---
title: "Identical Brains Studios Ltd (IDENTICAL) — Share Price, Financials & Analysis"
symbol: "IDENTICAL"
company: "Identical Brains Studios Ltd"
canonical: "https://tapetide.com/stocks/IDENTICAL"
isin: "INE0TD101011"
nse_symbol: "IDENTICAL"
sector: "Media"
industry: "Media & Entertainment"
market_cap_cr: 27.21
generated_at: "2026-09-13T19:33:19.276Z"
---

# Identical Brains Studios Ltd (IDENTICAL)

Canonical page: https://tapetide.com/stocks/IDENTICAL

## Company

- **NSE Symbol:** IDENTICAL
- **ISIN:** INE0TD101011
- **Sector:** Media
- **Industry:** Media & Entertainment
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2024-12-26
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** identicalbrains.com

## About

Incorporated in 2019, Identical Brains 
Studios Ltd provides visual effect services, 
 films, video production, and distribution services[1]

## Latest Price

- **Price:** ₹18.85
- **Change:** -0.1 (-0.53%)
- **Open:** ₹19.55
- **Day High:** ₹19.6
- **Day Low:** ₹18
- **Previous Close:** ₹18.95
- **Volume:** 10000
- **As Of:** 2026-09-11T10:01:44+00:00

## Key Fundamentals

Observed at 2026-09-11T04:42:32.958116Z.

- **Market Cap:** ₹27.21 Cr
- **Classification:** SME
- **P/E (reported):** 16.8
- **Book Value:** ₹25.35
- **Price to Book:** 0.75
- **Dividend Yield:** 0%
- **ROE:** 4.45%
- **ROCE:** 5.29%
- **Debt to Equity:** 0
- **Revenue (yearly):** ₹19.7 Cr
- **Net Income:** ₹1.6 Cr
- **EBITDA:** ₹4.1 Cr
- **52-Week High:** ₹43.6
- **52-Week Low:** ₹14.1
- **RSI (14):** 55.18

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Priced for Perfection
- **What it means:** The business scores well but the multiple leaves little room for error. The debate here is about the price, not the company; small disappointments tend to cost more at rich valuations.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Flat
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 86%
- **Data coverage:** 71%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 84.5 | 9% |
| growth | 16.83 | 9% |
| momentum | 53.9 | 12% |
| ownership | 66.09 | 24% |
| quality | 62.78 | 22% |
| valuation | 48.59 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.74 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has high debtors of 423 days.
- Working capital days have increased from 230 days to 408 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 71.13% | -217.89% | — |
| ebitda margin growth | -19.93% | -46.31% | 12.41% |
| net income growth | -60% | -1% | 220% |
| revenue growth | -23.05% | 33% | 38.25% |
| roce | -66.71% | -91.26% | 42.7% |
| roe | -61.64% | 20.16% | -88.9% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 10.03 | 11.39 | 14.08 | 9.51 | 9.61 |
| Expenses | 7.17 | 7.16 | 11.85 | 6.93 | 8.69 |
| Operating Profit | 2.86 | 4.23 | 2.23 | 2.58 | 0.92 |
| OPM % | 28.51 | 37.14 | 15.84 | 27.13 | 9.57 |
| Other Income | 0.07 | 0.1 | 0.05 | 0.21 | 0.36 |
| Interest | 0.01 | 0.01 | 0.01 | 0.01 | 0.1 |
| Depreciation | 0.2 | 1.08 | 0.09 | 1.01 | 1.17 |
| Profit before tax | 2.72 | 3.24 | 2.18 | 1.77 | 0.01 |
| Tax % | 27.21 | 25.93 | 28.9 | 22.6 | -2100 |
| Net Profit | 1.98 | 2.41 | 1.55 | 1.37 | 0.21 |
| EPS in Rs | 2.87 | 2.33 | 1.11 | 0.98 | 0.15 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 3.89 | 8.04 | 20.09 | 25.48 | 19.12 |
| Expenses | 3.19 | 5.73 | 12.48 | 19.02 | 15.62 |
| Operating Profit | 0.7 | 2.31 | 7.61 | 6.46 | 3.5 |
| OPM % | 17.99 | 28.73 | 37.88 | 25.35 | 18.31 |
| Other Income | 0.01 | 0.04 | 0.18 | 0.15 | 0.57 |
| Interest | 0 | 0 | 0.02 | 0.02 | 0.11 |
| Depreciation | 0.02 | 0.12 | 0.4 | 1.17 | 2.18 |
| Profit before tax | 0.69 | 2.23 | 7.37 | 5.42 | 1.78 |
| Tax % | 27.54 | 27.8 | 27.54 | 27.12 | 11.24 |
| Net Profit | 0.51 | 1.61 | 5.35 | 3.95 | 1.58 |
| EPS in Rs | 510 | 1610 | 7.77 | 2.82 | 1.13 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.01 | 0.01 | 6.89 | 14.03 | 14.03 |
| Reserves | 1.26 | 2.88 | 5.15 | 20.03 | 21.54 |
| Borrowings | 0 | 0 | 0.19 | 0.15 | 0.11 |
| Other Liabilities | 1 | 1.87 | 4.8 | 4.79 | 3.53 |
| Total Liabilities | 2.27 | 4.76 | 17.03 | 39 | 39.21 |
| Fixed Assets | 0.05 | 0.36 | 2.17 | 5.28 | 4.85 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.25 | 1.42 | 5.12 | 0.93 | 8.56 |
| Other Assets | 1.97 | 2.98 | 9.74 | 32.79 | 25.8 |
| Total Assets | 2.27 | 4.76 | 17.03 | 39 | 39.21 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -0.11 | 2.36 | 1.9 | -7.76 | -2.24 |
| Cash from Investing Activity | -0.17 | -1.57 | -5.75 | 0.06 | -9.22 |
| Cash from Financing Activity | 0 | 0 | 3.98 | 18.01 | -0.08 |
| Net Cash Flow | -0.29 | 0.79 | 0.13 | 10.31 | -11.54 |
| Free Cash Flow | -0.15 | 1.93 | -0.31 | -12.04 | -3.99 |
| CFO/OP | 11 | 129 | 52 | -96 | -51 |

### Ratios

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 48.79 | 23.15 | 111.37 | 239.8 | 423.22 |
| Cash Conversion Cycle | 48.79 | 23.15 | 111.37 | 239.8 | 423.22 |
| Working Capital Days | 9.38 | -24.97 | 56.5 | 226.48 | 408.14 |
| ROCE % | — | 107.21 | 97.75 | 23.43 | 5.41 |

## Shareholding Pattern

### Quarterly

| Category | Dec 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 63.74% | 63.74% | 63.74% | 63.74% |
| FIIs | 5.46% | 3.29% | 0% | 0.03% |
| DIIs | 0.51% | 0.06% | 0% | 1.38% |
| Government | 0% | 0% | 0% | 0% |
| Public | 19.55% | 25.34% | 29.11% | 29.52% |
| Others | 10.73% | 7.57% | 7.15% | 5.33% |
| No. of Shareholders | 13 | 791 | 715 | 676 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 11 / 6 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 18.31 | Buy |
| EMA (10) | 18.38 | Buy |
| SMA (20) | 17.45 | Buy |
| EMA (20) | 18 | Buy |
| SMA (50) | 17.59 | Buy |
| EMA (50) | 17.89 | Buy |
| SMA (100) | 18.27 | Buy |
| EMA (100) | 18.84 | Buy |
| SMA (200) | 21.58 | Sell |
| EMA (200) | 23.23 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.68 | Neutral |
| MACD (12,26,9) | 0.36 | Buy |
| Stochastic (14,3,3) | 50.58 | Neutral |
| ADX (14) | 29.11 | Buy |
| Williams %R (14) | -55.81 | Neutral |
| ATR (14) | 1.56 | High Volatility |
| ROC (12) | 5.9 | Buy |
| Stoch RSI (14) | 61.18 | Neutral |
| UO (7,14,28) | 52.15 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 6 March 2026 - Independent Directors met 06-Mar-2026 to review board and chair performance; meeting 15:30–16:30. | [Updates 6 March 2026 - Independent Directors met 06-Mar-2026 to review board and chair performance; meeting 15:30–16:30.](https://nsearchives.nseindia.com/corporate/IDENTICAL_06032026165330_OutcomeIDIdentical.pdf) |
| 4 May 2026 - Promoters disclosed no additional encumbrances for FY ended March 31, 2026. | [Disclosure under SEBI Takeover Regulations 4 May 2026 - Promoters disclosed no additional encumbrances for FY ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/team_sandeshc_30042026124211_32.pdf) |
| 4 March 2026 - Board approved unaudited H1 results for 30 Sep 2025; auditors unmodified; IPO proceeds Rs1,994.76 lakh, no deviation. | [Reply to Clarification- Financial results 4 March 2026 - Board approved unaudited H1 results for 30 Sep 2025; auditors unmodified; IPO proceeds Rs1,994.76 lakh, no deviation.](https://nsearchives.nseindia.com/corporate/IDENTICAL_06022026151453_Outcomewithclarificationletter.pdf) |
| 27 March 2026 - Trading window closed from April 1, 2026 until 48 hours after financial results; board meeting date pending. | [Trading Window 27 March 2026 - Trading window closed from April 1, 2026 until 48 hours after financial results; board meeting date pending.](https://nsearchives.nseindia.com/corporate/IDENTICAL_27032026144129_IntimationofClosureofTradingWindow.pdf) |
| 27 Aug - Book closure from 13 September 2026 to 19 September 2026 for AGM on 19 September 2026. | [Updates 27 Aug - Book closure from 13 September 2026 to 19 September 2026 for AGM on 19 September 2026.](https://nsearchives.nseindia.com/corporate/IDENTICAL_27082026144701_INTIMATIONOFBOOKCLOSURE.pdf) |
| 27 Aug - Board approved AGM on 19 September 2026, annual report, e-voting dates, and book closure. | [Outcome of Board Meeting 27 Aug - Board approved AGM on 19 September 2026, annual report, e-voting dates, and book closure.](https://nsearchives.nseindia.com/corporate/IDENTICAL_27082026141256_OUTCOMEOFBM.pdf) |
| 27 Aug - 06th AGM on 19 Sept 2026; shareholders to adopt FY26 audited results and reappoint Raghvendra Rai. | [Shareholders meeting 27 Aug - 06th AGM on 19 Sept 2026; shareholders to adopt FY26 audited results and reappoint Raghvendra Rai.](https://nsearchives.nseindia.com/corporate/IDENTICAL_27082026143254_NoticeofAGMwithcoverletter.pdf) |
| 26 May 2026 - Board approved FY26 audited results; profit Rs 158.14 lakh, appointed internal auditor, no IPO fund deviation. | [Outcome of Board Meeting 26 May 2026 - Board approved FY26 audited results; profit Rs 158.14 lakh, appointed internal auditor, no IPO fund deviation.](https://nsearchives.nseindia.com/corporate/IDENTICAL_26052026174842_Identical_NSE_Final.pdf) |
| 26 May 2026 - Board approved FY26 audited results; profit Rs 158.14 lakh, appointed internal auditor, no IPO fund deviation. | [Statement of deviation(s) or variation(s) under Reg. 32 26 May 2026 - Board approved FY26 audited results; profit Rs 158.14 lakh, appointed internal auditor, no IPO fund deviation.](https://nsearchives.nseindia.com/corporate/IDENTICAL_26052026175441_Identical_NSE_Final.pdf) |
| 26 May 2026 - Board approved FY26 audited results; profit ₹158.14 lakh, and appointed internal auditor for FY27. | [General Updates 26 May 2026 - Board approved FY26 audited results; profit ₹158.14 lakh, and appointed internal auditor for FY27.](https://nsearchives.nseindia.com/corporate/IDENTICAL_26052026175621_Identical_NSE_Final.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30706_IDENTICAL_2025_2026_A_2543536_27082026144246.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28893_IDENTICAL_2024_2025_A_2734015_08092025142733.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:33:19.276Z.