Prime Focus Ltd(PFOCUS)

NSE: PFOCUSBSE: 532748

₹ 274.6+1.31%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 21,385 crWebsite: www. primefocus.co.inUpdated: 24 Oct 2026

About

Prime Focus Ltd works in visual effects, animation and media technology through three core businesses: DNEG (VFX and animation), BRAHMA AI (an AI-driven enterprise content platform) and Prime Focus Studios (content production and IP creation). Revenue from operations was Rs 4,675.81 Cr in FY26, and about 94.26% of revenue comes from international markets. DNEG is described as one of the world's leading independent VFX and animation companies, with 8 Academy Awards to its name.^[1][2]

Business segments

The company has three core businesses: DNEG (VFX and animation), BRAHMA AI (AI-driven enterprise content platform) and Prime Focus Studios (content production and IP creation), as of FY26.^[1]
In FY25, Creative Services (including India FMS) contributed Rs 3,219 Cr of revenue and Tech/Tech-Enabled Services contributed Rs 380 Cr.^[3]
DNEG has won 8 Academy Awards, 8 BAFTA Awards, 26 VES Awards and 4 Primetime Emmy Awards (FY26 annual report).^[1]

Products and platforms

BRAHMA AI combines Brahma India's CLEAR platform with Metaphysic's AI. It offers BRAHMA AI Studio (ATMAN digital humans, VAANI voice localisation) and BRAHMA AI Core (FY26).^[1]
Prime Focus Studios invests in and co-produces films including The Garfield Movie, The Angry Birds Movie 3 and Ramayana (FY26).^[1]
Release slate as of Q1 FY27: Ramayana (Oct 2026), Angry Birds 3 and Jack Stalwart (Dec 2026), Animal Friends (Jan 2027), Cocomelon (Feb 2027).^[4]
DNEG IXP is moving into immersive experiences, including screen content for Universal's Harry Potter theme park rides and two digital concerts (FY26).^[1][4]

Operations and people

Over 10,200 professionals across 24 locations, 4 continents and 7 time zones (FY26). About 75% of headcount was in India in Q1 FY27.^[1][4]
International offices include London, Los Angeles, New York, Montreal, Toronto, Vancouver, Sydney, Barcelona, Budapest, Sofia, Leeds and Abu Dhabi (FY26).^[1]
India presence includes Mumbai, Bengaluru, Chennai, Hyderabad, Kolkata, Noida, Goa, Mohali, Patna, Thiruvananthapuram, Visakhapatnam and Rajahmundry (FY26).^[1]
Prime Focus Studios in Mumbai's Film City covers about 200,000 sq ft, with eight sound stages, two helipads and a seven-acre backlot (FY26).^[1]

Key operating numbers

Contracted and confirmed work stood at $600M+ as of June 30, 2026, not counting the broader pipeline.^[4]
Order book and visible pipeline was c.$1bn for FY27 and beyond at Q4 FY26, up from c.$720 mn at Q3 FY26 (Dec-25).^[5][6]
Personnel cost was 60% of revenue in FY26, down from 66%. In Q4 FY26 it was 56%, down from 62%.^[4][5]
Utilisation was 87% in Q3 FY26.^[6]

Customers and markets

A substantial portion of revenue comes from Hollywood studios. Clients include Amazon, MGM, Lionsgate, Disney, Marvel, Universal, Netflix, Paramount, Sony, Legendary and DreamWorks (FY26).^[1]
Broadcast clients include Channel 4, ITV, Warner Bros. Discovery, JioHotstar and CNBC. Other clients include ICC, BCCI and Cricket Australia (FY26).^[1]
About 94.26% of revenue came from international markets in FY26, compared with about 84% in FY25.^[1][3]
Recurring customers made up c.90% of revenue in FY26.^[5]
In FY25, one customer production contract made up 13% of revenue and three studios made up 38.5%.^[3]

Expansion and capex

Capex was Rs 532 Cr in FY26 (11.4% of revenue). It went to expansion in Australia and other European locations, upgrades to India facilities and Brahma R&D.^[4]
FY26 capex went toward compute, render and memory equipment to scale BRAHMA AI.^[5]
Management plans to reduce debt by $150-200m over the twelve months after Q4 FY26.^[5]

Recent developments

23 Sep 2026: Brahma AI raised $150 million in preferred shares at a $2 billion post-money valuation, led by Multiples, with a further $100 million of investor interest.^[7][8]
After the Brahma raise, PFL keeps a 65.67% economic interest but its voting interest falls to 24.99%. Brahma becomes an associate, subject to shareholder approval.^[4][9]
Sep 2026: Multiples funds are subscribing USD 100 million of CCPS in Brahma AI Holdings and Brahma AI Services India, after which PFL ceases to control them.^[9]
The Board approved transferring Brahma AI Services India from DNEG S.a.r.l. to Brahma AI Holdings for up to USD 90.09 Million (FY26).^[1]
Q1 FY27: Prime Focus Studios and SETT are acquiring a majority stake in Spain-based Anima Kitchent, together with a multi-year animation services contract.^[4]

Market Cap

₹21,385 Cr

High / Low

₹367 / 161

Stock P/E

184.3

Price / Book

10.2

Book Value

₹27

EPS

₹2.8

No. of Shares

77.6 Cr

ROCE

11.7%

ROE

15.4%

OPM

18.3%

Debt / Equity

2.37

Sales

₹4,676 Cr

Net Profit

₹301 Cr

Promoter holding

60.5%

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