Altman Z″
Needs current assets and current liabilities.
OPTIMYSTIX · Not specified · INE1JZB01022
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Optimystix Entertainment India Limited conceptualizes, develops, produces, and distributes television serials, digital content, and feature films. Founded in 2000, the company operates from leased registered office premises in Andheri West, Mumbai, and does not own any product manufacturing facilities. Since it is engaged in media and entertainment services, capacity and capacity utilization metrics are not applicable to its business. The company sells its content to television broadcasters, film studios, and OTT/streaming platforms. It exhibits significant customer concentration, with its top five customers contributing 85.05% of revenue in FY26, and its largest client, Jiostar India Private Limited, accounting for 36.21%. Television and web series content are typically delivered on a cost-plus margin basis with milestone-linked cash flows. Feature films are also produced on a cost-plus-margin structure, with additional revenue sharing from downstream rights with studios.
Proven legacy of culturally iconic television franchises, a multi-genre and multi-platform content engine with diversified revenue streams, and strong strategic partnerships including a long-term collaboration with T-Series.
Optimystix Entertainment India Limited is engaged in creating, producing, and distributing content for television, films, and digital platforms.
Source: p. 483, 484, 560
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Panorama Studios international Ltd | 7.93 | 83.2 | 4.52 | p. 493, 536 | |
| Cinevista Ltd | 45 | 14.19 | 11 | p. 493, 536 | |
| Balaji Telefilms Ltd | -21.95 | 7.99 | p. 493, 536 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 24.0377 | 31.1018 | 17.81% | 134.9875 | yes | |
| consolidated | FY25 | 17.2376 | 23.9272 | 13.86% | 124.3935 | yes | |
| standalone | FY24 | 6.6879 | 4.4832 | 12.21% | 54.7624 | yes |
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds allocated?
The net proceeds of the fresh issue are allocated entirely towards meeting working capital requirements (estimated at Rs 64.38 Cr), with the balance deployed for general corporate purposes (capped at the lower of 15% of gross proceeds or Rs 10.00 Cr).
p. 42, 394, 395, 415
Who are the promoters and what is their cost of acquisition?
The promoters are Mr. Vipul D. Shah, Mr. Rajesh Darshan Bahl, Mr. Sanjay Dhirajlal Shah, and Optimystix Media Private Limited, who collectively hold 77.61% pre-issue. Due to a 25:1 bonus issue in September 2025, Mr. Vipul D. Shah's average cost of acquisition is Rs 7.32 per share, and Optimystix Media's average cost is Rs 5.81 per share.
p. 36, 49, 209, 367
Are there material related party transactions or director loan balances?
Yes. The company acquired content rights worth Rs 12.16 Cr in FY26 from its associate entity Wakaoo Films LLP and carries a Rs 14.64 Cr receivable from it. Additionally, the company has advanced an outstanding unsecured loan of Rs 1.82 Cr (including accrued interest) to Whole-Time Director Mr. Rajesh Darshan Bahl.
p. 182, 183, 251, 253, 674, 677, 678
Does operating cash flow align with reported profitability?
No. In FY26, despite reported PAT expanding to Rs 24.04 Cr, Cash Flow from Operations was negative at Rs -8.05 Cr. This deficit was driven by working capital expansion, as trade receivables expanded to Rs 48.69 Cr and inventories rose to Rs 70.41 Cr.
p. 158, 242, 244, 478, 479
What structural market parameters apply to this offer?
The offer consists of a Fresh Issue of up to 50,00,000 shares and an Offer for Sale of up to 12,00,000 shares. Mansi Share and Stock Broking Private Limited acts as the sole market maker with up to 6,20,000 shares reserved. Trading lot size is 800 shares with 5% circuit filters applying post-listing.
p. 11, 68, 81, 227, 320, 327
What the issue priced at, on the figures in the document.
Ceo: Vipul D. Shah
GST Penalty demand u/s 122(1)(vii) against Company: 1 case of Rs 0.2273 Cr. Direct Tax / TDS outstanding demands against Promoters and Directors: 13 cases of Rs 3.3263 Cr. Regular Civil Suits filed by Promoters and Directors: 2 cases u/s perpetual injunctions of Rs 0.0006 Cr. Criminal or SEBI proceedings: Nil.
Auditor name: B D G & Co. LLP
Skin in game: 77.61%
Auditor rpt flags: None disclosed
Auditor changed last 3y: No
Source: p. 35, 37, 194, 215, 221, 303, 390, 403, 404, 579, 898, 911, 915, 916, 920, 935
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-8 cr against trailing net profit ₹24 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-10 cr, negative in 2 of 3 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 20.9% of assets. Free cash flow negative in 2 of 3 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹-10 cr ÷ ₹48 cr, over 3 years
-0.21×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹24 − ₹-8) cr ÷ average assets
20.9%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
17.8% × 0.81 × 1.27
18.3%
Splits ROE into whether returns come from operations or from borrowing.borrowings ÷ net worth
₹0 cr ÷ ₹131 cr
0.00×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +100% vs revenue +145%, FY2024 to FY2026
-45pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Debtor days
How long customers take to pay | 113 | 60 | 132 |
| Cash conversion cycle
Debtor + inventory − payable days | 113 | 60 | 132 |
| Working capital days | 376 | 221 | 291 |
| ROCE %
Return on capital employed | — | 31.0% | 27.0% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from operations | 55 | 124 | 135 |
| Other income | 0 | 1 | 1 |
| Depreciation | 0 | 0 | 1 |
| Finance cost | 0 | 0 | 0 |
| Profit before tax | 4 | 24 | 31 |
| Net profit (owners) | 7 | 17 | 24 |
| EPS (₹) | — | 2,608.17 | 13.12 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Equity Capital | 1 | 1 | 18 |
| Reserves | 59 | 97 | 113 |
| Borrowings | 0 | 0 | 0 |
| Net block | 1 | 1 | 2 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Total Assets | 106 | 139 | 167 |
| Line | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Cash from operations | -3 | 1 | -8 |
| Cash from investing | 0 | 0 | -14 |
| Cash from financing | -1 | 20 | 10 |
| Free cash flow | -3 | 0 | -10 |
| Net change in cash | -3 | 21 | -11 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.