Prime Focus Limited (PFOCUS)
Micro CapMedia stocks · Micro cap · NSE
Prime Focus is the world's #1 independent VFX and animation services provider, offering premium film and episodic visual effects. It also operates Brahma AI, an AI-native enterprise content platform, and engages in selective strategic co-productions. The company leverages a global footprint with c.80% India-based headcount for cost advantage, with c.94% revenue ex-India.
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.
Weak fundamentals, management trust is acceptable, price trend is neutral, 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 -142% YoY · margin compression · Rev +24% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,267 Cr | +23.9% | -8.4% |
| EBITDA | ₹301 Cr | +23.4% | -38.3% |
| Operating margin | 24.0% | +0 bps | -1100 bps |
| PAT | ₹-46 Cr | -141.8% | -139.0% |
| PAT margin | -3.6% | -1438 bps | -1216 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
Prime Focus reported strong FY26 results with revenue up 30% YoY to INR 4,676 cr. and EBITDA margin at 30%. Q4 FY26 saw revenue growth of 41% YoY and 15% QoQ, with EBITDA margin expanding to 35%. The company returned to profitability in FY26 with INR 301 cr. net profit.
The company demonstrates strong operational performance and a return to profitability, supported by a robust order book and traction in its AI platform. However, the execution of the stated debt reduction plan and the monetization of working capital tied to content investments are critical for sustained financial health.
VFX & Animation Leadership
World’s No. 1 independent VFX and animation services provider with key creative partnerships with the world’s biggest studios.
Brahma AI Platform
AI-native enterprise content platform securing new multi-year deals, converting POCs into enterprise engagements, and expanding into new verticals and regions.
New Market Expansion
Expansion beyond film and TV into Theme Parks, Digital Concerts, Immersive Experiences, and Games.
Strategic Co-productions
Selective strategic co-productions with top-tier studios and filmmakers, leveraging relationships for tentpole projects.
Tech Infrastructure for Brahma AI
Capex ramped up towards procurement of compute, render, memory, and other equipment to enable scaling up tech capabilities of BRAHMA AI.
Industry Tailwinds
Company states it is benefiting from industry tailwinds and is well-positioned for growth.
Cost Advantage from Global Footprint
Global footprint with c.80% India-based headcount provides a significant competitive advantage for providing services worldwide at a lower cost.
Recurring Revenue Base
Highly recurring and visible revenue base from the world’s largest content creators, with c.90% revenue from recurring customers.
FX Impact on Debt
Non-cash loss of INR 38cr in Q4 FY26 due to debt translation accounting; gross debt increased by c.INR 440cr due to FX impact on foreign currency loans.
Working Capital Monetization
Significant working capital is tied up in content investments, with expected release and monetization over the next twelve months.
Debt Reduction Execution
Execution of the debt reduction strategy to pare down $150-$200m over the next twelve months, supported by asset monetization and capital markets fundraise.
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.
Both YoY and QoQ comparisons are relevant. YoY reflects overall business expansion and project scale, while QoQ highlights sequential momentum in project execution, operational efficiencies, and the ramp-up of new initiatives like Brahma AI.
Global Employees
9,900+
Revenue ex-India
c.94%
Revenue from recurring customers
c.90%
Headcount based out of India
c.80%
Cash Flow Generation
Management expects strong operating cash flow generation on the back of robust revenue growth and operational efficiencies.
Working Capital Release
Anticipates significant reduction in working capital over the next twelve months driven by the release and monetization of key content projects.
Debt Reduction Target
Aims to reduce debt by $150-$200m over the next twelve months through monetization of investment content assets, operational working capital improvement, and capital markets fundraise.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt | INR 4,138 cr. (FY26) | Progress towards $150-$200m debt reduction over 12 months. |
| Working Capital | INR 684 cr. (change in FY26) | Monetization of content investments and reduction in working capital. |
| Order Book & Pipeline | c.$1bn for FY27 and beyond | Conversion of pipeline into revenue and new deal wins. |
| Brahma AI Traction | New multi-year deals, POC conversions, new verticals/regions | Continued commercial growth and expansion across products and markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57Neutralfull bull SMA stack · MACD −
Technical chart
PFOCUSdaily · 1Y · AUTO+10.1%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 60.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 60 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 91% 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 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 11/20 to the score.
- Growth contributes 13/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -867.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 0/15; 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: +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.
Mixed Trust: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 43rd percentile within Media. Main check: balance sheet trust is weak at 40/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 7.08.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 43rd pctile, median 62 · Micro: 15th pctile, median 73
43 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
Mixed 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 pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 7.08.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 3%.
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
- 134.00
- P/B
- 11.41
- EV/EBITDA
- 13.57
- Market Cap
- 23908.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 11.50%
- ROA
- 1.36%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 54.00%
- Revenue 3Y
- 7.58%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 7.08
- Interest Coverage
- 2.81×
- Altman Z
- 2.50
- Book Value
- 26.90
Cash Flow
- FCF Yield
- 1.82%
- FCF Positive Y
- 5/5
- OCF
- 1024.00 Cr
- EPS TTM
- 1.49
Shareholding
- Promoter Hold
- 3.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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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.