Company Overview

Identical Brains Studios Limited, incorporated in 2019, is a prominent player in India's visual effects ("VFX") landscape, specializing in computer-generated imagery for a wide array of media. The company offers comprehensive VFX services for projects including films, web series, TV series, documentaries, and commercials. Headquartered in Mumbai, Identical Brains Studios has expanded its operational footprint to include multiple locations such as Mumbai, Palghar in Maharashtra, and Lucknow, establishing itself as a trusted provider in the entertainment industry.

The company's journey began as "Identical Brains (OPC) Private Limited" on February 4, 2019, under the One Person Company structure. It later transitioned to a Private Limited Company, "Identical Brains Private Limited," on July 8, 2021. The name was subsequently changed to "Identical Brains Studios Private Limited" on June 18, 2024, and finally converted to a Public Limited Company, "Identical Brains Studios Limited," with a fresh Certificate of Incorporation dated August 12, 2024.

Business Operations and Services

Identical Brains Studios Ltd provides a comprehensive suite of visual effects services. The company's offerings span across films, video production, and distribution, catering to diverse projects such as feature films, web series, television series, documentaries, and commercials. IBSL serves leading film and content producers, including major Bollywood studios, both within India and internationally.

The studio specializes in a range of advanced VFX techniques, including rotoscoping, paint and cleanup, 2D/3D compositing, CGI, camera tracking, matte painting, 3D texturing, and motion graphics. Established in 2019, the company holds TPN (Trusted Partner Network) certification, signifying adherence to industry-standard security and operational levels. Beyond entertainment, Identical Brains Studios also demonstrates expertise in architectural visualization and educational content development.

Awards and Recognition

Identical Brains Studios has contributed to projects that have garnered significant industry acclaim. Their VFX work has been recognized with multiple nominations, including two Filmfare OTT Awards and one Filmfare Awards nomination for Best Visual Effects. The company has proudly won two Filmfare OTT Awards for Best Visual Effects: one for Scam 1992: The Harshad Mehta Story (2020) and another for Rocket Boys (2022), in association with Variate Studios LLP. Additionally, they received a Dadasaheb Phalke Award for Best Visual Effect for the film Phone Bhoot (2022).

Stock Performance and Market Data

Identical Brains Studios Ltd (IDENTICAL) commands a market capitalization of ₹58.84 Cr as of June 27, 2025. The company is listed on the NSE SME under the symbol "IDENTICAL," with a corresponding BSE code of 93645. As of the same date, its 52-week high stood at ₹99.75 and the 52-week low was ₹38.

Key financial ratios as of June 27, 2025, include:

• PE Ratio: 14.88-14.90

• PB Ratio: 0.58

• ROE: 17.1% (3-year ROE: 33.5%)

• ROCE: 23.4%

IPO and Public Listing

Identical Brains Studios Ltd successfully launched its Initial Public Offering (IPO) via the bookbuilding process. The IPO opened for bidding on December 18, 2024, and closed on December 20, 2024. The shares were listed on the NSE SME platform on December 26, 2024. The IPO was sized at ₹19.95 crores, with a fixed price band of ₹54 per share.

The offering delivered a significant listing gain of 75.93%. With a minimum lot size of 2000 shares, the IPO provided a potential return of ₹82,000.00 per lot on listing day. The IPO comprised entirely of fresh issue shares, totaling 36.94 lakh shares, and successfully raised ₹5.66 crore from anchor investors prior to the public offering.

Financial Performance

The company has demonstrated robust financial growth in recent fiscal periods. Between the financial years ending March 31, 2023, and March 31, 2024, Identical Brains Studios Limited reported a substantial increase in revenue of 150.71% and a surge in profit after tax (PAT) of 231.5%.

Key financial metrics for recent periods:

• FY 2023-24: Revenue of ₹20 crore and Profit After Tax (PAT) of ₹4.9 crore.

• Revenue (2024): ₹20.09 crores (vs. ₹8.04 crore in 2023).

• Profit (2024): ₹5.35 crores (vs. ₹1.61 crores in 2023).

• Quarter Ended September 30, 2024: Reported a Net Profit of ₹2.40 crore on a revenue of ₹11.39 crore.

Growth Strategy and Future Outlook

Identical Brains Studios Ltd has outlined ambitious growth plans, aiming to achieve revenue of up to ₹32 crore in the current financial year. The company also targets a revenue exceeding ₹56 crore by FY2026. Leveraging its strategic presence in Mumbai, Palghar, and Lucknow, the company is poised for significant expansion.

The company is prioritizing the enhancement of its infrastructure and service capabilities. Future plans include the establishment of state-of-the-art color grading and digital intermediate facilities. Upcoming projects include "Tanaav 2" and "Criminal Justice 4." Furthermore, the company has secured approvals for new projects from major platforms like Disney+ Hotstar and Amazon.

Shareholding Pattern

As per the latest available data, the Promoter Holding stands at 63.74% as of December 2024. This reflects a decrease from the 86.53% held as of August 2024. The company's promoters are Mr. Raghvendra Rai and Mr. Sameer Rai.

Key Strengths and Capabilities

Identical Brains Studios Limited's competitive advantages stem from several core strengths:

• Operations situated in economically attractive locations.

• Integrated technology and robust infrastructure.

• A highly skilled creative and technical workforce.

• A strong reputation as a trusted provider of VFX services with established client relationships across the entertainment industry.

The company is significantly debt-free. However, it is noted that the company has a high average debtor collection period of 240 days.

Identical Brains Studios Limited represents a dynamic and growing entity within India's expanding VFX market, underpinned by strong financial performance, enduring client partnerships, and strategic objectives aimed at substantial revenue growth by FY2026.