Key Financial Figures (Standalone)

Income Statement (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Net sales/income from operations: ₹479 lakhs (Q2 FY27) vs ₹993 lakhs (Q2 FY26) vs ₹349 lakhs (Q1 FY27)
  • Other income: ₹31 lakhs (Q2 FY27) vs ₹1 lakh (Q2 FY26) vs ₹364 lakhs (Q1 FY27)
  • Total income: ₹510 lakhs (Q2 FY27) vs ₹994 lakhs (Q2 FY26) vs ₹713 lakhs (Q1 FY27)
  • Total expenses: ₹1,595 lakhs (Q2 FY27) vs ₹2,396 lakhs (Q2 FY26) vs ₹1,456 lakhs (Q1 FY27)
  • Loss before tax: ₹(1,085) lakhs (Q2 FY27) vs ₹(1,402) lakhs (Q2 FY26) vs ₹(743) lakhs (Q1 FY27)
  • Loss for the period: ₹(1,085) lakhs (Q2 FY27) vs ₹(1,402) lakhs (Q2 FY26) vs ₹(743) lakhs (Q1 FY27)

Income Statement (H1 FY27 vs H1 FY26)

  • Net sales/income from operations: ₹828 lakhs (H1 FY27) vs ₹1,414 lakhs (H1 FY26)
  • Other income: ₹395 lakhs (H1 FY27) vs ₹1 lakh (H1 FY26)
  • Total income: ₹1,223 lakhs (H1 FY27) vs ₹1,415 lakhs (H1 FY26)
  • Total expenses: ₹3,051 lakhs (H1 FY27) vs ₹5,014 lakhs (H1 FY26)
  • Loss before tax: ₹(1,828) lakhs (H1 FY27) vs ₹(3,599) lakhs (H1 FY26)
  • Loss for the period: ₹(1,828) lakhs (H1 FY27) vs ₹(3,599) lakhs (H1 FY26)

Earnings Per Share (EPS)

  • Basic & Diluted EPS (Q2 FY27): ₹(1.14)
  • Basic & Diluted EPS (H1 FY27): ₹(1.91)

Balance Sheet (As of September 30, 2026)

  • Total assets: ₹46,366 lakhs
  • Total equity: ₹(50,830) lakhs (negative)
  • Total liabilities: ₹97,196 lakhs
  • Trade receivables: ₹42,835 lakhs
  • Cash and cash equivalents: ₹31 lakhs
  • Borrowings (current + non-current): ₹15,732 lakhs

Key Financial Figures (Consolidated)

Income Statement (Q2 FY27 vs Q2 FY26 vs Q1 FY27)

  • Net sales/income from operations: ₹481 lakhs (Q2 FY27) vs ₹992 lakhs (Q2 FY26) vs ₹624 lakhs (Q1 FY27)
  • Other income: ₹35 lakhs (Q2 FY27) vs ₹71 lakhs (Q2 FY26) vs ₹484 lakhs (Q1 FY27)
  • Total income: ₹516 lakhs (Q2 FY27) vs ₹1,063 lakhs (Q2 FY26) vs ₹1,108 lakhs (Q1 FY27)
  • Total expenses: ₹2,273 lakhs (Q2 FY27) vs ₹3,124 lakhs (Q2 FY26) vs ₹2,151 lakhs (Q1 FY27)
  • Loss before tax: ₹(1,756) lakhs (Q2 FY27) vs ₹(2,061) lakhs (Q2 FY26) vs ₹(1,043) lakhs (Q1 FY27)
  • Loss for the period attributable to equity holders: ₹(1,756) lakhs (Q2 FY27) vs ₹(2,061) lakhs (Q2 FY26) vs ₹(1,043) lakhs (Q1 FY27)

Income Statement (H1 FY27 vs H1 FY26)

  • Net sales/income from operations: ₹1,105 lakhs (H1 FY27) vs ₹1,414 lakhs (H1 FY26)
  • Other income: ₹519 lakhs (H1 FY27) vs ₹91 lakhs (H1 FY26)
  • Total income: ₹1,624 lakhs (H1 FY27) vs ₹1,505 lakhs (H1 FY26)
  • Total expenses: ₹4,424 lakhs (H1 FY27) vs ₹6,509 lakhs (H1 FY26)
  • Loss before tax: ₹(2,800) lakhs (H1 FY27) vs ₹(5,004) lakhs (H1 FY26)
  • Loss for the period attributable to equity holders: ₹(2,800) lakhs (H1 FY27) vs ₹(5,004) lakhs (H1 FY26)

Earnings Per Share (EPS) - Consolidated

  • Basic & Diluted EPS (Q2 FY27): ₹(1.83)
  • Basic & Diluted EPS (H1 FY27): ₹(2.92)

Balance Sheet - Consolidated (As of September 30, 2026)

  • Total assets: ₹1,83,691 lakhs
  • Total equity: ₹74,428 lakhs
  • Total liabilities: ₹1,09,264 lakhs
  • Trade and other receivables: ₹43,536 lakhs
  • Cash & cash equivalents: ₹209 lakhs
  • Borrowings: ₹11,660 lakhs

Material Uncertainties and Qualified Audit Opinion

Going Concern Uncertainty

Auditors, Haribhakti & Co. LLP, highlighted a material uncertainty regarding the company's ability to continue as a going concern. The standalone entity incurred a loss before tax of ₹1,828 lakhs for H1 FY27, and its net worth has eroded entirely, standing at ₹(50,830) lakhs. The company has also defaulted on payment of statutory dues on certain occasions. The assumption of going concern is dependent on the company's ability to raise funds through monetization of its film/music library rights, recovery of dues from group entities, and other strategic initiatives.

Overdue Trade Receivables from Group Entities

The company has significant long overdue trade receivables from group entities:

  • ₹49,873 lakhs (net of payable of ₹32,854 lakhs) from Eros Worldwide FZE (EWW)
  • ₹8,361 lakhs (net of payable of ₹370 lakhs) from Eros International Limited UK (liquidated in May 2026, now receivable from EWW and Eros Media PLC)
  • ₹3,644 lakhs from Eros International USA Inc.

Total gross receivables amount to ₹61,878 lakhs. The company has made a total provision of ₹29,025 lakhs for expected credit loss on these receivables as of September 30, 2026. The company has filed an application with RBI through Authorized Dealers to condone the delay in realization of export invoices and permit net remittance of ₹17,019 lakhs from EWW. The financial impact of the pending RBI approval is not ascertainable.

SEBI Investigation and Content Advances

SEBI passed an Interim Ex-Parte order on June 22, 2023, and a Confirmatory Order on October 13, 2023, against the company and some of its directors. The company appealed to SAT, which directed SEBI to issue a Show Cause Notice (SCN).

An SCN was received on July 18, 2024. Content advances as of September 30, 2026, include ₹1,01,601 lakhs given to certain parties, which are subject to scrutiny and investigation by SEBI. The matter is currently listed for hearing on December 17-18, 2026. The impact on the financial results is not ascertainable pending completion of proceedings.

Enforcement Directorate Search

A search operation was carried out under Section 37(3) of FEMA, 1999, at the company's registered office by the Enforcement Directorate, Mumbai, which concluded on February 6, 2025. The company continues to operate normally and cooperate with authorities.

Subsidiary Consolidation Issue - Colour Yellow Production Private Limited (CYPPL)

The consolidated financial statements do not include the financials of CYPPL, a subsidiary, due to unavailability of financial information within a reasonable time frame. This stems from management disputes, with the company filing a petition under Sections 241-242 of the Companies Act, 2013, which was dismissed by NCLT on April 28, 2026. An appeal is pending before NCLAT, listed for hearing on December 3, 2026. The subsidiary's assets were ₹1,33,666 lakhs as of September 30, 2026.

Auditor's Conclusion

Standalone Financials

The auditors issued a qualified conclusion on the standalone financial results due to the uncertainties surrounding the group entity receivables and the SEBI investigation.

Consolidated Financials

The auditors disclaimed an opinion on the consolidated financial results due to an inability to obtain sufficient appropriate evidence, primarily concerning the exclusion of CYPPL's financials and the group entity receivables.

Cash Flow Highlights

Standalone (H1 FY27)

  • Net cash from operating activities: ₹206 lakhs
  • Net cash used in investing activities: ₹(2) lakhs
  • Net cash used in financing activities: ₹(184) lakhs
  • Net increase in cash: ₹20 lakhs

Consolidated (H1 FY27)

  • Net cash used in operating activities: ₹(2,642) lakhs
  • Net cash from investing activities: ₹124 lakhs
  • Net cash used in financing activities: ₹(251) lakhs
  • Net decrease in cash: ₹(2,769) lakhs

Segment Information

The company operates in a single reportable segment: co-production, acquisition, and distribution of Indian language films.

Board Meeting Details

The Board of Directors meeting was held on November 13, 2026, commencing at 4:15 PM and concluding at 5:30 PM.