UFONSENovember 12, 2025

UFO Moviez India Limited

6,603words
75turns
8analyst exchanges
4executives
Management on call
Rajesh Mishra
EXECUTIVE DIRECTOR AND GROUP CEO, UFO MOVIEZ INDIA LIMITED
Ashish Malushte
CHIEF FINANCIAL OFFICER, UFO MOVIEZ INDIA LIMITED
Siddharth Bhardwaj
CEO, DIGITAL CINEMA NETWORK BUSINESS, UFO MOVIEZ INDIA LIMITED
Tushar Pendharkar
VENTURA SECURITIES LTD
Key numbers — 40 extracted
₹1,113 million
r the quarter and half year ended September 2025 – • The consolidated revenue for Q2 FY26 stood at ₹1,113 million, compared to ₹968 million in Q2 FY25. and ₹1,090 million compared to Q1 FY26. • EBITDA stood at ₹
₹968 million
ended September 2025 – • The consolidated revenue for Q2 FY26 stood at ₹1,113 million, compared to ₹968 million in Q2 FY25. and ₹1,090 million compared to Q1 FY26. • EBITDA stood at ₹218 million in Q2 FY26, co
₹1,090 million
consolidated revenue for Q2 FY26 stood at ₹1,113 million, compared to ₹968 million in Q2 FY25. and ₹1,090 million compared to Q1 FY26. • EBITDA stood at ₹218 million in Q2 FY26, compared to ₹102 million in Q2 FY2
₹218 million
n, compared to ₹968 million in Q2 FY25. and ₹1,090 million compared to Q1 FY26. • EBITDA stood at ₹218 million in Q2 FY26, compared to ₹102 million in Q2 FY25, and ₹193 million compared to Q1 FY26. • The comp
₹102 million
25. and ₹1,090 million compared to Q1 FY26. • EBITDA stood at ₹218 million in Q2 FY26, compared to ₹102 million in Q2 FY25, and ₹193 million compared to Q1 FY26. • The company reported a net profit of ₹75 mill
₹193 million
ed to Q1 FY26. • EBITDA stood at ₹218 million in Q2 FY26, compared to ₹102 million in Q2 FY25, and ₹193 million compared to Q1 FY26. • The company reported a net profit of ₹75 million in Q1 FY26, compared to a
₹75 million
million in Q2 FY25, and ₹193 million compared to Q1 FY26. • The company reported a net profit of ₹75 million in Q1 FY26, compared to a net loss of ₹9 million in Q2 FY25 and a net profit of ₹65 million in Q1
₹9 million
Q1 FY26. • The company reported a net profit of ₹75 million in Q1 FY26, compared to a net loss of ₹9 million in Q2 FY25 and a net profit of ₹65 million in Q1 FY26. • Regarding half year performance, consolid
₹65 million
fit of ₹75 million in Q1 FY26, compared to a net loss of ₹9 million in Q2 FY25 and a net profit of ₹65 million in Q1 FY26. • Regarding half year performance, consolidated revenues amounted to ₹2,203 million, c
₹2,203 million
it of ₹65 million in Q1 FY26. • Regarding half year performance, consolidated revenues amounted to ₹2,203 million, compared to ₹1,913 million in H1 FY25. EBITDA for H1 FY26 was ₹411 million, compared to ₹168 mill
₹1,913 million
• Regarding half year performance, consolidated revenues amounted to ₹2,203 million, compared to ₹1,913 million in H1 FY25. EBITDA for H1 FY26 was ₹411 million, compared to ₹168 million in H1 FY25. On the PAT f
₹411 million
revenues amounted to ₹2,203 million, compared to ₹1,913 million in H1 FY25. EBITDA for H1 FY26 was ₹411 million, compared to ₹168 million in H1 FY25. On the PAT front, the company reported a net profit of ₹141
Guidance — 20 items
Rajesh Mishra
opening
“Q2 FY26 delivered a steady theatrical performance, supported by a diverse slate across languages and genres.”
Rajesh Mishra
opening
“Overall, Q2 FY26 delivered stable footfalls, a balanced slate of content, and strong audience engagement.”
Rajesh Mishra
opening
“Robust growth in advertisement and theatrical revenues, supported by solid product sales, further strengthened performance and positions the business well for the second half of FY26.”
Rajesh Mishra
opening
“Turning to the key figures for the quarter and half year ended September 2025 – • The consolidated revenue for Q2 FY26 stood at ₹1,113 million, compared to ₹968 million in Q2 FY25.”
Rajesh Mishra
opening
“• EBITDA stood at ₹218 million in Q2 FY26, compared to ₹102 million in Q2 FY25, and ₹193 million compared to Q1 FY26.”
Rajesh Mishra
opening
“• The company reported a net profit of ₹75 million in Q1 FY26, compared to a net loss of ₹9 million in Q2 FY25 and a net profit of ₹65 million in Q1 FY26.”
Rajesh Mishra
opening
“• Regarding half year performance, consolidated revenues amounted to ₹2,203 million, compared to ₹1,913 million in H1 FY25.”
Rajesh Mishra
opening
“EBITDA for H1 FY26 was ₹411 million, compared to ₹168 million in H1 FY25.”
Rajesh Mishra
opening
“On the PAT front, the company reported a net profit of ₹141 million in H1 FY26 against a net loss of ₹50 million in H1 FY25.”
Rajesh Mishra
opening
“Siddharth Bhardwaj – CEO and I will be happy to take your questions.”
Risks & concerns — 1 flagged
But assuming that doesn't happen as a worst case, we are now out of those woods that we were in a difficult season, half of your revenue is gone.
— Ashish Malushte
Q&A — 8 exchanges
Q
Yes. Good afternoon to the team and thank you for giving me the opportunity. So with that, I have couple of questions. First, on the business outlook side. So, sir, you have Caravan Talkies' ad revenue has rebounded sharply this quarter. So, can you comment on the sustainability of this uptick and whether there are any plans to expand this rural outreach platform? This is my first question.
Rajesh Mishra
Yeah. So the Caravan Talkies business is not a steady state business. That's why we had given very limited this term, advice on this also. Going forward also, we are looking at business coming in from government and corporate agencies. But the way the business is structured, it cannot be predicted exactly. So typically, like, it was a monsoon period. Otherwise, it could have been better also because this is an open-air viewing. But going forward, we have decent hopes on this business coming in. Ok. My second question is on the merger side of scale Scrabble Digital. So, the merger of Scrabble D
Q
Hi. Thanks for the opportunity, and congratulations for relatively good set of numbers. So, my question is we were doing 5.4 minutes in FY19, right, sir? I'm talking about advertising minutes. So slowly, we are reaching there. But over what timeframe, we should be reaching there in your opinion?
Siddharth Bhardwaj
Your question is a very important question for the company. As Ashish just mentioned, there are two challenges. One is getting the volume of advertising. So, in the minutes, it truly reflects the number of -- the amount of volume that is coming on board in terms of advertisers' affinity to come back and embrace cinema as a preferred advertising platform. So, over the last six months, we have seen a consistent flow of content coming in, which has brought back advertisers onto cinema. And they're consistently advertising. However, Ashish just mentioned that we are yet to come back to that level
Q
Sir, thank you for the opportunity. Very good results, sir. My first question, sir, is that I want to understand what are the levers for the improvement of the gross margins, like from 51.5% last year to 55%. So, like what type of mix you were able to change to get to such a high gross margins this quarter? That's my first question, sir. And secondly, what is your Capex guidance going forward? Like what type of screen additions that you're looking for this year? UFO Moviez India Limited November 05, 2025
Ashish Malushte
So, your first question on better gross margins. The business is structured such that a better ad revenue translates into substantially better margin. Every incremental rupee that we earn from advertisement, almost 65% of that would get into my PBT. That's the kind of business model that we have. That's because the core costs relating to advertisement, fixed costs, which is sharing with data, is currently at a high level of fixed sharing. And unless a particular threshold is broken, our obligation to pay them further doesn't arise. So, that is called a minimum guarantee that we have paid them.
Q
Sir, I'm joining call after a very long time. So if I remember correctly, we had exhibition business under Nova Cinema. So, what is the current status of that business? How many screens we are running? And what is the financials, I mean, EBITDA of that business, if you can comment?
Ashish Malushte
So, we are operating three screens in the northern region, and three are under progress at different levels in Maharashtra. One of them is operational. The results so far are not very encouraging from UFO Moviez India Limited November 05, 2025 these centres. These centres are located in towns with a population of less than 50,000, which we had identified as part of a pilot project. There was a question earlier about whether the screen network would expand in India. This is where our efforts were aimed — to establish a proof of concept that such centres could be made profitable. Probably the ti
Q
Hello, sir. Thank you for taking my question. So, I just wanted to understand what revenue growth can we expect this year? And if the 20% EBITDA margins are sustainable for the next quarters?
Ashish Malushte
With the current level of advertisement revenue, the margins are expected to remain stable. However, Q3 of last year was exceptionally strong, primarily due to a major blockbuster - Pushpa 2, which provided significant support to both the digital cinema and theatrical industries. We have not seen any comparable release this quarter. In addition, Diwali was relatively muted for the cinema industry this year, which is unusual after a long time. That said, the content pipeline remains healthy. Last year’s Q3 was therefore a one-off, exceptionally strong quarter. Nevertheless, we are hopeful that
Q
Yes. Thanks for taking my call. So, I have been investing in this company from the near to that IPO times in 2017-2018. So, I thought there was a huge variation, and I am seeing also the sales and profits in Covid were very bad. So hopefully, the trend will be positive, and we'll come back to a respectable level. That's what I also expect to hope that the company also feels so.
Ashish Malushte
In terms of financial performance, sir? Yeah. In both, actually. In financial performance and in the levels which we were quoting in 2017- 2018. So hopefully, that trend can come back for the company, sir? I mean, what certainly is in our control is the performance. We really are nobody when it comes to the market levels and market prices. And we don't think that, that should be the objective or any area for the management to look into. So, we focus on the business and the performance. And as some of the previous questions, we tried to explain that after a very, very tough COVID period, we UFO
Q
Sir, our founder, Mr. Gaikwad, is still with the company? Maybe since I'm attending this call after a long time.
Ashish Malushte
Very much. He is the person who thought of this revolution in India, made it happen, set up this professional company. And he is very much the managing director of the company. And I mean, all the disclosures, you can see him as a managing. He's very much there at the helm. Okay, sir. So, yours looks to be interesting turnaround. So, I want to understand more. So, whom should I contact if I want to make an appointment? UFO Moviez India Limited November 05, 2025 Sir, we have your number and my IR team, which is headed by Hemal, will get in touch with you. And in any information, which is not a
Q
Thank you all for joining today’s call. Our teams are available to provide any further information or clarification you may need. We appreciate your time and continued support. Thank you very much, everyone.
Management
Speaking time
Ashish Malushte
23
Vipulkumar Shah
18
Moderator
9
Krishna
6
Rajesh Mishra
5
Siddharth Bhardwaj
4
Majid Ahamed
4
Rehan Saiyyed
3
Deeya Kain
2
Tushar Pendharkar
1
Opening remarks
Tushar Pendharkar
Ladies and gentlemen, good day, and welcome to the UFO Moviez India Limited Q2&H1FY26 earnings conference call hosted by Ventura Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal the operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Amit from Ventura Securities Ltd. Thank you and over to you, Sir. Thank you. Good day, ladies and gentlemen. On behalf of Ventura Securities Ltd, I welcome you all to the Q2&H1FY26 earnings call of UFO Moviez India Limited. The company today is represented by Mr. Rajesh Mishra, Executive Director and Group CEO of the company, Mr. Ashish Malushte, Chief Financial Officer, and Mr. Siddharth Bhardwaj, CEO-Digital Cinema Network business of the company. I
Rajesh Mishra
Thank you, Tushar. Greetings everyone and thank you all for joining our Q2&H1FY26 earnings conference call. Q2 FY26 delivered a steady theatrical performance, supported by a diverse slate across languages and genres. July opened on a strong note, marked by the release of the romantic drama "Saiyaara" and the devotional animated epic "Mahavatar Narsimha". Meanwhile, films like "Maalik" starring "Rajkummar Rao" and "Kingdom" starring "Vijay Deverakonda", along with other mid-budget titles, posted moderate results, reflecting selective audience traction in that segment. August strengthened momentum with strong footfalls driven by "Coolie – The Powerhouse" starring "Rajinikanth" and "War 2" starring "Hrithik Roshan" and "Jr. NTR", supported by consistent contributions from regional and mid-scale films. While a few titles underperformed, overall occupancies and consumer sentiment remained positive. September sustained the trend with "Jolly LLB 3" starring "Akshay Kumar", "Mirai" featuring "
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