Panorama Studios Q1 FY27 Results (NSE: PANORAMA)
Signal: Growth reaccelerated
The read
The operating trajectory inflected positively in Q1FY27: consolidated revenue rose 34.3% YoY to ₹183.07 Cr, EBITDA grew 142.2% to ₹22.11 Cr and PAT rose 288.3% to ₹13.59 Cr, reversing the Q3FY26 loss of ₹1.52 Cr; however, EPS fell 27.8% to ₹0.52, so the recovery is not yet translating into per-share earnings.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹183.07 Cr | 34.3% | N/A |
| EBIT | ₹20.73 Cr | 169.6% | |
| Net profit | ₹13.59 Cr | 288.3% | |
| EPS | ₹0.52 | -27.8% | |
| EBIT margin | 12.1% |
P&L walk
Consolidated revenue was ₹183.07 Cr, up 34.3% YoY, while EBITDA rose 142.2% to ₹22.11 Cr and EBITDA margin reached 12.1%; EBIT grew 169.6% to ₹20.73 Cr and PAT rose 288.3% to ₹13.59 Cr, with the operating improvement translating strongly into profit.
Key positives
- Consolidated revenue rose 34.3% YoY to ₹183.07 Cr, a clear recovery from the ₹29.47 Cr reported in Q3FY26.
- EBITDA increased 142.2% YoY to ₹22.11 Cr and EBITDA margin was 12.1%, showing stronger operating conversion than the 5.0% margin in Q3FY26.
- PAT expanded 288.3% YoY to ₹13.59 Cr, while other income of ₹2.09 Cr remained below 20% of PBT, supporting clean earnings quality.
- Standalone PAT of ₹14.6 Cr exceeded consolidated PAT of ₹13.59 Cr, and standalone EBITDA margin of 13.4% exceeded the consolidated 12.1%, indicating that the parent remained the stronger profit contributor.
Key concerns
- Consolidated EPS declined 27.8% YoY to ₹0.52 despite PAT growth of 288.3%, while standalone EPS declined 41.7% to ₹0.56 despite standalone PAT growth of 115.0%; per-share value creation is therefore lagging reported profit growth.
- The filing does not disclose segment revenue, content volumes, rights realisations, order-book visibility or the cost drivers behind the EBITDA margin, limiting assessment of whether the recovery is repeatable.
- Consolidated EBITDA margin of 12.1% remains below the 20.9% reported in Q4FY25, so the latest improvement has not yet restored the prior peak profitability level.
Research and educational content only. Not investment advice.