Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on March, 2026
• This is the 2nd RI from the company since May 2025.
• It posted minuscule financial performance so far and has a negative NAV.
• The company is operating in a highly competitive and fragmented segment.
• Based on its recent financial data, the RI is aggressively priced.
• There is no harm in skipping this pricey and dicey offer.
ABOUT COMPANY:
Bluegod Entertainment Ltd., (BEL) (erstwhile known as Indra Industries Ltd.) is currently engaged in the business of film production and mulls film making, TV and Web Shows, both fiction and Non-fiction. As a production company, it plans and coordinates various aspect of film productions such as selecting the script, coordinating writing, directing and editing and arranging financing. It also handles budgeting, scheduling, scripting, hiring of the cast and crew, managing the film production itself, post-production and often distribution and marketing.
The company was originally established as Swastik Fertilizers and Chemicals Pvt. Ltd., renamed to Indra Organic Ltd., then to Indra Industries Ltd. and finally as Bluegod Entertainment Ltd.
The company operates as a full-service production house, offering end-to-end solutions across multiple formats. Its core activities include the production of feature films and web series, direction and creation of music videos, scriptwriting and concept development, and comprehensive post-production and editing services. In addition, Bluegod Entertainment provides casting and talent management, production design, and cinematography services, enabling it to manage projects from initial idea to final screen delivery.
At the heart of Bluegod Entertainment’s philosophy is storytelling, which the company describes as the foundation of all its creative work. Rather than merely producing videos, it aims to craft cinematic experiences that leave a lasting impression. Supported by a team of directors, writers, producers, and creative professionals, the company emphasizes collaboration, visual excellence, and emotionally compelling narratives.
The company has presented Theatre/OTT films lime Nanneh Ki Shaddi, Roti Kapada aur Internet, Choranta, Pressure and Jeevan Bheema Yojana. Its upcoming project is State Highway, as Mystery Thriller for Theatre/OTT platform. As of March 31, 2025, it had 15 employees on its payroll.
ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 105424650 equity shares of Re. 1 each at a fixed price of Rs. 3.00 per share to mobilize Rs. 31.63 cr. The RI opens for subscription on March 12, 2026, and will close on March 19, 2026. The company is offering RI in the ratio of 9 for 47 to its eligible stakeholders as of the record date of March 06, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE. The company is spending Rs. 0.75 cr. for this RI process, and from the net proceeds, it will utilize Rs. 25.00 cr. for working capital, and Rs. 5.87 cr. for general corporate purposes.
The company has garbled for its post-RI paid-up equity capital info on page no. 48 of the offer document.
The RI is solely lead managed by the company itself., and Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 55.06 cr. will stand enhanced to Rs. 65.60 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 196.79 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last four fiscals, the company has posted total income / net profit/ – (loss), of Rs. 4.99 cr. / Rs. – (0.27) cr. (FY22), Rs. 3.32 cr. / Rs. – (0.98) cr. (FY23), Rs. 1.11 cr. / Rs. 0.17 cr. (FY24), Rs. 2.36 cr. / Rs. 1.82 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net profit of Rs. 3.57 cr. on a total income of Rs. 12.00 cr. Its NAV stood at Rs. – (7.16) as of December 31, 2025. Nearly 10 fold post-RI equity raises alarm for its servicing going forward, as the company has posted minuscule earnings and a negative NAV.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 539175 (FV Re. 1).
The scrip last closed on cum-right basis at Rs. 3.60 on March 05, 2026, and opened on an ex-right basis at Rs. 3.50 on Mach 06, 2026. Since then, it has marked a high/low of Rs. 3.59 / Rs. 3.33. The scrip last closed at Rs. 3.54 as of March 10, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 5.06 / Rs. 0.56. The counter is currently under ESM: Stage 1.
The promoters’ holding is NIL% for the last three quarters ended December 31, 2025. The counter is currently well managed by vested interests and traded above the RI price, to tempt investors.
Conclusion / Investment Strategy
This is the 2nd RI from the company since May 2025. It posted minuscule financial performance so far and has a negative NAV. BEL is operating in a highly competitive and fragmented segment. Based on its recent financial data, the RI is aggressively priced. Nearly ten fold post-RI equity raises concern for its servicing as the company has posted minuscule earnings. There is no harm in skipping this pricey and dicey offer.
Review By Dilip Davda on March, 2026
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
