Prime Focus Ltd

IT search update

• IT Department search and seizure concluded on October 14, 2026.
• Company and promoter directors cooperated and provided requested information and clarifications.
• No order or adverse findings have been issued against the Company.
• Proceedings have not impacted operations, financials, or other activities; business continues as usual.
• Company will promptly update exchanges if further material developments occur.

Business overview

• Prime Focus is a leading independent VFX/animation provider with Brahma AI and Prime Focus Studios.
• AI-native Brahma AI underpins content creation and management across studios.
• DNEG integration enables end-to-end production via a cost-efficient, India-led delivery model.

Operational highlights

• Brahma AI fundraising of $150M; 65.67% economic share to Double Negative Holdings; PFL voting 24.99%.
• Brahma AI partnered with Google Cloud for multi-year, scalable AI production.
• SETT to invest in Anima Kitchent; Garfield movie (DNEG) with ROI signals; Ramayana momentum.
• Global capacity expansion in Australia/Europe; India-based R&D push to support Brahma AI.

Financial performance

• FY26 revenue INR 4,676 cr; EBITDA INR 1,423 cr; EBITDA margin 30.4%.
• FY26 net profit INR 301 cr; FY26 revenue up 30% YoY.
• Q1 FY27: INR 1,267 cr revenue; EBITDA INR 301 cr; margin 23.8%; net profit INR -46 cr.
• Contracted and confirmed orderbook at USD 600M+ as of Jun 30, 2026.

Capital structure & liquidity

• Gross debt INR 4,941 cr; net debt INR 4,017 cr; cash INR 688 cr (FY26A).
• Q1 FY27: new 3-year term loan and 3-year RCF refinanced existing debt.
• Brahma AI fundraising and potential independence expected to reduce leverage risk.

Strategic priorities & outlook

• AI-led growth via Brahma AI; expand talent, technology, and capacity globally.
• Enter new use-cases (sports, healthcare, advertising); scale global go-to-market.
• Capex to build capacity; ongoing R&D for Brahma AI; leverage India-led delivery.

Risks & governance

• Hollywood strikes impacted FY23–FY26; potential cash-collection delays persist.
• FX/vulnerability to large studios; mitigated by diversified project pipeline.
• Brahma AI independence implies governance adjustments; founder-led leadership remains.

Leadership & ownership

• Namit Malhotra (Global CEO, DNEG) and CFO Vikash Rathee lead the group; Brahma AI leaders key execs.
• Brahma AI to operate independently with founder-led governance; PFL retains minority voting stake.

Meeting Details

• Dates: September 29, 2026 to October 1, 2026.
• Type: one-to-one; Location: Mumbai.

Participants

• Company representatives will participate (roles not specified).

Purpose

• Institutional investor interactions scheduled; format is one-to-one meetings.

Prime Focus Ltd – Closure of Trading Window

Prime Focus Limited — Closure of Trading Window