Key Business Highlights

Global Operations: Prime Focus has 10,200+ global employees with approximately 80% based in India. The company generates about 90% of revenue from recurring customers.

Brahma AI Fundraise: On September 23, 2026, Brahma AI raised $150 million at a $2 billion post-money valuation. Investors were led by funds managed by Multiples Alternate Asset Management. Post-transaction, PFL through its subsidiaries will hold 65.67% economic interest and 24.99% voting rights. Multiples and other investors will hold 7.5%, with other shareholders owning 6.83%. A Founder and ESOP Pool of 20% will be created. Shareholder and lender approvals have been received. Prabhu Narasimhan will lead as CEO.

Ramayana Part 1 Performance: The film achieved wide theatrical release across 130+ countries, representing the biggest global release for an Indian film. It crossed ₹1,000 crore+ worldwide gross box office collection in the opening week. The film was released in every major premium theatrical format and is yet to be released in 10+ international markets including China.

Brahma AI Q2 Highlights: Received 2026 Technology & Engineering Emmy® Award for AI-based face replacement technology. Delivered visual lip-sync for English and other language versions of Ramayana: Part 1. Secured media asset management deployment across Disney's marketing teams. Signed new five-year engagement with NBA for archive migration and MAM orchestration. Renewed contract with Starz Entertainment for BRAHMA AI Core. Expanded footprint into Middle East with OSN.

Financial Performance

Q2 FY27 Financials:

  • Revenue: ₹1,429 crore (34.7% YoY growth)
  • Personnel Cost: ₹916 crore (35.1% YoY increase)
  • Employee Cost: ₹781 crore
  • Other Direct Cost: ₹136 crore
  • Indirect Cost: ₹132 crore
  • EBITDA: ₹381 crore (28.7% YoY growth)
  • EBITDA Margin: 26.7%
  • Other Income: ₹7 crore
  • Depreciation & Amortization: ₹188 crore
  • Interest: ₹119 crore
  • Profit before Tax (before Exceptional Items and FX): ₹80 crore (67.3% YoY growth)
  • Exceptional Items: ₹2 crore expense
  • FX Gain: ₹10 crore
  • Share of Profit in JV: ₹3 crore
  • Profit before Tax: ₹91 crore
  • Tax: ₹33 crore
  • Net Profit: ₹58 crore

H1 FY27 Financials:

  • Revenue: ₹2,696 crore (29.4% YoY growth)
  • Personnel Cost: ₹1,761 crore (32.3% YoY increase)
  • Employee Cost: ₹1,533 crore
  • Other Direct Cost: ₹228 crore
  • Indirect Cost: ₹248 crore
  • EBITDA: ₹683 crore (26.3% YoY growth)
  • EBITDA Margin: 25.3%
  • Other Income: ₹19 crore
  • Depreciation & Amortization: ₹368 crore
  • Interest: ₹246 crore
  • Profit before Tax (before Exceptional Items and FX): ₹89 crore (66.8% YoY growth)
  • Exceptional Items: ₹67 crore expense
  • FX Gain: ₹35 crore
  • Share of Profit in JV: ₹2 crore
  • Profit before Tax: ₹58 crore
  • Tax: ₹46 crore
  • Net Profit: ₹12 crore

Exceptional Items Breakdown: Includes ₹71 crore towards NCLT proceedings related settlement and ₹6 crore net gain in relation to JV/subsidiary.

Balance Sheet Position (as of September 2026)

Assets:

  • Cash and cash equivalents: ₹158 crore
  • Trade and other receivables, net: ₹467 crore
  • Other financial assets: ₹3,709 crore (includes unbilled revenue and advances towards content investments)
  • Other current assets: ₹423 crore
  • Property, plant and equipment: ₹701 crore
  • Intangible assets: ₹822 crore
  • Other long-term assets: ₹4,436 crore (includes goodwill of ₹2,436 crore, content investments of ₹555 crore, and right-of-use assets of ₹694 crore)
  • Total Assets: ₹10,716 crore

Liabilities and Equity:

  • Gross debt: ₹5,173 crore
  • Accounts payable: ₹410 crore
  • Other financial liabilities: ₹775 crore
  • Other current liabilities: ₹980 crore (includes current portion of lease liabilities, accrued salaries, interest payable)
  • Total current liabilities: ₹2,165 crore
  • Total non-current liabilities: ₹802 crore
  • Total shareholders' equity: ₹2,577 crore

Debt Overview and Reduction Strategy

Debt Position:

  • Gross debt (September 2026): ₹5,173 crore
  • Cash & cash equivalents and liquid investments: ₹172 crore
  • Net debt: ₹5,001 crore

Debt Increase Drivers: Payout of ₹408 crore towards settlement of Reliance Alpha NCLT case, plus capex and R&D spends towards capacity build out.

Debt Reduction Plan: Company plans to reduce debt by $150-200 million over next twelve months through:

  • Monetization of investment content assets ($100m-$150m)
  • Operational working capital improvement
  • Capital markets fundraise

Business Segments and Capabilities

Creative Vertical: World's No. 1 independent VFX and animation services provider with premium film and episodic visual effects. Expansion beyond film and TV into Theme Parks, Digital Concerts, Immersive Experiences and Games.

AI/Technology Vertical: Secure, end-to-end enterprise content platform with Brahma AI offering three product lines: BRAHMA AI Core (AI-native infrastructure), BRAHMA AI Studio (AI-native content creation), and BRAHMA AI Labs (innovation ecosystem).

Production Vertical: Selective strategic co-productions with top tier studios and filmmakers, creating natural hedge for content investments through additional VFX & animation services revenues.

Global Recognition: DNEG has won 8 VFX Oscars (7 in last 10 years) and many prestigious industry awards. Maintains 25+ years of client relationships with major studios.