Picturehouse Media Limited

Communication Services — Entertainment · BSE

₹7.55−₹0.03 (−0.40%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, though profits are falling even as sales grow. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 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 Picturehouse Media Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Picturehouse Media Limited, together with its subsidiaries, engages in movie production and financing, and related activities in India. The company was formerly known as Telephoto Entertainments Limited and changed its name to Picturehouse Media Limited in March 2011.

IndustryEntertainment

SectorCommunication Services

Employees4

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹1605 reaches shareholders as profit, with ₹-5422 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹82,250 of revenue a year, the signature of a people-led business.

EBITDA margin-5422.2%

Net margin1605.5%

Revenue / employee₹82,250

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 7.9% 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.

ROCE7.9%

Peer median ROE20.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved -100% while net margin moved +7% 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-100%

Margin effect+7%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

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

Valuation

30/ 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

62.9x

3Y Median

0.2x

40 monthly readings · mean 13.0x · range 0.2x–76.4x

Sector Median

21.7x

median of 2 sector peers

⚠️Current valuation is approximately 26361% above its 3y median of 0.2x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 189% above the peer median of 21.7x.

vs. its own history

Expensive

0.2x median over 40 months · +26361%

vs. sector peers

Expensive

21.7x median of 2 peers · +189%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

P/E (Trailing)

62.9x

P/B

—

EV/EBITDA

—

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well0

Nothing stands out as clearly improving on the years of data available.

🔴 What Needs Attention6

Margins are compressing
EBITDA margin has slipped from -42.3% to -5422.2% over 3 years.
Debt is rising
Total debt is up 175% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 768% against revenue growth of -100% — stock may not be moving.
Valuation above its historical average
At 62.9x the stock trades 26361% above its own median of 0.2x.
Negative shareholders' equity
Liabilities exceed assets — this is a solvency question that sits above every other consideration here.

Red Flags

7 items require attention · 5 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Debt has risen sharplyFinancial
Total debt is up 175% over 3 years, from ₹85 Cr to ₹235 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.0x — little room if earnings dip.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 5379.9 points, from -42.3% to -5422.2%.
🔴Inventory building faster than salesFinancial
Inventory up 768% against revenue up -100% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹6 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 100% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
Margins are being competed away
EBITDA margin has fallen from -42.3% to -5422.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 26361% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

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

1EBITDA margin holds above -5424%✓ -5422.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹6 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ 1.0x
How much operating profit can fall before interest stops being comfortably covered.
4Valuation vs its own median of 0.2x✗ 62.9x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 10 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 4 neutral · 5 weak

Market Cap

₹39 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

62.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹0.12

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

7.9%

Distorted

Distorted by the negative net worth — read this alongside the solvency flag, not on its own

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

794.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-71.2%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹6 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹7.55

Operating Margin

-488.1%

Weak

Thin margins leave little room for error

Net Margin

495.8%

Good

Strong bottom-line conversion

Current Ratio

4.37

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.98

Defensive

Steadier than the market

52W Range Position

47%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

7.6 / 7.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

52.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹14 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-86.6%
EBITDA	-₹6 Cr	-₹1 Cr	-₹2 Cr	-₹2 Cr	—
EBITDA Margin	-42.3%	-297.0%	-5253.9%	-5422.2%	—
PAT (Net Profit)	₹205 Cr	-₹1 Cr	₹2 Cr	₹1 Cr	-86.3%
EPS	₹39.24	₹-0.13	₹0.39	₹0.11	-85.9%
ROCE	—	2.5%	7.9%	7.9%	—
Total Debt	₹85 Cr	₹250 Cr	₹215 Cr	₹235 Cr	+40.0%
Free Cash Flow	₹18 Cr	₹28 Cr	₹47 Cr	-₹6 Cr	—

🔴 Revenue has shrunk at 86.6% a year over 3 years.

🔴 EBITDA Margin has fallen from -42.3% to -5422.2% over 3 years (-5379.9 pts).

🔴 PAT (Net Profit) has shrunk at 86.3% a year over 3 years.

🔴 EPS has shrunk at 85.9% a year over 3 years.

🟢 ROCE has risen from 2.5% to 7.9% over 3 years (+5.4 pts).

🔴 Total Debt has grown at 40.0% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹18 Cr to -₹6 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹291 Cr

Total Liabilities

₹354 Cr

Total Debt

₹235 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹6 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

4.9%

Insider Holding

87.8%

Peer Comparison

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

Recent News

1 positive1 negative4 general

Picturehouse Media Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 02 Sept

Picturehouse Media Files SEBI Disclosure for Completed Promoter Share Transfer

scanx.trade, 01 Apr

Picturehouse Media schedules 27th AGM for September 30

scanx.trade, 05 Sept

Picturehouse Media Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 31 Aug

Apeejay Surrendra Park Hotels consolidated net profit declines 14.32% in the June 2026 quarter

Business Standard, 15 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Picturehouse Media Q1FY27 Results: Consolidated profit rises to ₹5.09 lakh

scanx.trade, 04 SeptResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak6/20

🔴Financial HealthStretched1/20

🔴GrowthWeak2.4/20

🔴ProfitabilityWeak1.5/15

🔴ValuationDemanding4.5/15

🔴RiskHigh0.5/10

Avoid until solvency is resolved

Picturehouse Media Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 5 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above -5424%-5422.2%
✗Free cash flow remains positive-₹6 Cr
✗Interest cover stays above 3x1.0x
✗Valuation vs its own median of 0.2x62.9x today