Studio LSD Limited

Studio LSD Limited where LSD stands for Laxmi Saraswati and Durga, is a multimedia production house specialising in original and captivating stories, partnering with artists from the film and televisions industry. They are involved in every aspect of the content-making process, from idea to distribution and financing the projects, hiring actors and crew members, scouting locations, creating sets, managing the budgets, and overseeing the entire production and post-production process. Tha company has gained prominence within the television industry, particularly in producing soap opera content. They are always committed to delivering quality television programs and have effectively carved out a niche for themselves across multiple television channels. The expertise lies in crafting compelling narratives and engaging storylines that captivate audiences, in the competitive world of soap opera production. Across various television channels, the company has consistently produced shows, showcasing its expertise in storytelling and entertainment. The company operates as a full-fledged production house, specializing in developing a wide array of show concepts through collaboration with the talented team and network of skilled scriptwriters. The company during the period of last three years and stub period has primarily operated under a commission based model. The company is now actively exploring the expansion into the IP Ownership Model. The company has already initiated steps in this direction by developing and producing its own songs. As per financial performance, Studio LSD Limited has posted total income / net profits of Rs 46.71 Cr / 2.79 Cr (FY23), Rs 102.49 Cr / Rs 10.90 Cr (FY24) and Rs 105.01 Cr / 11.67 Cr (FY25). So as per previous financials data, company has shown steady results. Company has an average EPS of Rs 2.43 and average RoNW of 74.86% for last three fiscals. Issue is priced at a P/BV of 3.35 as per NAV of Rs 16.12/- as on post issue. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 100.26, 25.70 and 24.01 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corpwis Advisors Private Limited is associated with this SME IPO, and has handled 5 SME IPOs in last three fiscal years. ( As on 18.08.25 ) As per financials, Studio LSD Limited has shown steady results, RoNW is 53.78% and P/E is 100.26, 25.70 and 24.01 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is a multimedia production house, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Prateek Sharma
• 2 Suman Sharma
• 3 Parth Shah