Annual report
Copy of Newspaper Publication 9 Sep - Newspaper publication announces 26th AGM notice, annual report, and e-voting dispatch.
Source: Nse
Digikore Studios Ltd. (DIGIKORE)
SME CapMedia stocks · SME cap · NSE
Digikore Studios is an Indian VFX studio specializing in visual effects for films, web series, TV, documentaries, and commercials. Founded in 2000, it serves major global studios like Disney/Marvel, Netflix, and Amazon, leveraging licensed software and proprietary tools. The company listed on the NSE SME platform in October 2023.
₹31.65
+1.10 · +3.60%
Market cap ₹41.7 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result06 May, 04:03 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)
Technical timing lens
Trend score and candlestick chart
51Neutralfull bear SMA stack · SMA20 -8.1% / mo · MACD − · near 52W low · sector +14.1pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 100
Sector 3M: +8.5% vs Nifty 500 -5.6%
Media FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
DIGIKORED candles · FIT view-53.5%Latest close ₹31.65 on 2026-10-21
Bar
+2.6%
RSI
33
MACD hist
-0.42
52W pos
2%
2026-10-21O ₹30.85H ₹32.95L ₹29.00C ₹31.65Vol 46,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DIGIKORENifty MediaNifty 500
- DIGIKORE
- -36.6%
- Nifty 500
- -6.5%
- Nifty Media
- +5.7%
- Vs Nifty 500
- -30.1 pp
Chart stats
21 Oct 2026- From 52W high
- -81.0%
- 52W range position
- 2%
- ATR (14)
- 8.2%
- Volume vs 20D
- 1.49x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹29 - ₹38.7
₹166.3
₹29 - ₹166.3
₹2.6
Latest completed session
20-session average
48.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +45.5% · PAT +133.3% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+85.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence49
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +45% YoY · PAT +133% YoY · margin expansion · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32 Cr | +45.5% | -5.9% |
| EBITDA | ₹11 Cr | NDF | +0.0% |
| Operating margin | 35.0% | NDF | +300 bps |
| PAT | ₹7 Cr | +133.3% | +16.7% |
| PAT margin | 21.9% | NDF | +423 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 3.30
- P/B
- 0.88
- EV/EBITDA
- 3.58
- Market Cap
- 41.70Cr
Profitability
- ROE
- 30.70%
- ROCE
- 24.70%
- ROA
- 11.11%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 1.15
- Interest Coverage
- 3.14×
- Altman Z
- 2.11
- Book Value
- 37.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -8.00 Cr
- EPS TTM
- 9.98
Shareholding
- Promoter Hold
- 86.50%
- Promoter Pledge
- 86.50%
- Momentum 52W
- 4%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 32.0-5.9% vs prev
Net Profit
₹ CrLatest: 7.0+16.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.8% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 81% off 52W high · 9% 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 & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth22/25
Quality16/20
Balance Sheet3/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 85.9%.
- Valuation contributes 30/30 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Promoter pledge is 86.5%.
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
3.3
PB
0.9
EV/EBITDA
3.6
ROE
30.7%
ROCE
24.7%
FCF Yield
—
Debt/Equity
1.1
MoS
+85.9%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+85.9%
Previous: +86.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹91.89
+65.6% MoS
Growth-justified P/E
22.5
Growth-justified Value
₹224.55
+85.9% MoS
PEG
0.11
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
STUDIOLSD
SME
Studio LSD Ltd.
Media & Entertainment
match 90
22
—
-3.9%
—
OVERVALUED
IDENTICAL
SME
Identical Brains Studios Ltd.
Media & Entertainment
match 88
44
15.0
4.5%
+33%
WATCHLIST
BAWEJA
SME
Baweja Studios Ltd.
Media & Entertainment
match 61
25
8.0
5.7%
-341%
OVERVALUED
CMRSL
SME
Cyber Media Research & Services Ltd.
Media & Entertainment
match 60
77
5.1
19.6%
+77%
DEEP VALUE
MPTODAY
SME
Madhya Pradesh Today Media Ltd.
Media & Entertainment
match 59
49
6.4
6.3%
+6%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T14:20:34.066Z
Management commentary snapshot
Digikore Studios reported robust H1 FY26 performance with Total Income up 59.7% YoY to ₹36.13 Cr, PAT up 116.7% YoY to ₹6.11 Cr, and EBITDA up 113.6% YoY to ₹12.60 Cr. PAT margin expanded significantly to 16.91% from 12.48% in H1 FY25.
The company delivered strong H1 FY26 results, driven by increased demand for VFX services. Strategic diversification into AI SaaS platforms and branded content production aims to future-proof operations and create scalable, recurring revenue streams, positioning it for continued growth in the evolving media landscape.
Current business mix
Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Abroad (International Media Industry)98.0%
Domestic2.0%
Growth engines
Post-Strike Demand Recovery
Post-strike recovery in 2025 is driving a surge of backlog-driven demand from major studios, creating a 'catch-up wave' of VFX-intensive content.
Growth of Streaming Platforms
The rise of streaming giants like Netflix, Amazon, and Disney+ has led to an explosion in episodic content requiring high-end VFX.
Increasing VFX Intensity in Productions
Hollywood productions are increasingly VFX-heavy, with major studios allocating up to 40% of total budgets to visual effects in tentpole films and episodic.
Diversification into AI SaaS and Branded Content
Foray into Branded Content Production diversifies revenue streams and opens up scalable IP monetization opportunities; investments in AI SaaS platforms.
Tailwinds
Global VFX Market Growth
The global visual effects (VFX) market soared to US$ 10 Billion in 2023, projected to surge to US$ 18 Billion by 2032, with a CAGR of 6.7%.
Demand for High-Quality Content
Growth is propelled by escalating demand for high-quality content, proliferation of streaming platforms, and technological innovations in VFX tools.
Shift to Virtual Production
Hollywood’s shift toward virtual production, digital doubles, de-aging, and real-time rendering is accelerating VFX dependency.
Need for Scalable Outsourcing
Shorter production timelines and global competition have increased demand for reliable, scalable VFX outsourcing partners.
Management accountability
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.
Analyst reading lens
Compare YOY
The presentation provides half-yearly financial data (H1 FY26 vs H1 FY25), making year-over-year comparison the most appropriate for assessing performance trends over a comparable period.
Sector KPIs management disclosed
Total Income
H1 FY26: ₹36.13 Cr vs H1 FY25: ₹22.62 Cr
Net Profit
H1 FY26: ₹6.11 Cr vs H1 FY25: ₹2.82 Cr
EBITDA
H1 FY26: ₹12.60 Cr vs H1 FY25: ₹5.90 Cr
PAT Margin
H1 FY26: 16.91% vs H1 FY25: 12.48%
Management forward view
Evolution to Media & Technology Powerhouse
Digikore Studios is evolving into a Media & Technology powerhouse, building Branded Content IPs, AI SaaS Platforms, and Virtual Production Assets.
Leveraging AI for Productivity
Actively leveraging AI to boost internal VFX productivity, reduce turnaround times, and enhance margins and scalability.
Strategic Investment in AI SaaS
Investments in AI SaaS platforms and development of proprietary automation tools reflect a strategic pivot toward future-ready operations.
IP Monetization through Branded Content
Branded content IPs for OTT and digital platforms offer recurring monetization through syndication, licensing, and YouTube ad revenues.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ₹25 Cr + (H1 FY26) | Sustained growth in the order book, particularly direct global studio contracts, indicating continued demand. |
| AI SaaS Platform Adoption & Revenue | Launched SaaS based AI platforms (2025) | User adoption rates and explicit revenue contribution from new AI platforms like SelfSync.ai and MaxiPitch. |
| Branded Content Monetization | YouTube channel launched with shows 'Kaise Banta Hai' and 'Indian Angels' | Growth in viewership, subscriber count, and ad revenue from the YouTube channel and other distribution channels for branded content. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
49Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 10th percentile within Media. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
10 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
6th percentile
overall median 67 · Media: 10th pctile, median 63 · SME: 6th pctile, median 64
Evidence depth
Financial-only
10 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
43
weak · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
80
strong · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 86.5%.
- ▸ROCE is 24.7%.
Trust risks
- ▸Promoters have pledged 86.5% of holding.
- ▸Operating cash flow is negative at ₹-8 Cr.
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.15.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Digikore Studios Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationSep 2025
Sep 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.