Incorporation dated February 2, 2016, Publicly listed in 2022,a Certified Trusted

Partner Network (TPN) company, full-fledged creative VFX studio, based in India with
offices operating in US and Canada only for procuring orders. They provide high-end
visual effects solutions for commercials, feature films, and Web series and all sorts of
creative VFX works.

The company’s specializations include:-

• Completing a Shot with final compositing
• Creating 3D elements, photo real creatures,
and environments
• Rig/Wire removal, paint clean-up, rotoscopy
• 3D matchmove
• 3D animation (storyboard, animation)
• Pre-visualization Game cinematics
• Fire / water Fx and other natural phenomena
3D ride animation
Industry Analysis
Global Animation and Visual effects market
It was estimated at USD 168 billion in 2021 and is projected to grow to USD 290 Bn by
2024 at a CAGR of 10.94% between 2020 and 2026
Indian market
The AVGC sector in India has witnessed unprecedented growth rates in recent times,
with many global players entering the Indian talent pool to avail offshore delivery of
services Further, the Media and Entertainment (M& Industry is expected to grow at an
8.8% CAGR by 2026 As per the experts, within the M&E Industry, the AVGC sector can
witness a growth of 14%-16% in the next decade India is emerging as a primary
destination for high end, skill based activities in the AVGC sector.
According to estimates by NITI Aayog the animation and VFX sector in India was valued
at USD 1.131 Bn. It is estimated that the industry would be worth almost USD 1 7 Billion
by fiscal year 2024 indicating a significant growth potential The Indian Animation and
Visual Effects industry has the potential to command 20%-25% of the Global market
share by 2025 according to the latest media and entertainment industry Report VFX
Animation can be the next IT BPM boom for India and play a fundamental role in India
becoming a USD 100 billion M&E industry by 2030.
Source :- Ministry of information and Broadcasting Report by AVCG promotion Task Force 2022
 Industry Work
Process Oriented studio -
This industry mostly focused on
basic project in which mainly focus
on Roto, Paint. 95% market lies here
which is highly competitive.

Creativity studio – In this Studio’s

mainly focus on pre production and
post Production process which is 5%
of VFX industry.
This market need the high creativity
thinking and this industry have the
high margin against the process
oriented market
Media and Entertainment
 Mr. Bejoy Arputharaj - Founder,
CEO, VFX supervisor at Phantom
FX
Education- Bachelor of Science
Computer Science
Experience- 2 decade of
experience in VFX and CGI
industry And he was also ex
employee of Prime focus for more
than 5 year

Remuneration - 1.44cr Year

(According to DRHP)
Mr. Bejoy Arputharaj
Change in top position
Mr. Rajinikanth ES Chief Financial Officer(CFO) was Resigned from
position .
And Company Appointment of Mr. Vijaykrishnan TS as Chief Financial
Officer (CFO) of the Company with effect from July 28, 2023.
Brief Profile:- Mr. Vijaykrishnan T S aged about 53 years is a commerce
graduate and a member of Institute of Chartered Accountant of India
(ACA) and also Grad CWA. He has more than 25 years of extensive
financial and administration experience in Manufacturing and
Telecom/Service industry. He has rich experience the area of Finance,
Taxation, internal control & productivity improvements. He is
Proficient in conceptualizing and implementing procedures, drive
change through ERP implementation and process automation that
bring about operational efficiency.
 Factor which effect business Revenue Split(International & Local)
• Company Employee attrition rate and
company acquisition of Employee
• Company Order Book Because their 70%- 80%
coming from top 10 Client
• How Company using their Workforce
• Government Policies on AVCG market
• Their Competitor Order Book
• Their Client Retention Ratio (Present-8:10)
• Their Trade Receivable
• Their CapEx
• Management Future Estimate or Target

Some estimate by Management:-

By FY23 Increase the Employee strength
2000+(currently 600+)
Reb Flag’s
• Their IPO was an mixed portion offer for sale & Fresh
issue 85%(2640000 share was Fresh issue) and
15%(423600 share was Offer for sale).And the
promoter who selling the share are Mrs. Syntia Moses
Darry and Mr. Binu Joshua Sam Manohar. They both
have the Relationship with CEO Mr. Bejoy Arputharaj
Sam Manohar.
• Their Balance sheet having the high figure of Trade
Receivable which may lead to default.
• Their 70%-80% revenue was coming from Top 10
Clients.
Strength’s
• They are TPN Certificate which given by Motion Picture
Association which is given to those who have the ideal
security system to ensure safety of film.
• They Operate in Creative and process oriented Market
which give’s him the advantage to operate in VFX
Industry.
• They also provide pre visualization which is important
to create an great customer experience and help to
maintain the good Client Base.
• They are maintaining great employee attrition rate of 8-
9% against it the industry employee attrition rate was
25%-50%.
 Employee Cost % of Revenue
120.00%

100.89%
100.00%

80.00%

66.13%
62.70% 62.39%
60.25% 59.97% 59.05% 60.47%
60.00%

51.46%

43.53%
40.00%

20.00%

0.00%
2019 2020 2021 2022 2023

Phantom FX Prime Focus