PHANTOMFX
Phantom Digital financials
- Market cap
- ₹184 Cr
- Calls analysed
- 2
Phantom Digital Q2 FY26
What went well
- Total consolidated income grew 140.93% YoY to ₹84.98 crores in H1 FY26, up from ₹36.65 crores in H1 FY25.
- EBITDA increased to ₹28.62 crores in H1 FY26 from ₹16.32 crores in H1 FY25, with a margin of 32.41%.
- Net Profit rose to ₹20.68 crores in H1 FY26 from ₹8.27 crores in H1 FY25, achieving a margin of 23.43%.
What to watch
- Outstanding receivables as of November 19, 2025, stood at ₹61.49 crores, with ₹18 crores identified as older than 180 days.
- Management was unable to provide immediate details on the calculation of goodwill related to acquisitions or the consolidated Days Sales Outstanding (DSO) during the call.
What Phantom Digital does
Phantom Digital Effects Limited (PhantomFX) is a visual-effects (VFX) and post-production studio that produces CGI, 3D animation, compositing, pre-visualization and gaming content for films, web series and commercials, including photoreal creatures, FX simulations and world-building work for global film, OTT and advertising clients. Incorporated in 2016, it runs studios out of Chennai (HQ), Mumbai, Hyderabad and Bengaluru in India, and has expanded internationally with offices in the US, Canada, UK, UAE and China. Under the Phantom Media Group (PMG) umbrella it also owns Tippett Studio (USA), Milk Visual Effects (UK/Europe), Lola Post and Spectre Post, adding capacity for high-end international VFX and animation projects.
Segments
- Pre-Visualization
- CGI
- 3D Animation
- Compositing
- Post-Production Services
- Gaming
- Global offices/studios
- 8 locations across 5 countries — Chennai (HQ), Mumbai, Hyderabad, Bengaluru (India); Toronto (Canada); London (UK); San Francisco (USA); Hangzhou (China)
- Workforce (artists, permanent & contracted)
- 650+
- Films worked on
- 200+
- VFX shots delivered
- 9,000+
- Client base
- 250+
- Group studio brands under Phantom Media Group
- 6 (PhantomFX, Tippett Studio, Milk Visual Effects, Lola Post, Spectre Post, Phantom China/Hangzhou Huantong)
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 1 delivered 0 missed 6 open- Tippett Studio Consolidation delivered, diluted said Q4 FY25 Promised: Full consolidation pending FEMA approvals and $3M transfer Q2 FY26: Integration complete across operational and creative functions, but Rs. 13 crores of payment is still pending across 3 future phases.
- Combined Operations Revenue revised up said Q4 FY25 Promised: Rs. 200 crores Q2 FY26: Projecting around 240 crores including the Milk acquisition.
- Main Board Migration open said Q2 FY26 Promised: December or first week of January Q2 FY26: In process to migrate from SME to main board... hardly maybe by December or first week of January.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q2 FY26: revenue up 143.2%, net profit up 16.9% against the same quarter last year.
| Line item | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24 | 17 | 26 | 22 | 26 +10% | 35 +101% | 64 +146% | 54 +143% |
| EBITDA | 9 | 7 | 12 | 10 | 10 +14% | 15 +125% | 22 +84% | 12 +17% |
| Net profit | 6 | 4 | 8 | 6 | 6 +2% | 8 +84% | 12 +54% | 7 +17% |
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 −55.7% 1Y
1Y: ₹253.8 on 10 Sept 2025 → ₹112.35. High ₹289.75 (26 Nov 2025), low ₹112.35 (11 Sept 2026).
How the price took the results
close before → close after
- Q2 FY26
- −1.8%
- 24 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.
Financials, as filed
Revenue grew 27.5% a year over 1 year, FY23 to FY24. Operating margin widened to 42.5%.
| Year ending | FY23 | FY24 |
|---|---|---|
| Revenue | ₹70 Cr | ₹89 Cr |
| Operating profit | ₹28 Cr | ₹38 Cr |
| Operating margin | 40.6% | 42.5% |
| Interest | ₹0 Cr | ₹2 Cr |
| Depreciation | ₹1 Cr | ₹5 Cr |
| Net profit | ₹20 Cr | ₹24 Cr |
| Net margin | 28.9% | 27.1% |
| Cash from operations | ₹-10 Cr | ₹-54 Cr |
| Free cash flow | ₹-21 Cr | ₹-82 Cr |
| ROCE | 76.0% | 32.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹14 Cr | ₹16 Cr |
| Reserves | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹33 Cr | ₹131 Cr | ₹219 Cr |
| Borrowings | ₹3 Cr | ₹4 Cr | ₹3 Cr | ₹7 Cr | ₹21 Cr | ₹35 Cr |
| Other liabilities | ₹2 Cr | ₹3 Cr | ₹7 Cr | ₹8 Cr | ₹14 Cr | ₹29 Cr |
| Total liabilities | ₹5 Cr | ₹7 Cr | ₹15 Cr | ₹59 Cr | ₹180 Cr | ₹298 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹10 Cr | ₹18 Cr | ₹16 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹15 Cr | ₹12 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹19 Cr |
| Other assets | ₹4 Cr | ₹7 Cr | ₹14 Cr | ₹49 Cr | ₹147 Cr | ₹252 Cr |
| Total assets | ₹5 Cr | ₹7 Cr | ₹15 Cr | ₹59 Cr | ₹180 Cr | ₹298 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 Jun 2026
Since Mar 2025, promoters trimmed −10.79 pp while the public added +8.30 pp. The shareholder count shrank 16% to 4,194.
- Promoters
- 44.0%
- FIIs
- 1.8%
- DIIs
- 0.9%
- Public
- 53.4%
Since Mar 2025
- Promoters −10.79 pp
- Public +8.30 pp
- FIIs +1.58 pp
How it drifted, 9 quarters
Over this window promoters fell from 63.9% to 44.0% — −20.0 pp.
Ownership split by quarter, oldest first. Mar '23: Promoters 63.9%, Public 36.1%.Sep '23: Promoters 63.9%, Public 36.1%.Dec '23: Promoters 54.8%, FIIs 8.8%, DIIs 7.2%, Public 29.3%.Mar '24: Promoters 54.8%, FIIs 4.9%, DIIs 0.1%, Public 40.2%.Sep '24: Promoters 54.7%, FIIs 2.6%, DIIs 0.1%, Public 42.6%.Mar '25: Promoters 54.7%, FIIs 0.2%, Public 45.0%.Sep '25: Promoters 44.8%, FIIs 1.8%, DIIs 1.2%, Public 52.2%.Mar '26: Promoters 44.0%, FIIs 1.8%, DIIs 1.0%, Public 53.3%.Jun '26: Promoters 44.0%, FIIs 1.8%, DIIs 0.9%, Public 53.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Thermo Capital Private Limited +0.12 pp 3.40% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Phantom Digital above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bejoy Arputharaj S | 38.05% | unchanged |
| Syntia Moses D | 3.63% | unchanged |
| Thermo Capital Private Limited | 3.40% | +0.12 pp |
| Binu Joshua Sam Manohar | 2.28% | unchanged |
| Asg Trading Pvt Ltd. | 1.67% | unchanged |
| Unico Global Opportunities Fund Limited FPI fund | 1.01% | unchanged |
| Market Maker Unclassified | 0.02% | 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.
What the price assumes
AttractiveTo justify its price of ₹112, this stock must grow earnings at -9% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹441 — upside of 292%.
- Growth the price implies
- -8.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 16.4% a year
- net profit, FY23–FY24
- The gap
- -0.3 pp
- 292% downside if it only repeats history
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Phantom Digital
Guides on how to read this kind of business and the numbers that matter.