Analysts Say Dharma Productions Overvalued, One Hit Or A Miss Could Change Everything

After Adar Poonawalla-backed Serene Productions decided to pick up a 50% stake in Karan Johar’s Dharma Productions – a big name in the film production and business, there has been some discussion on the way forward and of course, on valuations. Johar earned his stripes in Bollywood in 1998 through the mega success of romantic comedy Kuch Kuch Hota Hai. That led to more hits at the box-office before he chose to wear the hat of a producer, with Kal Ho Na Ho. The last few years have been difficult, with some films under the banner not working out, plus revenue from a stream like satellite, once the business’ cash cow, taking a hit. That has reflected in the pressure on both revenue and profit. For FY24, data shows a big fall in both revenue and net profit.