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Optimystix Entertainment

SME · NSE listed
+2.86%
Listing gain
Price Band
₹166 – ₹175
Issue Size
₹109 Cr
1 lot at upper band
₹1,40,000
Lot Size
800
Open
07 Aug 2026
Close
11 Aug 2026
Allotment
—
Listing
14 Aug 2026

Scheduled dates

  1. Open
    07 Aug 2026
  2. Close
    11 Aug 2026
  3. Refund
    13 Aug 2026
  4. Demat credit
    13 Aug 2026
  5. Listing
    14 Aug 2026

Listing Performance

Listing Price
₹180
Listing Gain
+2.86%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹0 15 sessions

Subscription (times)

Latest per-category subscription · as of 11 Aug, 06:56 pm IST.

QIB 1.84x
NII 1.85x
BHNI 1.63x
SHNI 2.27x
RII 2.26x
Total 2.05x

About Optimystix Entertainment

Optimystix Entertainment India Limited is a content creation company established in 2000, engaged in producing content for television, films, and digital platforms. The company has produced more than 150 television shows comprising over 7,500 hours of original programming across major national broadcasters. The company operates across both fiction and non-fiction formats and has created landmark shows such as Comedy Circus, Crime Patrol, Laughter Chefs, Baalveer, and Rising Star, with some franchises achieving industry records recognition.

www.optimystix.com ↗

Strengths

  • Proven Legacy Of Culturally Iconic, Record-setting TV franchises
    The company has over 25 years track record producing more than 150 shows and 7,500+ hours of programming. Notable productions include Comedy Circus (8-year run, Limca Book of Records), Crime Patrol (1100+ episodes), and Baalveer (2000+ episodes, Limca Book of Records).
  • Multi-Genre, Multi-Platform Engine with Diversified Revenues
    The company operates across TV, films, and OTT with end-to-end capabilities in both fiction & non-fiction at scale. Revenue streams include commissioned programming for major broadcasters (Sony, Colours, Zee TV, Star India, SAB TV) and theatrical/direct-to-digital releases.
  • Leadership with Complementary Creative & Strategic strengths
    Mr. Vipul D. Shah (Founder) brings creative vision with deep broadcaster relationships, while Mr. Rajesh Darshan Bahl (Group CEO) provides 25+ years senior management experience from Disney Star, Times of India Group, Eros International, Sony Music & Universal Music Group.
  • Integrated & scalable production model with risk management
    The company maintains vertically integrated process across ideation ? creative development ? production ? post-production ? delivery. Partnership with T-Series provides 50% IP ownership and profit sharing while ensuring upfront revenue certainty and long-term benefits.
  • Early digital expansion & strategic tech/platform partnerships
    The company secured preferred early access to Google's Veo-3 generative video platform among select few globally. Launching YouTube-First Animation IP and developing Micro-Drama Platform targeting Gen Z audiences with AI-powered content creation capabilities.
  • Relationships across the entertainment ecosystem
    The company maintains long-standing relationships with all major networks (Sony, Colors, Zee, Star, SAB) and leading OTT platforms (Netflix, Amazon Prime Video, Sony Liv, JioStar, Zee5). These networks translate into prime slots, faster greenlights, and favourable commercial terms.
  • In-house creative & production capabilities
    The company has in-house teams managing creative development, scripting, production and post-production with vertical integration. Capabilities include India's first live interactive show Rising Star and play-along format Sabse Smart Kaun with data-based project evaluation processes.
  • Technology-Enabled Production Standards
    The company applies modern post-production and visual effects pipelines with integrated generative AI tools such as Veo-3. Track record of delivering projects on time and within budget with governance frameworks consistent with listed-company standards.

Risk Factors

  • High Dependence on Limited Number of Customers
    The company derives a significant portion of revenue from a limited number of customers, with top 5 customers accounting for 85.05%, 78.91% and 99.93% of total revenue in FY2026, FY2025 and FY2024 respectively. The largest customer, Jiostar India Private Limited, accounted for 36.21% of revenue in FY2026, creating substantial concentration risk.
  • Negative Cash Flows from Operations
    The company has experienced negative cash flows from operating activities of ₹804.93 lakhs in FY2026 and ₹280.69 lakhs in FY2024. Sustained negative cash flows could impact the company's ability to fund operations, invest in new content, and meet debt obligations.
  • Shift to IP Ownership Model Increases Capital Intensity and Risk
    The company's strategic shift from commission-based model to owning intellectual property requires significant upfront investment with uncertain monetization outcomes. Content inventory carrying amount increased to ₹7,041.48 lakhs in FY2026 from ₹4,101.32 lakhs in FY2024, creating inventory risk and cash conversion challenges.
  • Lack of IP Rights in Core Television and OTT Business
    The company operates on a 'cost-plus' model where clients retain intellectual property rights to produced content. This limits the company's ability to generate long-term revenue streams from content library and makes it technically replaceable by clients for future seasons of successful shows.
  • High Working Capital Requirements
    The company has substantial working capital requirements assessed at ₹17,675.50 lakhs for FY2026. Trade receivables increased significantly to ₹4,868.71 lakhs in FY2026 with receivable days extending to 94 days, while inventory holding days stood at 238 days, straining liquidity.
  • Dependence on Film Partnership with T-Series
    The company's film business relies heavily on project-by-project collaboration with T-Series for financing and distribution, with no long-term agreement in place. T-Series contributed ₹1,000.00 lakhs and ₹3,230.33 lakhs in revenue for FY2026 and FY2025 respectively, creating significant partnership dependency risk.
  • Content Success Inherently Unpredictable
    The company's business success depends on audience acceptance of content, which is inherently unpredictable and subject to rapidly changing audience preferences. Commercial success is largely dependent on factors outside the company's control, including audience tastes, critical reviews, and competing releases.
  • Significant Related Party Transactions and Credit Risk
    The company has substantial outstanding receivables of ₹1,463.58 lakhs from Wakaoo Films LLP as of March 31, 2026, and has granted a loan of ₹135.43 lakhs to Whole-Time Director Rajesh Darshan Bahl. These concentrations expose the company to significant credit risk and potential conflicts of interest.
  • Regulatory and Content-Related Risks
    The company faces multiple regulatory frameworks including CBFC certification requirements, evolving OTT content guidelines, and potential content-related controversies. Changes in certification processes, advertising regulations, or content policies could increase compliance costs and delay releases.
  • Intense Industry Competition and Margin Pressure
    The company faces intensifying competition from established production houses, regional players, in-house production by broadcasters, and independent creators. Competition for talent and prime-time slots may inflate budgets, reduce project approval probability, and compress producer margins.

Objects of the Issue

  • Working Capital Requirements
    The company intends to meet its working capital requirements from the Net Proceeds of the Offer. The company's working capital needs are expected to increase due to existing and future growth, with requirements projected to reach specified amounts for FY 2026-27 and FY 2027-28.
    64.38 crores
  • General Corporate Purposes
    The balance Net Fresh Issue Proceeds will be utilized for general corporate purposes including strategic initiatives, funding growth opportunities, and ongoing general corporate exigencies. The utilization shall not exceed 15% of the Gross Proceeds or specified amount whichever is lower.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/2026135.89+8.7%24.04+39.4%166.80131.47-8.05
31/03/2025125.07+127.4%17.24+157.7%138.8397.220.87
31/03/202454.99—6.69—105.7059.68-2.81
Units: crores

Issue Details

Face Value
₹10
P/E
17.00
ROCE
27.00%
Shares / Lot
800
Minimum Bid
1,600 shares
Refund
13 Aug 2026
Credit to Demat
13 Aug 2026
ISIN
INE1JZB01022
CIN
U59113MH2000PLC129417
Registrar
Maashitla Securities Pvt.Ltd.
Lead Managers
LSI Financial Services Pvt.Ltd.
Registered Office
21, Svp Nagar, Jankidevi Public School Road, Near Versova Telephone Exchange, Andheri, (West), Mumbai City, Mumbai-400053, Maharashtra
RHP ↗DRHP ↗

Management

Mr. Vipul D. ShahMD
Mr. Rajesh Darshan BahlCEO
Mr. Sanjay Dhirajlal ShahDirector
Ms. Monica Rakesh GuptaDirector
Mr. Manmeet Singh ChandhokeDirector
Mr. Rajesh Vasudeo DesaiDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.