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Revenue
₹48 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹-7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Balaji Telefilms reported Q4 FY26 revenue of 47 crores with an EBITDA loss of 7 crores and a PAT loss of 14 crores, reflecting timing delays in content monetization and softness in the traditional TV business. For FY26, full-year revenue was 210 crores versus 453 crores in FY25, with EBITDA loss of 65.8 crores and PAT loss of 49.6 crores. Management attributed the decline to industry headwinds, lower TV activity, and investments in digital ecosystem. However, they highlighted a strong order book of 350 crores for OTT partnerships, a turnaround in TV segment (from loss of 7 crores to profit of 4 crores sequentially), and a robust film pipeline of 17 movies over three years. Guidance for FY27 includes revenue visibility of ~800 crores, driven by motion pictures (~400 crores), commissioned shows (~330 crores), and digital B2C (~100 crores). Key risks include persistent TV margin compression due to broadcaster underinvestment and potential delays in film releases.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY27 revenue of approximately 800 crores, with motion pictures contributing ~400 crores, commissioned shows (TV+OTT) ~330 crores, and digital B2C ~100 crores.
- Commissioned shows (TV+OTT B2B) revenue expected to rise from ~160 crores in FY26 to ~330 crores in FY27, driven by Netflix and Amazon series.
- Motion pictures segment expected to generate ~400 crores in FY27, up from ~15 crores in FY26, with 4-5 releases and pre-sales covering most costs.
- Overall digital business (including B2C) expected to be cash positive in FY27, with cash burn reduced to ~50 lakhs per month.
Risks flagged
- Broadcasters are investing less in TV content, yields are down 25-30% vs pre-COVID, and show tenures have shortened to 6-9 months, pressuring margins.
- Despite a strong pipeline, historical erratic release cycles pose a risk; management acknowledged past issues and aims for 4-5 releases per year.
- Management admitted OTT margins are significantly lower than TV due to finite series and lack of long-run yield, which could pressure overall profitability despite top-line growth.
- Inventory rose from ~73 crores to ~207 crores, and management expects 125-150 crores locked in films at any point, posing liquidity risk if releases are delayed.
Key quotes
- We have an order book of approximately 350 crores under this line out of which we expect to realize over 135 cr or so within the ongoing financial year FY27.
- We expect FY27 to be the year focus on execution, improved content monetization and gradual business normalization across segments and this upside in the financial performance and its execution will be very much visible from the quarter 1 of FY27.
- The yield is going down. In fact if you just compare the yield to the pre-COVID year rate we are still down by 25 to 30%.
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