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IDream Film Infrastructure Company Ltd

IDREAM

BSE

₹491.900.00%29 Sept 2026

Reports

IT Services

IDream Film Infrastructure Company Ltd

IDREAM

BSE

₹491.90

0.00%

29 Sept 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

IDream Film Infrastructure Company is a shell that has been given a second life. After decades as a dormant leasing house with no operations, it was acquired in 2026 by a Singapore-based investor and transformed through a share swap into the owner of E-Tunnel Inc., a South Korean company that makes biometric security hardware. The recurring approach is a clean-slate acquisition: buy a listed but empty corporate vehicle, then inject a wholly-owned operating business into it, instantly giving that business a stock-market listing and a new identity.

Business segments

Two engines at opposite ends of the corporate lifecycle - a dormant legacy shell that generates no revenue, and a newly acquired biometric hardware business that is the company's entire operating future - with the latter built on the listed platform of the former.

1. Biometric authentication hardware: the company's new operating engine

It makes and sells finger-vein scanners and multi-modal identity devices, protected by international patents and powered by its own AI platform - this is now the entire business.

Proprietary finger-vein technology - the core product is a biometric scanner that reads the vein pattern inside a person's finger, a method that is harder to spoof than fingerprints, and the technology is protected by patents in Korea, the U.S., Europe, and Japan.
Multi-modal platform, not just one sensor - beyond finger-vein, the company sells integrated solutions that combine finger-vein, fingerprint, facial, palm-vein, and iris recognition, all running on its proprietary AI Engine P2N2 platform, so it can serve customers who need layered security.
Blockchain-ready identity layer - the platform incorporates DID (Decentralized Identity) using blockchain and IPFS (a distributed file system), which positions the technology for use in regulated sectors like fintech, digital identity management, and government security programs where tamper-proof records matter.
Bought, not built from scratch - the entire business was acquired on 21 May 2026 through a share swap: IDream issued roughly 26.6 crore new shares to the shareholders of E-Tunnel Inc. in exchange for 100% of that company, with no cash changing hands, making E-Tunnel a wholly-owned subsidiary.
Already selling, with a track record - E-Tunnel has been selling security solutions since 2022 and generated turnover of Rs. 48.3 crore in calendar year 2023, Rs. 21.1 crore in CY 2024, and Rs. 27.2 crore in CY 2025, so it arrives with an existing revenue stream and customer base.

2. Film infrastructure and media services: the dormant legacy shell

A rental and leasing business that once served the media industry but has generated no operating revenue for at least five consecutive years - it exists only as a corporate memory.

No operations, no revenue - from FY21 through FY25, the company did not undertake any business activity in this segment and earned zero revenue from operations, with its only income being negligible interest on loans to its subsidiary (Rs. 0.53 lakhs in FY25).
No assets to run a business - the company holds no fixed assets and carries no inventories, because there is no operating business that requires them.
Kept alive by a parent's promise - the company has accumulated losses exceeding its net worth, resulting in negative net worth, and its financial statements are prepared on a going-concern basis only because the holding company has given an undertaking to provide continuous financial support.
A stated intention, never acted upon - every year the management repeated that it "continues to focus on identifying avenues to re-commence its core business activities in the film infrastructure and media services segment," but no such activities ever materialised.

Group structure and partners

Control passed in 2026 from an Indian promoter family to a Singapore-based acquirer and the South Korean founders of E-Tunnel, who now run the company.

The old guard has fully exited - prior to the takeover, AHA Holdings Private Limited held 60% of the company, and the Managing Director was Mrs. Kalpana Morakhia; all legacy directors and officers resigned on 24 June 2026, and the promoter seller now holds zero percent.
The new controller is Northvale Capital Partners - a Singapore-incorporated entity (Northvale Capital Partners Private Limited) executed the share purchase agreement to buy the 60% promoter stake and also participated in the preferential allotment that brought E-Tunnel into the group.
E-Tunnel's founders became management - the three South Korean co-founders of E-Tunnel - Mr. Jung Min An, Mr. Woo Yeol Cho, and Mr. Yung Kug Kim - are now key management personnel of IDream, with Mr. Yung Kug Kim appointed as Chief Executive Officer effective 1 July 2026.
A clean shell with no legacy entanglements - the old wholly-owned subsidiary, AHA Parks Limited, never commenced operations and had its entire investment and loan receivable fully provided for as worthless, so the new owners inherit no hidden operating liabilities from it.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹13,309Cr

Close Price

₹491.90

Industry

IT Services

Price To Earnings

—

Price To Sales

5,522.21

Revenue

₹2Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

690.91%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	2
Growth YoY Revenue Growth YoY%							-100.0
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	3	3
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	-3	-1
OPM OPM%			0.0								-26,000.0	-25.8
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	3	0	3
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	3	-3	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	3	-3	1
Growth YoY PAT Growth YoY%	50.0	-25.0	33.3	-25.0	-25.0	-20.0	-200.0	0.0	0.0	4,266.7	-4,266.7	3,040.0
NPM NPM%			-50.0								-26,200.0	61.3
EPS EPS₹	-2.7	-3.4	-1.1	-3.1	-3.4	-3.9	-4.1	-3.2	-3.7	-9.7	-175.0	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	2
Growth YoY Revenue Growth YoY%							-100.0
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	3	3
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	-3	-1
OPM OPM%			0.0								-26,000.0	-25.8
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	3	0	3
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	0	0	0	0	0	0	0	3	-3	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	0	0	0	0	0	0	0	3	-3	1
Growth YoY PAT Growth YoY%	50.0	-25.0	33.3	-25.0	-25.0	-20.0	-200.0	0.0	0.0	4,266.7	-4,266.7	3,040.0
NPM NPM%			-50.0								-26,200.0	61.3
EPS EPS₹	-2.7	-3.4	-1.1	-3.1	-3.4	-3.9	-4.1	-3.2	-3.7	-9.7	-175.0	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	2
Growth Revenue Growth%
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	3	6
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	-3	-3
OPM OPM%												-139.8
Other Income Other IncomeCr	0	0	-2	0	0	0	0	0	0	0	3	5
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	-3	0	0	0	0	0	0	0	0	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	-3	0	0	0	0	0	0	0	0	1
Growth PAT Growth%	-31.0	-173.4	-794.6	86.0	-9.3	39.6	-58.8	31.2	41.0	-41.4	-6.9	690.9
NPM NPM%												53.9
EPS EPS₹	-7.0	-19.1	-171.2	-23.9	-26.2	-15.8	-25.1	-17.3	-10.2	-14.4	-15.4	-188.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	0	0	0	0	0	0	0	0	0	0	2
Growth Revenue Growth%
Expenses ExpensesCr	0	0	0	0	0	0	0	0	0	0	3	6
Operating Profit Operating ProfitCr	0	0	0	0	0	0	0	0	0	0	-3	-3
OPM OPM%												-139.8
Other Income Other IncomeCr	0	0	-2	0	0	0	0	0	0	0	3	5
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	-3	0	0	0	0	0	0	0	0	1
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	0	0	-3	0	0	0	0	0	0	0	0	1
Growth PAT Growth%	-31.0	-173.4	-794.6	86.0	-9.3	39.6	-58.8	31.2	41.0	-41.4	-6.9	690.9
NPM NPM%												53.9
EPS EPS₹	-7.0	-19.1	-171.2	-23.9	-26.2	-15.8	-25.1	-17.3	-10.2	-14.4	-15.4	-188.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	0	0	0	0	0	0
Reserves ReservesCr	-1	-1	-4	-4	-5	-5	-5	-6	-6	-6	-8
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	0	3	3	4	6
Non Current Liabilities Non Current LiabilitiesCr	3	2	2	3	3	3	4	1	1	1	1
Total Liabilities Total LiabilitiesCr	2	2	0	0	0	0	0	0	0	0	0
Current Assets Current AssetsCr	0	0	0	0	0	0	0	0	0	0	0
Non Current Assets Non Current AssetsCr	2	2	0	0	0	0	0	0	0	0	0
Total Assets Total AssetsCr	2	2	0	0	0	0	0	0	0	0	0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	0	0	0	0	0	0
Reserves ReservesCr	-1	-1	-4	-4	-5	-5	-5	-6	-6	-6	-8
Current Liabilities Current LiabilitiesCr	0	0	0	0	0	0	0	3	3	4	6
Non Current Liabilities Non Current LiabilitiesCr	3	2	2	3	3	3	4	1	1	1	1
Total Liabilities Total LiabilitiesCr	2	2	0	0	0	0	0	0	0	0	0
Current Assets Current AssetsCr	0	0	0	0	0	0	0	0	0	0	0
Non Current Assets Non Current AssetsCr	2	2	0	0	0	0	0	0	0	0	0
Total Assets Total AssetsCr	2	2	0	0	0	0	0	0	0	0	0

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	0	0	0	0	0	0	-3
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	3
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	0	0	0	0	0	0	0	0	0	0	-3
CFO To PAT CFO To PAT%	97.6	32.4	3.6	24.8	19.3	37.5	21.8	36.7	76.1	49.9	1,207.2
CFO To EBITDA CFO To EBITDA%	109.0	96.9	97.0	84.3	71.4	82.4	82.6	84.3	99.1	84.9	100.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	0	0	0	0	0	0	-3
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	3
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	0	0	0	0	0	0	0	0	0	0	-3
CFO To PAT CFO To PAT%	97.6	32.4	3.6	24.8	19.3	37.5	21.8	36.7	76.1	49.9	1,207.2
CFO To EBITDA CFO To EBITDA%	109.0	96.9	97.0	84.3	71.4	82.4	82.6	84.3	99.1	84.9	100.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								2	1	2	4	13,309
Price To Earnings Price To Earnings
Price To Sales Price To Sales												5,522.2
Price To Book Price To Book								-0.3	-0.2	-0.3	-0.6	50.6
EV To EBITDA EV To EBITDA								-47.1	-44.0	-45.6	-4.0	-3,951.1
Profitability Ratios Profitability Ratios
GPM GPM%
OPM OPM%												-139.8
NPM NPM%												53.9
ROCE ROCE%	-4.2	-10.4	167.5	7.2	6.8	7.4	6.1	7.0	4.6	7.3	23.4	23.4
ROE ROE%	11.8	24.4	68.6	8.8	8.7	5.0	7.4	4.8	2.8	3.8	3.1	3.1
ROA ROA%	-4.6	-12.7	-38,320.9	-5,523.1	-5,163.2	-3,883.6	-5,453.6	-4,315.0	-2,589.8	-8,307.7	-555.3	-555.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr								2	1	2	4	13,309
Price To Earnings Price To Earnings
Price To Sales Price To Sales												5,522.2
Price To Book Price To Book								-0.3	-0.2	-0.3	-0.6	50.6
EV To EBITDA EV To EBITDA								-47.1	-44.0	-45.6	-4.0	-3,951.1
Profitability Ratios Profitability Ratios
GPM GPM%
OPM OPM%												-139.8
NPM NPM%												53.9
ROCE ROCE%	-4.2	-10.4	167.5	7.2	6.8	7.4	6.1	7.0	4.6	7.3	23.4	23.4
ROE ROE%	11.8	24.4	68.6	8.8	8.7	5.0	7.4	4.8	2.8	3.8	3.1	3.1
ROA ROA%	-4.6	-12.7	-38,320.9	-5,523.1	-5,163.2	-3,883.6	-5,453.6	-4,315.0	-2,589.8	-8,307.7	-555.3	-555.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MPHASIS	HEXT	ESDS	IDREAM	ZENSARTECH	ASMTEC	BSOFT
Market CapitalizationMkt CapCr	47,737	34,828	16,837	13,309	11,660	9,211	8,726
Close PriceClose₹	2,500.00	570.00	1,436.50	491.90	512.00	6,315.00	312.00
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	24.94	25.84	140.56		14.96	127.99	15.27
Price To SalesPS	2.89	2.42	35.66	5,522.21	2.01	15.24	1.61
RevenueRevenueCr	16,531	14,420	472	2	5,811	604	5,404
Revenue Growth TTMRev Gr TTM%	13.7%	13.0%			8.1%	68.3%	1.4%
PAT Growth TTMPAT Gr TTM%	9.8%	1.2%		690.9%	15.2%	88.1%	21.1%

	MPHASIS	HEXT	ESDS	IDREAM	ZENSARTECH	ASMTEC	BSOFT
Market CapitalizationMkt CapCr	47,737	34,828	16,837	13,309	11,660	9,211	8,726
Close PriceClose₹	2,500.00	570.00	1,436.50	491.90	512.00	6,315.00	312.00
IndustryIndustry	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services	IT Services
Price To EarningsPE	24.94	25.84	140.56		14.96	127.99	15.27
Price To SalesPS	2.89	2.42	35.66	5,522.21	2.01	15.24	1.61
RevenueRevenueCr	16,531	14,420	472	2	5,811	604	5,404
Revenue Growth TTMRev Gr TTM%	13.7%	13.0%			8.1%	68.3%	1.4%
PAT Growth TTMPAT Gr TTM%	9.8%	1.2%		690.9%	15.2%	88.1%	21.1%

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