For FY 2024-25, Dharma Productions has delivered a profit repair year rather than a headline topline story. On revenues of Rs. 555.27 crores, the Karan Johar–led banner has reported a net profit of Rs. 27.86 crores, implying a net margin of about 5.02%. That’s a sharp improvement over the near-breakeven FY 2023-24 and comes off a slate driven by calibrated bets like Kill and Mr. & Mrs. Mahi, plus continued monetisation of titles such as Yodha. The mix points to a studio consciously leaning into high-concept, mid-budget films that can travel across platforms instead of relying only on one giant tentpole.
Dharma Productions FY25: Revenue at Rs. 555 crores, Profit at Rs. 28 crores as Karan Johar studio repairs margins
The contrast with FY 2023-24 is telling. That year, Dharma clocked Rs. 520.20 crores in revenue but barely Rs. 60 lakhs in net profit – a wafer-thin 0.11% margin. Creatively, the year was dominated by Rocky Aur Rani Kii Prem Kahaani, a lavish star vehicle that performed respectably at the box office and on streaming, but once premium production values, marketing and talent participation were loaded into the P&L, the bottom line was almost flat. FY 2024-25, with a slightly higher topline but far leaner cost structure, shows the banner trading a bit of scale for much sturdier profitability.
Seen over the full 12-year period from FY 2013-14 to FY 2024-25, Dharma’s numbers trace a familiar arc for a hit-driven Hindi studio. Over the last twelve financial years, Dharma has averaged around Rs. 386 crores in annual revenue and about Rs. 15 crores in net profit, with margins swinging wildly depending on the year’s slate.
FY 2024-25, therefore, looks less like a clear signal of a strategic recalibration. Across 12 years, Dharma’s financial script has moved from early volatility and a single loss year, through mid-decade stability and pre-Covid expansion, into a streaming-led pivot and then a costly mega-slate phase. The latest numbers suggest a studio trying to find a middle path, where FY 2022-23–style revenue spikes are no longer allowed to coexist with FY 2022-23–style wafer-thin margins. If Dharma can combine the scale of its Brahmāstra and Rocky Aur Rani years with the discipline of FY 2017-18, FY 2021-22 and FY 2024-25, its next decade could be as compelling on the balance sheet as it is on screen.
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