Panorama Studios International Ltd Management Discussions

1. INTRODUCTION:

The Management Discussion and Analysis ("MDA") Report forms an integral part of the Annual Report of Panorama Studios International Limited ("PSIL" or "the Company") for the financial year ended 31st March 2026. This report presents managements assessment of the operating environment, business performance, financial performance, opportunities, challenges, risk profile and outlook of the Company.

FY 2025 26 was a period of continued business development for the Company. The Company remained focused on its core film production, distribution, content licensing and related activities while expanding its relationships across Hindi, Marathi, Malayalam, Punjabi, Gujarati, Kannada and other regional-language markets. The Company also continued to pursue opportunities across theatrical, non-theatrical and specialised content distribution channels.

The financial results reflect moderation in operating revenue and profitability compared with the preceding year. Management has therefore maintained a balanced approach: acknowledging the financial performance of the year while focusing on strengthening the content pipeline, distribution network, rights portfolio, operating discipline and long-term growth opportunities.

This MDA should be read together with the audited financial statements, notes forming part thereof, Boards Report and other disclosures contained in this Annual Report.

2. ECONOMIC AND BUSINESS ENVIRONMENT:

The media and entertainment industry continued to undergo structural changes during FY 2025 26. Consumer behaviour, digital consumption, regional content demand and evolving distribution models continued to influence the industry. The increasing penetration of digital platforms and the continued development of OTT, satellite, theatrical and ancillary channels have expanded the number of ways in which content can be monetised. At the same time, audience expectations have increased and competition for quality content has intensified. The Indian market continues to offer opportunities through its linguistic diversity and large consumer base. Regional-language cinema and content have gained broader visibility, while successful titles increasingly have potential for exploitation across theatrical, digital, satellite, music and airborne channels. The industry nevertheless remains exposed to content performance risk, changing audience preferences, production economics, release schedules, competition and regulatory developments. Management believes that diversification of rights and markets, disciplined acquisition and distribution strategies and a strong content pipeline are important to manage these facto

3. INDUSTRY OVERVIEW

The film and entertainment industry is increasingly characterised by multiple revenue windows and a wider distribution ecosystem. A film may generate value through theatrical distribution, digital/OTT rights, satellite or television rights, music rights, overseas exploitation, airborne rights, dubbing and language adaptations, among other opportunities.

The Companys business announcements during the year demonstrate its participation across several of these rights categories. The Company and its subsidiaries entered into agreements relating to theatrical distribution, non-theatrical licensing, airborne rights, digital rights, music distribution, production and acquisition or assignment of intellectual property rights.

The continued expansion of regional cinema provides an additional opportunity for the Company. Its announcements during FY 2025 26 and the period around year-end show activity involving Malayalam, Marathi, Punjabi, Gujarati, Kannada and Hindi-language films and content.

4. BUSINESS MODEL AND STRATEGIC FOCUS

The Companys business model is centred on identifying, producing, acquiring, licensing, distributing and monetising film and content rights across appropriate territories and platforms. During FY 2025 26, the Company continued to diversify its content and rights portfolio. Its activities included theatrical distribution arrangements across India and overseas territories, non-theatrical licensing, airborne rights through Panorama Studios Inflight LLP, music and regional music distribution through Panorama Music Private Limited, and Panorama Music Regional Private Limited and production-related arrangements. A key strategic focus is to create multiple monetisation opportunities from content by matching rights with appropriate distribution channels. This approach can help diversify revenue sources and reduce dependence on a single exploitation window. The Company also seeks to leverage its industry relationships and distribution capabilities to access commercially viable content across multiple languages and geographies.

5. BUSINESS DEVELOPMENTS AND KEY ANNOUNCEMENTS

The following business developments, as reflected in the Companys announcements provided for preparation of this MDA, illustrate the breadth of the Companys business activities during FY 2025 26 and the period immediately surrounding the financial year-end.

5.1 PRODUCTION AND STRATEGIC COLLABORATIONS

On 29 May 2025, the Company entered into a production agreement with Digital 18 Media Private Limited for the production of a Hindi feature film titled "Drishyam 3". The project reflects the Companys continued focus on established intellectual property and high-visibility content.

On 4 June 2025, the Company entered into an agreement with Vellmade Productions in relation to the Malayalam film "Tiki Taka". On 5 August 2025, the Company entered into a production agreement with Dithee Production for a Marathi-language motion picture tentatively titled "Swari Agra".

On 27 October 2025, the Company announced commencement of production of an upcoming Malayalam psychological supernatural thriller, referred to as Panorama Studios Production Number 3.

On 7 January 2026, the Company announced a strategic collaboration with Malayalam actor and producer Nivin Pauly to produce a slate of Malayalam feature films with a cumulative budget of 100 crore. The Company stated that the films would be produced by Kumar Mangat Pathak and Abhishek Pathak for Panorama Studios along with Nivin Pauly.

The production pipeline provides the Company with an opportunity to participate in content creation while also developing rights and distribution opportunities across multiple markets.

5.2 THEATRICAL DISTRIBUTION AND CONTENT RIGHTS

During the year, the Company entered into multiple arrangements for theatrical exploitation and distribution. These included agreements covering Pan-India and overseas territories, as well as worldwide rights.

On 23 July 2025, the Company entered into an agreement with Dithee Production for distribution and exploitation of theatrical and non-theatrical rights worldwide including India for the Marathi film tentatively titled "Abhang Tukaram".

On 8 September 2025, the Company entered into an arrangement with Gur Fateh Film Studio for worldwide theatrical distribution rights of the Punjabi-language feature film "Lut Mubarak".

On 8 October 2025, the Company entered into an agreement with Vintage Creative Media Private Limited for theatrical and non-theatrical rights worldwide including India for the Marathi film tentatively titled "Yakshini".

On 21 August 2025, the Company entered into an MOU with Big Box Series Private Limited and other producers for worldwide theatrical distribution rights of "Vash Level 2", including the original Gujarati-language version and Hindi dubbed version.

On 24 November 2025, the Company acquired exclusive worldwide theatrical rights for India and overseas, together with digital and airborne rights, for the Malayalam film "Drishyam 3". The Company also acquired adaptation rights in Hindi for the territory of the entire world on 25 November 2025.

On 5 December 2025, the Company, in collaboration with Pen Media and Infrastructure Developers Private Limited (Pen Studios), secured worldwide theatrical and non-theatrical rights of the upcoming Malayalam film tentatively titled "Drishyam 3".

On 6 January 2026, the Company entered into a memorandum of agreement with Super Cassettes Industries Private Limited and Benaras Media Works Private Limited for theatrical rights across Pan-India territories of the Hindi film "Assi".

On 3 January 2026, the Company executed a theatrical licensing agreement with LUV Films LLP for exclusive theatrical rights across Pan-India territory for "Ranger".

On 15 January 2026, the Company executed a distribution agreement with Diamond Star Worldwide Private Limited for exclusive theatrical rights of the Punjabi movie "Ishqan De Lekhe".

On 22 January 2026, the Company executed an exclusive theatrical distribution agreement for the overseas territory with Pen Media Infrastructure Developers Private Limited and Phars Filmco Motion Pictures Trading and Distribution Co. LLC for the Malayalam film "Drishyam 3".

On 28 January 2026, the Company entered into an MOU with Cult Digital NX and Mango Curry Films Private Limited for theatrical and non-theatrical rights worldwide including India of the Marathi film "Rakhtphal".

On 28 January 2026, the Company entered into a theatrical distribution agreement with Phars Filmco Motion Pictures Trading and Distribution Co. LLC for overseas theatrical rights of the Malayalam film "Unmadham" and, separately, "Anomie".

On 29 January 2026, the Company entered into an MOU with Lovely Films Private Limited for theatrical exploitation rights across Pan-India and overseas territories of the Hindi feature film "Kissa Court Kachehari Ka".

On 16 February 2026, the Company executed an MOU with ADA 360 Degree LLP for theatrical rights across Pan-

India and overseas territory for the Hindi film "Shatak".

These arrangements indicate the Companys continued focus on building a diversified distribution slate across languages, territories and rights categories.

5.3 NON-THEATRICAL AND DIGITAL OPPORTUNITIES

The Company also continued to build its non-theatrical and digital rights portfolio. On 1 July 2025, it entered into licensing arrangements for non-theatrical rights of the Kannada film "The Judgement" and Marathi film "Susheela Sujeet".

On 5 July 2025, the Company entered into licensing arrangements for non-theatrical rights of the Hindi movie

"Baida". On 4 August 2025, it entered into a licensing agreement with Minara Film Corp for exclusive worldwide digital exploitation of the Hindi short films "Pereira House" and "Break the Silence".

On 16 January 2026, the Company executed a licensing agreement with Starlight Box Theatres Private Limited for exclusive worldwide distribution of non-theatrical rights for the Marathi film "Tu Bol Na".

On 14 February 2026, the Company executed a licensing agreement with Mirro Films for exclusive worldwide exploitation of non-theatrical rights of the Hindi film "Me No Pause Me Play".

These transactions reflect the Companys strategy of exploiting content across multiple windows and expanding the potential revenue base associated with its content library.

5.4 PANORAMA STUDIOS INFLIGHT LLP AIRBORNE RIGHTS

Panorama Studios Inflight LLP, a subsidiary of the Company, continued to develop its airborne-content rights business. During the year and around the year-end, the subsidiary entered into several assignment and content licensing arrangements for exclusive or non-exclusive exploitation of airborne rights worldwide, including India, as applicable. On 10 October 2025, Panorama Studios Inflight LLP entered into an airborne rights agreement with Red Chillies Entertainments Private Limited for exclusive worldwide exploitation of airborne rights for 39 Hindi-language films.

Subsequent arrangements included airborne rights for titles such as "Sees Kaddi", "Nimitta Matra", "College Kalavida", "Timmana Mottegalu", "Flask", "Jahankilla", "Vash Level 2", "Sanju Weds Geetha 2", "Dollarspete", "Arjun Chakravarthy", "Kuberaa", "Heer Express", "Coolie", "Asambhav", "Like Aani Subscribe", "Bin Lagnachi Goshta", "Kaisi Ye Paheli", "Pereira House" and "Break the Silence".

On 23 March 2026, Panorama Studios Inflight LLP executed an assignment agreement with Indywood Distribution

Network for exclusive worldwide airborne rights, including India, for the cinematographic films "Apoorva Puthranmar" and "Parannu Parannu Parannu Chellan".

The development of the airborne rights business provides the Group with a specialised distribution vertical and an additional avenue for monetising film content.

5.5 MUSIC DISTRIBUTION

Panorama Music Private Limited, a subsidiary of the Company, also continued to expand its music-related rights portfolio. On 18 August 2025, Panorama Music Private Limited procured worldwide distribution rights for music from Jiostar India Pvt. Ltd. (formerly known as Star India Pvt. Ltd.) for the film "Jolly LLB 3".

Music rights represent an additional monetisation channel and provide the Group with opportunities to participate in the wider content ecosystem beyond theatrical exploitation.

5.6 MALAYALAM CONTENT STRATEGY

Malayalam cinema continued to be an important strategic area. On 16 January 2026, the Company announced a long-term strategic distribution partnership with Century Films for the release of Panorama Studios Malayalam films. The arrangement commenced with "Anomie", followed by "Tikitaka", a production featuring Kunchacko

Boban and Lijomol Jose, and other projects in the pipeline.

On 7 January 2026, the Company also announced a collaboration with Nivin Pauly for a slate of Malayalam feature films with a cumulative budget of 100 crore.

The Company believes that a stronger presence in regional-language cinema, supported by established creative and distribution relationships, can provide opportunities for long-term expansion.

6. FINANCIAL PERFORMANCE

Particulars	Standalone FY2026	Standalone FY2025	Consolidated FY2026	Consolidated FY2025
Revenue from Operations	29,812.51 lakh	34,807.19 lakh	30,849.83 lakh	36,415.26 lakh
Other Income	962.27 lakh	600.97 lakh	885.32 lakh	427.09 lakh
Total Revenue	30,774.78 lakh	35,408.16 lakh	31,735.15 lakh	36,842.35 lakh
Profit Before Tax	3,018.21 lakh	5,439.21 lakh	1,625.70 lakh	5,364.08 lakh
Tax Expenses	822.68 lakh	1,393.82 lakh	627.24 lakh	1,389.94 lakh
Profit After Tax	2,195.54 lakh	4,045.39 lakh	998.45 lakh	3,974.14 lakh

On a standalone basis, revenue from operations declined by approximately 14.35% to 29,812.51 lakh. Other income increased by approximately 60.12% to 962.27 lakh. Total revenue consequently declined by approximately 13.09% to 30,774.78 lakh.

Standalone Profit before Tax declined by approximately 44.51% to 3,018.21 lakh and Profit after Tax declined by approximately 45.73% to 2,195.54 lakh. On a consolidated basis, revenue from operations declined by approximately 15.28% to 30,849.83 lakh. Other income increased by approximately 107.29% to 885.32 lakh. Total revenue declined by approximately 13.86% to

31,735.15 lakh.

Consolidated Profit before Tax declined by approximately 69.69% to 1,625.70 lakh and consolidated Profit after Tax declined by approximately 74.88% to 998.45 lakh. The reduction in profitability during the year should be viewed in the context of the operating performance, project and content cycle, revenue recognition patterns and the consolidated performance of the Group. Management continues to focus on strengthening the quality and visibility of revenues and improving operating efficiency.

7. KEY FINANCIAL RATIOS AND TRENDS

Indicator	FY2025 26	FY2024 25
Standalone PBT Margin	9.81%	15.36%
Standalone PAT Margin	7.13%	11.43%
Consolidated PBT Margin	5.12%	14.56%
Consolidated PAT Margin	3.15%	10.79%

The moderation in margins reflects the lower profitability achieved during the year. Management is focused on improving operating leverage, content monetisation, cost discipline and revenue quality.

8. OPPORTUNITIES

- Growth in regional-language content and cross-language distribution.

- Expansion of theatrical and overseas distribution capabilities.

- Multiple monetisation windows through digital, non-theatrical, music and airborne rights.

- Development and exploitation of intellectual property and adaptation rights.

- Strategic collaborations with producers, studios, platforms and distribution partne

- Potential for international expansion and broader exploitation of Indian content.

- Technology-enabled content discovery, marketing and distribution.

The Company believes that its diversified rights strategy and relationships across multiple languages and distribution channels can support future growth, subject to commercial performance and market conditions.

9. CHALLENGES

- Content performance and audience acceptance risk.

- Intense competition for commercially viable content and distribution rights.

- Changing consumer preferences and rapid technological evolution.

- Fluctuations in production, marketing and distribution economics.

- Release timing and dependence on market conditions.

- Regulatory, copyright and intellectual-property related requirements.

- Liquidity and working-capital considerations associated with project cycles.

Management seeks to address these challenges through disciplined project selection, diversification, appropriate contractual arrangements, monitoring of project economics and strengthening of internal controls.

10. RISK MANAGEMENT

Risk management is an integral part of the Companys governance and business planning process. The Company identifies and monitors risks that could materially affect its operations, financial performance or reputation.

- Business and strategic risk

- Content and project risk

- Market and competition risk

- Financial and liquidity risk

- Counterparty and credit risk

- Regulatory and compliance risk

- Intellectual property risk

- Technology and cybersecurity risk

- Reputation risk

- Human-resource risk

The Company periodically reviews its risk management framework and takes appropriate measures to mitigate identified risks. The Audit Committee and the Board provide oversight over significant risk matters, as applicable.

11. INTERNAL CONTROL SYSTEMS

The Company has established internal control systems commensurate with the size and nature of its operations. These controls are intended to provide reasonable assurance regarding the reliability of financial reporting, safeguarding of assets, prevention and detection of fraud and errors, compliance with applicable laws and efficient conduct of business. The Company periodically reviews its internal controls and processes. The internal audit function and management review relevant areas and observations are placed before the appropriate authority for corrective action, wherever required.

12. HUMAN RESOURCES

The Company recognises that creative, managerial and operational capabilities are critical to the success of a content-driven business. It seeks to maintain a professional and performance-oriented environment while encouraging collaboration and responsible conduct. The Company continues to focus on talent development, employee engagement, capability building, compliance with applicable employment requirements and a safe and respectful workplace.

13. TECHNOLOGY AND DIGITAL TRANSFORMATION

Digital platforms are increasingly important to content creation, distribution, marketing and monetisation. The Company continues to monitor technological developments and evaluate opportunities to use digital capabilities to improve business processes and reach audiences. Cybersecurity and protection of confidential business and stakeholder information remain important areas of attention. The Company seeks to maintain appropriate safeguards and controls in line with the nature and scale of its operations.

14. CORPORATE GOVERNANCE

The Company remains committed to high standards of corporate governance, transparency and accountability. The Board provides strategic oversight and reviews business performance, risk management, internal controls and compliance.

The Company has constituted the required Board Committees and maintains processes for investor grievance redressal, prevention of insider trading, vigil mechanism, related-party transaction oversight and other applicable governance requirements.

15. SUBSIDIARIES AND GROUP PERFORMANCE

The Company operates through a group structure that includes subsidiaries involved in complementary areas of the content and entertainment value chain. Panorama Studios Inflight LLP has developed the airborne rights business, while Panorama Music Private Limited participates in music distribution activities. The Company monitors the performance and affairs of its subsidiaries through appropriate reporting and governance mechanisms. Financial and operational developments are reviewed periodically by management and the Board, as applicable.

16. SUSTAINABILITY AND CSR

The Company recognises its responsibility towards society and stakeholders CSR activities are undertaken in accordance with the Companys CSR Policy and applicable provisions of the Companies Act, 2013.

The Company seeks to contribute to eligible social-development initiatives while maintaining appropriate governance, monitoring and accountability over CSR expenditure and activities.

17. OUTLOOK

The Company remains focused on building a diversified and sustainable content and distribution business. The pipeline of theatrical, non-theatrical, music, airborne and production-related arrangements provides multiple potential avenues for future monetisation. The Company intends to continue evaluating commercially viable opportunities across languages and territories while maintaining discipline in project selection and capital allocation. Management remains cautiously optimistic about the medium- to long-term prospects of the business, while recognising that content performance, audience preferences, competition and broader economic conditions can affect individual projects and periods.

18. FORWARD-LOOKING BUSINESS STRATEGY

Strengthen the Companys position across theatrical and non-theatrical distribution.

Expand regional-language content opportunities.

Develop a balanced pipeline of owned, acquired and licensed content. Increase monetisation across multiple rights windows.

Build strategic relationships with producers, studios, platforms and distributo Strengthen international and overseas distribution opportunities. Maintain financial and operational discipline. Continue to strengthen governance, risk management and internal controls.

19. CAUTIONARY STATEMENT

Statements in this MDA describing the Companys objectives, expectations, projections, estimates and future outlook may constitute forward-looking statements within the meaning of applicable securities laws and regulations. These statements are based on certain assumptions and expectations concerning future events and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied in such forward-looking statements due to factors including changes in economic conditions, market conditions, industry trends, audience preferences, content performance, competition, regulatory developments, technological changes, project schedules, financial conditions and other factors beyond the control of the Company.

The Company undertakes no obligation to publicly update or revise any forward-looking statement, except as may be required under applicable laws and regulations.

20. CONCLUSION

FY 2025 26 was a year of continued business development and strategic expansion, alongside moderation in reported financial performance. The Company remained active across multiple content and distribution categories and continued to build relationships and opportunities across theatrical, non-theatrical, digital, music, airborne and production activities.

The business announcements made during the year demonstrate the Companys continuing efforts to broaden its content portfolio, strengthen regional-language presence and create multiple monetisation avenues. At the same time, management remains conscious of the volatility inherent in the entertainment industry and the importance of disciplined project selection and financial management.

Going forward, the Company will focus on strengthening its core business, improving revenue visibility, enhancing operational efficiency, expanding distribution capabilities and pursuing commercially viable opportunities. The objective remains to create sustainable long-term value for shareholders and other stakeholders

The management believes that the Companys diversified content strategy, industry relationships and expanding distribution capabilities provide a foundation for future growth, subject to market conditions and successful execution.

APPENDIX KEY BUSINESS ANNOUNCEMENTS CONSIDERED IN THIS MDA

The following is a concise management-oriented summary of the business announcements supplied for incorporation into this MDA. It is not intended to reproduce the regulatory announcements verbatim.

DATE	BUSINESS DEVELOPMENT
22 Apr 2025	Agreement with Chauhan Studios for worldwide theatrical distribution rights of "Kesari Veer".
29 May 2025	Production agreement with Digital 18 Media Private Limited for "Drishyam 3".
04 Jun 2025	Agreement with Vellmade Productions for Malayalam film "Tiki Taka".
27 Jun 2025	Theatrical distribution agreement with Reliance Industries Limited / Jio Studios for Hindi film "Maa".
23 Jul 2025	Worldwide theatrical and non-theatrical rights arrangement for Marathi film "Abhang Tukaram".
26 Jul 2025	Five-film Malayalam titles deal with Super Cassettes Industries Private Limited (T-Series).
05 Aug 2025	Production agreement with Dithee Production for Marathi film "Swari Agra".
18 Aug 2025	Panorama Music procured worldwide music distribution rights for "Jolly LLB 3".
21 Aug 2025	MOU for worldwide theatrical distribution rights of "Vash Level 2".
08 Sep 2025	Worldwide theatrical distribution rights for Punjabi film "Lut Mubarak".
10 Oct 2025	Panorama Studios Inflight LLP airborne rights arrangement covering 39 Hindi-language films.
25 Nov 2025	Acquisition of worldwide theatrical/digital/airborne rights and Hindi adaptation rights relating to "Drishyam 3".
05 Dec 2025	Worldwide theatrical and non-theatrical rights for Malayalam film tentatively titled "Drishyam 3".
07 Jan 2026	Strategic collaboration with Nivin Pauly for Malayalam feature-film slate with cumulative budget of 100 crore.
16 Jan 2026	Long-term Malayalam distribution partnership with Century Films; also non-theatrical rights arrangement for "Tu Bol Na".
22 Jan 2026	Exclusive overseas theatrical distribution arrangement for "Drishyam 3".
29 Jan 2026	Multiple Marathi/Malayalam/Hindi theatrical and non-theatrical rights arrangements.
04 Feb 2026	Airborne rights arrangements for "Coolie" and "Heer Express".
16 Feb 2026	Non-theatrical licensing and theatrical rights arrangements for "Me No Pause Me Play" and "Shatak".
20 Feb 2026	Multiple airborne-rights arrangements for Malayalam, Marathi, Hindi and other titles.
21 Feb 2026	Approval for incorporation of wholly owned subsidiary in the UAE.
24 Feb 2026	Line Producer Agreement with Locomotive Global Content LLP for Malayalam film "Chelembra Bank Heist".
23 Mar 2026	Panorama Studios Inflight LLP airborne rights assignment for "Apoorva Puthranmar" and "Parannu Parannu Parannu Chellan".

Source basis: Business announcements supplied by the Company for incorporation into this MDA. The announcement list includes disclosures dated between April 2025 and March 2026. The underlying announcement text supplied for this draft is retained in the user-provided source file.