings to hold up
Debt is 3.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 290% against revenue up -20%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 213% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 61.0% to 7.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 11%✓ 13.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 3.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹10 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 2.5x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✓ 9.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

4 good · 3 neutral · 4 weak

Market Cap

₹1,628 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

67.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.42x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.92

Profitable

Profitable on a per-share basis

ROE

7.1%

Weak

Weak capital efficiency

ROCE

9.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.59x

Low

Conservative leverage

Revenue Growth (YoY)

34.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

156.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹10 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹62.5

Operating Margin

10.2%

Average

Average margins

Net Margin

6.8%

Average

Average bottom-line conversion

Current Ratio

1.37

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.44

Defensive

Steadier than the market

52W Range Position

76%

Mid-range

Technical Snapshot

RSI (14)

56.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹327 Cr	₹402 Cr	₹319 Cr	₹261 Cr	-7.2%
EBITDA	₹59 Cr	₹66 Cr	₹64 Cr	₹34 Cr	-16.3%
EBITDA Margin	17.9%	16.3%	20.2%	13.2%	—
PAT (Net Profit)	₹37 Cr	₹38 Cr	₹42 Cr	₹16 Cr	-25.1%
EPS	₹1.71	₹1.73	₹1.63	₹0.6	-29.5%
ROE	61.0%	28.3%	21.8%	7.1%	—
ROCE	69.2%	39.2%	24.1%	9.9%	—
Total Debt	₹38 Cr	₹33 Cr	₹78 Cr	₹130 Cr	+51.4%
Free Cash Flow	₹45 Cr	-₹11 Cr	-₹68 Cr	-₹10 Cr	—

🔴 Revenue has shrunk at 7.2% a year over 3 years.

🔴 EBITDA has shrunk at 16.3% a year over 3 years.

🔴 EBITDA Margin has fallen from 17.9% to 13.2% over 3 years (-4.8 pts).

🔴 PAT (Net Profit) has shrunk at 25.1% a year over 3 years.

🔴 EPS has shrunk at 29.5% a year over 3 years.

🔴 ROE has fallen from 61.0% to 7.1% over 3 years (-53.9 pts).

🔴 ROCE has fallen from 69.2% to 9.9% over 3 years (-59.2 pts).

🔴 Total Debt has grown at 51.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹45 Cr to -₹10 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹821 Cr

Total Liabilities

₹600 Cr

Total Debt

₹130 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

-₹4 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.2%

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

1 mixed5 general

Panorama Studios International | Stock Share Price Live

MarketSmith India, 07 Oct

Panorama Studios International Ltd. (PANORAMA) 52 Week High Streak: Second Straight Session Near 52-Week Peak

Univest, 06 Oct

Panorama Studios declares voting results for 46th AGM resolutions

scanx.trade, 05 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Panorama Studios International Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Ajay Devgan holds 1.34% stake: Panorama Studios International Expands Airborne Rights Portfolio via Subsidiary

Dalal Street Investment Journal, 20 Feb

Panorama Studios sets AGM for Sept 30, seeks ₹1,500 crore borrowing limit

scanx.trade, 04 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🟡Financial HealthAdequate9.8/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak5.8/15

🔴ValuationDemanding3.2/15

🟡RiskModerate5.4/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 11%13.2%
✗Debt / EBITDA falls below 3x3.8x
✗Free cash flow remains positive-₹10 Cr
✗Interest cover stays above 3x2.5x
✓ROCE stays above 8%9.9%