Identical Brains StudiosShare price, financial results, shareholding and management
- Market cap
- ₹22 cr
- Stock P/E
- 14.2peers 47.6
- Book value
- ₹25.4
- Price to book
- 0.63
- EV / operating profit
- 6.3
- Market cap to sales
- 1.17
- ROCE · FY26
- 5.4%
- ROE · FY26
- 4.5%
- ROE, 3-year average
- 31.1%
- Operating margin · FY26
- 18.3%peers 8.0%
- Sales growth, 3 years
- 33.5%
- Profit growth, 3 years
- -0.6%
- Debt to equity
- 0.00peers 0.19
- Borrowings
- ₹0.1 cr
- Interest cover
- 17.2×
- Cash from business / op. profit
- -76%
- Debtor days
- 423
- Pledged
- 0.00%
- Promoter holding
- 63.74%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 633
- 52-week high / low
- ₹39 / ₹14
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Identical Brains Studios share price chart
Close on 6 Nov 2026 · -3.61% on the day · Vol 2,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -14.7%
- 3 months
- -12.8%
- 6 months
- -15.3%
- 1 year
- -57.7%
- Since IPO
- -70.4%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 89%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -25% | -60% |
| 3 years, a year | +34% | -1% |
| Latest half, H2 FY26 | -32% | -86% |
About Identical Brains Studios: business, products and customers
Identical Brains Studios makes computer visual effects for Hindi films, web series and advertisements, working for film studios, producers and other effects houses from Mumbai. Its shares trade on NSE Emerge.
Identical Brains Studios adds computer made images to filmed scenes: removing wires and green screens, building digital sets, crowds and creatures, and blending them into live footage. Its credits include Scam 1992, Rocket Boys, Phone Bhoot, Adipurush, Article 370 and Khel Khel Mein, and it works from an Andheri studio in Mumbai with branches in Palghar and Lucknow.
It is paid a fee per project, set by how long and how hard the work is, and books revenue as the work progresses, so it does not share in a film's box office. Projects run one to six months, and some work comes as a subcontractor to larger effects studios. Most of the cost is contract artists and freelance fees rather than permanent staff, so the wage bill moves with the work in hand, but producers pay slowly and sometimes ask to defer part of the fee until a film is released, which shows up as money owed to the company rather than cash.
Read more about the business
The offer document names DNEG India, Phantom Digital Effects, Prime Focus and Digikore Studios as competitors. Phantom Digital Effects and Digikore Studios, both listed, do the same work of visual effects shots for Indian and foreign films and series; Prime Focus does this and much more on a global scale.
What is new: the company listed on NSE Emerge in December 2024 and raised money to renovate its Andheri studio, set up a colour grading and sound studio and a Lucknow office, and add computers and storage. Sales fell in FY26 and profit fell more, while money owed by customers kept rising.
From the red herring prospectus (December 2024) and the FY26 annual report.
Read the deeper study ↓In its favour
- Sales have grown fast: 34% a year over three years.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 63.74%.
To watch
- Collection of the ₹6.7 cr of customer dues that were one to two years old at March 2026.
- Set up of the colour grading and sound studio in Andheri and the Lucknow office, which the offer document named as uses of the IPO money.
- Whether the two or three large customers of each year repeat, as the offer document shows they often do not.
- Export work, which rose to ₹3.6 cr in FY26.
- Customers take longer to pay than before: 423 days in FY26, against 49 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Identical Brains Studios revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Identical Brains Studios half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 10.03 | 11.39 | 14.08 | 9.51 | 9.61 |
| Expenses | 7.17 | 7.16 | 11.86 | 6.94 | 8.69 |
| Operating profit | 2.86 | 4.23 | 2.23 | 2.57 | 0.92 |
| OPM | 28.5% | 37.1% | 15.8% | 27.1% | 9.6% |
| Interest | 0.01 | 0.01 | 0.01 | 0.01 | 0.10 |
| Depreciation | 0.20 | 1.08 | 0.09 | 1.01 | 1.17 |
| Profit before tax | 2.72 | 3.24 | 2.18 | 1.77 | 0.01 |
| Net profit | 1.98 | 2.41 | 1.55 | 1.37 | 0.21 |
Identical Brains Studios profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 3.89 | 8.04 | 20.09 | 25.48 | 19.12 |
| Expenses | 3.19 | 5.73 | 12.48 | 19.02 | 15.62 |
| Operating profit | 0.70 | 2.31 | 7.61 | 6.46 | 3.50 |
| OPM | 18.0% | 28.7% | 37.9% | 25.3% | 18.3% |
| Other income | 0.01 | 0.04 | 0.18 | 0.15 | 0.57 |
| Interest | 0 | 0 | 0.02 | 0.02 | 0.11 |
| Depreciation | 0.02 | 0.12 | 0.40 | 1.17 | 2.18 |
| Profit before tax | 0.69 | 2.23 | 7.37 | 5.42 | 1.78 |
| Tax rate | 26.1% | 27.8% | 27.4% | 27.1% | 11.2% |
| Net profit | 0.51 | 1.61 | 5.35 | 3.95 | 1.58 |
| EPS ₹ | 510 | 1,610 | 7.77 | 2.82 | 1.13 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Identical Brains Studios profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 18.0% | 28.7% | 37.9% | 25.3% | 18.3% |
| Tax rate | 26.1% | 27.8% | 27.4% | 27.1% | 11.2% |
| ROCE | · | 107.2% | 97.8% | 23.4% | 5.4% |
| ROE | · | 77.4% | 71.7% | 17.1% | 4.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Identical Brains Studios debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It has almost no borrowings. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and drew on its cash. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Identical Brains Studios balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 6.89 | 14.03 | 14.03 |
| Reserves | 1.26 | 2.88 | 5.15 | 20.03 | 21.54 |
| Net worth | 1.27 | 2.89 | 12.04 | 34.06 | 35.56 |
| Borrowings | 0 | 0 | 0.19 | 0.15 | 0.11 |
| Other liabilities | 1 | 1.87 | 4.80 | 4.79 | 3.54 |
| Total liabilities | 2.27 | 4.76 | 17.03 | 39 | 39.21 |
| Fixed assets | 0.05 | 0.36 | 2.17 | 2.34 | 4.85 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.25 | 1.42 | 5.12 | 0 | 8.56 |
| Other assets | 1.97 | 2.98 | 9.74 | 36.66 | 25.80 |
| Receivables | · | · | · | 16.74 | 22.17 |
| Inventory | · | · | · | 0 | 0 |
| Cash | · | · | · | 12.11 | 0.57 |
| Trade payables | · | · | · | 2.61 | 2.68 |
Identical Brains Studios cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -0.11 | 2.36 | 1.90 | -6.26 | -2.65 |
| Cash from investing | -0.17 | -1.57 | -5.75 | 10.16 | -8.81 |
| Cash from financing | 0 | 0 | 3.98 | 19.57 | -0.08 |
| Net cash flow | -0.28 | 0.79 | 0.13 | 23.47 | -11.54 |
| Capital spending | · | · | · | 4.28 | 7.63 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 49 | 23 | 111 | 240 | 423 |
| Cash conversion cycle | 49 | 23 | 111 | 240 | 423 |
| Working capital days | 9 | -25 | 57 | 226 | 408 |
Identical Brains Studios peers and competitors
Listed SME companies in the same industryBy sales, Identical Brains Studios is number 13 of the 19 listed SME companies in entertainment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Gretex Industries | 350 | 250.8 | 55.7 | 1.4 | 1.7% | 0.01 |
| B.A.G. Convergence | 220 | 20.4 | 43.2 | 10.8 | 42.3% | 0.00 |
| Radiowalla Network | 19 | 140.8 | 20.4 | 0.1 | 3.1% | 0.03 |
| Picturepost Studios | 9 | 10.3 | 20.3 | 0.8 | 25.8% | 0.08 |
| Identical Brains Studios | 22 | 14.2 | 19.1 | 1.6 | 18.3% | 0.00 |
| Inspire Films | 18 | 47.6 | 10.2 | 0.4 | 12.8% | 0.60 |
| SDC Techmedia | 12 | - | 9.4 | -2.1 | 13.9% | 127.86 |
| Diksat Transworld | 219 | - | 1.8 | -1.2 | -32.6% | 0.22 |
| Vels Film International | 94 | - | 1.6 | -22 | -971.7% | 3.61 |
| Net Pix Shorts Digital Media | 11 | - | 0.6 | 0 | -3.5% | 0.16 |
| P. B. Films | - | - | 0.2 | 0.1 | 13.3% | 0.43 |
| Median of the 10 others | 19 | 47.6 | 9.8 | 0.1 | 8.0% | 0.19 |
Identical Brains Studios shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Identical Brains Studios shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|
| Promoters | 63.74% | 63.74% | 63.74% | 63.74% | 63.74% |
| Foreign investors (FIIs) | 5.46% | 3.29% | 0.03% | 0.03% | 0.03% |
| Indian institutions (DIIs) | 6.47% | 2.78% | 1.38% | 1.38% | 0.71% |
| HNIs (over ₹2 lakh each) | 8.09% | 11.55% | 15.79% | 16.25% | 18.23% |
| Small holders (up to ₹2 lakh) | 11.46% | 13.79% | 13.32% | 13.27% | 12.31% |
| Companies and others | 4.78% | 4.85% | 5.74% | 5.33% | 4.98% |
| Number of shareholders | 963 | 791 | 715 | 676 | 633 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Identical Brains Studios study: the business from its own documents
Read from 3 of the company's own documentsIdentical Brains Studios so far
From the company's own record
- 26 Dec 2024Listed on NSE Emerge at ₹54
- 7 Oct 2026An order announced
- 30 Sept 2026Promoters at 63.74%
- 26 Dec 2024Highest close since listing, ₹91.65
Identical Brains Studios key facts from the filings
Each figure with the document it comes from
- Money owed by customers
- ₹22.2 cr
- Trade receivables at March 2026, more than the whole year's revenue of ₹19.1 cr.Annual report FY26, p.57 and p.58
- Old dues
- ₹6.7 cr
- Part of those receivables outstanding for one to two years at March 2026, against ₹1.8 cr a year earlier; no provision has been made.Annual report FY26, p.57
- Two biggest customers
- 34.92% each
- Share of revenue from each of the two largest customers in the half year to September 2024; the top ten gave 96.41%.Red herring prospectus, p.166 and p.167
- Subcontract work
- 43.90%
- Share of revenue in the half year to September 2024 earned as a subcontractor to other effects studios, against 14.81% in FY24.Red herring prospectus, p.173
- Exports
- ₹3.6 cr
- FY26 revenue from foreign clients, up from ₹2.6 cr a year earlier, out of ₹19.1 cr in all.Annual report FY26, p.58
Show 5 more facts
- Artists on contract
- ₹8.5 cr
- FY26 spending on contract and manpower charges, with a further ₹2.9 cr of professional fees; the company had 18 permanent employees.Annual report FY26, p.26 and p.58
- Projects and clients
- 44 projects, 44 clients
- Completed in FY24, most of them small: only about 2 earned ₹2 cr or more in that year.Red herring prospectus, p.166 and p.174
- Cash in the bank
- ₹0.57 cr
- At March 2026, down from ₹12.1 cr, while fixed deposits of more than a year rose to ₹8.6 cr.Annual report FY26, p.56 and p.57
- Promoter holding
- 63.74%
- Held by the promoters, almost all of it by the Managing Director Raghvendra Rai.Shareholding pattern, September 2026
- Awards
- 2 Filmfare OTT awards
- For best visual effects on Scam 1992 and Rocket Boys, shared with Variate Studios, plus a Dadasaheb Phalke award for Phone Bhoot.Red herring prospectus, p.165
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Identical Brains Studios earns a fee for each film or series it works on, using mostly contract artists, so it needs little equipment but a steady flow of new projects.
Its weak spots are a handful of customers in any year, producers who pay late, and a pile of unpaid bills that has grown faster than sales.
WatchCan it set its own prices?Not much. It wins work by pricing low, and some producers ask it to wait for part of its fee until a film comes out.
WatchHow strong is it against rivals?It is a small studio with award winning credits, competing with much larger Indian and global effects houses.
WatchWho are its customers?Film and series producers and other effects studios, but the names change from year to year and two or three can make up most of the revenue.
WatchDoes it need a lot of money?Not for equipment, but a great deal is tied up in bills that customers have not paid.
AverageCan it keep finding new work?It has worked on dozens of films and series a year and has approvals from streaming platforms, but every project has to be won afresh.
WatchDo good and bad years swing a lot?Yes. With a few big projects in a year, losing or gaining one moves sales and profit sharply.
Who runs Identical Brains Studios?
Promoters, directors and officers; tap a name for the background
RRRaghvendra RaiPromoter, Chairman and Managing Director · holds 63.1%
Bachelor of Arts from V.B.S. Purvanchal University, Jaunpur, with about ten years in visual effects, media and entertainment. Earlier a VFX roto supervisor at Digikore Studios and Drishyam Films, and a consultant to Maya Digital Studios and Prime Focus. A director since incorporation in 2019; Managing Director for five years from 15 January 2024. Paid ₹0.12 cr in FY26.
Red herring prospectus, p.197 and p.199; Annual report FY26, p.26SRSameer RaiPromoter and Executive Director
Bachelor's degree in science from Dr. C.V. Raman University, Bilaspur; a trainee at Drishyam Films before joining the company as Studio Head in 2019, with about eight years in visual effects. Executive Director since 2024 and head of the Lucknow branch. The offer document states that Raghvendra Rai and Sameer Rai are brothers. Paid ₹0.11 cr in FY26.
Red herring prospectus, p.197, p.199 and p.213; Annual report FY26, p.26 and p.59RRRakesh Ramchandra PawarIndependent Director
MBA from Punjab Technical University and master's and bachelor's degrees in commerce from the University of Mumbai, with about eighteen years in accounts and finance, including VFS Global Services as senior manager, finance. On the board since 5 March 2024.
Red herring prospectus, p.198 and p.199SSShridhar Sanjay TariIndependent Director
Master's and bachelor's degrees in commerce from the University of Mumbai, with about seven years in accounts and finance, including Poonawalla Housing Finance; provides tax and accounting services. On the board since 5 March 2024.
Red herring prospectus, p.198 and p.199JSJyoti SharmaIndependent Director
Appointed on 18 March 2025; the annual report gives no further background.
Annual report FY26, p.3 and p.30Identical Brains Studios latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹9.6 cr (-32%), net profit ₹0.2 cr (-86%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 63.74%.
- 7 Oct 2026: an order announced.
Identical Brains Studios announcements
19 on record, latest first; each opens the filing on the exchange
- Updates'Clarification on Price Movement as Sought By NSE'PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Price movementSignificant movement in price has been observed in Identical Brains Studios Limited. The Exchange, in order to ensure that investors have latest relevant informPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 19, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 19, 2026PDF ↗
- Updates'Intimation of Book Closure for the purpose of AGM to be held on 19th September, 2026.'PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 19, 2026PDF ↗
- Outcome of Board MeetingHeld on August 27, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enIdentical Brains Studios Limited has informed regarding Submission of the Non-applicability of Regulation 27(2) of the SEBI (Listing Obligation and Disclosure RPDF ↗
- General UpdatesClarification on Price Movement as Sought By NSEPDF ↗
- Price movementSignificant movement in price has been observed in Identical Brains Studios Limited. The Exchange, in order to ensure that investors have latest relevant informPDF ↗
Identical Brains Studios annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Identical Brains Studios share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Identical Brains Studios' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,40,25,958 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹1,610.00) and FY24 (₹7.77) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Identical Brains Studios
What does Identical Brains Studios do?
Identical Brains Studios makes computer visual effects for Hindi films, web series and advertisements, working for film studios, producers and other effects houses from Mumbai. Its shares trade on NSE Emerge.
What is the share price of Identical Brains Studios?
₹16 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Identical Brains Studios?
₹22 cr at the close on 6 Nov 2026, on 1,40,25,958 shares.
What is the P/E of Identical Brains Studios?
14.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Identical Brains Studios' revenue and profit?
Revenue ₹19 cr and profit after tax ₹2 cr in FY26.
Who are the promoters of Identical Brains Studios?
Raghvendra Rai, Sameer Rai; promoters held 63.74% at 30 Sept 2026.
What was the IPO price of Identical Brains Studios?
₹54 a share; it listed on 26 Dec 2024.
What is Identical Brains Studios' website?
www.identicalbrains.com
More SME companies like Identical Brains Studios
Other listed SME companies in entertainment, the closest in size first, each read from its own documents.
- Inspire FilmsINSPIRE · NSE Emerge · Entertainment · listed 2023Market cap ₹19 cr
- Radiowalla NetworkRADIOWALLA · NSE Emerge · Entertainment · listed 2024Market cap ₹15 cr
- SDC TechmediaSDC · BSE SME · EntertainmentMarket cap ₹12 cr
- Studio LSDSTUDIOLSD · NSE Emerge · Entertainment · listed 2025Market cap ₹45 cr
- Digikore StudiosDIGIKORE · NSE Emerge · Entertainment · listed 2023Market cap ₹45 cr
- Baweja StudiosBAWEJA · NSE Emerge · Entertainment · listed 2024Market cap ₹48 cr
Every listed SME company in Entertainment → · SME companies listed in 2024 →
Built from 2 annual reports, 1 offer document, 19 exchange announcements, 5 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.