Identical Brains Studios Ltd
Incorporated in 2019, Identical Brains
Studios Ltd provides visual effect services,
films, video production, and distribution services[1]
- Market Cap ₹ 29.4 Cr.
- Current Price ₹ 21.0
- High / Low ₹ 56.0 / 14.1
- Stock P/E 10.1
- Book Value ₹ 25.2
- Dividend Yield 0.00 %
- ROCE 23.4 %
- ROE 17.1 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.83 times its book value
- Company has a good return on equity (ROE) track record: 3 Years ROE 33.5%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 240 days.
- Working capital days have increased from 86.0 days to 226 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Media, Entertainment & Publication Entertainment Media & Entertainment
Part of Nifty SME Emerge
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 3.89 | 8.04 | 20.09 | 25.48 | 23.59 | |
| 3.19 | 5.73 | 12.48 | 19.02 | 18.78 | |
| Operating Profit | 0.70 | 2.31 | 7.61 | 6.46 | 4.81 |
| OPM % | 17.99% | 28.73% | 37.88% | 25.35% | 20.39% |
| 0.01 | 0.04 | 0.18 | 0.15 | 0.26 | |
| Interest | 0.00 | 0.00 | 0.02 | 0.02 | 0.02 |
| Depreciation | 0.02 | 0.12 | 0.40 | 1.17 | 1.10 |
| Profit before tax | 0.69 | 2.23 | 7.37 | 5.42 | 3.95 |
| Tax % | 27.54% | 27.80% | 27.54% | 27.12% | |
| 0.51 | 1.61 | 5.35 | 3.95 | 2.92 | |
| EPS in Rs | 510.00 | 1,610.00 | 7.77 | 2.82 | 2.09 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 87% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 98% |
| TTM: | -33% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -53% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 33% |
| Last Year: | 17% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 6.89 | 14.03 | 14.03 |
| Reserves | 1.26 | 2.88 | 5.15 | 20.03 | 21.38 |
| 0.00 | 0.00 | 0.19 | 0.15 | 0.13 | |
| 1.00 | 1.87 | 4.80 | 4.79 | 5.72 | |
| Total Liabilities | 2.27 | 4.76 | 17.03 | 39.00 | 41.26 |
| 0.05 | 0.36 | 2.17 | 5.28 | 5.95 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.25 | 1.42 | 5.12 | 0.93 | 9.87 |
| 1.97 | 2.98 | 9.74 | 32.79 | 25.44 | |
| Total Assets | 2.27 | 4.76 | 17.03 | 39.00 | 41.26 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| -0.11 | 2.36 | 1.90 | -7.76 | |
| -0.17 | -1.57 | -5.75 | 0.06 | |
| 0.00 | 0.00 | 3.98 | 18.01 | |
| Net Cash Flow | -0.29 | 0.79 | 0.13 | 10.31 |
| Free Cash Flow | -0.15 | 1.93 | -0.31 | -12.04 |
| CFO/OP | 11% | 129% | 52% | -96% |
Ratios
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 48.79 | 23.15 | 111.37 | 239.80 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 48.79 | 23.15 | 111.37 | 239.80 |
| Working Capital Days | 9.38 | -24.97 | 56.50 | 226.48 |
| ROCE % | 107.21% | 97.75% | 23.43% |
Insights
In beta| Dec 2020 | Dec 2022 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Awards Won (Cumulative since the Year 2020) Number |
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| Net Capital Turnover Ratio Ratio |
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| Number of Permanent Employees Number |
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| Trade Receivable Turnover Ratio Ratio |
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| Number of VFX Shots (High-Volume Project Benchmark) Shots |
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Documents
Announcements
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Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
15 April 2026 - Company states corporate governance provisions under Reg. 27(2) are not applicable on SME exchange.
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Updates
15 April 2026 - Company says Annual Secretarial Compliance Report is not applicable under Regulation 24A.
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Updates
15 April 2026 - Company says it is not a Large Corporate under SEBI circular dated 26 November 2018.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
14 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026; no rematerialisation requests received.
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Trading Window
27 March 2026 - Trading window closed from April 1, 2026 until 48 hours after financial results; board meeting date pending.
Business Overview:[1]
IBSL provides offers ac omprehensive suite of VFX services in diverse range of projects such as films, web series, Tele Vision series, documentaries, commercials, etc. Company operates from India and its customers include some of the leading film and content producers, major Bollywood Studios, etc.