Nature of the Disclosure

Submission of transcript for the Q4 FY26 Earnings Conference Call held on June 05, 2026, at 03:30 p.m. IST, pursuant to Regulation 30(6) read with Schedule III Part A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Quantitative Figures

Full Year FY26 Performance (Consolidated):

  • Total Income: ₹118.45 crores, up 32% year-on-year
  • EBITDA: ₹17.1 crores, up 76% year-on-year
  • EBITDA Margin: 14.44% (vs. 10.78% in previous year)
  • PAT: ₹7.95 crores, up 62% year-on-year
  • PAT Margin: 6.71%

Q4 FY26 Performance:

  • Total Income: ₹36.07 crores
  • EBITDA: ₹5.96 crores, up 56% year-on-year
  • EBITDA Margin: 16.52% (vs. 9.73% in Q4 FY25)
  • PAT: ₹2.08 crores, up 11% year-on-year

Three-Year CAGR (FY24-FY26):

  • Revenue: 36% CAGR
  • EBITDA: 68% CAGR
  • PAT: 50% CAGR

Strategic Updates and Business Performance

Content Production and Reach:

  • Produced over 5,000 hours of original content
  • Created 100+ commissioned and co-created shows
  • Content in five languages: Hindi, Marathi, Tamil, Gujarati, Bengali
  • Programming reached audiences in 100+ countries
  • Q4 specific: Produced 200 hours of original content across television, OTT, and digital platforms

Strategic Acquisitions and Investments:

  • Completed acquisition of 50.01% controlling stake in Moving Images Studios (led by Manisha Sharma, former Chief Content Officer at Viacom18)
  • Acquired 20% strategic stake in Lehren Networks (vintage film and celebrity content library)
  • Moving Images focuses on digital-first unscripted IP for YouTube, AVOD, OTT ecosystems
  • Lehren Networks provides digital monetization infrastructure and YouTube CMS capabilities

AI Integration:

  • Launched Bodhi AI, operationalized in FY26
  • First initiative: CastMatch AI streamlining casting and production workflows
  • Target: 30-40% time savings in script-to-screen timelines
  • Target: 20-40% content cost savings

Creator-Led Ecosystem:

  • Multimedia ecosystem includes: Madlabs Alpha (High Concept OTT and Film Studio), Guroudev Bhalla Screens, Amit Khan Content Hub, and Moving Images
  • Each studio brings distinct creative voice forming scalable IP creation machine

Content Pipeline and Performance:

  • Q4 delivered five key titles across Colors, Jio Hotstar, Zee, Dangal, and Sony
  • Own IP "Little Adda Company" crossed 728,000 subscribers in four months with 100 million+ views
  • Podcast with Richa Chadha crossed 8 million views and is being developed

Revenue Mix and Transition Strategy

  • Current revenue mix: 80-85% commissioned content, 10-15% IP-related revenues
  • Target: 50-50 mix between commissioned content and IP ownership within three years
  • Three-year targets: ₹250 crores in revenue, ₹25 crores in PAT

Industry Context and Market Position

  • India's media and entertainment industry: USD 32 billion in 2025, projected USD 38 billion in 2028
  • OTT segment projected to hit USD 24 billion by 2030
  • Digital media (USD 12 billion) has overtaken television as largest segment
  • YouTube reaches 500 million Indians
  • India has 975 million OTT and digital viewers (66% of population)
  • Paid subscriptions: 216 million
  • Connected TV households: 143 million, projected to reach 191 million by 2028
  • Regional content drives approximately 56% of OTT viewership

Q&A Session Highlights

Acquisition Integration and Funding:

  • Integration of Moving Images and Lehren Networks progressing
  • Funding for acquisitions came from rights issue proceeds and internal accruals
  • No immediate fundraising plans, but considering options if mismatch in future pipeline

International Expansion:

  • Targeting expansion into 20+ international markets
  • Strategy: Present existing IPs to global markets for adaptation
  • No specific geography focus - market suitability based on IP traction

Content Strategy and Monetization:

  • Micro-drama revenue contribution: 3-4% in FY26, expected to remain below 10%
  • "Fail fast" strategy for YouTube and digital IP testing
  • Three to four projects in advanced discussion stages with OTT platforms for IP sharing
  • Using Lehren's CMS platform for enhanced content monetization and distribution

Financial Management:

  • Other financial assets increased from ₹104 lakhs to ₹1,198 lakhs due to unbilled revenue and IP inventory accruals
  • Cash flow cycles expected to improve as IP royalty streams develop
  • Revenue recognition policies adjusted for IP-led business accounting

Corporate Actions:

  • Considering share consolidation to increase face value from ₹1 to ₹10
  • Plans to increase promoter holding from current ~25% to significant level over 2-3 years