Mukta Arts (Movies And Education)

Business (Product/Revenue Segments)

The company belongs to entertainment & Media sector which is majorly into 3 activities

  1. Movie Content Production
  2. Movie exhibition (Multiplexes)
  3. Educational institute - Whistling woods

Movie Production

It’s a 40-year-old company founded by Showman Subhash Ghai. Before going public, the company produced great blockbuster movies. But somehow company couldn’t produce any good films post IPO.

They also wanted to diversify into Television content & digital content. But failed to start.

They have a library of around 40 films which earns them around rs 12cr/annum from satellite rights.

It’s their core business, but somehow they have completely lost it.


They have around 75-80 screens, but the business is completely shut because of covid-19.

The company lost around Rs 15-17 Cr last year.

The topline of the multiplex business was around Rs 125 Cr in FY19-20
Whistling Woods international
WWI was started 16 years back but landed in the judiciary troubles which took 10 years of management. The issue is resolved & awaiting final court clearance which should happen in 3 months of Mumbai high court opening for physical hearing.

WWI is now listed in the top 10 Media schools in the world with around 1300 students

It’s a super undervalued stock. The current market cap is Rs 80 Cr & The topline for FY 19-20 was around Rs 172 Cr. (Ignore last year due to covid19)

Movie business earning Rs 12 Cr/year

Whistling woods - The last topline was Rs 55 Cr.

It must be earning around Rs 20-/25 /year

Multiplex business should be valued around Rs 150 Cr

The company have result around Rs 200 Cr, earring them around Rs 9cr/year


Movie business with its library: Rs 100 Cr

Whistling woods: Rs 300 Cr

Multiplex: Rs 150 Cr

Real Assets: Rs 200 Cr

Company Valuations: Rs 750 Cr

But still, company valuations have no value, till the company is not reporting profits


Market Cap: Rs 86 Cr
Consolidated 11 years Profit & Loss

Consolidated 11 years Balance Sheet

Shareholding: 8000 shareholders
Promoters along with the top 1000 shareholders hold 96%, only around 8.5 lakhs are with retail investors
list of shareholders (1).xlsx (236.8 KB)


Multiplex business :

Assuming that the cinema halls will open in 2-3 months which are shut due to covid19 lockdown. Any further delay may affect the multiplex business

Movie Production:

There is almost no risk as movie production is already low for the last 3-4 years.

But any further covid19 lockdown due to wave3 may delay the production of the new movie.

Whistling woods:

The resolution of the WWI land issue has been delayed for the last 2-3 years due to Elections, drought & Covid19. Any delay in the opening of the Mumbai high court will delay the WWI land resolution which is the biggest trigger for the stock price.

Disclaimer: Invested



They have got their Lab setup with the help of Sony, Apple, Foxcoon & many gaints


nice writeup keshav.
just wanted to know what is WHISTLING WOODS INTERNATIONAL into?

WWI is India’s best school with great infra for learning acting
Also, a lot of famous tv commercials shoots have been made there that explains their student’s capabilities and the infrastructure of WWI



Whistling woods have an annual intake capacity of 425/450 for various above courses.
The current student strength is around 1300.

They also have an virtual academy which is an online curriculum. All the master classes done by legends like Dilip Kumar, Lata mangeshkar , Amitabh Bachchan, Yash Chopra, Shah rukh etc are available for online learning

WWI cannot scale it;s operation. it’s already operating at full capacity.

The annual revenue of WWI for FY 20-21 was around Rs 55 Cr.
But it can provide talent needed for Production of Films & Digital Content.

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One of their movie theater
New Excelsior Mukta A2 Cinemas, Fort
24, AK Nayak Marg, Azad Maidan, Fort, Mumbai, Maharashtra 400001

Inauguration video

Advertisement video


One day’s up move and several technical analysts have started extrapolating it for short term upsides. Cinema halls are opening in Maharashtra this Friday. All the best…

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Thank you
but rise is due to upcoming WWI court resolution

That resolution has been expected for a long time now. Hope it’s closed soon…