Balaji Telefilms Ltd

- No specific mention of any current or future fundraising through debt or equity was made during the call. - The company recently completed a fundraiser activity earlier in 2025, raising INR130.7 crores. - The raised funds are being utilized for scaling up movie distribution, digital platform/content business, and enhancing the intellectual property portfolio. - The company appears adequately funded with robust cash reserves of around INR172 crores. - Management did not indicate any plans for additional capital raising in the near term, focusing instead on growth and operational efficiencies. - Any updates on fundraising will likely be communicated in future investor calls or disclosures.

- The company plans focused fund deployment primarily into IP-led businesses such as motion pictures and digital expansion. - From the recent fundraiser of INR131 crores, approximately INR65 crores are allocated to the movie business, INR33 crores to digital and music expansions including exploring more rights, and INR32.5 crores for general corporate purposes and opportunistic investments. - The strategy emphasizes building a strong content slate with sequels and IP development in motion pictures. - Digital initiatives include a hybrid SVOD and AVOD app model, YouTube channel growth, and commissioned shows for leading OTT platforms, supported by an order book of over INR300 crores. - No separate capex for digital is high as they keep ALT Balaji as a small part of the digital strategy. - The focus is on gradual scaling, profitability, and leveraging operational synergies post-merger to enhance efficiency and reduce redundancy. - Potential future strategic investments will be pursued as the business scales and investor interest grows, with no immediate plans to spin off digital as an independent entity.

- Digital revenue expected to grow from 11% to 20-25% over the next 2-3 years, driven by commissioned OTT content and diversified platforms. - Movie business targeted as main growth driver over 2.5-3 years with plans to increase movie production from 3-4 to up to 6 movies annually. - Digital B2B content order book is robust at over INR300 crores, adding approximately INR50 crores each quarter. - Television revenue expected to remain stable but not grow significantly, operating in the range of INR250-350 crores annually with some yield pressure continuing. - Digital strategy includes a hybrid SVOD and AVOD model, focusing on ad-led growth alongside subscriber revenue to de-risk the pure subscription model. - Strategic expansion into regional digital markets like Tamil and Telugu planned. - Long-term Netflix partnership to boost content volume and diversity across formats for sustained revenue growth.

- The company does not provide specific forward-looking guidance on top line or profit margins for FY '26. - Focus is shifting towards the movie business as the key growth driver over the next 2.5 to 3 years, followed by digital and then television. - Expectation of scaling up digital business gradually and making it profitable by year-end after cost rationalization and de-risking of pure SVOD model. - Aim to produce up to six movies per year within the next 1.5 years, enhancing the movie slate for growth. - Digital platform revenues to grow with a hybrid SVOD and AVOD model, and extensive commissioned digital content (order book over INR 300 crores). - TV business to remain stable but with limited margin improvement due to ongoing pricing pressure. - Consolidation from merger expected to improve operational efficiency and reduce costs, supporting sustainable value creation. - EPS for FY '25 was 8.41; no specific EPS guidance given for FY '26.

- Balaji Telefilms currently has an order book of over INR 300 crores for digital B2B content with leading OTT platforms. - They are adding approximately INR 50 crores of digital content orders each quarter. - The order book mainly comprises commissioned shows for major OTT players like Netflix, Amazon, Sony, JioHotstar, etc. - The gestation period for digital content orders is longer than TV, as contracts take time to finalize and shows to get greenlit for production. - Three shows were delivered in the last fiscal year, with successful runs on JioHotstar ("Power of Paanch" and "Kull") and discussions ongoing for second seasons. - Balaji plans to continue building on this order book to generate growth in digital content revenue over the next few years.