புதுப்பிப்புகள்
டீல்
டீல் மதிப்பு₹105 கோடி
டீல் vs வணிகம்order = 0.31x TTM revenue (Rs 105 Cr order vs Rs 342 Cr TTM revenue)
சொந்த வருவாயுடன் ஒப்பிடும் அளவு0.31×
செயல்படுத்தும் காலம்0.75 ஆண்டு
அடிப்படை தரம்B
AI முன்கணிப்புகள்
வருவாய் உயர்வு (முதல் ஆண்டு / நிலையான)30.7% / 35.0%
EPS உயர்வு30.6%
அப்சைடு பேஸ் / புல் / பேர்65.0% / 120.0% / -25.0%
கால எல்லை12-24 மாதங்கள்
உண்மையான சந்தைப் பதிவு
நுழைவு — அடுத்த நாள் தொடக்கம் (04 ஆக. 2026)₹202.9
சமீபத்திய முடிவு விலை (11 நவ. 2026)₹154.75
தொடங்கியதிலிருந்து வருமானம்-23.7%
α vs Smallcap 250-22.2%
α vs சொந்தத் துறை-10.0% (பொழுதுபோக்கு / எலக்ட்ரானிக் மீடியா மென்பொருள் இடைநிலை -12.2%, 15 முதிர்ந்த தேர்வுகளின் அடிப்படையில்)
நேர்மறைகள்
- Major international order win of Rs 105 Cr (~30.7% of TTM revenue) for FY27 from major clients including Netflix, Disney, and Apple.
- Record bidding pipeline of Rs 700 Cr (~2x TTM revenue) with >40% in advanced evaluation stages, providing multi-year growth visibility.
- Highly attractive valuation at 9.8x trailing P/E vs peer median of 14.2x, following a 52.9% 12-month stock price correction.
- Strong balance sheet with ROCE of 21.0%, D/E of 0.31, and Rs 85 Cr QIP capital earmarked for North American M&A growth.
- Margin enhancement drivers including UK 40% VFX tax relief and Bengaluru low-cost artist expansion.
அபாயங்கள்
- Slower recovery of aged foreign studio receivables (only 16% recovered from March 2025 balance).
- Overseas studio pricing pressure squeezing international project margins by an estimated 5-10%.
- Dependency on top streaming platforms (Netflix, Amazon, Apple) for consistent order inflow.
முழு AI சுருக்கம்
1. ராம்ப்-அவேர் தாக்கக் கணக்கீடு
- TTM Base: Revenue ₹342.36 Cr, Net Profit ₹52.58 Cr (NPM 15.36%), EPS ₹20.30.
- New Order Size: ₹105 Cr (~GBP 8.2 Mn) scheduled for completion within FY27 (~0.75 years remaining execution window).
- Year-1 Revenue Uplift: ₹105 Cr / ₹342.36 Cr = +30.7% immediate top-line addition.
- Earnings Impact: Assuming stable steady-state NPM of 15.36%, the ₹105 Cr order generates ~₹16.13 Cr in incremental PAT.
- Revised FY27 Profit Profile: Estimated baseline PAT rises from ₹52.58 Cr to ~₹68.71 Cr, translating to a forward EPS of ~₹26.52 (+30.6% uplift).
- Valuation Context: At the current market price of ₹199.4 (Market Cap ₹517 Cr), the stock trades at 9.8x trailing P/E and ~7.5x forward P/E based solely on this order execution.
2. தொழில்துறைச் சூழல் & மூலதனத் தீவிரம்
- Capital Intensity: LOW. VFX operations rely on creative talent, digital infrastructure, software licensing, and cloud rendering ('Project Hybrid').
- Execution Difficulty: MEDIUM. Project delivery requires high-skilled artists (423 in India, 271 in London) and tight coordination with studio release schedules.
- Industry Tailwinds: Global media/VFX market growing at ~9.1% CAGR, significantly catalyzed by the enhanced 40% UK tax relief taking effect in 2025.
3. Fundamental Quality & SEPA Grade
- SEPA Grade: B. FY26 net profit grew 38.4% YoY to ₹52.58 Cr (EPS ₹20.30 vs ₹13.45 in FY25).
- Financial Health: ROCE stands at a healthy 21.0%, D/E ratio is modest at 0.31 (Debt ₹78 Cr vs Net Worth ₹252 Cr), and promoter holding is stable at 55.32%.
- Catalyst Cash Reserves: Rs 85 Cr QIP funds raised specifically for inorganic expansion into North America, offering secondary growth vectors.
4. Valuation Scenarios (12-24 Months)
- Base Case (+65% Upside to ~₹329): Rs 105 Cr order executes on schedule in FY27; bidding pipeline converts at normal 20-25% rates; P/E re-rates modestly to 12.5x on EPS of ₹26.3.
- Bull Case (+120% Upside to ~₹438): Rapid pipeline conversion (>30% of Rs 700 Cr bidding pipeline), successful earnings-accretive North American M&A via QIP funds, and P/E re-rating to peer median of 16.5x on EPS of ₹26.5+.
- Bear Case (-25% Downside to ~₹149): Delayed realization of international receivables, overseas margin squeeze (NPM drops to 11%), and valuation de-rates to 7.5x P/E.
5. தீர்ப்பின் காரணம்
Basilic Fly Studio presents a highly compelling risk-reward setup. The company has secured an order equal to 30.7% of its TTM revenue, backed by a massive Rs 700 Cr record bidding pipeline. Despite solid annual growth (FY26 EPS up 51% YoY) and high capital efficiency (ROCE 21%), the stock has fallen 52.9% over the past 12 months, driving trailing P/E down to 9.8x. This combination of strong execution visibility, cheap valuation, and low balance sheet risk makes it a STRONG MULTIBAGGER CANDIDATE.
2026-08-03 நிலவரப்படி பகுப்பாய்வு (விலை ₹199.45) · AI ஆய்வு, முதலீட்டு ஆலோசனை அல்ல.
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