Phantom Digital Effects Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Phantom Digital Effects Ltd trades at ₹173, in a downtrend and 40 weeks into that stage. That is −18.7% against its own 200-day average. It sits at 29% of a 52-week range of ₹165 to ₹192. On relative strength it has no relative-strength read yet.

Today the stock is in a downtrend — week 40 of stage 4, confirmed. At ₹173 it trades −18.7% versus its 200-day average and sits at 29% of its 52-week range (₹165–₹192).

Against the market, two honest reads. Cumulative: over the last 1 months the stock moved −10% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Phantom Digital Effects Ltd trades at 8.4× P/E, near the bottom of its own range — cheaper only 13% of the time. Its long-run median P/E is 11.9×, measured across 1.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 8.4× is near the bottom of its own range — cheaper only 13% of the time, against a long-run median of 11.9× measured over 1.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Phantom Digital Effects Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Phantom Digital Effects Ltd reported ₹85.0 Cr of revenue in the Sep 25 quarter, +136.1% year on year. Over 1 years it has compounded at 14.6% a year. The last full year, FY25, came in at ₹102 Cr. The last four reported quarters add to ₹229 Cr.

FY25 revenue came in at ₹102 Cr (+14.6% on the year), capping 1 years at 14.6% compound. The latest quarter (Sep 25) printed ₹85.0 Cr, +136.1% year on year.

Pace check: the last four quarters averaged +61.9% growth against the decade's 14.6% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Phantom Digital Effects Ltd's operating margin is 30.0% in the Sep 25 quarter, −13.0 percentage points against the same quarter a year ago.

The latest quarter's operating margin is 30.0%, −13.0 pp against the same quarter a year ago. Across 2 fiscal years the operating margin has ranged 37.0%–43.0%.

🚨 Why the margin moved: operating margin went −8.4 pp year on year while gross margin went +6.8 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Phantom Digital Effects Ltd earned ₹21.0 Cr of net profit in the Sep 25 quarter, +162.5% year on year. Full-year FY25 profit was ₹20.0 Cr. The 1-year compound rate is −16.7%. That is 24.7% of the quarter's revenue.

Sep 25 profit was ₹21.0 Cr, +162.5% year on year. On the full year, FY25 printed ₹20.0 Cr (−16.7%), and the 1-year compound rate is −16.7%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years −166% of Phantom Digital Effects Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−19.0 Cr of operating cash against ₹20.0 Cr of profit. After ₹6.0 Cr of capital spending, ₹−25.0 Cr was left as free cash.

FY25: operating cash of ₹−19.0 Cr against reported profit of ₹20.0 Cr, leaving free cash of ₹−25.0 Cr after ₹6.0 Cr of capital spending. Across the last 2 fiscal years the conversion rate is −166% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −166%: the cash cycle stretched 100 days between FY24 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 100 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Phantom Digital Effects Ltd's cash conversion cycle runs 307 days in FY25, up from 207 days in FY24. Capital spending ran ₹6.0 Cr over the last 1 years. At FY25 sales of ₹102 Cr each day of that cycle holds about ₹0.3 Cr, so roughly ₹86.0 Cr sits inside the business at any moment.

FY25: debtors at 307 days (an asset-light business — no inventory to speak of) — for a full cycle of 307 days, looser than FY24's 207.

In money terms: at FY25 sales of ₹102 Cr, each day of the cycle holds about ₹0.3 Cr — so the 307-day loop keeps roughly ₹86.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹6.0 Cr over the last 1 fiscal years against ₹8.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹12.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Phantom Digital Effects Ltd earns a ROCE of 18% in FY25. Return on invested capital clears the cost of that capital by −2.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 19.6% net margin on 0.45× asset turns.

FY25 ROCE is 18%.

🚨 Why the return is what it is — the wiring (FY25): 19.6% net margin × 0.45× asset turns × 1.38× balance-sheet leverage ≈ 12.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 9.6% − 12.0% = a −2.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Phantom Digital Effects Ltd carries ₹42.0 Cr of borrowings against ₹165 Cr of equity in FY25, a debt-to-equity of 0.25. Operating profit covers the interest bill 8×. Over 1 years borrowings went from ₹21.0 Cr to ₹42.0 Cr. Capital spending ran ₹6.0 Cr across the last 1 of those years.

FY25: borrowings of ₹42.0 Cr against equity of ₹165 Cr — a debt-to-equity of 0.25. Operating profit covers the interest bill 8×. Over 1 years borrowings went from ₹21.0 Cr to ₹42.0 Cr while capital spending ran ₹6.0 Cr in just the last 1 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 20.0 points of Phantom Digital Effects Ltd over 7 quarters, the biggest move on the register. That takes promoters to 44.0% of the company. Foreign institutions moved +1.8 points over the same window, to 1.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −20.0 points over 7 quarters to 44.0%; Foreign institutions: +1.8 points over 7 quarters to 1.8%; Domestic institutions: +1.0 points over 7 quarters to 1.0%.

🚨 Why the register moved: promoters drove it (−20.0 points), absorbed on the other side by foreign institutions (+1.8 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Phantom Digital Effects Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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