₹4K cr Ramayana movie VFX maker parent Prime Focus shares in focus after 14x profit jump in Q2; stock up 61% in a year
Prime Focus Ltd, the parent company of visual effects and animation studio DNEG, is likely to remain in focus on Monday after announcing its September-quarter results late on Friday. The company, associated with the visual effects work for Ranbir Kapoor-starrer Ramayana, reported a sharp rise in consolidated profit and revenue for Q2 FY27, supported by demand for visual effects services.
The results come amid heightened attention on the company's stock following the film's release. Despite the buzz around the project and its box-office performance, Prime Focus shares have come under pressure in recent sessions.
Prime Focus shares have fallen around 11% since the film's release and are trading more than 26% below their 52-week high. The stock ended at ₹270 on Friday, November 13, down 1.7%. It has declined 5% in one week and 3% over the past month. The shares are down 2% over six months, but have gained 19.29% year-to-date and 61% over one year. Over five years, the stock has delivered multibagger returns of 244%.
The film emerged as Ranbir Kapoor's biggest opening ever, collecting more than ₹1,000 crore worldwide so far, according to Sacnilk. In India, Ramayana opened with a net collection of ₹64.85 crore, setting a record for Kapoor. However, the opening was below the ₹86.75 crore recorded by Prabhas-starrer Adipurush.
Profit booking has been cited as one reason for the post-release weakness. Prime Focus shares had more than doubled over the preceding year amid excitement around Ramayana and gained another 13% in the two weeks before its release. Both the stock and the wider entertainment sector declined on the film's release day.
The project's scale has also drawn attention. The two parts of Ramayana reportedly have a combined production budget of more than ₹4,000 crore, making it the most expensive Indian film ever.
Prime Focus reported consolidated net profit of ₹58.27 crore in Q2 FY27, more than 14 times the ₹4.06 crore recorded in the year-ago quarter. Strong demand for visual effects services supported the growth in revenue and profitability.
Consolidated revenue from operations increased 35.2% year-on-year (YoY) to ₹1,410.17 crore in the September quarter, compared with ₹1,042.89 crore a year earlier. This represented an increase of ₹367.28 crore. Total income, including other income, rose to ₹1,446.59 crore from ₹1,071.85 crore.
The company also reported an exceptional loss of ₹2.11 crore during the quarter. The latest performance marked a turnaround from the preceding June quarter, when Prime Focus had posted a consolidated net loss of ₹45.78 crore.
For the first half of FY27, Prime Focus recorded consolidated operating revenue of ₹2,666.25 crore, against ₹2,019.71 crore in the corresponding period last year. The increase amounted to ₹646.54 crore year-on-year.
However, first-half net profit declined to ₹12.49 crore from ₹114.52 crore a year earlier, partly due to exceptional expenses. The loss reported in the June quarter absorbed most of the profit generated during the September quarter.
Prime Focus's shareholder profile has also shifted over the past year. Foreign investors have reduced their stake from 11% to less than 3%, while retail shareholding has more than doubled. Investors Ramesh Damani and Madhusudan Kela bought stakes in the company last year. Ranbir Kapoor was also allotted shares, according to reports.
Prime Focus Studios is producing the two-part Ramayana adaptation in partnership with Yash's Monster Mind Creations, while DNEG is among the project's visual effects partners.
The studio's listed filmography includes Ramayana, alongside released projects such as Sky Force and Fighter. Other titles include Motor City, Eden, William Tell, Those About to Die, The Garfield Movie and Brahmāstra: Part One - Shiva.
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