Bodhi Tree's legacy business shrank. The new acquisition is now the whole story.
Standalone revenue and profit declined sharply. The Moving Image Studios acquisition masked the decline with 30% growth.
— 2 earlier stories on Bodhi Tree Multimedia Ltd. →What's new
- Standalone revenue fell ~12% in Q4 and ~15.5% for FY26; net profit dropped ~36%.
- Consolidated results showed ~30% revenue and profit growth, driven by the Moving Image Studios acquisition.
- The company disclosed a loan exposure that breached the ₹60 crore limit under Section 186.
Why this matters
The acquisition is now the core. The results expose a structural split: a shrinking original business and a fast-growing inorganic one. The Section 186 breach adds a governance question to an already mixed picture.
What we're watching
- Whether standalone revenue stabilizes once the acquisition base effect normalizes.
- Integration progress and profitability of Moving Image Studios.
- How the Section 186 loan breach is rectified.
The full read
Bodhi Tree Multimedia's results are a split screen. Standalone, revenue fell ~12% in Q4 and ~15.5% for FY26, with net profit dropping ~36%. The core business is shrinking. Consolidated, however, revenue grew ~30% and profit ~30.7%. That growth is entirely from the recently acquired Moving Image Studios. For a ₹110 crore nano-cap, this is inorganic masking organic decline. A loan exposure that breached the ₹60 crore limit under Section 186 adds a governance question. The unmodified audit opinion is clean, but it addresses the numbers' presentation, not the underlying health. The consolidated growth is borrowed. The standalone decline is homegrown.
Questions answered
- Why are the standalone and consolidated results so different?
- Consolidated numbers now include the recently acquired Moving Image Studios. Stripped of that, the legacy Bodhi Tree business saw both revenue and profit shrink.
- What is the regulatory issue with the loan?
- The company's loan exposure exceeded the ₹60 crore limit permitted under Section 186 of the Companies Act. The filing notes the breach for disclosure.
- How large is the acquired business relative to the old one?
- The acquisition is significant enough to flip a ~15.5% standalone revenue decline into ~30% consolidated growth, meaning it now dominates the combined financials.
- Did the auditor flag any problems?
- No, the audit opinion was unmodified. This means the auditors found no material misstatements in the financial presentation, though it does not address operational trends.
Bodhi Tree Multimedia Ltd.
Latest quarter · Mar 2026
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All notes on BTML →- 30 May 2026 · 11:26 PM IST Bodhi Tree's legacy business shrank. The new acquisition is now the whole story.
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