Q2 FY27 results analysis · November 13, 2026
Prime Focus Ltd (PFOCUS) Q2 FY27 Results Analysis: Revenue Jumps 35%, PAT Swings to Profit
+1333.6%PAT year on year, Rs. 58.27 Cr
Source: Quarterly results filing (BSE)
Quick summary
Prime Focus Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,410.17 Cr (+35.22% YoY) and PAT growth of +1333.61% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 13, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,410.17 Cr (+35.22% YoY) |
| PAT (Q2) | Rs. 58.27 Cr (+1333.61% YoY) |
| EBITDA margin | 26.66% (-125 bps YoY) |
| EPS (Q2) | Rs. 0.65 (+550.00% YoY) |
Quarter Snapshot
Q2 FY27 delivered 35.22% YoY revenue growth to Rs.1,410.17 Cr, EBITDA of Rs.381.10 Cr (+28.72% YoY, margin +286 bps QoQ), and a swing from Q1's loss to PAT of Rs.58.27 Cr. The offset is below the operating line: negative H1 operating cash flow of −Rs.5.64 Cr, net debt up Rs.984.11 Cr to Rs.5,000.96 Cr, a 125 bps YoY margin decline, and an unresolved IT-search overhang alongside pending Brahma deconsolidation.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "argue for continued strong YoY growth" | +35.2% YoY (Rs.1,410.17 cr) | Played out |
| Margin | "flat-to-compressing operating margin" | 26.66%: +286 bps QoQ, −125 bps YoY | Partially |
| FX | "cuts both ways... debt-translation loss risk" | Net FX gain Rs.10.35 cr (not a loss) | Partially |
| Watch: Brahma deconsolidation | "whether cessation of control occurred in Q2/H1" | Not completed as at results date — still consolidated — answered by Note 10 | Not observable |
| Watch: order book | "contracted & confirmed vs visible pipeline" | Not addressed in the filing — remains open for the call | Not observable |
| Watch: balance sheet & capital | "deployment of the Rs.3,000 Cr... net-debt trajectory" | Net debt Rs.5,000.96 cr (vs Rs.4,016.85 cr Mar-26, filing basis); no tranche; IT search unresolved, no adjustment | Partially |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Creative services revenue $1bn by 2030 | investor presentations (Q4 FY26 / Q1 FY27 decks) | No update in the Q2 filing | Too Early |
| Brahma AI visible revenue $153mn FY27 (vs $70mn FY26) | Q1 FY27 presentation, "Strong Revenue Visibility" slide | No update; deconsolidation not yet completed | Too Early |
| Digital concerts $60mn+ (FY26 and beyond) | Q4 FY26 presentation | No update in the Q2 filing | Too Early |
| Fundraising up to Rs.3,000 cr | Board (Sep 4, 2026) and AGM (Sep 30, 2026) approvals | No tranche formation disclosed | Too Early |
| Revenue growth driven by tentpole ramp; operating leverage to follow the cost base | prior investor decks / management commentary in filings | +35.2% YoY revenue; margin +286 bps QoQ but −125 bps YoY vs Q2 FY26 | Partially confirmed |
| Brahma entities to become associates on completion of the Multiples round | Q2 FY27 filing, Note 10 | EOGM passed Nov 7; completion conditions unfulfilled at results date — still consolidated — not yet effective | Confirmed as pending |
| Q1 exceptional of Rs.71 cr NCLT settlement is the period's dominant one-off | Q1 FY27 investor deck | Q2 residual only Rs.1.92 cr; quarter normalized within ~Rs.1.35 cr of reported | Confirmed |
Key Investment Insights
Key Positives
- Revenue from operations grew 35.22% YoY to Rs.1,410.17 Cr and 12.27% QoQ
- EBITDA grew 28.72% YoY to Rs.381.10 Cr with margin up 286 bps QoQ to 26.66%
- Net profit swung from a Q1 loss of Rs.45.78 Cr to Rs.58.27 Cr (normalized Rs.59.62 Cr)
- Personnel ratio improved to 54.45% of TRFO from 57.09% YoY and 59.06% QoQ
- Exceptional items reduced to a net charge of Rs.2.11 Cr in Q2 from Rs.65.29 Cr in Q1
- Finance costs declined 5.56% QoQ and were flat YoY at Rs.119.32 Cr
- Debt termed out: current borrowings fell from 97.8% to 31.2% of gross debt
- Q2 revenue rose 12.84% QoQ, defying the typical seasonal Q4-heavy pattern
Risk Factors
- EBITDA margin declined 125 bps YoY to 26.66% and remains ~380 bps below FY26's 30.44%
- H1 operating cash flow was negative at −Rs.5.64 Cr with FCF of −Rs.304.88 Cr
- Net debt rose Rs.984.11 Cr in H1 to Rs.5,000.96 Cr
- Effective tax rate of 35.99% with two-thirds of tax charge deferred (non-cash)
- D&A rose 35.23% YoY to Rs.188.43 Cr on Brahma R&D amortization, wedging EBITDA and PAT momentum
- Income tax search conducted Oct 7-14, 2026 with electronic records seized; no order received as of results date
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.