For FY 2024-25, Maddock Films has delivered the kind of numbers most content studio banners would kill for. On revenue of Rs. 1,041.88 crore, Dinesh Vijan’s company has posted a net profit of Rs. 227.34 crore, working out to a net margin of about 21.8%. That makes FY 2024-25 not just Maddock’s biggest year by scale, but also one of its most profitable on a percentage basis – all while staying rooted in the mid-budget, concept-driven space that has become its calling card.
The step-up from FY 2023-24 is striking. A year earlier, Maddock reported Rs. 380.93 crore in revenue and Rs. 79.59 crore in net profit, a healthy 20.9% margin. That phase was powered by titles such as Zara Hatke Zara Bachke, Chor Nikal Ke Bhaga and Sajni Shinde Ka Viral Video, plus the early impact of Teri Baaton Mein Aisa Uljha Jiya in early 2024. FY 2024-25 has effectively tripled the topline and nearly tripled profits while keeping margins in the same 20–22% band – a rare combination in a business where bigger usually means leaner margins. The latest year folds in the full monetisation of Teri Baaton Mein Aisa Uljha Jiya, the breakout success of Munjya and the early run of Stree 2, all part of the aggressively expanding Maddock Horror-Comedy Universe (MHCU).
Pull back to the 12-year window from FY 2013-14 to FY 2024-25, and a clear pattern emerges. Maddock has gone from being a relatively small, occasionally loss-making indie outfit to a high-margin mid-sized studio whose averages now rival some of Bollywood’s biggest corporate banners. Across this period, the company has clocked average annual revenue of around Rs. 208 crore and average annual net profit of roughly Rs. 44 crore, implying a blended net margin of about 21%. Over just the last five financial years, those averages jump to roughly Rs. 394 crore in revenue and Rs. 78 crore in profit, with an almost 19.7% net margin.
The inflection point is easy to spot on the creative side. The mid-2010s gave Maddock its first serious reputation as a content-rich hit factory with films like Badlapur and Hindi Medium. The real breakout came in FY 2018-19, when Stree and Luka Chuppi landed back-to-back.
FY 2019-20 extended the streak. With Bala joining Luka Chuppi, Made In China, Arjun Patiala and others on the slate, the company’s model crystallised: mid-budget, actor-driven, idea-first films capable of doing big-city business and then travelling to satellite and OTT without needing tentpole-level spends.
Like the rest of the industry, the company took a hit in the Covid year. Titles such as Mimi (2021, released on OTT in India) and Roohi kept the banner visible in the pandemic era.
FY 2021-22 marked the first big post-pandemic reset. Maddock delivered a 26.7% net margin, helped by its positioning as a dependable supplier of theatrical-plus-OTT stories. Around this period, the studio expanded its horror-comedy ambition with Bhediya and prepared the ground for what is now branded as the Maddock Horror-Comedy Universe, anchored in folklore-driven titles like Stree, Bhediya, Munjya, Stree 2 and Thamma.
FY 2022-23 looked more muted on paper which was the classic investment year in a franchise build-out, with heavy spends on new worlds and characters that don’t all convert immediately into profits. But the payoff was visible in the last two years of the series, especially after Maddock locked in an eight-film global licensing deal with Prime Video, ensuring that its next wave of horror-comedies and dramas gets a guaranteed worldwide streaming runway after theatrical release.
What stands out across these twelve years is how consistently high the margins are when Maddock gets its scale right. Unlike some legacy banners that see profitability vanish in their biggest revenue years, Maddock has managed to combine rising topline with robust bottom-line performance. In FY 2018-19, FY 2019-20, FY 2021-22, FY 2023-24 and FY 2024-25, net margins sit in a broad 20–35% band.
For industry observers, Maddock’s numbers now read less like an outlier and more like a blueprint: franchise-led mid-budget cinema, backed by a deep OTT pipeline and disciplined cost control, can generate double-digit, often 20%-plus net margins without needing Rs. 300–400 crore tentpoles. As the MHCU expands, the question is not whether Maddock can keep delivering hits – it’s whether a once-outsider banner can become one of Hindi cinema’s most consistently profitable studios without ever behaving like a traditional big-studio behemoth.
Also Read: Dinesh Vijan’s Maddock Films unveils seven-film horror-comedy expansion plan: Seven films, one vision
The post Once an outsider, now a 20%+ margin studio: Maddock Films logs Rs. 1,041.88 cr. topline, Rs. 227.34 cr. profit in FY25 as its horror-comedy universe mints a 21.8% margin appeared first on Bollywood Hungama.
