Film Production, Distribution & Entertainment · Founded 1993 · www.pritishnandycom.com · BSE 532387 · NSE PNC · ISIN INE392B01011
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Business
Pritish Nandy Communications Ltd. (PNC) is an Indian media and entertainment company primarily engaged in the production, distribution, and aggregation of content across various platforms. Its core business model revolves around creating intellectual property (IP) in the form of feature films, web series, and television shows. The company generates revenue by selling or licensing these content rights to theatrical distributors, broadcasters, digital streaming platforms (OTT), and other content aggregators, both domestically and internationally. They also monetize their existing content library.
Revenue Mix
While specific breakdowns are not publicly detailed in general reports, PNC's revenue streams typically originate from:
Film Production: Income from theatrical release, satellite rights, music rights, and digital rights of feature films.
Digital Content Production: Production and licensing of web series and other original content for Over-The-Top (OTT) platforms.
Television Content Production: Creation and licensing of TV shows and serials for broadcast channels.
Content Library Monetization: Revenue generated from re-licensing older films or shows from its existing content library.
Industry
PNC operates within India's highly competitive and fragmented film production, distribution, and entertainment industry. This industry is characterized by a mix of large integrated studios, mid-sized production houses, and numerous smaller independent players. The sector is undergoing significant transformation driven by the rise of digital platforms and changing consumption patterns. PNC likely positions itself as an established production house with a track record, potentially focusing on a certain type of content or leveraging its promoter's brand. Compared to large studios, it might operate with more agile production models or focus on niche content.
MOAT
PNC's competitive advantages are likely derived from:
Brand & Reputation: The personal brand and industry relationships of its promoter, Pritish Nandy, a known name in Indian media, can attract talent and distribution partners.
Content Library: An existing portfolio of films and shows provides a recurring asset that can be re-monetized over time.
Creative Talent & Relationships: Established relationships with writers, directors, actors, and other creative professionals in the industry.
Adaptability: Ability to adapt to changing content consumption trends, especially the shift towards digital platforms, by producing relevant content for web series and other digital formats.
Growth Drivers
Key factors that can drive PNC's growth over the next 3-5 years include:
Rise of OTT Platforms: Continued explosion in demand for original digital content from numerous streaming services, creating more avenues for content monetization.
Increasing Digital Penetration: Growing internet and smartphone penetration in India drives wider content consumption.
Content Library Monetization: Strategic re-monetization of its existing content library through new licensing deals or distribution channels.
Regional Content Demand: Growing appetite for high-quality content in various regional languages beyond Hindi, offering diversification opportunities.
In-Theater Experience Revival: Potential resurgence of theatrical footfalls post-pandemic for big-budget films.
Risks
PNC faces several inherent risks common to the entertainment industry:
Project-Specific Risk: The success of the business is highly dependent on the commercial and critical success of individual films or shows, which is inherently unpredictable.
Intense Competition: Fierce competition from other production houses, large studios, and international content creators vying for talent, funding, and audience attention.
Changing Consumer Preferences: Rapid shifts in audience tastes and content consumption habits, requiring constant adaptation.
Content Piracy: Threat of illegal distribution and piracy impacting legitimate revenue streams.
Talent Dependence: Over-reliance on key creative talent (directors, actors, writers), whose availability and fees can impact project viability.
Financing Risk: High capital requirements for content production and the challenge of securing timely funding.
Management & Ownership
Pritish Nandy Communications Ltd. is promoted by Pritish Nandy, a well-known Indian journalist, politician, and media personality. He is likely a significant shareholder and plays a key role in the company's strategic and creative direction. The management quality would be assessed by their ability to consistently produce commercially and critically successful content, manage project finances effectively, and adapt to evolving industry dynamics. Ownership structure is typically promoter-driven for companies of this size in India, with institutional and public shareholding.
Outlook
PNC operates in a dynamic sector with significant growth potential, driven by India's large consumer base and the increasing demand for diverse entertainment content, particularly on digital platforms. The company's established presence and promoter's brand offer a foundation to capitalize on these trends. However, the inherent high-risk nature of content production, coupled with intense competition and the need for continuous innovation, poses considerable challenges. Sustained success will depend on PNC's ability to consistently deliver compelling content that resonates with audiences across various formats, effectively manage production costs, and secure favorable distribution deals in a rapidly evolving media landscape.
| #(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 | 29 | 19 | 4 | 3 | 8 | 21 | 4 | 10 | 2 | 2 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 29 | 19 | 4 | 3 | 8 | 21 | 5 | 10 | 3 | 2 |
| Total Expenditure | 28 | 19 | 4 | 4 | 8 | 21 | 5 | 8 | 5 | 2 |
| Operating Profit | 1 | 0 | -1 | -0 | -1 | 1 | -1 | 2 | -2 | -1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18 | 0 | 0 |
| Profit Before Tax | 1 | 0 | -1 | -0 | -1 | 1 | -1 | -15 | -2 | -1 |
| Provision for Tax | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -5 | -0 | 0 |
| Profit After Tax | 1 | 0 | -1 | -0 | -0 | 1 | -1 | -10 | -2 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 1 | 0 | -1 | -0 | -0 | 1 | -1 | -10 | -2 | -1 |
| Adjusted Earnings Per Share | 0.8 | 0.3 | -0.4 | -0.2 | -0.3 | 0.4 | -0.6 | -7 | -1.4 | -0.5 |
| #(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 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 2 | 20 | 15 | 27 | 8 | 45 | 18 | 58 | 34 | 38 | 18 |
| Other Income | 1 | 3 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 22 | 5 | 20 | 16 | 28 | 9 | 45 | 19 | 58 | 34 | 38 | 20 |
| Total Expenditure | 19 | 5 | 17 | 13 | 26 | 13 | 45 | 22 | 56 | 35 | 38 | 20 |
| Operating Profit | 4 | -0 | 3 | 2 | 2 | -4 | 0 | -3 | 3 | -1 | 0 | -2 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18 | -18 |
| Profit Before Tax | 3 | -1 | 2 | 1 | 1 | -5 | -0 | -4 | 2 | -1 | -18 | -19 |
| Provision for Tax | 4 | -0 | -0 | 0 | -0 | -0 | 0 | 0 | -0 | -0 | -5 | -5 |
| Profit After Tax | -1 | -1 | 3 | 1 | 1 | -5 | -0 | -4 | 2 | -1 | -13 | -14 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -1 | 3 | 1 | 1 | -5 | -0 | -4 | 2 | -1 | -13 | -14 |
| Adjusted Earnings Per Share | -0.8 | -1 | 1.8 | 0.7 | 0.9 | -3.3 | -0.2 | -2.7 | 1.7 | -0.7 | -8.7 | -9.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 12% | 28% | 37% | 6% |
| Operating Profit CAGR | 0% | 0% | 0% | -100% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -43% | -23% | -15% | -2% |
| ROE Average | -19% | -6% | -4% | -2% |
| ROCE Average | -25% | -8% | -6% | -2% |
| #(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 | 77 | 76 | 79 | 80 | 81 | 76 | 76 | 72 | 75 | 74 | 61 |
| Minority's Interest | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| Other Non-Current Liabilities | 14 | 14 | 13 | 13 | 13 | 11 | 11 | 11 | 11 | 11 | 5 |
| Total Current Liabilities | 8 | 7 | 7 | 9 | 9 | 7 | 8 | 8 | 13 | 16 | 3 |
| Total Liabilities | 106 | 98 | 100 | 103 | 104 | 94 | 96 | 92 | 99 | 101 | 70 |
| Fixed Assets | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | 2 |
| Other Non-Current Assets | 39 | 29 | 31 | 31 | 32 | 29 | 27 | 25 | 25 | 26 | 19 |
| Total Current Assets | 66 | 68 | 68 | 70 | 71 | 63 | 67 | 65 | 72 | 74 | 49 |
| Total Assets | 106 | 98 | 100 | 103 | 104 | 94 | 96 | 92 | 99 | 101 | 70 |
| #(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 | 5 | 0 | 0 | 3 | 3 | 8 | 2 | 2 | 0 | 4 | 9 |
| Cash Flow from Operating Activities | -2 | 2 | 5 | 1 | 7 | -6 | 3 | -2 | 2 | 5 | -6 |
| Cash Flow from Investing Activities | 0 | -0 | 0 | -1 | 0 | 1 | -2 | -0 | 2 | -0 | -1 |
| Cash Flow from Financing Activities | 1 | -2 | -2 | -1 | -2 | -1 | -1 | 0 | -1 | 1 | -1 |
| Net Cash Inflow / Outflow | -0 | 0 | 3 | -0 | 5 | -6 | 0 | -2 | 4 | 5 | -8 |
| Closing Cash & Cash Equivalent | 5 | 0 | 3 | 3 | 8 | 2 | 2 | 0 | 4 | 9 | 1 |
| # | 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) | -0.79 | -0.97 | 1.76 | 0.67 | 0.9 | -3.35 | -0.23 | -2.7 | 1.67 | -0.66 | -8.67 |
| CEPS(Rs) | -0.7 | -0.84 | 1.88 | 0.82 | 1.09 | -3.16 | -0.05 | -2.47 | 1.89 | -0.44 | -8.44 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 52.99 | 52.79 | 54.53 | 55.18 | 56.04 | 52.72 | 52.46 | 49.88 | 51.52 | 50.85 | 42.09 |
| Core EBITDA Margin(%) | 12.51 | -138.07 | 12.42 | 10.57 | 4.97 | -68.71 | -0.42 | -21.9 | 3.76 | -4.96 | -1.15 |
| EBIT Margin(%) | 16.58 | -31.33 | 14.08 | 13.45 | 6.51 | -60.37 | -0.14 | -20.68 | 4.3 | -3.88 | -46.75 |
| Pre Tax Margin(%) | 12.9 | -64.45 | 10.71 | 9.49 | 4.53 | -65.15 | -0.66 | -21.32 | 4.13 | -4.13 | -47.11 |
| PAT Margin (%) | -5.81 | -63.56 | 13 | 6.48 | 4.78 | -62.52 | -0.76 | -21.37 | 4.19 | -2.84 | -33.3 |
| Cash Profit Margin (%) | -4.79 | -54.66 | 13.91 | 7.9 | 5.78 | -59 | -0.17 | -19.58 | 4.75 | -1.9 | -32.43 |
| ROA(%) | -1.18 | -1.38 | 2.57 | 0.96 | 1.26 | -4.89 | -0.36 | -4.14 | 2.53 | -0.95 | -14.63 |
| ROE(%) | -1.6 | -1.84 | 3.27 | 1.23 | 1.62 | -6.16 | -0.45 | -5.28 | 3.3 | -1.29 | -18.65 |
| ROCE(%) | 4.39 | -0.87 | 3.33 | 2.42 | 2.12 | -5.78 | -0.08 | -5 | 3.32 | -1.72 | -25.48 |
| Receivable days | 11.76 | 274.93 | 27.53 | 58.03 | 29.73 | 56.76 | 9.01 | 4.99 | 5.57 | 7.23 | 12.64 |
| Inventory Days | 893.22 | 9042.14 | 1093.08 | 1389.05 | 758.94 | 2653.9 | 455.01 | 1107.76 | 349.13 | 593.62 | 422.7 |
| Payable days | 199.91 | 927.88 | 24.43 | 41.67 | 11.2 | 44.63 | 15.36 | 33.03 | 19.67 | 50.89 | 24.55 |
| PER(x) | 0 | 0 | 8.37 | 26.18 | 8.32 | 0 | 0 | 0 | 32.09 | 0 | 0 |
| Price/Book(x) | 0.26 | 0.4 | 0.27 | 0.32 | 0.13 | 0.79 | 0.9 | 0.61 | 1.04 | 0.5 | 0.39 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.74 | 14.27 | 0.91 | 1.48 | 0.01 | 7.81 | 1.38 | 2.5 | 1.3 | 0.87 | 0.65 |
| EV/Core EBITDA(x) | 4.18 | -63.61 | 6.06 | 9.93 | 0.16 | -13.73 | 309.57 | -13.26 | 26.64 | -29.65 | 105.72 |
| Net Sales Growth(%) | 2813.58 | -89.56 | 781.71 | -23.08 | 81.37 | -71.6 | 476.88 | -59.12 | 215.82 | -41.78 | 12.06 |
| EBIT Growth(%) | 174.48 | -119.74 | 496.26 | -26.51 | -12.21 | -363.36 | 98.66 | -5946.88 | 165.73 | -152.49 | -1249.94 |
| PAT Growth(%) | 74.91 | -14.31 | 280.3 | -61.63 | 33.69 | -471.55 | 93 | -1051.33 | 161.9 | -139.41 | -1216.21 |
| EPS Growth(%) | 76.62 | -22.62 | 280.43 | -61.63 | 33.68 | -471.56 | 93 | -1051.17 | 161.89 | -139.41 | -1216.26 |
| Debt/Equity(x) | 0.01 | 0.08 | 0.05 | 0.05 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 |
| Current Ratio(x) | 7.86 | 9.2 | 9.19 | 8.02 | 7.58 | 9.5 | 8.25 | 8.14 | 5.77 | 4.74 | 18.86 |
| Quick Ratio(x) | 1.88 | 1.16 | 1.35 | 1.47 | 1.5 | 1.1 | 1.38 | 1.19 | 1.38 | 1.26 | 6.15 |
| Interest Cover(x) | 4.51 | -0.95 | 4.18 | 3.4 | 3.28 | -12.61 | -0.27 | -32.11 | 25.43 | -15.64 | -128.49 |
| Total Debt/Mcap(x) | 0.03 | 0.19 | 0.2 | 0.17 | 0.23 | 0.03 | 0.02 | 0.04 | 0.01 | 0.06 | 0.06 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.84 | 54.84 | 54.84 | 59.72 | 59.72 | 59.72 | 59.72 | 59.72 | 59.72 | 59.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.48 | 0 | 0 | 0 | 0 |
| Public | 44.5 | 44.5 | 44.5 | 39.63 | 39.63 | 39.8 | 40.28 | 40.28 | 40.28 | 40.28 |
| 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 | 0.79 | 0.79 | 0.79 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 |
| Public | 0.64 | 0.64 | 0.64 | 0.57 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +12% | +28% | +37% | +6% |
| Operating Profit CAGR | — | — | — | -100% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -43% | -23% | -15% | -2% |
| ROE Average | -19% | -6% | -4% | -2% |
| ROCE Average | -25% | -8% | -6% | -2% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.84 | 54.84 | 54.84 | 59.72 | 59.72 | 59.72 | 59.72 | 59.72 | 59.72 | 59.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.48 | 0 | 0 | 0 | 0 |
| Public | 44.5 | 44.5 | 44.5 | 39.63 | 39.63 | 39.8 | 40.28 | 40.28 | 40.28 | 40.28 |
| 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 | 0.79 | 0.79 | 0.79 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 |
| Public | 0.64 | 0.64 | 0.64 | 0.57 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
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