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Panorama Studios International Ltd (PANORAMA) · mywealthgrid

Panorama Studios International Ltd

BSE:PANORAMA

Consumer DiscretionaryEntertainment

₹60.4

+3.81%2 Oct, 9:20 am

Mkt cap

₹1,587 Cr

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About

Panorama Studios produces, distributes, and exhibits films within consumer discretionary entertainment. The ₹1,236 crore market-cap company's revenue and profitability are highly cyclical, project-dependent on film releases and distribution deals. Ownership is concentrated (promoter 66.61%), with minimal institutional participation (FII 0.29%, DII 0.11%).

Face value: ₹2

Market cap

₹1,587 Cr

P/E

1,469.2×

P/B

11.8×

Dividend yield

0.3%

ROE

39.1%

ROCE

52.3%

Debt / equity

0.24

OPM

13.8%

EPS (TTM)

₹0.0

Book value

₹5.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue erratic across quarters: ₹16.85 Cr (Dec 2019) → ₹0.43 Cr (Dec 2020) → ₹14.38 Cr (Mar 2021) standalone. Verify project pipeline and release schedule.
Profitability volatile: operating margin -16.62% (Dec 2019) to +54.59% (Mar 2020), then 7% in later quarters. Verify cost structure and hit-rate dependency.
PE 1,144.75 extreme, reflecting near-zero recent trailing earnings. Valuation leaves minimal margin of safety.
Institutional shareholding negligible (FII 0.29%, DII 0.11%). Verify reasons for lack of institutional interest.

Generated analysis · source review pending

Growth drivers

Mar 2020 OPM of 54.59% vs. later quarters at 7% or negative shows margin recovery potential; if consistent profitable releases occur, earnings could improve sharply. Verify pipeline and recent results.
D/E 0.24 is low, providing financial flexibility for production financing or M&A. Verify capital allocation strategy.
Company operates across production, distribution, and exhibition; sector recovery in theatrical exhibition would benefit the value chain. Verify exposure split and streaming strategy.

Generated analysis · source review pending

556 historical price candles were omitted because the exchange source has not been verified.

₹60.4+4.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 38.8% (3-yr avg)
+High return on capital employed of 53.7%
+Profit CAGR of 228.3% over the last 3 years
+Revenue CAGR of 79.3% over the last 3 years
+High promoter holding of 66.6% with no pledge

Cons

−Expensive at 1469.2× trailing earnings
−Trading at 11.8× book value

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 70
Growth: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	76	83	371	440
COGS	59	78	0	0
Gross profit	17	4	—	—
	5	9	319	379
Operating profit (EBITDA)	13	-4	53	61
OPM %	16.7%	-5.3%	14.3%	13.8%
Depreciation	0	0	1	1
Interest	2	6	8	12
	1	10	5	5
Profit before tax	11	-1	49	52
Tax	3	0	14	14
Tax %	23.7%	20.8%	28.5%	26.9%
	8	-1	35	38
PAT margin %	11.1%	-1.5%	9.5%	8.7%
EPS (₹)	—	—	—	—
EPS adjusted (₹)	0.1	-0.1	1.6	1.6
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity capital	8	8	12	12	13
Reserves	—	12	11	49	121
Minority interest	—	10	9	8	8
	—	24	72	38	33
	—	170	147	135	283
Total equity & liabilities	—	223	252	242	458
	25	24	13	14	14
CWIP	—	—	—	—	—
Investments	—	0	0	0	0
	—	199	238	228	443
Total assets	—	223	252	242	458

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	5	-40	46	-6
	-0	-17	-3	-12
	-3	56	-39	22
Net cash flow	2	-1	5	4
Free cash flow	5	-42	45	-9
CFO / Operating profit %	41.6%	—	87.6%	-9.6%

Compounded sales growth

7 years: —
5 years: —
3 years: 79%
1 year: 18%

Compounded profit growth

7 years: —
5 years: —
3 years: 65%
1 year: 8%

Return on equity

7 years: —
5 years: —
3 years: 25%
Last year: 27%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	22.7%	5.4%	—	—
EBITDA margin %	16.7%	-5.3%	14.3%	13.8%
EBIT margin %	16.6%	-5.6%	14%	13.6%
PAT margin %	11.1%	-1.5%	9.5%	8.7%
Working capital
Receivable days	444	212	28	75
Inventory days	383	575	86	183
Payable days	703	216	44	91
NWC days	123	571	70	167
Leverage
Current ratio	1.06	1.1	1.42	1.5
Debt to EBITDA	1.88	—	0.71	0.54
Debt to equity	1.25	3.02	0.61	0.24
Interest coverage	6.2	0.8	7.4	5.4
Asset turnover	0.34	0.33	1.54	0.96
Return ratios
Return on assets %	3.8%	-0.5%	14.6%	8.3%
Return on capital employed %	37.5%	13.6%	95.2%	52.3%
Return on equity %	44.1%	-5.4%	57.8%	28.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.24%	73.24%	68.3%	67.16%	67.16%	64.96%	64.96%	64.96%	64.96%	66.61%	66.61%	66.61%
	0%	0%	0%	0%	0%	0.85%	1.49%	1.35%	0.53%	0.46%	0.46%	0.29%
	0%	0%	0.18%	0.18%	0.16%	0.22%	0.2%	0.2%	0.17%	0.18%	0.18%	0.11%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	26.76%	26.76%	31.52%	32.66%	32.68%	33.97%	33.35%	33.49%	34.34%	32.75%	32.75%	32.99%
No. of shareholders	—	—	—	—	—	—	—	—	5,056	6,553	6,407	6,316

Promoter holding down 6.63 percentage points since Sep 2023.

7 deals · 10 Mar 2023 – 13 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 Dec 2024	LEADING LIGHT FUND VCC - THE TRIUMPH FUND	Bulk	BSE	Buy	5,00,000	₹229.96	₹11.50 Cr
21 Feb 2024	SAMEER MAGAN BHUJBAL	Bulk	BSE	Buy	71,350	₹693.33	₹4.95 Cr
19 Feb 2024	ADITYA CHOWKSEY	Bulk	BSE	Sell	84,500	₹675.45	₹5.71 Cr
19 Feb 2024	RAVINDRA APPA AUTI	Bulk	BSE	Sell	68,000	₹675.09	₹4.59 Cr
19 Feb 2024	SANTOSH APPA AUTI	Bulk	BSE	Sell	65,000	₹675.18	₹4.39 Cr
8 Feb 2024	BALGOPAL COMMERCIAL LIMITED	Bulk	BSE	Sell	1,28,000	₹671.33	₹8.59 Cr
10 Mar 2023	KUMARMANGAT RAJARAM PATHAK	Bulk	BSE	Buy	1,32,000	₹93.50	₹1.23 Cr

1–7 of 7

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. KUMAR MANGAT RAJARAM PATHAKExecutive Director-Chairperson-MD
Mr. ABHISHEK KUMAR MANGAT PATHAKExecutive Director
Mr. SANJEEV JOSHIExecutive Director
Mr. SANDEEP KUMAR SAHUNon-Executive - Non Independent Director
Ravindra Appa AutiChief Financial Officer
Mr. Vinesh Keshrimal ShahNon-Executive - Non Independent Director
Mrs. REKHA AGARWALNon-Executive - Non Independent Director
Mr. Yatin Vilas ChaphekarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Panorama Studios International Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

As Per Attachment30 Sept 2026 · AGM
As Per Announcement28 Sept 2026 · General
The Exchange has sought clarification from Panorama Studios International Ltd on September 28, 2026, with reference to news appeared in https://www.moneycontrol.com/ dated September 28, ....28 Sept 2026 · Clarification
As Per Attachment21 Sept 2026 · General

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Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend23 Sept 2025 · ex-date₹0.2
Final dividend23 Sept 2024 · ex-date₹0.2

1

Board meeting to consider results14 Aug 2026

1

Face value ₹10 → ₹231 Jul 2024 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

79 announcementsExport CSV

28 Aug 2026, 10:27 amInsider Trading / SAST

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	22.7%	5.4%	—	—
EBITDA margin %	16.7%	-5.3%	14.3%	13.8%
EBIT margin %	16.6%	-5.6%	14%	13.6%
PAT margin %	11.1%	-1.5%	9.5%	8.7%
Working capital
Receivable days	444	212	28	75
Inventory days	383	575	86	183
Payable days	703	216	44	91
NWC days	123	571	70	167
Leverage
Current ratio	1.06	1.1	1.42	1.5
Debt to EBITDA	1.88	—	0.71	0.54
Debt to equity	1.25	3.02	0.61	0.24
Interest coverage	6.2	0.8	7.4	5.4
Asset turnover	0.34	0.33	1.54	0.96
Return ratios
Return on assets %	3.8%	-0.5%	14.6%	8.3%
Return on capital employed %	37.5%	13.6%	95.2%	52.3%
Return on equity %	44.1%	-5.4%	57.8%	28.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Pvr Inox LimitedPVRINOXPVRINOX	₹11,934 Cr	₹12,693 Cr	₹6,872 Cr	₹2,214 Cr	31.5%	₹445 Cr	5%	7.5%	4.6%	-391
Media Matrix Worldwide LimitedMMWLMMWL	₹1,762 Cr	₹1,929 Cr	₹947 Cr	₹11 Cr	1.2%	₹1 Cr	0.3%	—	0.8%	—
Panorama Studios International LtdPANORAMAPANORAMA	₹1,587 Cr	₹1,619 Cr	₹440 Cr	₹61 Cr	13.8%	₹1 Cr	8.7%	52.3%	39.1%	167
Sunshine Pictures LimitedSUNSHINESUNSHINE	₹1,411 Cr	₹1,422 Cr	₹103 Cr	₹48 Cr	46.7%	₹34 Cr	33.4%	53.7%	39.2%	—
JOJO LtdJOJOJOJO	₹574 Cr	₹577 Cr	₹24 Cr	₹10 Cr	42.7%	₹6 Cr	23.4%	16.9%	11.6%	-133
Vashu Bhagnani Industries LtdPOOJAENTPOOJAENT	₹420 Cr	₹426 Cr	₹14 Cr	₹1 Cr	7.4%	₹3 Cr	21.7%	2.2%	2.3%	3,549
Cineline India LimitedCINELINECINELINE	₹295 Cr	₹295 Cr	₹211 Cr	₹40 Cr	19%	₹-18 Cr	-8.4%	4.7%	-12%	-26
Ufo Moviez India LimitedUFOUFO	₹219 Cr	₹296 Cr	₹486 Cr	₹77 Cr	15.7%	₹24 Cr	5.2%	10.9%	8%	-140
Diksat Transworld LtdDIKSATDIKSAT	₹219 Cr	₹219 Cr	₹2 Cr	₹-1 Cr	-33.2%	₹-1 Cr	-65.8%	-3.8%	-4.9%	3,159
Tips Films LimitedTIPSFILMSTIPSFILMS	₹136 Cr	₹324 Cr	₹111 Cr	₹-52 Cr	-9.9%	₹-50 Cr	-10%	-37.8%	-42.1%	1
Mukta Arts LimitedMUKTAARTSMUKTAARTS	₹126 Cr	₹186 Cr	₹178 Cr	₹15 Cr	7.6%	₹-8 Cr	-6.8%	4.4%	—	-2,676
Baba Arts LtdBABABABA	₹79 Cr	₹79 Cr	₹6 Cr	₹1 Cr	-0.6%	₹1 Cr	4.4%	3.1%	2.4%	32

Date	Category	Subject	Filing
28 Aug 2026, 10:27 am	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
26 Aug 2026, 5:15 pm	Company Update General	Panorama Studios International Has Executed A Distribution Agreement With CULT DIGITAL NX And PRAKASH FILMS INDIA PRIVATE LIMITED, For The Exploitation Of Theatrical And Non Theatrical Rights For The Entire World For Perpetuity, Including India Of The Marathi Feature Film Titled 'TUJHYA AAILA"	PDF
26 Aug 2026, 5:14 pm	Company Update General	Panorama Studios International Has Executed A Distribution Agreement With JAASVAND ENTERTAINMENTS PVT LTD And STORYWALLA FILM, For The Exploitation Of Theatrical And Non Theatrical Rights For The Entire World Including India For Perpetuity, Of The Marathi Feature Film Titled 'Kapuskonda"	PDF
18 Aug 2026, 5:42 pm	Company Update General	Update Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 In Relation To Earlier Disclosure Of Cybersecurity Incident At Third-Party Service Provide	PDF
18 Aug 2026, 1:07 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
14 Aug 2026, 10:17 pm	Result Financial Results	Outcome Of Board Meeting Held On Today I.E. Friday 14Th August, 2026.	PDF
14 Aug 2026, 10:13 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Outcome Of Board Meeting Held On Today I.E. Friday 14Th August, 2026	PDF
11 Aug 2026, 6:19 pm	Company Update General	Panorama Studios Inflight LLP Subsidiary Of Panorama Studios International Limited Has Executed An Agreement With 2341081 ONTARIO INC To Exploit The Airborne Rights (On An Exclusive Basis) For The Entire World Including India Of The Telegu Film Titled 'Hrudayam'"	PDF

Panorama Studios International Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends2

Board meetings1

Stock splits1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Dividends2

Board meetings1

Stock splits1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

1

1

2

1

1