DIGIKORE
Digikore Studios financials
- Market cap
- ₹48 Cr
- Calls analysed
- 2
DIGIKORE Q2 FY26
What went well
- Revenue grew 59.6% to INR36.13 crores in H1 FY26 compared to INR22.62 crores in H1 FY25.
- PAT increased 117% to INR6.11 crores in H1 FY26 versus INR2.82 crores in H1 FY25.
- Operating expenses as a percentage of revenue fell to 78.6% from 83%, an improvement of 440 bps.
What to watch
- VFX margins compressed in H1 due to increased competition and rate cutting post-strikes, settling at 16-18% compared to typical 18-19%.
- Trade receivables increased to INR46 crores from INR39.55 crores (March 31), though debtor days improved from 400 to ~200.
What Digikore Studios Ltd does
Digikore Studios, incorporated in 2000 and headquartered in Pune with a subsidiary in Canada, is a visual-effects (VFX) studio that provides rotoscopy, compositing, matchmove, CG and other VFX services to major international studios and productions. It has expanded beyond core VFX into a virtual-production sets marketplace (fab.com/vpsets.com), branded OTT content production (shows distributed via JioHotstar), a digital-marketing arm (Digikore Digital), and AI SaaS tools such as an HR-assessment platform and an automated outbound sales tool for MSMEs.
Segments
- VFX Studio
- OTT / Branded Content Production
- Virtual Production
- AI SaaS & Digital
- Team members
- 377 (as of March 2025)
- VFX shots delivered
- 50,000+
- Productions delivered
- 300+ Hollywood films, TV series, web series and commercials
- Global studio locations
- 3+ (India headquarters plus Canada subsidiary)
- Major studio approvals
- Approved VFX vendor for Disney, Marvel, Netflix, Amazon, Apple, Warner Bros., Lionsgate and Paramount
- Pune office area
- 19,500 sq ft
Guidance record · Q2 FY26
what the last two calls moved 8 tracked 1 delivered 0 missed 7 open- Trade Receivables delivered, diluted said Q4 FY25 Promised: in the next 4 to 6 months, we should have recovered a majority of our receivables... substantial amount Q2 FY26: Absolute receivables rose to ₹46 cr, but debtor days halved from 400 to 200. Management now expects majority recovery in the next 6-9 months.
- Fundraise Amount revised up said Q4 FY25 Promised: fresh fundraise via a QIP/Rights/Preferential... around INR 30 crores figure Q2 FY26: Upsized to a ₹45 crore QIP fundraise in November, with ₹20 crores specifically for debt reduction.
- Top-line Revenue on track said Q4 FY25 Promised: INR 60 to INR 65 crores top line Q2 FY26: H1 FY26 achieved ₹36.13 crores. Management stated if H2 is better than H1, results will actually be better than guidance.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 45.5%, net profit up 133.3% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 25 | 22 | 23 | 13 | 34 +36% | 32 +45% |
| EBITDA | 9 | 4 | 6 | -10 | 11 +22% | 11 +175% |
| Net profit | 6 | 3 | 3 | -10 | 6 +0% | 7 +133% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −57.9% 1Y
1Y: ₹90.3 on 10 Sept 2025 → ₹38.05. High ₹96.5 (31 Oct 2025), low ₹34.35 (10 Aug 2026).
How the price took the results
close before → close after
- Q2 FY26
- −3.1%
- 3 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹6 Cr | ₹6 Cr | ₹13 Cr |
| Reserves | ₹0 Cr | ₹5 Cr | ₹36 Cr | ₹35 Cr | ₹35 Cr |
| Borrowings | ₹3 Cr | ₹6 Cr | ₹9 Cr | ₹41 Cr | ₹55 Cr |
| Other liabilities | ₹3 Cr | ₹8 Cr | ₹7 Cr | ₹13 Cr | ₹13 Cr |
| Total liabilities | ₹8 Cr | ₹20 Cr | ₹58 Cr | ₹95 Cr | ₹116 Cr |
| Fixed assets | ₹4 Cr | ₹4 Cr | ₹9 Cr | ₹14 Cr | ₹13 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹6 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹4 Cr | ₹4 Cr |
| Other assets | ₹4 Cr | ₹14 Cr | ₹41 Cr | ₹77 Cr | ₹99 Cr |
| Total assets | ₹8 Cr | ₹20 Cr | ₹58 Cr | ₹95 Cr | ₹116 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters trimmed −8.16 pp while the public added +6.87 pp. The shareholder count shrank 8% to 1,904.
- Promoters
- 58.5%
- FIIs
- 1.3%
- Public
- 40.2%
Since Mar 2025
- Promoters −8.16 pp
- Public +6.87 pp
- FIIs +1.29 pp
How it drifted, 7 quarters
Over this window the public went from 22.8% to 40.2% — +17.4 pp.
Ownership split by quarter, oldest first. Oct '23: Promoters 66.5%, FIIs 2.8%, DIIs 7.9%, Public 22.8%.Mar '24: Promoters 66.5%, FIIs 0.0%, Public 33.4%.Sep '24: Promoters 66.5%, FIIs 0.0%, Public 33.4%.Mar '25: Promoters 66.6%, FIIs 0.0%, Public 33.4%.Sep '25: Promoters 66.8%, FIIs 0.5%, Public 32.8%.Oct '25: Promoters 66.8%, FIIs 0.9%, Public 32.4%.Mar '26: Promoters 58.5%, FIIs 1.3%, Public 40.2%.
Who bought this quarter
since Oct 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- L7 Hitech Private Limited newly disclosed 1.49% held
- Abundantia Capital Vcc- Abundantia Capital Iii VC / PE newly disclosed 1.30% held
- Abhay Bharatbhai Shah newly disclosed 1.19% held
- Digikore Digital Llp newly disclosed 0.06% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Digikore Studios Ltd above SEBI's 1% disclosure line, and what changed since Oct 2025.
| Holder | Stake | Change |
|---|---|---|
| Shree Mpj Cement Works Llp | 33.24% | −8.30 pp |
| Abhishek Rameshkumar More | 21.76% | unchanged |
| Rohit Rameshkumar More | 3.20% | unchanged |
| Huf | 1.83% | unchanged |
| L7 Hitech Private Limited | 1.49% | newly disclosed |
| Squaricle Innovations Private Limited | 1.30% | unchanged |
| Abundantia Capital Vcc- Abundantia Capital Iii VC / PE | 1.30% | newly disclosed |
| Dheeraj Kumar Lohia | 1.22% | −0.13 pp |
| Abhay Bharatbhai Shah | 1.19% | newly disclosed |
| Prapti Abhishek More | 0.07% | unchanged |
| Jhumka More | 0.06% | unchanged |
| Rameshkumar More | 0.06% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Digikore Studios Ltd
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