Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Phantom Digital Effects Ltd. (PHANTOMFX)
SME CapIT stocks · SME cap · NSE
Phantom Digital Effects Limited (PhantomFX) is a leading visual effects (VFX) studio providing end-to-end services for films, web series, and commercials. Headquartered in Chennai, India, with offices in Mumbai, Hyderabad, US, Canada, UK, and Dubai. A Certified Trusted Partner Network (TPN) member, it recently unified studios under Phantom Media Group (PMG).
₹95.55
-2.30 · -2.35%
Market cap ₹152 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:46 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
62BullishSMA20 -17.7% / mo · MACD + · near 52W low · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PHANTOMFXD candles · FIT view-54.2%Latest close ₹95.55 on 2026-10-19
Bar
+0.1%
RSI
46
MACD hist
2.24
52W pos
7%
2026-10-19O ₹95.50H ₹108.00L ₹95.00C ₹95.55Vol 40,500 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
PHANTOMFXNifty ITNifty 500
- PHANTOMFX
- -48.1%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- -42.5 pp
Chart stats
19 Oct 2026- From 52W high
- -69.3%
- 52W range position
- 7%
- ATR (14)
- 9.2%
- Volume vs 20D
- 1.48x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹80 - ₹116
₹311
₹80 - ₹311
₹8.8
Latest completed session
20-session average
98.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish62
Price trend and sector-relative-strength timing.
Valuation
Legacy model-132.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
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 30 Sept 2025
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Sept 2025
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹85 Cr | NDF | +26.9% |
| EBITDA | ₹25 Cr | NDF | NDF |
| Operating margin | 30.0% | NDF | NDF |
| PAT | ₹21 Cr | NDF | +75.0% |
| PAT margin | 24.7% | NDF | NDF |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 4.66
- P/B
- 0.43
- EV/EBITDA
- 4.22
- Market Cap
- 152.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 17.60%
- ROA
- 8.77%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 14.61%
- EPS 5Y
- -16.67%
- Revenue 3Y
- -40.00%
- EPS 3Y
- -40.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 7.60×
- Altman Z
- 3.63
- Book Value
- 221.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -19.00 Cr
- EPS TTM
- 14.88
Shareholding
- Promoter Hold
- 3.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 85.0+26.9% vs prev
Net Profit
₹ CrLatest: 21.0+75.0% 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 46.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~21.5% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 69% off 52W high · 19% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
2
RS percentile
Stage 4 Downtrend
1M return
+0.1%
3M return
-48.1%
6M return
-56.2%
1Y return
-59.3%
RS 1D
0
RS 20D
0
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 40.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -7.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 40.4-1.34%
RS vs Nifty 50040
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · WATCHLISTValuation24/30
Growth7/25
Quality4/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Valuation contributes 24/30 to the score.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -132.6%.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
4.7
PB
0.4
EV/EBITDA
4.2
ROE
13.0%
ROCE
17.6%
FCF Yield
—
Debt/Equity
0.3
MoS
-132.6%
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
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-132.6%
Previous: -132.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
39
39
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
₹272.01
+64.9% MoS
Growth-justified P/E
2.8
Growth-justified Value
₹41.07
-132.6% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in IT — 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
BAGDIGITAL
SME
B.A.G. Convergence Ltd.
Media & Entertainment
match 130
58
20.7
21.7%
+36%
FAIR VALUE
CUDML
SME
Cash Ur Drive Marketing Ltd.
Media & Entertainment
match 121
42
6.0
19.7%
+25%
WATCHLIST
DGCONTENT
Small
Digicontent Limited
Media & Entertainment
match 115
34
8.5
11.6%
-408%
WATCHLIST
LATENTVIEW
Large
Latent View Analytics Limited
Media & Entertainment
match 112
45
25.8
11.9%
+21%
WATCHLIST
RADIOWALLA
SME
Radiowalla Network Ltd.
Media & Entertainment
match 111
15
152.0
0.7%
-1048%
OVERVALUED
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 2026-08-21T07:47:38.421Z
Management commentary snapshot
PhantomFX reports strong H1 FY26 consolidated performance with Total Income up 140.91% YoY to ₹8,829.50 Lakhs, PAT up 149.99% YoY to ₹2,068.55 Lakhs, and EPS at ₹13.87, up 127.75% YoY. EBITDA grew 75.39% YoY to ₹2,862.27 Lakhs, though EBITDA margin compressed to 32.42% from 44.53% YoY.
The company delivered robust H1 FY26 financial growth, driven by sustained demand and strategic acquisitions like Milk VFX and Tippett Studio. Expansion into China and Europe, coupled with a QIP fundraise, positions PhantomFX for continued global scaling, despite some margin compression.
Growth engines
Strategic Acquisitions
Acquisition of Milk VFX and Tippett Studio significantly elevates creative depth and strengthens integration across global content hubs, leveraging award-winning credibility.
Global Market Expansion
Establishment of Phantom China and expanded UK & EU market presence via acquired studios (Milk VFX, Lola Post) provides access to new clientele and tax incentives.
Streaming & Immersive Storytelling Demand
Management views streaming growth and immersive storytelling as vast opportunities, driving demand for high-quality VFX content.
Diversified Portfolio & New Verticals
Adds high-end genres (commercials, sci-fi, fantasy) and explores gaming, 3D ride animations, and original IP creation, enhancing bidding influence and resource synergies.
Capacity and execution
Artist Base Expansion
PhantomFX now has 650+ artists (permanent and contracted), with Milk adding 150+ skilled professionals across France, Spain, Ireland, and the UK.
New Global Facilities
Established Phantom China facility in Hangzhou and expanded Bengaluru operations through Spectre Post, enhancing post-production capabilities.
Tailwinds
Rising Global VFX Demand
Growing need for high-quality VFX in films, TV series, and video games, driven by global entertainment industry expansion.
Streaming Platform Investment
OTT players like Netflix, Disney+, and Amazon Prime Video are heavily investing in VFX-rich original content.
India as a Global VFX Hub
India is emerging as a cost-effective outsourcing destination, with government support boosting the AVGC sector.
Tax Incentives
Acquisitions unlock UK Film & TV Tax Relief and European co-production subsidies, enabling optimal project structuring.
Risk radar
Integration Risk of Acquisitions
Successful integration of acquired studios like Milk VFX and Tippett Studio is crucial for realizing synergies and maintaining creative depth and operational efficiency.
Competition in Global VFX Market
The VFX industry is highly competitive, requiring continuous innovation and strategic positioning to maintain market share and attract top talent.
Technological Advancements & AI Adoption
Rapid technological changes and advancements, including AI integration, require continuous R&D investment to maintain a competitive edge and efficient workflows.
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 investor presentation explicitly highlights year-on-year growth percentages for all key financial metrics for H1 FY26, indicating that this comparison best reflects the company's performance trajectory and strategic impact over a longer period.
Sector KPIs management disclosed
EBITDA Margin
Consolidated EBITDA Margin for H1 FY26 was 32.42%, down from 44.53% in H1 FY25.
PAT Margin
Consolidated PAT Margin for H1 FY26 was 23.43%, up from 22.58% in H1 FY25.
EPS
Consolidated EPS for H1 FY26 was ₹13.87, a 127.75% YoY increase.
Management forward view
Transition to Diversified Global Organization
These achievements highlight PhantomFX’s transition into a more diversified, capability-rich, and internationally aligned organisation.
Focus on Client Outcomes & Tech Edge
Our focus remains on elevating client outcomes, advancing our technological edge, and contributing meaningfully to the evolving landscape of global visual effects.
Building Global Brand & India as Creative Powerhouse
PhantomFX remains committed to scaling talent, adopting cutting-edge technologies, and delivering world-class content as we continue building PhantomFX as a global brand and India as a creative powerhouse.
Unified Global Pipeline
Operating across eight countries and five major brands, PhantomFX leverages AI, real-time production, and tax-efficient structures to deliver world-class content with unmatched creative agility.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 32.42% (H1 FY26) | Trend in consolidated EBITDA margin, especially post-acquisition integration, given the H1 FY26 compression from H1 FY25's 44.53%. |
| Acquisition Integration Progress | Milk VFX and Tippett Studio acquisitions completed. | Evidence of successful integration, synergy realization, and contribution to financial results from acquired entities in future reports. |
| China Operations Ramp-up | Phantom China established in Hangzhou, engaged in large-scale projects. | Specific project wins, revenue contribution, and operational metrics from the newly established Chinese facility. |
| New Verticals Contribution | Exploring gaming, 3D ride animations, and original IP creation. | Updates on progress in new verticals and their contribution to overall revenue and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited 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 35th percentile of the scored universe and 32nd percentile within IT. 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
14 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · IT: 32nd pctile, median 69 · SME: 41st pctile, median 64
Evidence depth
Financial-only
14 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
66
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-19 Cr.
- ▸Promoter holding is only 3%.
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 16.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Phantom Digital Effects Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.