Basilic Fly Stud

Basilic Fly Studio experienced a transformative FY25, with console revenue growing 3x to ₹306 crores from ₹106 crores in the previous year. This growth was significantly bolstered by the successful acquisition and integration of One Of US Limited, a London-based VFX studio. The acquisition provided access to a seasoned team of 350+ artists and expanded global operations, enabling the company to deliver world-class digital storytelling across borders and handle large-scale, complex projects efficiently.

For FY25, console EBITDA reached ₹62.7 crores, up from ₹52.2 crores in FY24, representing a 19.9% YoY growth. PAT stood at ₹45.6 crores, a 24.8% increase from ₹36.5 crores last year. After adjusting for a one-time^📎 expense of ₹4.03 crores related to merger and acquisition, the adjusted PAT for FY25 was ₹48.6 crores, reflecting a robust 33.1% YoY growth. The company also reported a strong H2 FY25 performance with revenue of ₹228.7 crores, EBITDA of ₹44 crores, and adjusted PAT of ₹36.3 crores, showing significant growth over the prior year.

India standalone PAT margin for FY25 was 24.2% and EBITDA margin was 37.3%, both lower than FY24's 35.1% and 50.1% respectively. This decline was attributed to lower revenue impacting fixed costs during the industry strike. In contrast, the UK subsidiary (One of US) showed significant margin improvement, with PAT margin increasing from 6.2% in H1 to 12.6% in H2, and EBITDA margin rising from 11% to 15.3% in H2, driven by higher resource utilization and offshoring.

As of May end 2025, the UK subsidiary's order book stands at ₹290 crores, with 55% (₹165 crores) already delivered. The company ended FY25 with a net debt of ₹8.4 crores, a shift from a cash surplus of ₹40.3 crores in FY24, primarily due to the subsidiary acquisition and delayed collections from India. However, console Days Sales Outstanding (DSO) improved significantly to 78 days from 122 days, aided by better payment terms from premium clients at the UK subsidiary, and console cash flow from operations turned positive at ₹9.6 crores.

Basilic Fly Studio projects FY26 revenue to be in the range of ₹450-500 crores, with console margins expected to improve by 2-3% due to increased offshoring and tech integration. The company plans to set up an AI lab in collaboration with UK and India teams to drive innovation. Management aims to further reduce console DSO to within 60 days and is exploring opportunities for larger VFX projects exceeding $10-15 million, while also considering future inorganic growth opportunities.

The company has deeply invested in future-proofing technologies, embedding smart workflows with real-time cloud collaboration and AI-driven tools to automate tasks and optimize resource allocation. The first phase of technology integration is complete, enabling seamless work sharing between India and UK. A dedicated AI lab is planned in collaboration with UK and India teams, leveraging the UK-India trade agreement for R&D incentives and driving innovation in VFX production technology.