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Optimystix Entertainment India Ltd IPO
Optimystix Entertainment India Ltd
₹2,65,600 /1600 sharesMinimum investment
IPO listing details
Listed on
14 Aug '26
Issue price
₹175.00
Listing price
₹180.00
Listing gains
₹5.00 (2.86%)
Exchange
--
IPO details
Minimum investment
₹2,65,600
Price range
₹166 - ₹175
Lot size
800
Issue size
108.50 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.84x
Non-Institutional Investor1.48x
Retail Individual Investor2.24x
Total1.90x
As of 11 Aug'26, 05:01 PM
Schedule
7 Aug 2026
IPO open date
11 Aug 2026
IPO close date
12 Aug 2026
Allotment date
12 Aug 2026
Funds unblock or debit
14 Aug 2026
Tentative listing date
About
Founded in
2000
MD/CEO
Mr Vipul D. Shah
Parent organisation
Optimystix Entertainment India Ltd
Optimystix Entertainment Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has over 25 years of experience in the Indian entertainment industry. Since its establishment in 2000, it has produced more than 150 television shows comprising over 7,500 hours of programming across major Indian broadcasters. Its portfolio includes franchises such as Comedy Circus, Crime Patrol, and Baalveer.
The company operates across television, films, and digital platforms and across multiple content genres. Its revenue is generated through commissioned television programming, films, digital series, and emerging digital content, reducing its dependence on a single platform or genre.
The company has expanded into feature films and OTT content alongside its television business. Over the last 3.5 years, it has produced six feature films and two web series, with its film portfolio including OMG 2, Khel Khel Mein, The Diplomat, and Vicky Vidya Ka Woh Wala Video.
The company claims to have an integrated content production model covering ideation, creative development, production, post-production, and delivery. It also claims to have in-house teams for these functions, allowing it to undertake multiple television, film, and digital projects concurrently.
The company has longstanding relationships with major broadcasters and OTT platforms. These include Sony, Colors, Zee, Star, SAB, Netflix, Amazon Prime Video, SonyLIV, JioStar, Zee5, and T-Series, according to the prospectus.
The company claims to be expanding its digital and technology capabilities. It states that it has secured preferred early access to Google’s Veo-3 generative video platform, with its teams trained by Google and testing the platform for animation, short-form, and live-action-style content.
The company claims to have capabilities in developing and monetising intellectual property (IP) across multiple platforms. Its stated initiatives include fully owned animated IPs for YouTube and a micro-drama platform focused on short-form vertical storytelling, alongside its transition from commissioned production toward greater IP ownership.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 54.76 crore in FY24 to Rs 124.39 crore in FY24 and Rs 134.99 crore in FY25. PAT increased from Rs 6.69 crore to Rs 17.24 crore and Rs 24.04 crore during the same period.
The company is highly dependent on a limited number of broadcasters, film studios, and OTT platforms for its revenue. Its top five customers contributed 85.05%, 78.91% and 99.93% of total revenue in FY26, FY25 and FY24, respectively, while its largest customer, JioStar India Private Limited, contributed 36.21% of revenue in FY26. Any loss of these customers, reduction in their content acquisition budgets or changes in their programming preferences could adversely affect the company’s business and financial performance.
The company’s revenues are dependent on the commercial success and audience acceptance of its television shows, web series, and films, which can be difficult to predict as audience preferences can change rapidly. While shows such as Comedy Circus, Crime Patrol, Rising Star, and Baalveer have been significant revenue drivers in the past, there is no assurance that future projects will achieve similar commercial success, and some of its television shows have not been renewed by channels.
The company derives a significant portion of its revenue from a limited number of customers. Revenue from its top five customers stood at Rs 114.81 crore, Rs 98.15 crore and Rs 54.73 crore, accounting for 85.05%, 78.91% and 99.93% of total revenue in FY26, FY25 and FY24, respectively, while the top 10 customers contributed Rs 129.33 crore, Rs 123.45 crore and Rs 54.76 crore, representing 95.81%, 99.26% and 100.00% of total revenue, respectively. Any reduction in orders, adverse changes in commercial terms, financial stress, or discontinuation of business by these customers could adversely affect the company’s business and financial performance.
The company’s television and OTT production business primarily operates on a “cost-plus” or “fee-for-service” model, under which the broadcaster or OTT platform retains the intellectual property rights to the content produced. This limits the company’s ability to earn long-term revenues through syndication, licensing, merchandising, or format rights, while also making it dependent on continuously securing new production contracts.
The company has reported negative cash flows from operating activities of Rs 8.05 crore in FY26 and Rs 2.81 crore in FY24. The negative cash flow was primarily due to a rise in trade receivables, a large inventory build-up, a decline in other current assets, and higher tax payments. Investors should keep a close eye on this metric, as sustained negative operating cash flows despite rising profits could mean weaker cash conversion and increasing working capital pressures.
The company’s films and web series are exposed to piracy through unauthorised streaming websites, illegal downloads, and physical duplication. Pirated copies can reduce legitimate revenues from theatrical and OTT releases and may also weaken the company’s bargaining position when selling satellite, overseas, and other content rights.
The company’s revenue is partly dependent on the box office performance of its films, with the films and associated rights segment contributing Rs 31.15 crore, Rs 57.03 crore and Rs 1.53 crore, or 23.08%, 45.84% and 2.79% of total revenue in FY26, FY25 and FY24, respectively. Poor theatrical performance due to factors such as release timing, competition, screen availability, or audience preferences could reduce the value of satellite, OTT, and overseas rights and adversely affect the company’s revenues.
There are outstanding legal proceedings involving the company, its directors, and promoters. Any adverse decisions could impact the cash flows and profit or loss to the extent of the demand amount, interest and penalty, divert management time and attention, and have an adverse effect on the business, prospects, results of operations, and financial condition.
The company’s trade receivables increased to Rs 48.69 crore as of March 31, 2026, from Rs 20.58 crore and Rs 16.91 crore as of March 31, 2025 and March 31, 2024, respectively. Its trade receivable days also increased to 94 days in FY26 from 55 days in FY25, while the turnover ratio declined to 3.90 from 6.63 in the same period. Any delay or default in collecting receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.
The company has significant outstanding related-party receivables and has provided loans to a promoter-director. As of March 31, 2026, Rs 14.63 crore was receivable from Wakaoo Films LLP, a related party in which the company is a partner, while a loan of Rs 1.35 crore and interest receivable of Rs 0.46 crore were outstanding from its Whole-Time Director, Rajesh Darshan Bahl. Any delay or default in recovery of these amounts could hurt the company’s liquidity and cash flows, while such transactions may also give rise to actual or perceived conflicts of interest. Additionally, the company has not filed the statutory form relating to the issue of shares, which may expose it to regulatory action or other consequences.
Application details
For Optimystix Entertainment IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹166 - ₹175 | ₹2 - ₹5 Lakhs | 800 |
About
Objectives of Optimystix Entertainment India IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
To fund the working capital requirements of the company |
55.88 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Optimystix Entertainment India IPO
|
Book Running Lead Managers |
LSI Financial Services Private Limited, Nexgen Financial Solutions Private Limited |
|
Registrar to the Issue |
Maashitla Securities Private Limited |
Key Performance Indicators (KPIs) of Optimystix Entertainment India Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
18.23 |
|
ROCE (%) |
23.05 |
|
EBITDA Margin (%) |
23.04 |
|
Debt/Equity Ratio |
0.00 |
|
PAT Margin (%) |
17.81 |
|
Return on Net Worth (RoNW) (%) |
18.23 |
|
Net Asset Value (NAV) per equity share (₹) |
71.97 |
|
EPS (Pre-IPO) (₹) |
13.16 |
Optimystix Entertainment India IPO Contact Details
|
Company Name |
Optimystix Entertainment India Limited |
|
Registered Office |
21, Svp Nagar, Jankidevi Public School Road, Near Versova Telephone Exchange, Andheri (West), Mumbai City, Mumbai-400053, Maharashtra, India |
|
Phone |
+91 22 42935005 |
|
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Website |
Optimystix Entertainment India IPO Registrar Contact Details
|
Company Name |
Maashitla Securities Private Limited |
|
Phone |
011-47581432 |
|
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Website |