Phantom Digital Effects Q2 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹114 Cr
- P/E
- 3.51
- ROE
- 13.05%
- Price to sales
- 0.77
- Debt to equity
- 0.10
- 52W high / low
- ₹290 / ₹71.8
- EBITDA margin
- 31.38%
- Net profit margin
- 19.77%
- Promoter holding
- 43.95%
- Sales (last year)
- ₹152 Cr
Guidance scorecard · Q2 FY26 call
What Phantom Digital's management guided
and where it ranks in Entertainment
Entertainment
RevenueQ2 FY26 call
20–40%- Phantom Digital Effects projects conservative consolidated revenue of ₹240 crores for FY26, including contributions from Milk and Tippett.
- For FY27, expected consolidated revenue is between ₹300 to ₹350 crores, with increasing contributions from Tippett and Milk.
- Order book as of October 2025 stands at ₹201.32 crores, with nearly 80% from international projects.
- The bidding pipeline holds projects worth ₹817 crores, indicating strong future growth visibility.
- Growth strategy centers on positioning as PMG Collectives, leveraging Tippett for high-end projects, Milk for European/UK tax incentives, and Phantom for cost-effective projects.
- Integration of global studios and AI-enhanced workflows is expected to improve scalability and operational efficiency.
2 more points from Phantom Digital's call on revenue
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MarginsQ2 FY26 call
Up 2%+See what Phantom Digital said on margins — free account, 30 seconds.
CapexQ2 FY26 call
Planned- External funds raised through QIP have primarily been used for acquisitions and infrastructure building.
- Going forward, only limited investments are expected, mostly for upgrades and supporting US and Indian entities.
- Milk studio already has good infrastructure, so major infrastructure investments are unlikely.
- Focus will be on investing more in marketing and business positioning (e.g., PMG and global collectives) rather than physical assets.
2 more points from Phantom Digital's call on capex
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FundraisingQ2 FY26 call
None plannedSee what Phantom Digital said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
Rising- Current order book as of October 2025 stands at ₹201.32 crores, with nearly 80% comprising international projects.
- There are ₹817 crores worth of projects currently in the bidding pipeline, indicating strong future visibility.
- The company expects to complete around ₹90-100 crores worth of orders this fiscal year (FY26).
- The remaining order book will be delivered milestone-wise mainly in FY27 and FY28.
2 more points from Phantom Digital's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Entertainment
on management's own guidance
- Digikore Studios LtdGood growth2
- 1
- Saregama India LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Entertainment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Phantom DigitalThis stock | 20–40% | Up 2%+ | ₹156 Cr | 4.8 |
| 2 | Digikore Studios Ltd | 20–40% | Up 2%+ | ₹42 Cr | 3.3 |
| 3 | Saregama India Ltd | 20–40% | Flat | ₹9,718 Cr | 42.6 |
| 4 | 20–40% | Flat | ₹1,108 Cr | — | |
| 5 | 20–40% | Flat | ₹520 Cr | 10.8 | |
| 6 | 20–40% | Flat | ₹472 Cr | 18.2 |
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Pro shows every company guiding 40%+ revenue growth →Full Entertainment rankingFinancials of Phantom Digital
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Phantom Digital
Quarterly Results
Quarter-by-quarter operating performance
Financials of Phantom Digital
Profit & Loss
Annual income statement trend
| Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|
| Sales + | 89 | 102 | 152 |
| Expenses + | 51 | 64 | 104 |
| Operating Profit | 38 | 38 | 48 |
| OPM % | 43% | 37% | 31% |
| Other Income + | 1 | 2 | 4 |
| Interest | 2 | 5 | 5 |
| Depreciation | 5 | 8 | 7 |
| Profit before tax | 33 | 28 | 40 |
| Tax % | 26% | 28% | |
| Net Profit + | 24 | 20 | 33 |
| EPS in Rs | 17.76 | 14.88 | 21.78 |
| Dividend Payout % | 0% | 0% |
Financials of Phantom Digital
Balance Sheet
Capital structure and asset base
| Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|
| Equity Capital | 14 | 14 | 16 |
| Reserves | 131 | 151 | 336 |
| Borrowings + | 21 | 42 | 35 |
| Other Liabilities + | 14 | 21 | 27 |
| Total Liabilities | 180 | 228 | 414 |
| Fixed Assets + | 18 | 19 | 143 |
| CWIP | 15 | 12 | 12 |
| Investments | 0 | 0 | 1 |
| Other Assets + | 147 | 197 | 258 |
| Total Assets | 180 | 228 | 414 |
Financials of Phantom Digital
Cash Flows
Operating, investing and financing cash movement
| Mar 2024 | Mar 2025 | |
|---|---|---|
| Cash from Operating Activity + | -54 | -19 |
| Cash from Investing Activity + | -20 | 3 |
| Cash from Financing Activity + | 89 | 17 |
| Net Cash Flow | 14 | 1 |
| Free Cash Flow | -82 | -24 |
| CFO/OP | -122% | -40% |
Financials of Phantom Digital
Ratios
Working capital efficiency and return ratios
| Mar 2024 | Mar 2025 | |
|---|---|---|
| Debtor Days | 207 | 307 |
| Inventory Days | ||
| Days Payable | ||
| Cash Conversion Cycle | 207 | 307 |
| Working Capital Days | 349 | 427 |
| ROCE % | 18% |
Guidance history
How Phantom Digital's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
| Q4 FY25 call → | 40%+ | Up 2%+ | Planned | Planned | Rising |
| Q4 FY24 call → | 40%+ | Up 0–2% | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Phantom Digital's management said in earlier quarters
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