Picturehouse Media Limited has filed additional disclosure regarding the resignation of Mr. Gautam Shahi from his position as Independent Director, following BSE's request for comprehensive details under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance Filing

The company submitted the additional disclosure on February 28, 2026, in response to BSE's email dated February 27, 2026, requesting further details about the resignation initially announced on February 26, 2026. Managing Director Prasad V. Potluri signed the compliance document, ensuring adherence to SEBI Master Circular requirements.

Other Directorship Positions

The additional disclosure revealed Mr. Shahi's involvement in other listed entities. He holds directorship in PVP Ventures Limited, where he serves in multiple committee positions including Audit Committee Member, Nomination and Remuneration Committee Chairperson, Stakeholder Relationship Committee Chairperson, and Corporate Social Responsibility Committee Member.

Resignation Communication

Mr. Shahi's resignation email, dated February 26, 2026, addressed to Managing Director Prasad V. Potluri, emphasized his inability to devote adequate time to directorial duties due to expanding legal practice commitments. He confirmed no material reasons exist for his resignation beyond those stated and indicated no claims against the company.

Impact Assessment

The resignation affects Mr. Shahi's participation across all board committees in both Picturehouse Media Limited and PVP Ventures Limited. His departure removes him from key governance roles, particularly his chairperson positions in nomination, remuneration, and stakeholder relationship committees at PVP Ventures Limited.

Corporate Governance Standards

In his resignation communication, Mr. Shahi acknowledged that stepping down serves the best interests of both companies and their governance standards. He expressed appreciation for the trust and collaboration extended during his tenure, highlighting the professional manner of his departure from the board positions.

Picturehouse Media Limited has reported a significant turnaround in its Q3 FY26 financial performance, posting a net profit of Rs 35.71 lakhs compared to a loss of Rs 28.94 lakhs in the corresponding quarter of the previous year. The results for the quarter ended December 31, 2025, were approved by the Board of Directors on February 12, 2026.

Financial Performance Overview

The company's standalone financial results demonstrate a marked improvement in profitability despite operational challenges. Total income for Q3 FY26 reached Rs 158.78 lakhs, entirely comprising other income, as revenue from operations remained nil during the quarter.

Nine-Month Performance

For the nine months ended December 31, 2025, the company reported net profit of Rs 32.96 lakhs against a loss of Rs 137.86 lakhs in the corresponding period of the previous year. Total income for the nine-month period stood at Rs 429.06 lakhs compared to Rs 6.83 lakhs in the previous year.

Consolidated Results

The consolidated financial results showed even stronger performance, with net profit of Rs 41.70 lakhs in Q3 FY26 compared to Rs 1.68 lakhs in Q3 FY25. Consolidated total income reached Rs 514.89 lakhs, driven primarily by other income of Rs 514.89 lakhs.

Operational Challenges and Auditor Concerns

Despite the improved financial performance, the company faces significant operational challenges. The auditors have raised qualified concerns regarding inventory valuation of Rs 3,012.31 lakhs, which mainly comprises payments to artistes and co-producers. The auditors question the realizability of Rs 2,879.84 lakhs of this inventory.

The company maintains a negative net worth of Rs 4,040.79 lakhs as of December 31, 2025, raising going concern issues. However, management remains confident about future revenue generation through movie production projects and strategic initiatives.

Film Production Activities

During the quarter, the company engaged in production of three films, with costs included in inventory as film production-in-progress. The company has advance payments to artistes and technicians for future movie productions, reflecting its continued focus on content creation despite financial constraints.

Subsidiary Performance

PVP Capital Limited, the wholly owned subsidiary, continues to face challenges with negative net worth of Rs 613.47 lakhs and has surrendered its NBFC registration. The auditors have expressed concerns about the carrying value of the Rs 2,521.74 lakhs investment in this subsidiary.