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.
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 needs verification, 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 31 Mar 2026
Excellent · 90/100Rev +45% YoY · PAT +133% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32 Cr | +45.5% | -5.9% |
| EBITDA | ₹11 Cr | +210.0% | +0.0% |
| Operating margin | 35.0% | +11300 bps | +300 bps |
| PAT | ₹7 Cr | +133.3% | +16.7% |
| PAT margin | 21.9% | +9880 bps | +423 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
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.
Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
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.
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
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 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.
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%
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.
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.
Trend score and candlestick chart
38BearishSMA20 -17.9% / mo · MACD + · near 52W low
Technical chart
DIGIKOREdaily · 1Y · AUTO-54.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~21.8% over last month) — short-term momentum negative.
- RSI(14) at 50 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 79% off 52W high · 33% 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 67 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 67 · 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
- Fair-value margin of safety is positive at 81.1%.
- 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.
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: +0 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.
Weak Trust: 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.
Mixed Trust Lite: Promoter holding is 86.5%. Key concern: Promoters have pledged 86.5% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Media: 10th pctile, median 62 · SME: 6th pctile, median 64
10 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
Weak 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 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.
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
- 4.02
- P/B
- 1.07
- EV/EBITDA
- 3.92
- Market Cap
- 50.80Cr
Profitability
- ROE
- 30.70%
- ROCE
- 24.70%
- ROA
- 11.21%
- 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
- 2.21
- 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
- 14%
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.