Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹23.75, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 33x in the Entertainment industry in India. Total loss to shareholders of 48% over the past year. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹18.95, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 34x in the Entertainment industry in India. Total loss to shareholders of 55% over the past year. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹20.00, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 37x in the Entertainment industry in India. Total loss to shareholders of 57% over the past year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to ₹27.30, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 32x in the Entertainment industry in India. Reported Earnings • Nov 25
First half 2026 earnings released: EPS: ₹0.98 (vs ₹0.88 in 1H 2025) First half 2026 results: EPS: ₹0.98. Revenue: ₹95.1m (down 33% from 1H 2025). Net income: ₹13.7m (down 11% from 1H 2025). Profit margin: 14% (up from 11% in 1H 2025). The increase in margin was driven by lower expenses. New Risk • Nov 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). High level of non-cash earnings (98% accrual ratio). Market cap is less than US$10m (₹545.6m market cap, or US$6.09m). Minor Risks Profit margins are more than 30% lower than last year (16% net profit margin). Revenue is less than US$5m (₹255m revenue, or US$2.8m). Duyuru • Nov 12
Identical Brains Studios Limited to Report First Half, 2026 Results on Nov 14, 2025 Identical Brains Studios Limited announced that they will report first half, 2026 results on Nov 14, 2025 New Risk • Sep 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 15% Last year net profit margin: 27% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (101% accrual ratio). Market cap is less than US$10m (₹566.6m market cap, or US$6.42m). Minor Risks Profit margins are more than 30% lower than last year (15% net profit margin). Revenue is less than US$5m (₹256m revenue, or US$2.9m). Board Change • Sep 11
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Founder, Executive Chairman & MD Raghav Rai is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Duyuru • Sep 08
Identical Brains Studios Limited, Annual General Meeting, Sep 30, 2025 Identical Brains Studios Limited, Annual General Meeting, Sep 30, 2025, at 09:30 Indian Standard Time. Location: 842, 803 and 804, crescent royale, veera desai road, off. new link, road, andheri - 400053., mumbai India New Risk • Sep 03
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2024 fiscal period end). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (₹571.6m market cap, or US$6.49m). Minor Risk Revenue is less than US$5m (₹201m revenue, or US$2.3m). New Risk • Jul 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (₹571.6m market cap, or US$6.68m). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Revenue is less than US$5m (₹201m revenue, or US$2.3m). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹43.10, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 34x in the Entertainment industry in India. New Risk • Jun 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (₹616.4m market cap, or US$7.22m). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Share price has been volatile over the past 3 months (8.7% average weekly change). Revenue is less than US$5m (₹201m revenue, or US$2.4m). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹49.35, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 50x in the Entertainment industry in India. New Risk • Mar 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (₹654.3m market cap, or US$7.61m). Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Revenue is less than US$5m (₹201m revenue, or US$2.3m). Board Change • Mar 06
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Founder, Chairman & MD Raghav Rai is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Shridhar Tari was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹58.40, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 44x in the Entertainment industry in India. Board Change • Dec 26
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Founder, Chairman & MD Raghav Rai is the most experienced director on the board, commencing their role in 2019. Independent Director Shridhar Tari was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. 
