Film Production, Distribution & Entertainment · Founded 1993 · www.bagnetwork24.in · BSE 532507 · NSE BAG FIL MED · ISIN INE116D01028
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Business
B.A.G. Films and Media Ltd. (BAGFILMS) is an Indian media and entertainment company primarily involved in film production, television content production, distribution, and allied media activities. The company's core business model revolves around creating various forms of content (films, TV shows, digital series) and monetizing them through multiple channels. This includes theatrical releases, sale of satellite broadcasting rights to TV channels, licensing of digital rights to Over-The-Top (OTT) platforms, and potentially music rights and overseas distribution. The company makes money from the successful production and sale/licensing of its content across these various distribution windows.
Revenue Mix
While specific revenue percentages are not publicly available, B.A.G. Films and Media Ltd. typically operates across several segments inherent to the media industry:
Film Production & Distribution: Revenue generated from theatrical releases, sale of satellite rights, digital rights, and other ancillary rights for feature films.
Television Content Production: Producing daily soaps, reality shows, and other programming for various TV channels, earning production fees or revenue sharing.
Digital Content: Production and licensing of web series or other content specifically for digital platforms.
Media Operations: Potentially includes revenue from owned media assets like news channels, radio stations, or digital portals, through advertising and subscriptions.
Given the nature of the business, revenue can be project-dependent and fluctuate based on the success and number of releases in any given period.
Industry
The Indian media and entertainment (M&E) industry is dynamic, highly competitive, and largely driven by consumer discretionary spending and evolving consumption habits. It is characterized by a mix of large established studios, independent producers, and a growing number of digital-first content creators. B.A.G. Films and Media operates as one of the numerous players in this fragmented landscape, competing for content creation, talent, distribution access, and audience attention. Its positioning depends heavily on its track record of successful content, ability to attract talent, and adapt to changing distribution models (e.g., rise of OTT). It generally competes with both larger, well-funded production houses and smaller, agile content creators.
MOAT
For a company of its nature, a strong, durable competitive advantage is challenging to build and sustain. Potential sources of moat, if present, could include:
Content Library (IP): Ownership of a valuable library of past successful films or TV shows that can be re-monetized over time.
Talent Relationships: Long-standing relationships with popular actors, directors, writers, and technicians, which can aid in attracting projects and securing distribution.
Brand Reputation: A reputation for producing high-quality or commercially successful content, though this is project-specific.
Distribution Relationships: Strong ties with satellite broadcasters, theatrical exhibitors, and digital platforms.
Without specific information, it's likely that B.A.G. Films and Media primarily competes on a project-by-project basis, relying on creative execution and commercial appeal rather than a deep, structural moat that provides sustained pricing power or cost advantage.
Growth Drivers
Increasing Media Consumption: Growing disposable incomes and rising access to internet and digital devices in India are fueling demand for diverse content.
Growth of OTT Platforms: The proliferation of digital streaming services (Netflix, Amazon Prime Video, Disney+ Hotstar, etc.) creates new monetization avenues and demand for original content.
Regional Content Boom: Increasing appetite for content in regional languages, opening up new market opportunities beyond Hindi.
Successful Content Pipeline: A slate of commercially successful films, TV shows, or digital series that resonate with audiences.
Technological Advancements: Improved production techniques and wider distribution reach through digital means.
Risks
Content Failure: The inherent risk of box office flops, low TV ratings, or content not resonating with audiences, leading to significant financial losses on specific projects.
High Production Costs & Overruns: Film and TV production involves substantial upfront investment, with risks of budget overruns impacting profitability.
Intense Competition: From large studios, independent producers, and global content platforms, leading to bidding wars for talent and intellectual property.
Changing Consumer Preferences: Rapid shifts in audience tastes and viewing habits can quickly render certain content types or genres obsolete.
Regulatory & Censorship Risks: The M&E industry is subject to government regulations, censorship boards, and content guidelines, which can impact production and release schedules.
Piracy: Illegal distribution of content leading to revenue leakage.
COVID-19 or similar disruptions: Impact on theatrical releases, production schedules, and overall advertising spending in the market.
Management & Ownership
Typically, for Indian listed companies, promoters (often the founding family or individuals) hold a significant stake and play a crucial role in the strategic direction. The company's management would consist of professionals overseeing creative development, production, finance, and distribution. In the media industry, the vision and execution capabilities of the creative and business leadership are paramount for success. The ownership structure generally includes the promoter group, institutional investors, and public shareholders. The quality of management, particularly their ability to consistently greenlight successful projects and manage financial risks, is a critical factor for performance.
Outlook
B.A.G. Films and Media Ltd. operates in the vibrant yet challenging Indian media and entertainment sector. The outlook presents a mixed picture. On the bull side, the growing Indian M&E market, fueled by increasing digital penetration and rising disposable incomes, offers substantial opportunities for content creators. The proliferation of OTT platforms creates new avenues for monetization and expanded reach for diverse content. However, the business faces significant inherent risks. Content creation is a hit-or-miss endeavor, with the potential for substantial losses on unsuccessful projects. Competition is fierce, production costs are rising, and consumer preferences are highly volatile. The company's future performance will heavily depend on its ability to consistently produce commercially successful and critically acclaimed content, effectively manage its production budgets, adapt to evolving distribution landscapes, and navigate the intense competitive pressures of the industry.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 40 | 28 | 34 | 31 | 42 | 31 | 36 | 40 | 43 | 39 |
| Other Income | 1 | 2 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
| Total Income | 41 | 31 | 35 | 31 | 43 | 32 | 36 | 40 | 44 | 39 |
| Total Expenditure | 38 | 26 | 31 | 26 | 32 | 26 | 32 | 37 | 37 | 31 |
| Operating Profit | 3 | 5 | 4 | 5 | 12 | 5 | 3 | 3 | 7 | 7 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 2 | 1 | 1 | 8 | 3 | 0 | 0 | 4 | 4 |
| Provision for Tax | -0 | 0 | -0 | 0 | 2 | 1 | 0 | 0 | 2 | 1 |
| Profit After Tax | -0 | 2 | 1 | 1 | 6 | 2 | 0 | 0 | 2 | 4 |
| Adjustments | 1 | -0 | -0 | -0 | -3 | -1 | 0 | 1 | -1 | -1 |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 4 | 2 | 0 | 1 | 1 | 3 |
| Adjusted Earnings Per Share | 0 | 0.1 | 0 | 0 | 0.2 | 0.1 | 0 | 0 | 0.1 | 0.1 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 117 | 137 | 132 | 145 | 121 | 100 | 121 | 112 | 132 | 136 | 150 | 158 |
| Other Income | 1 | 1 | 1 | 2 | 2 | 3 | 2 | 1 | 2 | 4 | 1 | 1 |
| Total Income | 119 | 138 | 133 | 147 | 123 | 103 | 122 | 112 | 134 | 140 | 151 | 159 |
| Total Expenditure | 89 | 104 | 105 | 116 | 111 | 97 | 101 | 99 | 110 | 115 | 132 | 137 |
| Operating Profit | 30 | 33 | 28 | 31 | 12 | 6 | 22 | 13 | 23 | 25 | 19 | 20 |
| Interest | 15 | 16 | 14 | 13 | 12 | 13 | 10 | 9 | 10 | 8 | 8 | 8 |
| Depreciation | 15 | 13 | 17 | 13 | 11 | 8 | 6 | 5 | 5 | 4 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 4 | -2 | 5 | -11 | -14 | 5 | -1 | 8 | 12 | 8 | 8 |
| Provision for Tax | -1 | -0 | -1 | -0 | -0 | 0 | 0 | 0 | 2 | 2 | 3 | 3 |
| Profit After Tax | 0 | 4 | -1 | 5 | -10 | -15 | 5 | -1 | 7 | 10 | 5 | 6 |
| Adjustments | -3 | -3 | -1 | -2 | 1 | 3 | -2 | -0 | -3 | -4 | -1 | -1 |
| Profit After Adjustments | -3 | 1 | -2 | 3 | -9 | -12 | 3 | -2 | 4 | 6 | 4 | 5 |
| Adjusted Earnings Per Share | -0.2 | 0.1 | -0.1 | 0.2 | -0.5 | -0.6 | 0.1 | -0.1 | 0.2 | 0.3 | 0.2 | 0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 10% | 10% | 8% | 3% |
| Operating Profit CAGR | -24% | 13% | 26% | -4% |
| PAT CAGR | -50% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -42% | -13% | 6% | -3% |
| ROE Average | 3% | 5% | 3% | 1% |
| ROCE Average | 6% | 7% | 6% | 5% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 107 | 109 | 107 | 154 | 145 | 133 | 143 | 141 | 151 | 157 | 171 |
| Minority's Interest | 51 | 54 | 55 | 56 | 55 | 52 | 54 | 54 | 57 | 61 | 62 |
| Borrowings | 75 | 52 | 53 | 52 | 49 | 49 | 42 | 41 | 38 | 41 | 53 |
| Other Non-Current Liabilities | 0 | 0 | -1 | -1 | -1 | -1 | -0 | 0 | 0 | 0 | 2 |
| Total Current Liabilities | 116 | 151 | 135 | 128 | 143 | 136 | 141 | 145 | 131 | 137 | 129 |
| Total Liabilities | 349 | 366 | 350 | 389 | 390 | 369 | 380 | 382 | 377 | 396 | 416 |
| Fixed Assets | 70 | 77 | 63 | 55 | 45 | 39 | 33 | 29 | 28 | 22 | 20 |
| Other Non-Current Assets | 127 | 126 | 160 | 156 | 154 | 154 | 126 | 126 | 126 | 124 | 121 |
| Total Current Assets | 151 | 163 | 127 | 178 | 191 | 176 | 220 | 226 | 222 | 250 | 276 |
| Total Assets | 349 | 366 | 350 | 389 | 390 | 369 | 380 | 382 | 377 | 396 | 416 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 21 | 13 | 10 | 8 | 26 | 46 | 15 | 23 | 6 | 10 | 11 |
| Cash Flow from Operating Activities | 32 | 26 | 38 | 37 | 32 | -20 | -11 | -5 | 19 | 2 | -14 |
| Cash Flow from Investing Activities | -15 | -17 | -37 | -3 | 3 | 1 | 28 | -0 | -2 | 4 | 2 |
| Cash Flow from Financing Activities | -23 | -12 | -3 | -16 | -14 | -13 | -9 | -11 | -13 | -5 | 14 |
| Net Cash Inflow / Outflow | -6 | -3 | -2 | 18 | 20 | -31 | 8 | -16 | 4 | 1 | 2 |
| Closing Cash & Cash Equivalent | 15 | 10 | 8 | 26 | 46 | 15 | 23 | 6 | 10 | 11 | 14 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.15 | 0.06 | -0.12 | 0.17 | -0.46 | -0.59 | 0.14 | -0.08 | 0.2 | 0.31 | 0.18 |
| CEPS(Rs) | 0.81 | 0.9 | 0.85 | 0.92 | 0.01 | -0.34 | 0.56 | 0.19 | 0.58 | 0.71 | 0.39 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 5.7 | 5.79 | 5.65 | 7.8 | 7.31 | 6.71 | 6.83 | 7.14 | 7.63 | 7.95 | 8.16 |
| Core EBITDA Margin(%) | 24.2 | 23.6 | 20.84 | 20.16 | 8.3 | 3.68 | 16.7 | 11.36 | 16.34 | 15.24 | 11.86 |
| EBIT Margin(%) | 12.53 | 14.77 | 8.65 | 12.5 | 1.37 | -1.58 | 12.87 | 7.22 | 14.01 | 15.16 | 10.57 |
| Pre Tax Margin(%) | -0.43 | 2.81 | -1.82 | 3.42 | -8.84 | -14.33 | 4.28 | -1.13 | 6.39 | 9 | 5.13 |
| PAT Margin (%) | 0.02 | 2.86 | -0.7 | 3.44 | -8.55 | -14.48 | 4.11 | -1.33 | 5.14 | 7.35 | 3.36 |
| Cash Profit Margin (%) | 12.93 | 12.36 | 12.13 | 12.51 | 0.23 | -6.68 | 9.2 | 3.35 | 8.76 | 10.37 | 5.41 |
| ROA(%) | 0.01 | 1.09 | -0.26 | 1.35 | -2.65 | -3.84 | 1.33 | -0.39 | 1.79 | 2.59 | 1.24 |
| ROE(%) | 0.02 | 3.62 | -0.87 | 3.83 | -6.9 | -10.49 | 3.7 | -1.08 | 4.63 | 6.48 | 3.09 |
| ROCE(%) | 5.61 | 7.64 | 4.35 | 6.53 | 0.57 | -0.57 | 5.67 | 2.97 | 7.03 | 7.68 | 5.57 |
| Receivable days | 179.99 | 176.01 | 169.8 | 149.95 | 184.8 | 206.75 | 195.6 | 238.63 | 196.81 | 185.31 | 166.38 |
| Inventory Days | 102.1 | 87.43 | 90.65 | 85.86 | 104.49 | 127.26 | 103.74 | 123.11 | 126.73 | 154.77 | 171.32 |
| Payable days | -2087.96 | 2086.04 | -1811.52 | 0 | -6884.57 | 0 | 5429.87 | -1021.33 | -1051.38 | -565.13 | -1051.39 |
| PER(x) | 0 | 81.89 | 0 | 27.74 | 0 | 0 | 39.06 | 0 | 41.03 | 17.21 | 20.14 |
| Price/Book(x) | 0.75 | 0.81 | 0.78 | 0.61 | 0.24 | 0.3 | 0.8 | 0.52 | 1.08 | 0.68 | 0.45 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.87 | 1.73 | 1.71 | 1.45 | 1.06 | 1.62 | 1.82 | 1.72 | 1.98 | 1.59 | 1.21 |
| EV/Core EBITDA(x) | 7.36 | 7.11 | 7.95 | 6.71 | 10.42 | 26.07 | 10.12 | 14.47 | 11.23 | 8.73 | 9.62 |
| Net Sales Growth(%) | -8.16 | 16.46 | -3.2 | 9.45 | -16.76 | -16.66 | 20.21 | -7.5 | 18.04 | 3.11 | 10.38 |
| EBIT Growth(%) | 426.94 | 37.34 | -43.33 | 58.25 | -90.85 | -195.71 | 1080.76 | -48.11 | 129.1 | 11.55 | -23.03 |
| PAT Growth(%) | 100.27 | 0 | -123.84 | 635.78 | -306.6 | -41.16 | 134.09 | -130.06 | 554.11 | 47.54 | -49.55 |
| EPS Growth(%) | 81.8 | 137.21 | -300.8 | 249.86 | -367.84 | -28.29 | 123.69 | -160.51 | 337.1 | 55.89 | -42.57 |
| Debt/Equity(x) | 1.44 | 1.45 | 1.43 | 0.91 | 0.97 | 1.04 | 0.99 | 0.89 | 0.71 | 0.77 | 0.71 |
| Current Ratio(x) | 1.3 | 1.08 | 0.94 | 1.4 | 1.34 | 1.3 | 1.56 | 1.56 | 1.7 | 1.83 | 2.14 |
| Quick Ratio(x) | 1.01 | 0.87 | 0.69 | 1.13 | 1.09 | 1.04 | 1.32 | 1.27 | 1.32 | 1.35 | 1.56 |
| Interest Cover(x) | 0.97 | 1.23 | 0.83 | 1.38 | 0.13 | -0.12 | 1.5 | 0.86 | 1.84 | 2.46 | 1.94 |
| Total Debt/Mcap(x) | 1.92 | 1.79 | 1.83 | 1.57 | 4.08 | 3.5 | 1.23 | 1.71 | 0.66 | 1.13 | 1.6 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | 49.37 | 51.74 | 51.74 |
| FII | 0.01 | 0.06 | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 53.13 | 53.08 | 53.05 | 53.14 | 53.14 | 53.14 | 53.14 | 50.63 | 48.26 | 48.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 10.25 | 11.27 | 11.27 |
| FII | 0 | 0.01 | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 10.51 | 10.5 | 10.5 | 10.52 | 10.52 | 10.52 | 10.52 | 10.52 | 10.52 | 10.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.79 | 19.79 | 19.79 | 19.79 | 19.79 | 19.79 | 19.79 | 20.77 | 21.79 | 21.79 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +10% | +10% | +8% | +3% |
| Operating Profit CAGR | -24% | +13% | +26% | -4% |
| PAT CAGR | -50% | — | — | — |
| Share Price CAGR | -42% | -13% | +6% | -3% |
| ROE Average | +3% | +5% | +3% | +1% |
| ROCE Average | +6% | +7% | +6% | +5% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | 46.86 | 49.37 | 51.74 | 51.74 |
| FII | 0.01 | 0.06 | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 53.13 | 53.08 | 53.05 | 53.14 | 53.14 | 53.14 | 53.14 | 50.63 | 48.26 | 48.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 9.27 | 10.25 | 11.27 | 11.27 |
| FII | 0 | 0.01 | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 10.51 | 10.5 | 10.5 | 10.52 | 10.52 | 10.52 | 10.52 | 10.52 | 10.52 | 10.52 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.79 | 19.79 | 19.79 | 19.79 | 19.79 | 19.79 | 19.79 | 20.77 | 21.79 | 21.79 |
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