Balaji Telefilms Limited reported a consolidated net loss of ₹49.65 crore for the financial year ended March 31, 2026, reversing from a net profit of ₹8.46 crore in FY25. Revenue from operations for the year declined to ₹210.83 crore from ₹467.53 crore in the previous year. The board of directors approved the audited standalone and consolidated financial results at a meeting held on May 26, 2026. The company published the Statement of Standalone and Consolidated Audited Financial Results for the quarter and year ended March 31, 2026, in the 'Financial Express' and 'Mumbai Lakshadeep' on May 28, 2026, pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Despite the revenue contraction, the company maintains a strong cash reserve of approximately ₹163 crore in banks and mutual funds as of the reporting date.

Financial Performance

The standalone financial results for FY26 revealed a net loss of ₹45.49 crore, contrasting with a net profit of ₹90.59 crore in the prior year. Total income for the year stood at ₹221.57 crore, down from ₹467.01 crore in FY25. The company reported a basic earnings per share (EPS) of (₹3.79) for the current year compared to ₹8.75 in the previous year. The following table summarises the full-year financial performance across standalone and consolidated statements:

Q4 Performance

For the quarter ended March 31, 2026, the consolidated net loss was ₹14.17 crore. Revenue from operations for the quarter stood at ₹47.62 crore. The standalone net loss for the quarter was ₹12.74 crore. The table below presents the Q4 consolidated year-on-year comparison:

Segmental Performance

The company operates across three business segments — Commissioned Programs, Films, and Digital. The Commissioned business (TV + Digital) remained a core revenue contributor with Q4 FY26 revenue at ₹37.12 crore and FY26 revenue at ₹164 crore. The Films segment posted revenue of ₹2.69 crore in Q4 FY26 and ₹15.33 crore in FY26. The Digital business contributed ₹6.45 crore in revenue during Q4 FY26 and ₹35.8 crore in FY26. The table below presents the segment-wise revenue and results for FY26:

Strategic Highlights and Way Ahead

A key strategic development for the year was the entry into a long-term creative partnership with Netflix to develop diverse, high-quality content across formats, leveraging Balaji's storytelling legacy and Netflix's global reach. The two companies have previously collaborated on acclaimed titles including Kathal, Pagglait, Jaane Jaan, and Dolly Kitty Aur Woh Chamakte Sitare, with Lock Upp series coming soon on Netflix. On the television front, Kyunki Saas Bhi Kabhi Bahu Thi 2 topped the TRP chart during the year, with three shows contributing to 79 hours of production in FY26 for Jiostar India Private Ltd. The company's OTT application "ALTT" was discontinued on July 25, 2025, following a directive from the Ministry of Information & Broadcasting, with management assessing that the discontinuation does not impact the recoverability of related assets aggregating to ₹290.94 lacs as at March 31, 2026. As a strategic evolution, the company launched a new OTT application "Kutingg" on September 9, 2025, comprising vertical short episode-based content. The Digital business (B2B) holds an order book of over ₹350 crore with leading OTT platforms. The company also announced the launch of "Hoonur", a new talent management vertical under Balaji Telefilms Digital, "AstroGuide", a premium astrology app that clocked 2.5 lac downloads within 24 hours of launch, and "Balaji Studio", a bespoke production platform for next-gen content. On the films front, Bhooth Bangla starring Akshay Kumar was successfully released, with upcoming releases including Vvan (with TVF starring Siddharth Malhotra) and Hero Ki Horroin (starring Yashvardhan Ahuja and directed by Sajid Khan). The company's digital strategy is focused on leveraging AI, automation, and IP, with a shift from SVOD to a hybrid (SVOD + AVOD) model to increase subscriber base and subscription-based revenue.

Balance Sheet Highlights

On a standalone basis, total assets stood at ₹87,012.10 lacs as at March 31, 2026, compared to ₹81,375.40 lacs in the prior year. On a consolidated basis, total assets were ₹85,380.91 lacs against ₹80,122.79 lacs in the previous year. The consolidated balance sheet reflects total equity of ₹621.1 crore and total liabilities of ₹232.7 crore as at March 31, 2026. The key balance sheet metrics are summarised below:

Industry Context

India's Media & Entertainment (M&E) sector reached INR 2.78 trillion in 2025 (US$32 bn), growing 9% YoY and outpacing nominal GDP per-capita growth of 7.7%, according to the FICCI-EY Media & Entertainment Report 2026. Digital media revenues crossed INR 1 trillion in 2025 — the first M&E segment to do so — overtaking television as the largest segment, with digital advertising growing 26% to INR 947 bn. Paid OTT video subscriptions reached 216 mn across 143 mn households in 2025, with digital subscription revenues rising 60% to INR 163 bn. India's total box office hit a record ₹13,395 crore in 2025, with 37 films crossing ₹100 crore and Hindi cinema posting its best-ever year at ₹5,504 crore GBO. The following table presents OTT paid subscription trends:

Source: FICCI-EY Media & Entertainment Report 2026 | Ormax OTT Audience Report 2025

Auditor's Report and Compliance

The Statutory Auditors, Deloitte Haskins & Sells LLP, issued an audit report with an unmodified opinion on the standalone and consolidated financial results for the year ended March 31, 2026. The audit was conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013. The consolidated financial results include the financial results of subsidiaries Balaji Motion Pictures Limited and Ding Infinity Private Limited. The financial results were reviewed by the Audit Committee on May 25, 2026, and approved by the Board on May 26, 2026. As part of its initiative to consolidate content production operations and enhance operational efficiencies, ALT Digital Media Entertainment Limited (ALT) and Marinating Films Private Limited (MFPL), both wholly owned subsidiaries, were merged with the parent company, Balaji Telefilms Limited, effective April 1, 2025.

Balaji Telefilms has approved the continuation of Ms. Priyanka Chaudhary's tenure as a Non-Executive Director for five years, alongside the re-appointment of its internal and tax auditors for the financial year 2026-27. These decisions were taken during a Board meeting held on May 26, 2026, ensuring continuity in the company's leadership and financial oversight mechanisms.

The Board, based on the recommendation of the Nomination and Remuneration Committee, approved the extension of Ms. Priyanka Chaudhary's directorship. This approval is subject to the consent of shareholders at the ensuing Annual General Meeting and complies with Regulation 17(1D) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Ms. Chaudhary is not debarred from holding the office of Director by SEBI or any other authority.

In matters of financial auditing, the Board sanctioned the re-appointment of Ernst & Young LLP (EY) as the Internal Auditors for FY27. The firm, a global leader in assurance and consulting services, brings a team of over 300,000 professionals worldwide. Concurrently, Chhawchharia & Associates were re-appointed as the Tax Auditors for the same financial year, continuing their provision of comprehensive business solutions including auditing and taxation services.

Ms. Priyanka Chaudhary serves as the Senior Vice President at Reliance Industries, holding the dual role of Chief Operations Officer and Chief Financial Officer of Jio Studios. Her professional background includes leadership positions in finance and accounting at Grant Thornton, with a focus on the technology, media, and telecommunications (TMT) sector. She holds graduate degrees from the National American University, the Institute of Chartered Accountants of India, and the ACCA, UK.

The Board meeting, which commenced at 05.00 p.m. and concluded at 07:45 p.m., also addressed procedural disclosures required under Regulation 30 of the Listing Regulations. The company confirmed that Ms. Chaudhary is not related to any other Director on the Board.

Key Appointments and Approvals