Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
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.
₹2.9
-0.20 · -6.45%
Market cap ₹9.1 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result05 Jun, 12:45 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
68BullishMACD + · near 52W low · sector +14.1pp vs Nifty 500 (3M)
Stock trend: 47
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
PPSLD candles · FIT view-64.4%Latest close ₹2.90 on 2026-10-21
Bar
+1.8%
RSI
49
MACD hist
0.02
52W pos
7%
2026-10-21O ₹2.85H ₹2.90L ₹2.85C ₹2.90Vol 6,000 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
PPSLNifty MediaNifty 500
- PPSL
- +20.8%
- Nifty 500
- -6.5%
- Nifty Media
- +5.7%
- Vs Nifty 500
- +27.3 pp
Chart stats
21 Oct 2026- From 52W high
- -81.2%
- 52W range position
- 6%
- ATR (14)
- 4.9%
- Volume vs 20D
- 0.22x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹2.7 - ₹3.2
₹15.5
₹2.1 - ₹15.5
₹0.1
Latest completed session
20-session average
53.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model-5782.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
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
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8.2 Cr | NDF | -32.2% |
| EBITDA | ₹3.2 Cr | NDF | +62.0% |
| Operating margin | 39.4% | NDF | +2292 bps |
| PAT | ₹0.6 Cr | NDF | +150.0% |
| PAT margin | 7.3% | NDF | +532 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.80
- P/B
- 0.31
- EV/EBITDA
- 1.24
- Market Cap
- 9.08Cr
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
- 2.67
- Book Value
- 9.97
Cash Flow
- FCF Yield
- 1.43%
- FCF Positive Y
- 1/5
- OCF
- 5.80 Cr
- EPS TTM
- 0.29
Shareholding
- Promoter Hold
- 68.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 8.2-32.2% vs prev
Net Profit
₹ CrLatest: 0.6+150.0% 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
NeutralTrend is undirectional — long-term trend down. RSI 49.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 79% off 52W high · 38% 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
3
RS percentile
Stage 4 Downtrend
1M return
+0.0%
3M return
+26.1%
6M return
-62.6%
1Y return
-78.5%
RS 1D
0
RS 20D
+2
Sector rank
#15
Industry rank
#63
Stage evidence
- Price is 38.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -12.1%.
50-DMA
price above
200-DMA
price below
Sector
improving
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
248 observations
21 Oct 2026Value 22.96-5.59%
RS vs Nifty 50023
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation19/30
Growth3/25
Quality0/20
Balance Sheet12/15
Cash Flow2/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
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 -5782.4%.
- Quality is weaker at 0/20; 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
10.8
PB
0.3
EV/EBITDA
1.2
ROE
2.9%
ROCE
4.3%
FCF Yield
1.4%
Debt/Equity
0.1
MoS
-5782.4%
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
32
Previous: 31 (+1)
Legacy U-Score band
WATCHLIST
Previous: OVERVALUED
Margin of safety
-5782.4%
Previous: -6188.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
32
32
32
32
31
31
31
Factor attribution
Valuation
19+1
was 18
Modelled fair value
Graham Number
₹8.07
+64.0% MoS
Growth-justified P/E
0.2
Growth-justified Value
₹0.05
-5782.4% MoS
PEG
—
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
INSPIRE
SME
Inspire Films Ltd.
Media & Entertainment
match 55
19
48.0
1.3%
-105%
OVERVALUED
CREATIVEYE
Small
Creative Eye Limited
Media & Entertainment
match 55
9
—
-10.7%
—
OVERVALUED
MPTODAY
SME
Madhya Pradesh Today Media Ltd.
Media & Entertainment
match 54
49
6.4
6.3%
+6%
FAIR VALUE
RADIOWALLA
SME
Radiowalla Network Ltd.
Media & Entertainment
match 53
15
152.0
0.7%
-1048%
OVERVALUED
CMRSL
SME
Cyber Media Research & Services Ltd.
Media & Entertainment
match 50
77
5.1
19.6%
+77%
DEEP 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 2026-08-21T07:48:45.448Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (FY25)
Latest issuer-disclosed distribution across 2 reported categories.
Films & OTT91.5%
Commercial Advertisement8.5%
Growth engines
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.
Capacity and execution
New Andheri Office
Incorporated new office in Andheri, approximately 7,000 Sq ft.
UK Subsidiary
Incorporated new subsidiary in UK to drive international growth.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
64Limited 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 42nd percentile of the scored universe and 59th percentile within Media. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Media: 59th pctile, median 63 · SME: 51st pctile, median 64
Evidence depth
Financial-only
1 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
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Picturepost Studios Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.