Film Production
Shemaroo’s Q3 revenue: Adapting to digital and facing legacy trials
MUMBAI: Shemaroo Entertainment Limited has rolled out its financial results for Q3 FY25 and the nine-month period ending 31 December 2024. Founded by the ever-visionary Raman Maroo in 1962 as a humble book library, Shemaroo has since performed an Indian cinema-style transformation into one of India’s foremost entertainment companies. With a current market valuation of approximately Rs 10,000 crore and a legacy spanning six decades, the company is proof that a great plot (and some brilliant foresight) can weather any twist. Maroo’s genius for spotting trends early—like assembling one of India’s largest content libraries—has cemented Shemaroo’s reputation as a box-office favourite in both traditional and digital media.
Now, who says legacy brands can’t dance to a new tune?
In today’s fiercely competitive market, where giants like Netflix, Amazon Prime Video, Sony and Zee vie for consumer attention, Shemaroo’s strategy is anything but passive. The company’s ability to repurpose its extensive Indian cinema and regional film library for streaming platforms, coupled with its focus on regional and niche content, is its secret sauce for staying relevant. Can a legacy brand like Shemaroo thrive in a world dominated by binge-worthy web series and blockbuster originals?
Let’s dive deeper into the numbers and uncover the plot twists behind the balance sheet.
Consolidated Performance
For Q3 FY25, Shemaroo Entertainment reported consolidated revenue from operations at Rs 16,437.42 lakhs. Think of it as a steady performance—better than Rs 15,592.64 lakhs in the previous quarter but just a tad shy of Rs 16,206.08 lakhs in Q3 FY24. Adding Rs 296.45 lakhs in other income, the total income reached Rs 16,733.87 lakhs for the quarter. It’s not quite a standing ovation, but at least the audience has not walked out.
Now, let’s talk about EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation)—the backstage crew of financial performance. For Q3 FY25, EBITDA stood at Rs 1,539.47 lakhs. Rising operational costs and tight advertising budgets played the villain here, but the show must go on! Meanwhile, Profit After Tax (PAT) took a dramatic dive, with a loss of Rs 3,652.75 lakhs, compared to a profit of Rs 1,228.94 lakhs in Q3 FY24. If this were a movie, we would call it a tragic second act.
For the nine months ended 31 December 2024, consolidated revenue totalled Rs 48,082.93 lakhs. That’s down from Rs 50,834.08 lakhs in the previous year—not the kind of sequel numbers anyone hopes for. EBITDA came in at Rs 4,210.69 lakhs, while PAT posted a net loss of Rs 10,937.90 lakhs, compared to a loss of Rs 2,041.57 lakhs in FY24. It’s safe to say, the financial script could use a few rewrites.
Despite these challenges, Shemaroo’s numbers reveal a company determined to stay in the game. With rising operational costs and shifting consumer preferences, the Q3 results underline the importance of resilience and adaptability in today’s cutthroat entertainment landscape. After all, every blockbuster needs a bit of suspense, doesn’t it?
Standalone Results
On a standalone basis, Shemaroo’s revenue from operations for Q3 FY25 was Rs 15,542.52 lakhs, edging up from Rs 15,226.01 lakhs in the previous quarter and Rs 14,773.76 lakhs in Q3 FY24. Total income, including Rs 253.41 lakhs from other sources, hit Rs 15,795.93 lakhs for the quarter. While it’s not quite a red-carpet moment, it’s certainly not a straight-to-DVD release either.
EBITDA for Q3 FY25 clocked in at Rs 1,419.05 lakhs. Operational costs, which soared to Rs 14,792.44 lakhs, weren’t shy about stealing the spotlight. Meanwhile, PAT took a dramatic dive, delivering a loss of Rs 3,739.99 lakhs compared to Rs 2,732.39 lakhs in Q3 FY24. Let’s call this twist in the tale Shemaroo’s “Bollywood tragedy” phase.
For the nine months ended 31 December 2024, standalone revenue reached Rs 45,506.20 lakhs, falling short of Rs 48,541.42 lakhs reported in the same period last year. Total income tallied up to Rs 46,058.52 lakhs, while EBITDA for the period stood at Rs 4,153.34 lakhs. PAT for the nine months delivered a loss of Rs 8,176.58 lakhs, more than doubling last year’s Rs 4,035.48 lakhs. These numbers suggest Shemaroo’s script might need some serious rewrites to avoid becoming a “box-office bomb.”
Still, Shemaroo’s knack for juggling its legacy operations with a burgeoning digital portfolio shows promise. After all, every epic needs its moment of redemption—here’s hoping Shemaroo’s next act delivers the blockbuster twist we’ve all been waiting for!
Shemaroo’s dual focus on traditional media and digital growth has been a defining aspect of its strategy. While revenue from legacy operations faces mounting challenges, the company’s investments in digital platforms are yielding promising results. Shemaroo’s partnerships with OTT players and its direct-to-consumer initiatives are driving audience engagement and revenue growth. The question remains: can Shemaroo go viral in the digital world while keeping its classic charm?
The digital segment has shown significant traction, with increasing subscriber counts and higher engagement metrics. However, the competition in the OTT space is fierce, with new entrants vying for market share. Will Shemaroo’s robust content library and its reputation for delivering quality entertainment be enough to sustain long-term growth? Or will the digital world prove to be a tougher audience than expected?
Shemaroo has long been a pioneer in India’s entertainment sector, leveraging its extensive content library to cater to diverse audience preferences. The company’s innovative marketing initiatives, such as regional-language content expansions and festival-centric campaigns, have strengthened its brand equity. However, the slight decline in revenue indicates that the path forward will require even greater innovation to compete in a market increasingly dominated by digital platforms.
Can Shemaroo continue to build on its legacy while charting a new course in the digital age? The coming quarters will reveal whether this stalwart of Indian entertainment can transform challenges into opportunities and emerge stronger in a competitive landscape. For now, Shemaroo is writing its next chapter—and it promises to be an interesting read.
After all, even legends need to adapt—no one wants to be a rerun.
Film Production
Arka Mediaworks onboards 88 Pictures as animation studio partner on ‘The Eternal War – Part 1’
Arka Mediaworks announces that 88 Pictures, the acclaimed animation and visual storytelling studio known for its cutting-edge CGI and cinematic artistry, is on board as the animation partner for the highly anticipated Baahubali: The Eternal War, a groundbreaking two-part 3D animated feature film set in the globally beloved Baahubali universe.
Baahubali: The Eternal War represents a bold new chapter in the Baahubali saga envisioned for national and international audiences and crafted with the ambition of delivering one of India’s most ambitious and globally benchmarked animation projects to date.
88 Pictures will execute the animation production, bringing to life the film’s richly detailed worlds, epic battle sequences, and larger-than-life characters with its signature blend of artistic vision, performance-driven animation, and advanced production pipelines. Working closely with the film’s creative leadership and technical partners, the studio aims to set new benchmarks in animation quality, cinematic storytelling, and global scalability.
This animated epic follows the successful re-release of Baahubali: The Epic (the combined theatrical version of the original live-action films) on 31 October 2025 across India and the USA. During the film’s interval, legendary creator and director S.S. Rajamouli (Baahubali 1 & 2, RRR) stunned audiences with a surprise teaser for The Eternal War – Part 1. The video immediately went viral, garnering widespread national and international acclaim across LinkedIn, Instagram, and YouTube for its ambitious visual style and scale.
Produced by Arka Mediaworks and led by co-founder and CEO Shobu Yarlagadda – producer of the iconic Baahubali duology, The Eternal War brings together fantastic storytelling and cutting-edge animation.. The film is directed and written by acclaimed animation filmmaker Ishan Shukla (Schirkoa: In Lies We Trust, Star Wars: Visions – “The Bandits of Golak”) and screenplay by Scott Mosier (The Grinch). Mihira Visual Labs, the studio co-founded by Yarlagadda anchors the film’s animation, visual development, and execution.
The partnership with 88 Pictures brings significant pedigree to the project; the studio is well-regarded for its work on high-profile international titles including DreamWorks’ series Trollhunters, the HBO Max original series Gremlins: Secrets of the Mogwai, Disney’s animated short An Almost Christmas Story to name a few.
Yarlagadda shared, “We are happy to onboard 88 Pictures as the animation studio partner for our prestigious and most expensive animated film from India. We believe that their expertise and capabilities will allow us to produce a first-of-its-kind, world-class animated feature film from India.”
88 Pictures founder & CEO Milind D. Shinde said, “Baahubali changed the way cinema is perceived and became a defining milestone that turned the tide for Indian live-action filmmaking. Expanding the franchise into an entirely new universe—at a never-seen, never-done scale—through an animated feature created in India for a global audience is set to redefine how the world views Indian animation. We are truly thrilled to be part of this landmark project and to bring it to life under the visionary direction of Ishan Shukla, guided by the experience and leadership of acclaimed producer Shobu Yarlagadda.”
Shukla expressed, “Eternal War requires a level of visual and emotional precision that can only come from teams who truly understand both craft and intent. Working with 88 Pictures, alongside Mihira Visual Labs, has been a deeply collaborative experience. This association brings together technical excellence and creative sensitivity, enabling us to translate an ambitious vision into a compelling cinematic reality.”
Baahubali: The Eternal War – Part 1 is scheduled for release in 2027
