Vels Film International is a Tamil-language film studio that makes its money the old-fashioned way - by producing movies and then selling the rights to show them, one window at a time, to theatres, satellite broadcasters and streaming platforms. The company is the corporatised version of a production house its founder, Dr. Ishari K. Ganesh, ran as a sole proprietorship after stepping back from an education empire he had built to more than 25,000 students, formalising the film business in 2019 and listing it on the NSE’s SME platform in 2023. Its recurring approach is to operate with a tiny permanent team, hiring directors and actors on short-term, project-based contracts, so that the cost base flexes with the production slate rather than carrying fixed overhead between films. # Business segments A single engine - a Tamil-language film studio that produces feature films and sells the resulting rights across every exploitation window, while building owned studio infrastructure and a theatre network to capture more of the value chain. ## 1. Film production and rights licensing: a project-based content factory **The company produces Tamil-language feature films and then monetises each one by selling or licensing the rights across six distinct windows - theatrical, satellite, digital, dubbing, music and outright transfer - in both domestic and overseas markets.** - **Paid by the window, not the ticket** - revenue comes from selling rights to exhibitors, broadcasters and streamers, not from box-office collections; a sale is recognised only once the film is certified, delivered and the buyer can begin exploiting it, which means cash flows are tied to contractual milestones rather than audience turnout. - **Project-based workforce keeps costs variable** - the company employs only 10 full-time staff and hires everyone else - directors, actors, background artists, spot boys - on short-term contracts or daily wages, with 60 to 120 personnel per film, so production overhead rises and falls with the slate rather than becoming a fixed burden. - **Inventory sits on the balance sheet until release** - all direct production costs - story, cast, sets, sound, post-production, music and effects - are accumulated as work-in-progress for each movie and carried at the lower of cost or net realisable value, meaning the company’s financial health depends on recovering those costs through subsequent rights sales. - **A regional champion with a narrow linguistic moat** - the company produces primarily in Tamil, the third-largest film industry in India, and competes with regional studios like Sun Pictures and AGS Entertainment for talent and projects; its own SWOT analysis flags an unfamiliarity with other regional languages as a weakness, while identifying expansion into other language markets and OTT platforms as an opportunity. - **A slate built on promoter relationships** - the pipeline includes projects with established Tamil cinema names such as Dhanush, Vetrimaran and Jayam Ravi, and the company’s sales and marketing team pitches for prime projects by servicing client needs, reflecting an industry where access to talent is won through personal networks rather than competitive bidding alone. ## 2. Studio infrastructure and post-production: building the facilities layer **The company is constructing what it calls India’s largest indoor studio floor in Chennai and has entered post-production services through a majority-controlled LLP, extending its reach from content creation into the physical infrastructure that other producers pay to use.** - **Owned floors, not rented spaces** - by building its own indoor studio in Chennai and operating Vels Jollywood, a film-based theme park and filming studio in Karnataka, the company gains a cost advantage on its own productions and creates a revenue stream from third-party shoots. - **Post-production brought in-house** - the incorporation of Vels D Studio LLP in November 2025, with the parent holding 55%, moves the company into editing, sound and effects services, backed by a corporate guarantee for bank facilities of roughly Rs. 3.4 crore, so post-production spend on its own films can be captured as internal profit rather than paid to outside vendors. - **The theme-park subsidiary was divested** - the company previously held a 77% stake in Vels Studios and Entertainment Private Limited, which ran an amusement park and film city in Bengaluru, but sold down its holding during FY 2024-25 to 19%, exiting both subsidiary and associate status, which suggests a strategic pivot toward studio and post-production assets closer to the Chennai production base. ## 3. Theatrical exhibition: buying the point of sale **The company is actively acquiring theatres in tier-2 and tier-3 cities to gain downstream control over distribution and exhibition, extending its presence from production all the way to the screen.** - **Downstream integration in small-town India** - by buying theatres in smaller cities, the company secures guaranteed screen access for its own releases and captures the exhibition margin that would otherwise go to independent multiplex operators, reducing the risk that a film cannot find adequate showtimes. # Group structure and partners **The company operates as the parent of a lean group that, after divesting its amusement-park subsidiary, now consists of the core film production business and a newly formed post-production LLP, with a proposed technology acquisition on the horizon.** - The registered office is in Chennai’s Nandanam locality, and the Board is led by founder Dr. Ishari K. Ganesh as Managing Director, with Ms. Preethaa Ganesh overseeing operations, distribution, script finalisation and project cost analysis. - Vels D Studio LLP, incorporated in November 2025, is the current subsidiary, 55%-owned and engaged in post-production; the parent has guaranteed its bank facilities. - The former subsidiary Vels Studios and Entertainment Private Limited, which ran an amusement park and film city in Karnataka, was divested during FY 2024-25 through a sale of 45 lakh equity shares to promoter-group entities and associates, generating Rs. 27.51 crore and leaving the parent with a 19% stake that no longer qualifies as an associate. - A proposed acquisition of KL Software Technologies Private Limited, a technology company, has been announced with an indicative timeline extended to August 2026, signalling an intent to add a digital capability to the group.