Thinking Hats Entertainment SolutionsShare price, financial results, shareholding and management
- Market cap
- ₹16 cr
- Stock P/E
- 12.7peers 23.0
- Book value
- ₹23.4
- Price to book
- 0.54
- EV / operating profit
- 10.6
- Market cap to sales
- 0.67
- ROCE · FY26
- 6.0%
- ROE · FY26
- 4.3%
- ROE, 3-year average
- 20.0%
- Operating margin · FY26
- 9.9%peers 27.7%
- Sales growth, 3 years
- 2.0%
- Profit growth, 3 years
- -14.9%
- Debt to equity
- 0.37peers 0.15
- Borrowings
- ₹10.8 cr
- Interest cover
- 3.1×
- Cash from business / op. profit
- 144%
- Debtor days
- 180
- Pledged
- 0.00%
- Promoter holding
- 47.13%
- Change in promoter holding
- -9.66 pts
- Shareholders
- 419
- 52-week high / low
- ₹34 / ₹10
- 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.
Thinking Hats Entertainment Solutions share price chart
Close on 6 Nov 2026 · +5.00% on the day · Vol 9,000
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
- -18.7%
- 3 months
- -36.8%
- 6 months
- -15.7%
- 1 year
- -61.8%
- Since IPO
- -71.4%
- Traded a day, 20 days
- ₹0.01 cr
- Taken for delivery
- 73%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -51% | -66% |
| 3 years, a year | +2% | -15% |
| Latest half, H2 FY26 | -61% | -80% |
About Thinking Hats Entertainment Solutions: business, products and customers
Thinking Hats Entertainment Solutions runs events and brand activations for companies, builds in-store displays for retail brands and produces web series and films for streaming platforms. It is based in Mumbai and its shares trade on NSE Emerge.
The company sells three kinds of work to businesses. Event management covers concerts, brand and product launches, corporate meets, exhibitions and artist management; in FY26 it ran the Indore and Lucknow shows of a Sonu Nigam concert tour. Retail visual merchandising means designing, making and fitting store interiors, window displays and signs for retail brands, and the company names Tata group retail such as Westside and Zudio among its clients.
Events are mostly pass-through work: the company hires stage, sound, light, venue and security vendors for each job, so the vendor bill takes most of the fee and little is left as profit. Store display work keeps far more of each rupee, and in FY26 it earned most of the company's segment profit on less than half of sales. Because events are won one job at a time from a few large clients, sales can swing sharply from year to year, as they did in FY26.
Read more about the business
Since 2019 the company has also produced content: two web series and a Bengali film are streaming, and two more web series and an animated film were named as being in the works. The money spent on unfinished shows is kept on the balance sheet as an asset under development rather than charged against profit, so this spending appears in cash used for investing, not in the profit line, until a show is finished and earns or is written off.
The offer document compared the company with two listed companies: Inspire Films, which also produces content, and E Factor Experiences, which runs events and experiences. The company says its industry is fragmented and has no barriers to entry.
From the FY26 and FY25 annual reports and the offer document (red herring prospectus).
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹3.4 cr against ₹1.2 cr in FY26.
To watch
- Whether content revenue appears in the FY27 results after the Netflix premiere of Ohh My Dog announced for 1 October 2026 (press release, 28 September 2026).
- The two web series named as in post production, Tatkal and Therapy Sherapy, and the animated film in pre production (Annual report FY26, p.8).
- The ₹15.5 cr of content contracts still to be carried out at March 2026 and how they are paid for (Annual report FY26, p.107).
- Money owed by clients and bad debts, after ₹0.54 cr was written off in FY26 (Annual report FY26, p.100).
- Customers take longer to pay than before: 180 days in FY26, against 98 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.
Thinking Hats Entertainment Solutions revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. 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.
Thinking Hats Entertainment Solutions half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 6.22 | 20.41 | 8.65 | 39.02 | 8.36 | 15.16 |
| Expenses | 5.51 | 16.19 | 6.90 | 35.52 | 6.94 | 14.25 |
| Operating profit | 0.71 | 4.22 | 1.75 | 3.50 | 1.42 | 0.91 |
| OPM | 11.4% | 20.7% | 20.2% | 9.0% | 17.0% | 6.0% |
| Interest | 0.20 | 0.32 | 0.26 | 0.27 | 0.35 | 0.43 |
| Depreciation | 0.08 | 0.09 | 0.07 | 0.15 | 0.20 | 0.24 |
| Profit before tax | 0.46 | 3.84 | 1.53 | 3.70 | 1 | 0.62 |
| Net profit | 0.33 | 2.74 | 1.10 | 2.56 | 0.74 | 0.51 |
Thinking Hats Entertainment Solutions profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 11.60 | 22.15 | 26.63 | 47.67 | 23.52 |
| Expenses | 11.91 | 19.22 | 21.63 | 42.42 | 21.19 |
| Operating profit | -0.31 | 2.93 | 5 | 5.25 | 2.33 |
| OPM | -2.7% | 13.2% | 18.8% | 11.0% | 9.9% |
| Other income | 0.85 | 0.13 | 0.07 | 0.73 | 0.52 |
| Interest | 0 | 0.21 | 0.60 | 0.54 | 0.78 |
| Depreciation | 0.06 | 0.10 | 0.17 | 0.22 | 0.44 |
| Profit before tax | 0.48 | 2.75 | 4.30 | 5.23 | 1.62 |
| Tax rate | 20.8% | 26.9% | 28.1% | 29.8% | 23.5% |
| Net profit | 0.37 | 2.01 | 3.09 | 3.67 | 1.24 |
| EPS ₹ | 4.85 | 26.36 | 35.28 | 3.42 | 1 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Thinking Hats Entertainment Solutions profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as 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 | -2.7% | 13.2% | 18.8% | 11.0% | 9.9% |
| Tax rate | 20.8% | 26.9% | 28.1% | 29.8% | 23.5% |
| ROCE | · | 42.6% | 37.3% | 20.3% | 6.0% |
| ROE | · | 42.5% | 36.9% | 18.8% | 4.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Thinking Hats Entertainment Solutions debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. 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.
Thinking Hats Entertainment Solutions balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.76 | 0.76 | 0.88 | 12.49 | 12.49 |
| Reserves | 2.96 | 4.97 | 10.12 | 15.48 | 16.72 |
| Net worth | 3.72 | 5.73 | 11 | 27.97 | 29.21 |
| Borrowings | 0.30 | 4.14 | 5.39 | 12.52 | 10.82 |
| Other liabilities | 2.39 | 4.70 | 7.75 | 9.11 | 7.62 |
| Total liabilities | 6.41 | 14.57 | 24.14 | 49.60 | 47.65 |
| Fixed assets | 0.52 | 1.66 | 1.58 | 2.01 | 2.97 |
| Capital work in progress | 0 | 0 | 2.37 | 15.33 | 0.52 |
| Investments | 1.62 | 6.01 | 7.65 | 9.18 | 4.76 |
| Other assets | 4.27 | 6.90 | 12.54 | 23.08 | 39.40 |
| Receivables | · | · | · | 12.35 | 11.59 |
| Inventory | · | · | · | 0 | 0 |
| Cash | · | · | · | 3.93 | 1.91 |
| Trade payables | · | · | · | 3.72 | 3.09 |
Thinking Hats Entertainment Solutions cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0.98 | 2.34 | 1.50 | -1.52 | 3.35 |
| Cash from investing | -1.51 | -5.62 | -4.08 | -18.75 | 0.59 |
| Cash from financing | 0.27 | 3.07 | 2.90 | 19.90 | -2.48 |
| Net cash flow | -0.26 | -0.21 | 0.32 | -0.37 | 1.46 |
| Capital spending | · | · | · | 0.05 | 7.41 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 98 | 100 | 136 | 95 | 180 |
| Inventory days | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 98 | 100 | 136 | 95 | 180 |
| Working capital days | 30 | -23 | -5 | 1 | 70 |
Thinking Hats Entertainment Solutions peers and competitors
Listed SME companies in the same industryBy sales, Thinking Hats Entertainment Solutions is number 16 of the 22 listed SME companies in other consumer services.
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 |
|---|---|---|---|---|---|---|
| Mopshop Distribution | - | - | 44.1 | 5.2 | 18.1% | 1.02 |
| Drone Destination | 79 | 67.8 | 35.1 | 1.2 | 27.7% | 0.39 |
| Docmode Health Technologies | 7 | - | 25.5 | -0.1 | -1.3% | 0.45 |
| Flywings Simulator Training Centre | 268 | 23.0 | 24.5 | 11.6 | 64.2% | 0.12 |
| Thinking Hats Entertainment Solutions | 16 | 12.7 | 23.5 | 1.2 | 9.9% | 0.37 |
| Fusion Klassroom Edutech | 155 | 20.4 | 23 | 7.6 | 56.4% | 0.19 |
| Blue Pebble | 26 | 53.2 | 21.6 | 0.5 | 4.5% | 0.00 |
| Moxsh Overseas Educon | 102 | 44.4 | 12.9 | 2.3 | 37.7% | 0.24 |
| Humming Bird Education | 17 | 21.3 | 7.9 | 0.8 | 5.4% | 0.00 |
| Sodhani Academy of Fintech Enablers | 75 | 21.7 | 3.7 | 3.5 | 55.1% | 0.00 |
| Kuberan Global Edu Solutions | 7 | - | 0 | -0.4 | - | 0.05 |
| Median of the 10 others | 75 | 23 | 22.3 | 1.7 | 27.7% | 0.15 |
Thinking Hats Entertainment Solutions shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Thinking Hats Entertainment Solutions 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.
| Sep 24 | Oct 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 56.79% | 56.79% | 56.79% | 56.79% | 56.79% | 47.13% |
| Foreign investors (FIIs) | 0.89% | 0.89% | 0.00% | - | - | - |
| Indian institutions (DIIs) | 0.86% | 0.86% | 0.00% | - | - | - |
| HNIs (over ₹2 lakh each) | 9.39% | 9.39% | 19.74% | 16.47% | 16.77% | 28.03% |
| Small holders (up to ₹2 lakh) | 24.91% | 24.91% | 13.02% | 13.05% | 12.74% | 12.85% |
| Companies and others | 7.16% | 7.16% | 10.45% | 13.69% | 13.70% | 11.99% |
| Number of shareholders | 1,008 | 1,008 | 457 | 443 | 427 | 419 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Thinking Hats Entertainment Solutions study: the business from its own documents
Read from 3 of the company's own documentsThinking Hats Entertainment Solutions so far
From the company's own record
- 3 Oct 2024Listed on NSE Emerge at ₹44
- 30 Sept 2026Promoters at 47.13%
- 3 Oct 2024Highest close since listing, ₹43.41
Thinking Hats Entertainment Solutions key facts from the filings
Each figure with the document it comes from
- Sales
- ₹23.5 cr
- Revenue from operations in FY26, about half of the ₹47.7 cr reported in FY25.Annual report FY26, p.13 and p.82
- Event management
- ₹12.2 cr
- Event revenue in FY26, down from ₹33.8 cr in FY25; this fall explains most of the drop in sales.Annual report FY26, p.99 and p.105
- Store displays
- ₹10.8 cr
- Retail visual merchandising revenue in FY26, with a segment result of ₹5.7 cr, the largest share of segment profit.Annual report FY26, p.105
- Content in the works
- ₹20.8 cr
- Spent on shows not yet finished, held as an asset at March 2026; content revenue in FY26 was ₹0.53 cr.Annual report FY26, p.81, p.97 and p.99
- Content still to pay for
- ₹15.5 cr
- Contracts on film, music and content left to be carried out at March 2026, down from ₹33.0 cr a year earlier.Annual report FY26, p.107
Show 5 more facts
- Borrowings
- ₹10.8 cr
- Long and short term borrowings at March 2026, against ₹12.5 cr a year earlier; debt service coverage fell to 1.00 times.Annual report FY26, p.81 and p.108; our arithmetic
- Money owed by clients
- ₹11.6 cr
- Trade receivables at March 2026, about half a year of sales; bad debts of ₹0.54 cr were written off in FY26.Annual report FY26, p.81, p.98 and p.100; our arithmetic
- Top five clients
- 63.75%
- Share of FY24 revenue from the five largest clients, down from 92.16% in FY22.Offer document, p.92
- Promoter holding
- 47.13%
- Held by the promoters at September 2026, after promoters Gaurav Singhania and Shruti Singhania asked to be moved to the public category.Annual report FY26, p.39; Shareholding pattern, September 2026
- Netflix premiere
- 1 October 2026
- The company announced that its title Ohh My Dog would premiere on Netflix on this date.Press release, 28 September 2026
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.
Thinking Hats earns fees for running events and building store displays, and has put a large amount of money into shows that have not yet earned much.
Its weak spots are a few large clients, sales that rise and fall with company marketing budgets, and money tied up in unfinished content.
WatchCan it set its own prices?Not much on events, where most of the fee goes to hired vendors and many rivals compete. Store display work keeps a much larger part of each fee.
WatchHow strong is it against rivals?The company itself says its industry is fragmented, has no entry barriers and is likely to get more competitive.
WatchWho are its customers?Well known brands, but a handful of them bring in most of the money, and they take a long time to pay.
WatchDoes it need a lot of money?Events and displays need little machinery, but content production has taken far more money than the company earns in a year.
AverageCan it keep finding new work?It wins repeat work from existing clients and ran large concert shows in FY26, but it has no disclosed order book and event revenue fell sharply.
WatchDo good and bad years swing a lot?Yes. Sales and profit fell by more than half in one year, because events depend on how much clients spend on marketing.
Who runs Thinking Hats Entertainment Solutions?
Promoters, directors and officers; tap a name for the background
RBRajesh BhardwajPromoter and Managing Director · holds 36.03%
Undergraduate with more than two decades in the entertainment industry. With the company since 9 May 2014; oversees the streaming content division and expansion plans. Paid ₹27 lakh in FY26. A shareholder of Frameless Expressions Private Limited.
Annual report FY26, p.11 and p.103; Offer document, p.145 and p.157SWSana WarsiPromoter and Non-Executive Non-Independent Director · holds 11.11%
Bachelor's degree in Arts from the University of Delhi and a post-graduate diploma in television journalism and communication from the Asian Academy of Film and Television. With the company since 1 August 2015, earlier as President, Movie Production and OTT; responsible for choosing and producing the company's content. Appointed a director on 18 June 2025.
Annual report FY26, p.8, p.11 and p.103; Offer document, p.158VPVijendra PrasadChief Financial Officer
Appointed Chief Financial Officer on 14 November 2025, after Gaurav Singhania resigned as Whole-time Director and Chief Financial Officer on 18 June 2025.
Annual report FY26, p.103PAPrincy AnandIndependent Director
Bachelor's degree in Commerce from Kurukshetra University and an associate member of the Institute of Company Secretaries of India, with over ten years in corporate law and compliance; earlier Company Secretary of Salora International. On the board since 30 May 2024.
Annual report FY26, p.12NJNikita JainIndependent Director
Master's degree in Commerce from the University of Calcutta, with about ten years in legal compliance and secretarial work; pursuing the Company Secretary course.
Annual report FY26, p.12Thinking Hats Entertainment Solutions 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 ₹15.2 cr (-61%), net profit ₹0.5 cr (-80%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 56.79% to 47.13%.
Thinking Hats Entertainment Solutions announcements
22 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enThinking Hats Entertainment Solutions Limited has informed regarding Non-Applicability of the provisions relating to Corporate Governance as specified in the SPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Press Releasea press release dated September 28, 2026, titled " Thinking Hats Entertainment Solutions Limited s OHH MY DOG to Premiere on Netflix on October 1, 2026."PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Outcome of Board MeetingHeld on September 02, 2026PDF ↗
Thinking Hats Entertainment Solutions annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Thinking Hats Entertainment Solutions 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 Thinking Hats Entertainment Solutions' 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 (1,24,87,150 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 FY24 (₹35.28) and FY25 (₹3.42) 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 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Thinking Hats Entertainment Solutions
What does Thinking Hats Entertainment Solutions do?
Thinking Hats Entertainment Solutions runs events and brand activations for companies, builds in-store displays for retail brands and produces web series and films for streaming platforms. It is based in Mumbai and its shares trade on NSE Emerge.
What is the share price of Thinking Hats Entertainment Solutions?
₹12.6 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Thinking Hats Entertainment Solutions?
₹16 cr at the close on 6 Nov 2026, on 1,24,87,150 shares.
What is the P/E of Thinking Hats Entertainment Solutions?
12.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Thinking Hats Entertainment Solutions' revenue and profit?
Revenue ₹24 cr and profit after tax ₹1 cr in FY26.
Who are the promoters of Thinking Hats Entertainment Solutions?
Rajesh Bhardwaj, Sana Warsi; promoters held 47.13% at 30 Sept 2026.
What was the IPO price of Thinking Hats Entertainment Solutions?
₹44 a share; it listed on 3 Oct 2024.
What is Thinking Hats Entertainment Solutions' website?
www.thes.in
More SME companies like Thinking Hats Entertainment Solutions
Other listed SME companies in other consumer services, the closest in size first, each read from its own documents.
- Humming Bird EducationHBEL · BSE SME · Other Consumer ServicesMarket cap ₹17 cr
- Safecure ServicesSAFECURE · BSE SME · Other Consumer ServicesMarket cap ₹24 cr
- Blue PebbleBLUEPEBBLE · NSE Emerge · Other Consumer Services · listed 2024Market cap ₹30 cr
- Kuberan Global Edu SolutionsKGES · BSE SME · Other Consumer ServicesMarket cap ₹7 cr
- Docmode Health TechnologiesDHTL · NSE Emerge · Other Consumer Services · listed 2024Market cap ₹7 cr
- Ascensive EducareASCENSIVE · BSE SME · Other Consumer ServicesMarket cap ₹65 cr
Every listed SME company in Other Consumer Services → · SME companies listed in 2024 →
Built from 2 annual reports, 1 offer document, 22 exchange announcements, 6 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.