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Did anyone see latest results ? Screens have barely gone up (~ 11 screens) - expected growth to be better.
I’m building out FY27-FY28 estimates based on the screen expansion guidance shared and wanted to confirm a few numbers before I finalize my model:
Assumptions I’m working with:
- Current operational screens: 120
- Total contracted pipeline: 250 screens
- New screens FY27: 80 | FY28: 170
- EPC revenue: ₹1.3 cr/new screen (one-time)
- EPC EBITDA margin: 30%
- Royalty: ₹10 lakh/operational screen/year
- VPF profit: ₹5 lakh/operational screen/year
This implies:
- FY27: EPC revenue ₹104 cr, EPC EBITDA ₹31.2 cr, 200 total screens, royalty run-rate ₹20 cr, VPF run-rate ₹10 cr
- FY28: EPC revenue ₹221 cr, EPC EBITDA ₹66.3 cr, 370 total screens, royalty run-rate ₹37 cr, VPF run-rate ₹18.5 cr
