Date: May 29, 2026

Financial Results (Standalone & Consolidated)

Q4 FY26 Performance (INR crore):

  • Revenue: INR 1,384 crore, up 15% QoQ from INR 1,207 crore (Q3 FY26) and up 41% YoY from INR 979 crore (Q4 FY25)
  • Personnel Cost: INR 777 crore (56% of revenue), compared to INR 607 crore (62% of revenue) in Q4 FY25
  • EBITDA: INR 488 crore, up 24% QoQ from INR 394 crore and up 110% YoY from INR 232 crore
  • EBITDA Margin: 35% in Q4 FY26, compared to 33% in Q3 FY26 and 24% in Q4 FY25
  • Other Income: INR 3 crore
  • FX Loss: INR 38 crore (non-cash loss due to debt translation accounting)
  • Depreciation & Amortization: INR 218 crore
  • Interest: INR 148 crore
  • Exceptional Items: INR 6 crore
  • Profit Before Tax: INR 82 crore, down 2% QoQ from INR 84 crore
  • Tax: INR 36 crore
  • Net Profit: INR 118 crore, up 68% QoQ from INR 70 crore (compared to net loss of INR 252 crore in Q4 FY25)

FY26 Annual Performance (INR crore):

  • Revenue: INR 4,676 crore, up 30% YoY from INR 3,599 crore (FY25)
  • Personnel Cost: INR 2,827 crore, up 19% YoY from INR 2,370 crore
  • EBITDA: INR 1,423 crore, up 81% YoY from INR 786 crore
  • EBITDA Margin: 30% in FY26, compared to 22% in FY25
  • Other Income: INR 34 crore
  • FX Gain: INR 75 crore
  • Depreciation & Amortization: INR 658 crore
  • Interest: INR 515 crore
  • Exceptional Items: INR 25 crore
  • Profit Before Tax: INR 334 crore (compared to loss of INR 411 crore in FY25)
  • Tax: INR 33 crore
  • Net Profit: INR 301 crore (compared to net loss of INR 458 crore in FY25)

Cash Flow Highlights:

  • Operating Cash Flow: INR 1,024 crore
  • Change in Working Capital: INR (684) crore (primarily towards content investments)
  • Net Capex: INR (529) crore (for procurement of compute, render, memory equipment)
  • Investing Cash Flow: INR (590) crore
  • Net Equity Inflow: INR 281 crore
  • Movement of Debt: INR 207 crore
  • Cash Interest Paid: INR (445) crore
  • Financing Cash Flow: INR 43 crore
  • Net Change in Cash Flow: INR 478 crore
  • Closing Cash & Cash Equivalents: INR 688 crore (from opening balance of INR 214 crore)

Debt Position (INR crore):

  • Term Loan: INR 3,668 crore (FY26) vs INR 3,290 crore (FY25)
  • Working Capital Loan: INR 1,069 crore (FY26) vs INR 632 crore (FY25)
  • Finance Leases: INR 326 crore (FY26) vs INR 312 crore (FY25)
  • Total Gross Debt: INR 5,062 crore (FY26) vs INR 4,234 crore (FY25)
  • Net Debt: INR 4,138 crore (FY26) vs INR 3,863 crore (FY25)
  • Increase in Total Gross Debt primarily driven by FX impact (non-cash) from conversion of foreign currency loans into INR terms - approximately INR 440 crore

Business Update

Operational Highlights:

  • Global Employees: 9,900+
  • Revenue from recurring customers: approximately 90%
  • Revenue ex-India: approximately 94%
  • Order book & visible pipeline for FY27 and beyond: approximately $1 billion
  • Headcount based out of India: 30%
  • 8 VFX Oscars (7 in the last 10 years)

Business Verticals Performance:

  • Creative Division: World's No. 1 independent VFX and animation services provider; worked on projects including Ramayana, Dune 3, Masters of the Universe, and Blade Runner 2099
  • AI/Technology Division: Brahma AI platform with 3 key offerings (Brahma AI Core, Brahma AI Studio, Brahma AI Labs)
  • Production Division: Selective strategic co-productions with top tier studios and filmmakers

Brahma AI Platform Achievements:

  • Won NAB Show Product of the Year (Intelligent Technology) award
  • Secured new multi-year deals and renewed key contracts
  • Converted POCs into enterprise engagements
  • Strategic partnership with Google Cloud with joint operating framework
  • Expanded into new verticals: Healthcare (early traction) and Sports (deepening engagements)
  • First customer signed in Southeast Asia (new regional market)
  • Strong traction in key accounts expanding across both Brahma AI Core and Brahma AI Studio
  • Manages 100M+ assets, 100 petabyte archives, 10M VOD assets
  • Has 18+ patents and C2PA watermarking capability

Target Customers and Use Cases:

  • Media & Entertainment: Localize and scale IP libraries, personalize content for global audiences, multilingual marketing
  • Broadcasting & News: Multilingual news anchors, dynamic content localization, archive IP monetization
  • Sports & Athletics: Digital athletes for fan engagement, localized athlete-led campaigns, real-time event-driven content
  • Healthcare & Pharma: Digital physicians for patient communication, avatars in regulated workflows, telehealth and clinical training
  • Education Enterprise Communications
  • Financial Services
  • Retail & Consumer Brands

Strategic Updates

Debt Reduction Strategy:

  • Endeavour to reduce debt by $150-200m over the next twelve months
  • Clear debt reduction plan in place supported by key pillars
  • Expected release of working capital will contribute to strong cash generation

Growth Drivers:

  • Benefiting from industry tailwinds with strong tech backbone and world-class AI capabilities
  • Global leader in VFX and animation services
  • Deeply embedded in content ecosystem
  • Highly recurring and visible revenue base
  • Diversified revenue streams contributing to growth
  • Experienced and dedicated management team