Picturepost Studios Ltd Management Discussions

Industry Overview

The global post-production industry is valued at USD 22 billion in 2026 and is expected to grow to USD 46.5 billion by 2030, reflecting a CAGR of 8.5%. The Indian market is on an even stronger trajectory, projected to reach C147 billion by 2031 from C79 billion in 2020, at a CAGR of 17%.

Growth is driven by:

• Rising demand for high-quality content across OTT platforms, films, and advertising.

• Adoption of VFX, CGI, and AR/VR in immersive storytelling.

• Increased marketing spends by global brands.

• Indias strong talent base and cost efficiency make it

a. preferred destination for outsourcing creative postproduction services.

Company Overview

Picturepost Studios Limited (PPSL), headquartered in Mumbai, is a TPN-certified VFX and post-production studio. The company offers a comprehensive suite of services including:

• Visual Effects (VFX)

• Computer Generated Imagery (CGI)

• Color grading (HDR, Dolby Vision)

• Offline & Online Editing

• Creative Editorial

• Mastering & Quality Control

With over 1,000 projects completed and a client roster including Hyundai, Netflix, Malabar Gold, Parle Platina, MyGlamm, Head & Shoulders, and major OTT producers, PPSL has positioned itself as a trusted partner for both advertising and entertainment industries.

Key Developments & Operational Highlights

• Transitioned from LLP to Public Limited Company in 2024, successfully listed on NSE Emerge.

• Achieved TPN certification, ensuring compliance with global content security standards.

• Delivered marquee projects such as Panchayat Season 3, Half CA, Mera Bhai, Tasakaree , Thukra ke Mera Pyaar and multiple high-value advertising campaigns.

• Strengthened infrastructure with AI-powered workflows, Autodesk Flame, and Dolby Vision HDR grading.

• Expanded its talent pool with award-winning artists and industry veterans.

Financial Performance (FY 2025-26)

For the period 01 April 2025 to 31 March 2026, PPSL delivered:

Revenue: Rs. 2034.03 lakhs

EBITDA: Rs. 531.67 lakhs ( 26.14% margin)

PAT: Rs. 83.63 lakhs (4.11% margin)

ROE: 2.86% ROCE: 4.45%

Revenue mix: 84.65% from Commercial Advertisement; 15.35 % from Films & OTT.

Financial Performance (FY 2024-25)

For the period 01 April 2024 to 31 March 2025, PPSL delivered:

Revenue: Rs. 3,712.4 lakhs

EBITDA: Rs. 983.2 lakhs (26.5% margin)

PAT: Rs. 503.7 lakhs (13.6% margin)

ROE: 17.8% ROCE: 22.3%

Revenue mix: 91.51% from Commercial Advertisement; 8.49% from Films & OTT

Financial Performance (FY 2023-24)

For the period 11 July 2023 to 31 March 2024, PPSL delivered:

Revenue: Rs. 2,197.85 lakhs

EBITDA: Rs. 521.31 lakhs (23.71% margin)

PAT: Rs. 292.13 lakhs (13.29% margin)

ROE: 68% ROCE: 26.75%

Revenue mix: 96.9% from Commercial Advertising; 3.1% from Films & OTT.

This performance demonstrates significant year-on-year growth compared to FY 2022-23 (Revenue: C 1,084.84 lakhs, PAT: C 59.97 lakhs).

Opportunities & Strengths

• Expanding OTT content creation and brand-driven digital campaigns.

• Rising global outsourcing opportunities for Indian VFX & post-production.

• Strong relationships with top 20 customers contributing ~65% of revenues.

• Certified as a Trusted Partner Network (TPN) studio, enhancing global client confidence.

• High scalability enabled by proprietary technology platforms.

Challenges & Risks

• Heavy reliance on advertising clients for revenue.

• Increasing competition from domestic and global studios.

• Rapid technology evolution requiring continuous investment in infrastructure and talent.

• Talent retention challenges due_to industry-wide demand for skilled professionals.

• Currency fluctuation risks impacting international earnings.

Risk Management

• PPSL has adopted a multi-pronged risk management framework:

• Diversified client portfolio across advertising, films, and OTT.

• Robust internal controls to ensure financial discipline and compliance.

• TPN-certified IT security to safeguard content.

• Regular investment in talent development programs to retain creative leadership.

• Hedging policies to mitigate forex-related risks.

Outlook

The outlook for PPSL remains strong with growth fuelled by:

• A robust pipeline of advertising and OTT projects.

• Expansion into emerging technologies such as AR/VR and immersive media.

• Increasing collaborations with international production houses.

• Ongoing investments in technology, talent, and infrastructure.

PPSL aims to further enhance shareholder value by leveraging its creative expertise, global certifications, and strong client base to consolidate its leadership in the post-production industry.

By Order of the Board

For Picturepost Studios Limited

Sd/-

Mr. Parish Tekriwal Managing Director DIN:03530041

Date: September 02,2026

Place: Mumbai