Balaji Telefilms FY26 Results: Revenue halves to ₹210.8 Cr, net loss widens
- Balaji Telefilms consolidated revenue fell to ₹210.8 Cr in FY2025-26 from ₹453.1 Cr in FY2024-25, with a net loss after tax of ₹49.6 Cr versus a profit of ₹84.6 Cr in the prior year
- The Commissioned (TV + Digital) segment contributed 76% of consolidated revenue at ₹163.9 Cr, while the Films segment recorded ₹15.3 Cr and Digital (B2C) ₹35.8 Cr
- 'Bhooth Bangla' crossed ₹240 crores at the worldwide box office; the B2B digital order book stood at over ₹350 crore
- The company holds over ₹163 crore in liquid cash and a merger-led GST input credit of approximately ₹117 crore, with no long-term debt
- The 32nd AGM is scheduled for September 29, 2026 via VC/OAVM; no dividend is proposed for FY2025-26
*this image is generated using AI for illustrative purposes only.
Balaji Telefilms has scheduled its 32nd Annual General Meeting for Tuesday, September 29, 2026 at 3:30 p.m. IST via Video Conferencing, alongside the release of its FY2025-26 Annual Report showing a sharp decline in consolidated revenue to ₹210.8 Cr from ₹453.1 Cr in FY2024-25.
The company reported a consolidated net loss after tax of ₹49.6 Cr in FY2025-26, reversing a net profit of ₹84.6 Cr in the prior year. The swing was partly attributable to the absence of a deferred tax asset creation benefit that had boosted FY2024-25 results following the merger of subsidiaries. Standalone revenue from operations stood at ₹21,083.45 Lacs, with a standalone net loss of ₹4,549.32 Lacs compared to a net profit of ₹9,059.22 Lacs in the previous year.
Financial Performance Overview
The following table summarises consolidated financial highlights for FY2025-26 versus FY2024-25.
| Particulars (₹ Cr) | FY2025-26 | FY2024-25 |
|---|---|---|
| Revenue from Operations | 210.8 | 453.1 |
| Gross Margin | 19.8 | 109.7 |
| Gross Margin % | 9.38% | 24% |
| PBT | (64.02) | (10.2) |
| PAT | (49.6) | 84.6 |
| EPS (₹) | (4.09) | 8.41 |
The lower revenue base reflected a lighter theatrical recognition year in the Films segment, reduced television activity during show transitions, and continued investment in the digital ecosystem.
Segment-wise Performance
The company operates across three reportable segments. The Commissioned (TV + Digital) segment remained the largest contributor at approximately 76% of consolidated revenue.
| Segment (FY2025-26, Consolidated) | Revenue (₹ Cr) | EBITDA (₹ Cr) | Revenue Mix |
|---|---|---|---|
| Commissioned (TV + Digital) | 163.9 | (13.4) | 76% |
| Movies | 15.3 | (31.2) | 7% |
| Digital (B2C) | 35.8 | (19.4) | 17% |
The Films segment reported revenues of approximately ₹15.3 Cr, reflecting a lighter theatrical recognition year. The marquee release 'Bhooth Bangla', directed by Priyadarshan and starring Akshay Kumar, crossed ₹240 crores at the worldwide box office. The Digital (B2C) business recorded revenues of approximately ₹35.8 Cr, representing about 17% of consolidated revenue.
Key Developments During FY2025-26
Several strategic milestones were recorded during the year:
- Amalgamation completed: ALT Digital Media Entertainment Limited and Marinating Films Private Limited, both wholly owned subsidiaries, were merged into Balaji Telefilms with an appointed date of April 1, 2024. The merger unlocked a GST input credit of approximately ₹117 crore and is expected to result in no material direct tax incidence for the next four to five years.
- Netflix partnership: The company entered a long-term creative partnership with Netflix to develop diverse content across formats. Two new web series are under development, including a large-scale period drama, and 'Lock Upp' has premiered on the platform.
- Digital platform refresh: Following the discontinuation of 'ALT' in July 2025, the company launched 'Kutingg' (vertical short-format OTT) in September 2025, alongside 'AstroGuide' (a premium astrology app that clocked 2.5 lakh downloads within 24 hours of launch), 'Balaji Studio' and 'Hoonur' (a talent management vertical).
- B2B digital order book: The digital commissioned business carried an order book of over ₹350 crore with leading OTT platforms, with approximately ₹50 crore being added each quarter.
- Strong film pipeline: Four films are slated for FY2026-27, of which three had already been pre-sold with around 99% of the cost of production recovered.
Liquidity and Balance Sheet
As on March 31, 2026, the consolidated net worth (equity attributable to owners) stood at approximately ₹623.9 crore, with total consolidated equity of approximately ₹621.1 crore. The company maintained over ₹163 crore in liquid cash held across banks and mutual funds, and remains largely debt-light on a long-term basis. The merger-led GST input credit of approximately ₹117 crore further strengthens the financial position.
Key Financial Ratios
Significant changes in key financial ratios for FY2025-26 compared to FY2024-25 are disclosed below.
| Particulars | March 31, 2026 | March 31, 2025 | % Change |
|---|---|---|---|
| Current Ratio | 2.66 | 3.84 | (30.73%) |
| Debt to Equity Ratio | 0.02 | 0.01 | 100% |
| Return on Equity Ratio | (0.07) | 0.16 | (143.75%) |
| Inventory Turnover Ratio | 1.11 | 2.13 | (47.88%) |
| Trade Receivables Turnover | 2.77 | 4.05 | (31.60%) |
| Trade Payables Turnover Ratio | 2.15 | 4.02 | (46.52%) |
| Net Capital Turnover Ratio | 0.57 | 1.13 | (49.55%) |
| Net Profit Ratio | (0.22) | 0.20 | (210%) |
| Return on Capital Employed | (0.09) | (0.00) | (100%) |
| Return on Investment | (0.07) | (0.00) | (100%) |
AGM Details and Agenda
The 32nd AGM will be held on Tuesday, September 29, 2026 at 3:30 p.m. IST through VC/OAVM. The Register of Members and Share Transfer Books will remain closed from Wednesday, September 23, 2026 to Tuesday, September 29, 2026 (both days inclusive). No dividend is proposed for FY2025-26.
Key items on the AGM agenda include:
- Adoption of audited standalone and consolidated financial statements for FY2025-26
- Re-appointment of Mrs. Shobha Ravi Kapoor, who retires by rotation
- Approval for continuation of directorship of Ms. Priyanka Chaudhary as Non-Executive, Non-Independent Director for five years effective May 26, 2026
- Approval of remuneration for Mrs. Shobha Ravi Kapoor as Managing Director for the remaining two-year tenure (November 10, 2026 to November 9, 2028), with basic salary not exceeding ₹20,00,000 per month
- Approval of remuneration for Ms. Ekta Ravi Kapoor as Joint Managing Director for the remaining two-year tenure (November 10, 2026 to November 9, 2028), with basic salary not exceeding ₹20,00,000 per month
The remote e-voting period will commence on Friday, September 25, 2026 at 9:00 a.m. IST and end on Monday, September 28, 2026 at 5:00 p.m. IST. The cut-off date for determining voting rights is Tuesday, September 22, 2026. Statutory Auditors Deloitte Haskins and Sells LLP have issued an unmodified audit opinion on the FY2025-26 financial results.
Historical Stock Returns for Balaji Telefilms
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.04% | -0.40% | +10.21% | -7.03% | -11.87% | +50.52% |
How will the transition from the discontinued 'ALT' platform to the new 'Kutingg' and 'AstroGuide' initiatives impact user retention and long-term digital revenue sustainability?
Given the significant drop in gross margin to 9.38%, what specific cost-control measures or pricing strategies is Balaji Telefilms planning to implement to restore profitability in FY2026-27?
With a ₹350 crore B2B digital order book, how does management plan to accelerate revenue recognition and improve trade receivables turnover in the coming quarters?
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