Picturepost Studios Ltd. (PPSL)
SME CapMedia stocks · SME cap · NSE
Incorporated in 2019, Picturepost Studios Ltd. (PPSL) is a Mumbai-based post-production service provider offering end-to-end solutions including editing, VFX, sound design, color grading, and animation for feature films, web series, advertisements, and corporate communications. Operates in the fast-growing AVGC and digital content industry.
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 argues for patience, and recent execution is mixed.
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
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8.2 Cr | NDF | -32.2% |
| EBITDA | ₹3.2 Cr | -41.0% | +62.0% |
| Operating margin | 39.4% | +1142 bps | +2292 bps |
| PAT | ₹0.6 Cr | NDF | +150.0% |
| PAT margin | 7.3% | -591 bps | +532 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
Picturepost Studios reported strong H2 FY25 results with revenue up 40.9% YoY, EBITDA up 44.0% YoY, and PAT up 42.7% YoY. Full FY25 performance also showed robust growth, with revenue increasing 40.7% and PAT rising 46.6% YoY, driven by margin expansion.
PPSL delivered robust financial performance in H2 FY25 and full FY25, driven by strong demand for post-production services across films, OTT, and advertising. Margin expansion indicates operational efficiency. Strategic initiatives like AI integration and global expansion could sustain growth, but execution risks remain.
Revenue by Segment (FY25)
Latest issuer-disclosed distribution across 2 reported categories.
AI Content Division
Newly launched AI Content Division supercharges visual storytelling with speed, scale, and sophistication.
OTT Platform Growth
Growing popularity of OTT platforms like Netflix, Amazon Prime, Disney+ driving demand for content.
Global Outsourcing
India's lower production costs and large, skilled talent pool attract global outsourcing in VFX and animation.
Original Content Creation
Plan to develop original animated content and launch an OTT platform dedicated to animation.
New Andheri Office
Incorporated new office in Andheri, approximately 7,000 Sq ft.
UK Subsidiary
Incorporated new subsidiary in UK to drive international growth.
AVGC Industry Growth
Indian VFX & Animation Industry projected to grow at a CAGR of 17.5% to reach INR 185 billion by 2026.
Government Incentives
Government incentives driving up to 30% cost reimbursement to attract global collaboration.
Digital Content Demand
Demand surge for local and international VFX for series, films, and ads across platforms.
India's Competitive Edge
Lower production costs and scalable operations make India globally competitive for VFX and animation.
Competition
The VFX industry is competitive, requiring years of exceptional performance to achieve approvals from global leaders.
Technological Advancements
Future performance is subject to technological implementation, changes, and advancements.
Content Security
Maintaining TPN certification and preventing leaks, breaches, and hacks is crucial for client trust and industry standing.
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 provides both half-yearly (H2 FY25 vs H2 FY24 and H2 FY25 vs H1 FY25) and full-year (FY25 vs FY24) comparisons. YoY is crucial for assessing annual growth and seasonal trends, while HoH (QoQ for half-yearly) indicates sequential momentum and execution.
Revenue from Operations
H2 FY25: 1,961.4 Lacs (+40.9% YoY, +12.0% HoH); FY25: 3,712.4 Lacs (+40.7% YoY)
EBITDA
H2 FY25: 549.6 Lacs (+44.0% YoY, +26.8% HoH); FY25: 983.2 Lacs (+60.2% YoY)
EBITDA Margin
H2 FY25: 28.0% (+60 bps YoY, +320 bps HoH); FY25: 26.5% (+320 bps YoY)
PAT
H2 FY25: 259.4 Lacs (+42.7% YoY, +6.2% HoH); FY25: 503.7 Lacs (+46.6% YoY)
Transition to Content Creation
Management aims to transition from a service provider to a content creation leader.
Global Brand Recognition
To build a globally recognized brand in animation and digital entertainment.
New Business Vertical Launch
To launch a dedicated Animation and Gaming Department to cater to outsourcing demand from global markets.
Global Expansion
Establishing a subsidiary in the UK and opening frontend offices in US, UK, and Canada for stronger market presence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY25 Revenue 3,712.4 Lacs (+40.7% YoY) | Sustained growth in revenue from existing and new clients, especially from the new AI division and global markets. |
| EBITDA Margin | FY25 EBITDA Margin 26.5% | Maintenance or expansion of EBITDA margins, indicating efficient scaling and cost management. |
| New Business Vertical Execution | Plan to launch Animation and Gaming Department | Timely launch and initial project wins in the new Animation and Gaming Department. |
| Global Expansion Progress | UK subsidiary incorporated, plans for US/Canada offices | Establishment of new global offices and securing international projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41Neutralfull bear SMA stack · SMA20 +2.5% / mo · MACD + · near 52W low
Technical chart
PPSLdaily · 1Y · AUTO-57.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~2.4% over last month) — short-term momentum positive.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 82% off 52W high · 36% 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
- Balance sheet contributes 12/15 to the score.
- Valuation contributes 19/30 to the score.
- Cash flow contributes 2/10 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -5682.4%.
- Quality is weaker at 0/20; 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 42nd percentile of the scored universe and 59th percentile within Media. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: Promoter holding is 68.4%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 59th pctile, median 62 · SME: 51st pctile, median 64
1 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 holding is 68.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸Debt/equity is 0.08.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 4.3%.
- ▸ROE is low at 2.9%.
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
- 9.94
- P/B
- 0.29
- EV/EBITDA
- 1.16
- Market Cap
- 8.35Cr
Profitability
- ROE
- 2.92%
- ROCE
- 4.27%
- ROA
- 2.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- -83.33%
- Revenue 3Y
- —
- EPS 3Y
- -83.33%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 23.82×
- Altman Z
- 2.63
- Book Value
- 9.97
Cash Flow
- FCF Yield
- 1.56%
- FCF Positive Y
- 1/5
- OCF
- 5.80 Cr
- EPS TTM
- 0.29
Shareholding
- Promoter Hold
- 68.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
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.