---
title: "Thinking Hats Entertainment Solutions Ltd (THESL) — Share Price, Financials & Analysis"
symbol: "THESL"
company: "Thinking Hats Entertainment Solutions Ltd"
canonical: "https://tapetide.com/stocks/THESL"
isin: "INE0SHE01019"
nse_symbol: "THESL"
sector: "Consumer Discretionary"
industry: "Other Consumer Services"
market_cap_cr: 17.36
generated_at: "2026-09-13T18:45:14.330Z"
---

# Thinking Hats Entertainment Solutions Ltd (THESL)

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

## Company

- **NSE Symbol:** THESL
- **ISIN:** INE0SHE01019
- **Sector:** Consumer Discretionary
- **Industry:** Other Consumer Services
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2024-10-03
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** thes.in

## About

Incorporated in 2013, Thinking Hats Entertainment Solutions Ltd is in the 
business of event management, visual 
retail merchandise and Film, Music and 
Content Development, Production and Distribution[1]

## Latest Price

- **Price:** ₹13.9
- **Change:** -0.7 (-4.79%)
- **Open:** ₹13.9
- **Day High:** ₹13.9
- **Day Low:** ₹13.9
- **Previous Close:** ₹14.6
- **Volume:** 6000
- **As Of:** 2026-09-10T05:18:48+00:00

## Key Fundamentals

Observed at 2026-09-11T04:40:46.171725Z.

- **Market Cap:** ₹17.36 Cr
- **Classification:** SME
- **P/E (reported):** 13.9
- **Book Value:** ₹23.39
- **Price to Book:** 0.59
- **Dividend Yield:** 0%
- **ROE:** 13.11%
- **ROCE:** 18.55%
- **Debt to Equity:** 0.37
- **Revenue (yearly):** ₹23.52 Cr
- **Net Income:** ₹1.27 Cr
- **EBITDA:** ₹2.33 Cr
- **52-Week High:** ₹43.5
- **52-Week Low:** ₹11.4
- **RSI (14):** 32.18

## Tapetide Score

- **Score:** 45 / 100
- **Score date:** 2026-09-04
- **Archetype:** Losing Momentum
- **What it means:** A capable business whose price trend has turned while the multiple is still demanding. Often a re-rating in progress rather than a broken company — watch whether earnings stay resilient.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Falling
- **Percentile:** 28.3 (of 4473 scored stocks)
- **Confidence:** 86%
- **Data coverage:** 71%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 36.73 | 9% |
| growth | 4.82 | 9% |
| momentum | 36.98 | 12% |
| ownership | 50 | 24% |
| quality | 74.45 | 22% |
| valuation | 47.78 | 24% |

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

## Key Insights

### Strengths

- Stock is trading at 0.59 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 180 days.
- Working capital days have increased from 21.9 days to 69.8 days

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -201.33% | -164.96% | — |
| ebitda margin growth | -21.6% | -48.7% | 123.27% |
| net income growth | -65.68% | -15% | 217.5% |
| revenue growth | -51.4% | 2% | 13.48% |
| roce | -54.25% | -56.64% | 28.67% |
| roe | -53.36% | 25.42% | -62.57% |

## Financial Statements

### Quarterly Results

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

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 6.22 | 20.41 | 8.65 | 39.02 | 8.36 | 15.16 |
| Expenses | 5.51 | 16.19 | 6.9 | 35.52 | 6.94 | 14.25 |
| Operating Profit | 0.71 | 4.22 | 1.75 | 3.5 | 1.42 | 0.91 |
| OPM % | 11.41 | 20.68 | 20.23 | 8.97 | 16.99 | 6 |
| Other Income | 0.03 | 0.03 | 0.11 | 0.62 | 0.14 | 0.38 |
| Interest | 0.2 | 0.32 | 0.26 | 0.27 | 0.35 | 0.43 |
| Depreciation | 0.08 | 0.09 | 0.07 | 0.15 | 0.2 | 0.24 |
| Profit before tax | 0.46 | 3.84 | 1.53 | 3.7 | 1.01 | 0.62 |
| Tax % | 26.09 | 28.91 | 27.45 | 30.81 | 25.74 | 17.74 |
| Net Profit | 0.33 | 2.74 | 1.1 | 2.56 | 0.74 | 0.51 |
| EPS in Rs | 4.33 | 31.29 | 0.88 | 2.05 | 0.59 | 0.41 |

### Profit & Loss

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

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Sales | 11.6 | 22.15 | 26.63 | 47.67 | 23.52 |
| Expenses | 11.91 | 19.22 | 21.63 | 42.32 | 21.2 |
| Operating Profit | -0.31 | 2.93 | 5 | 5.35 | 2.32 |
| OPM % | -2.67 | 13.23 | 18.78 | 11.22 | 9.86 |
| Other Income | 0.85 | 0.13 | 0.07 | 0.72 | 0.52 |
| Interest | 0 | 0.21 | 0.6 | 0.62 | 0.78 |
| Depreciation | 0.06 | 0.1 | 0.17 | 0.22 | 0.44 |
| Profit before tax | 0.48 | 2.75 | 4.3 | 5.23 | 1.62 |
| Tax % | 20.83 | 26.91 | 28.14 | 30.02 | 23.46 |
| Net Profit | 0.37 | 2.01 | 3.09 | 3.67 | 1.24 |
| EPS in Rs | 4.85 | 26.36 | 35.28 | 2.94 | 0.99 |
| 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 | 0.76 | 0.76 | 0.88 | 12.49 | 12.49 |
| Reserves | 2.96 | 4.97 | 10.12 | 15.48 | 16.72 |
| Borrowings | 0.3 | 4.14 | 5.39 | 12.51 | 10.82 |
| Other Liabilities | 2.39 | 4.7 | 7.75 | 9.12 | 7.62 |
| Total Liabilities | 6.41 | 14.57 | 24.14 | 49.6 | 47.65 |
| Fixed Assets | 0.52 | 1.66 | 1.58 | 2.01 | 23.78 |
| CWIP | 0 | 0 | 2.37 | 15.33 | 0.52 |
| Investments | 1.62 | 6.01 | 7.65 | 9.18 | 4.76 |
| Other Assets | 4.27 | 6.9 | 12.54 | 23.08 | 18.59 |
| Total Assets | 6.41 | 14.57 | 24.14 | 49.6 | 47.65 |

### 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 | 0.98 | 2.34 | 1.5 | -1.52 | 3.35 |
| Cash from Investing Activity | -1.51 | -5.62 | -4.08 | -18.75 | 0.59 |
| Cash from Financing Activity | 0.27 | 3.07 | 2.9 | 19.9 | -2.48 |
| Net Cash Flow | -0.26 | -0.21 | 0.32 | -0.37 | 1.46 |
| Free Cash Flow | 0.87 | 1.09 | 1.41 | -2.09 | -4.06 |
| CFO/OP | -323 | 105 | 42 | -1 | 189 |

### Ratios

| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Debtor Days | 97.86 | 99.86 | 135.56 | 94.56 | 179.86 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 97.86 | 99.86 | 135.56 | 94.56 | 179.86 |
| Working Capital Days | 29.89 | -22.91 | -4.93 | 0.92 | 69.83 |
| ROCE % | — | 42.62 | 37.32 | 20.61 | 5.96 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 78.29% | 56.79% | 56.79% | 56.79% | 56.79% |
| FIIs | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 34.3% | 32.76% | 29.52% | 29.52% |
| Others | 21.71% | 8.91% | 10.45% | 13.69% | 13.7% |
| No. of Shareholders | 37 | 1008 | 457 | 443 | 427 |

## Technical Indicators

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

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 3 / 12

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 16.74 | Sell |
| EMA (10) | 16.11 | Sell |
| SMA (20) | 17.98 | Sell |
| EMA (20) | 17.15 | Sell |
| SMA (50) | 15.98 | Sell |
| EMA (50) | 20.15 | Sell |
| SMA (100) | 24.83 | Sell |
| EMA (100) | 23.3 | Sell |
| SMA (200) | 27.18 | Sell |
| EMA (200) | 26.89 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.89 | Neutral |
| MACD (12,26,9) | -1.28 | Sell |
| Stochastic (14,3,3) | 0 | Buy |
| ADX (14) | 4.28 | Neutral |
| Williams %R (14) | -100 | Buy |
| ATR (14) | 2.54 | High Volatility |
| ROC (12) | -24.04 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 14.6 | Buy |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 January 2026 - Regulation 74(5) certificate for quarter ended Dec 31, 2025 confirming dematerialisation compliance. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 9 January 2026 - Regulation 74(5) certificate for quarter ended Dec 31, 2025 confirming dematerialisation compliance.](https://nsearchives.nseindia.com/corporate/THES_09012026142045_signed_thes_74_5__dec_25.pdf) |
| 9 January 2026 - Listed on NSE EMERGE; corporate governance provisions not applicable for quarter ended Dec 31, 2025. | [General Updates 9 January 2026 - Listed on NSE EMERGE; corporate governance provisions not applicable for quarter ended Dec 31, 2025.](https://nsearchives.nseindia.com/corporate/THES_09012026143559_signed_THES_NA_CG_Report.pdf) |
| 8 Sep - Newspaper advertisement published for 13th AGM notice and e-voting details on September 8, 2026. | [Copy of Newspaper Publication 8 Sep - Newspaper advertisement published for 13th AGM notice and e-voting details on September 8, 2026.](https://nsearchives.nseindia.com/corporate/THES_08092026132000_THESNewspapercutting.pdf) |
| 8 Sep - AGM scheduled for September 30, 2026; annual report web link shared with shareholders. | [General Updates 8 Sep - AGM scheduled for September 30, 2026; annual report web link shared with shareholders.](https://nsearchives.nseindia.com/corporate/THES_08092026131815_THESREGULATION36.pdf) |
| 7 Sep - 13th AGM on September 30, 2026; shareholders to consider promoter reclassification and approve FY26 accounts. | [Shareholders meeting 7 Sep - 13th AGM on September 30, 2026; shareholders to consider promoter reclassification and approve FY26 accounts.](https://nsearchives.nseindia.com/corporate/THES_07092026164852_THES_NOTICE_AGM_2026.pdf) |
| 6 May 2026 - Submitted SDD compliance certificate for FY2026; 3 events captured, no noncompliance observed. | [Structural Digital Database 6 May 2026 - Submitted SDD compliance certificate for FY2026; 3 events captured, no noncompliance observed.](https://nsearchives.nseindia.com/corporate/THES_06052026145915_thessddcertificate.pdf) |
| 6 Jul - THESL unveiled poster for ‘OHH MY DOG’; teaser on July 7, theatrical release on July 31, 2026. | [Press Release 6 Jul - THESL unveiled poster for ‘OHH MY DOG’; teaser on July 7, theatrical release on July 31, 2026.](https://nsearchives.nseindia.com/corporate/THES_06072026153506_THESLETTERPRUPLOAD.pdf) |
| 6 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 April 2026 - Submitted Regulation 74(5) certificate for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/THES_06042026155512_thesintimation_reg_74_5_dp.pdf) |
| 6 April 2026 - Promoters disclosed no encumbrance on company shares for FY ended March 31, 2026. | [General Updates 6 April 2026 - Promoters disclosed no encumbrance on company shares for FY ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/THES_06042026154419_thescovering.pdf) |
| 6 April 2026 - Company on NSE Emerge says corporate governance provisions are not applicable for quarter ended March 31, 2026. | [Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter 6 April 2026 - Company on NSE Emerge says corporate governance provisions are not applicable for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/THES_06042026155339_THES_CG_NA.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31696_THESL_2025_2026_A_5403787_07092026165152.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27671_THESL_2024_2025_A_2742026_25082025192734.pdf) |

---

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 2026-09-13T18:45:14.330Z.