Starbeam Ventures Limited

Communication Services — Entertainment · BSE

₹0.83₹0.00 (0.00%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:48 pm

Understanding the Business

Company site ↗

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

What does this company do?

Starbeam Ventures Limited engages in film production and content creation in India. It creates, produces, and distributes movies.

IndustryEntertainment

SectorCommunication Services

Annual revenue₹12 Cr

How does it make money?

Turns over ₹12 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹69 left at the operating level before interest, tax and depreciation.

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.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 3.0% 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.

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 +403% while net margin moved -137% 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+403%

Margin effect-137%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.20 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

63/ 100

Average

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

Valuation

52/ 100

Fair

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

27.7x

2Y Median

24.7x

28 monthly readings · mean 22.2x · range 0.5x–89.4x

Sector Median

21.7x

median of 2 sector peers

⚠️Current valuation is approximately 12% above its 2y median of 24.7x. 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 27% above the peer median of 21.7x.

vs. its own history

Fair

24.7x median over 28 months · +12%

vs. sector peers

Expensive

21.7x median of 2 peers · +27%

vs. generic bands

Fair

15x–35x

EV/EBITDA

7.3x

PEG

17.93

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 42.4% to 68.8% over 3 years.
Debt is being paid down
Total debt is down 46% over 3 years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 20.6% to 3.0% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 4 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 9.14x — earnings must service borrowings before shareholders see anything.
🔴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.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 722% against revenue up 403% — sales are being booked faster than they are collected.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 879% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 42.4% to 68.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 46% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 9.14x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 722% against revenue up 403%. 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 27% above the peer median. That premium needs a reason that persists, or it closes.
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

1Revenue growth stays above 54% a year✓ 71.4% CAGR
Latest reported year was 422.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 67%✓ 68.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹80 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 3.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 11 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹54 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

27.7x

Fair

Fairly valued against the generic band

P/B Ratio

0.71x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.03

Profitable

Profitable on a per-share basis

ROE

2.4%

Weak

Weak capital efficiency

ROCE

3.0%

Weak

Low return on total capital employed

Debt/Equity

9.14x

High

High leverage

Revenue Growth (YoY)

422.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

1.5%

Modest

Slow profit growth

Dividend Yield

None

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

Free Cash Flow

-₹80 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-5.6%

Weak

Thin margins leave little room for error

Net Margin

8.7%

Average

Average bottom-line conversion

Current Ratio

11.25

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.20

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

0.9 / 1.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹0 Cr	₹2 Cr	₹12 Cr	+71.4%
EBITDA	₹1 Cr	₹1 Cr	₹2 Cr	₹8 Cr	+101.3%
EBITDA Margin	42.4%	196.5%	79.3%	68.8%	—
PAT (Net Profit)	-₹1 Cr	₹0 Cr	₹2 Cr	₹2 Cr	—
EPS	₹-0.15	₹0.03	₹2.73	₹0.03	—
ROCE	20.6%	—	255.5%	3.0%	—
Total Debt	₹13 Cr	₹3 Cr	₹5 Cr	₹7 Cr	-18.4%
Free Cash Flow	₹1 Cr	-₹9 Cr	-₹2 Cr	-₹80 Cr	—

🟢 Revenue has grown at 71.4% a year over 3 years.

🟢 EBITDA has grown at 101.3% a year over 3 years.

🟢 EBITDA Margin has risen from 42.4% to 68.8% over 3 years (+26.3 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹2 Cr.

🟢 EPS has turned positive, from ₹-0.15 to ₹0.03.

🔴 ROCE has fallen from 20.6% to 3.0% over 3 years (-17.6 pts).

🟢 Total Debt has shrunk at 18.4% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹80 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹90 Cr

Total Liabilities

₹14 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹59 Cr

Capex

-₹21 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

44.8%

Peer Comparison

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

Recent News

1 positive5 general

Starbeam Ventures (BSE:539175) - Stock Analysis

Simply Wall Street, 27 Jun

Starbeam Ventures CS Pratiksha Bhandari resigns effective Oct 13

scanx.trade, 13 Oct

Starbeam Ventures accepts Sweety Purohit resignation as Company Secretary

scanx.trade, 07 Aug

Bluegod Entertainment Limited Initiates Postal Ballot for Name Change to Starbeam Ventures Limited and Business Diversification

scanx.trade, 29 Apr

Starbeam Ventures releases Jeevan Bheema Yojana trailer, sets Sep 4 launch

scanx.trade, 26 Aug

Starbeam Ventures Q1FY27 loss widens to ₹51.39 lakh; revenue jumps to ₹922 lakh

scanx.trade, 17 AugResults

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

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongGrowth

MiddlingBusiness Quality · Financial Health · Valuation

WeakProfitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 4 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑