Basilic Fly Studio Ltd. (BASILIC)
SME CapMedia stocks · SME cap · NSE
Basilic Fly Studio Ltd. (BFS) provides end-to-end visual effects (VFX) services for films, TV, web, and commercials. Operating from India, UK, France, and Canada, BFS acquired 'One of Us' in July 2024. Key clients include Netflix, Amazon, Disney, Sony, and Warner Brothers, with over 80% of revenue from Europe and North America.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -44% YoY · margin compression · Rev +10% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹103.5 Cr | +9.9% | -8.7% |
| EBITDA | ₹14.4 Cr | -22.6% | -39.7% |
| Operating margin | 13.9% | -584 bps | -717 bps |
| PAT | ₹6.7 Cr | -44.2% | -56.5% |
| PAT margin | 6.5% | -627 bps | -711 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated total income grew 36.6% YoY to INR 418 crores, with PAT up 13.2% YoY to INR 50.6 crores. Consolidated EBITDA margin contracted to 20.9% due to project rescheduling and initial costs of 14 senior hires, while India standalone business showed robust 64% YoY revenue growth and margin improvement.
BFS delivered strong top-line growth, driven by its India business and strategic global expansion. However, consolidated margins are under pressure from project delays and significant investments in talent and technology. Aged receivables remain a concern, though management reports recent collections. The thesis is under stress as the company navigates these transitional costs for future scalability.
India-led Delivery Model
Our India-led delivery model remains to be one of the strongest competitive advantages, providing a structural cost advantage of approximately 30% to 40%.
Proprietary AI-enabled Workflows
Actively deployed proprietary AI-enabled workflows (4K de-aging, AI-assisted 3D generation, high-fidelity texture creation) to reduce execution timelines and enhance profitability.
Universal Scene Description (USD) Pipeline
Investing in USD pipeline enables seamless integration across global sites, improves interoperability, and strengthens ability to qualify for higher-value Tier 1 global mandates.
Strategic Senior Leadership Hires
Onboarded 14 senior leadership hires in FY'26, including ex-Netflix and ex-ILM, to drive business development, operations, and AI initiatives across geographies.
Bengaluru Operations Expansion
Continued expansion of our Bengaluru operations; the team has grown to a size of around 40 people.
Global Infrastructure Hardening
Investing in storage with NetApp to gear up for the next level, opening seamless integration across global sites.
Planned Geographic Expansion
Planning to expand to Bangalore & Mumbai in India and North America overseas very soon.
Industry Revival
The industry is reviving after the strike period, leading to increased opportunities.
Increased Offshoring Opportunities
India growth reflects client confidence on BFS being the vendor of first choice, our increased offshoring opportunities and strong execution capabilities.
Rupee Depreciation Benefit
Rupee depreciation and other currencies skyrocketing has benefited us, contributing 20% to 25% on average to other income.
Project Rescheduling
Consol margins are impacted primarily by the project shifting to FY '27.
Initial Costs of Strategic Hires
Consol full year margins are impacted by the initial period expense investment of the 14 senior hires.
Aged Receivables
UNDER_STRESSAged receivables more than 6 months stood at INR 59.5 crores as of March 31, 2026, though management expects reduction by H1 FY27.
Bid Pipeline Conversion
Traditional winning ratio ranges from 60% to 70%, but larger ticket sizes in the current pipeline could significantly change this percentage.
M&A Execution Risk
Evaluating 7-8 companies, in advanced stages with 2-3 players; previous LOI is on hold from seller side.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly reports full-year financial results and discusses impacts over the year, such as project rescheduling and strategic hires. VFX projects often have longer execution cycles, making year-over-year comparisons more relevant for assessing overall performance and strategic shifts.
Consolidated Total Income (FY26)
Consolidated total income amounted to INR 418 crores versus Rs. 306 crores in the last year, a growth of 36.6% year-on-year.
Consolidated PAT (FY26)
Our PAT amounts to INR 50.6 crores versus Rs. 44.7 crores last year, a growth of 13.2% year-on-year.
Consolidated EBITDA Margin (FY26)
UNDER_STRESSMaintaining an EBITDA percentage at 20.89%. EBITDA margin shrank by 2.6% for the full year respectively. FY'26 EBITDA margin stands at 20.9% versus 23.5% last year.
India Standalone Revenue (FY26)
India business continued to deliver robust results. FY'26 revenue of INR 120 crores. At full year level, growth stood at 64% on a year-over-year basis.
FY27 Revenue Growth Outlook
We would be able to add on 30% to what we did in the current year and the last financial year, organically.
FY27 PAT Target
Expects PAT to be comfortably within INR 65-70 crores, potentially surpassing INR 70 crores with current initiatives.
M&A Strategy
Actively exploring M&A for geographical diversification (North America, Spain) and service diversification (gaming, commercial, immersive experience).
Mainboard Migration
Process kick-started for mainboard migration; eligibility lies by September 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book & Bid Pipeline Conversion | INR 232 crores order book, INR 456 crores bid pipeline (FY27). | Conversion rate of the bid pipeline, especially for larger ticket size projects (e.g., 5-7 million GBP), and execution timeline. |
| Consolidated EBITDA Margin | 20.9% (FY26), down 2.6% YoY. | Improvement in margins as senior hires integrate, and AI/USD technology investments yield operational efficiencies and higher project profitability. |
| Aged Receivables (>6 months) | INR 59.5 crores (as of March 31, 2026). | Reduction to under INR 40 crores by the end of Q1 FY27, as guided by management, indicating improved working capital management. |
| M&A Progress | In advanced stages with 2-3 prospects; previous LOI on hold. | Announcement of signed LOIs and successful closure of acquisitions to diversify geography and services, contributing to inorganic growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -3.4% / mo · MACD + · near 52W low
Technical chart
BASILICdaily · 1Y · AUTO-8.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 46.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.5% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 63% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 50.4%.
- Growth contributes 20/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 82nd percentile within Media. Main check: results consistency is weak at 39/100.
Healthy Trust Lite: Promoter holding is 55.3%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Media: 82nd pctile, median 62 · SME: 85th pctile, median 64
16 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.3%.
- ▸Promoter pledge is zero.
- ▸ROCE is 22.3%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -16.4%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 9.90
- P/B
- 1.43
- EV/EBITDA
- 6.01
- Market Cap
- 477.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 22.30%
- ROA
- 8.38%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 73.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.32
- Interest Coverage
- 7.18×
- Altman Z
- 3.70
- Book Value
- 132.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 23.00 Cr
- EPS TTM
- 17.86
Shareholding
- Promoter Hold
- 55.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Media, ranked by similarity
Peers
Business-comparable names in Media, ranked by similarity
Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.