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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Investment Thesis
Pine Animation Limited is a near-dormant BSE-listed company (511421, PINE). Price ₹1. Formerly Four K Animation Limited; renamed February 2013. Animation, trading, software development; Chennai. Authorized ₹28 Cr, paid-up ₹27.70 Cr. No confirmed revenue or active projects.
Pros
Cons
Business Segments
Animation & Visual Content
Animation production and visual content services; formerly Four K Animation Limited.
Software Development
IT and software development services; diversified beyond animation.
Trading
Trading activities; secondary business line post-2013 name change.
Revenue Model
Pine Animation Limited generates revenue through project-based contracts for animation production, visual content creation, and post-production services. Revenue is driven by client mandates from film studios, television broadcasters, OTT platforms, and advertising agencies. The company may also earn from licensing of created content.
Detailed Analysis
Growth Plans
OTT platform boom driving demand for original Indian animation and visual content
India's animation industry growing as a global outsourcing destination for Hollywood and international studios
Government initiatives supporting media and entertainment industry growth in India
Chennai's Tamil entertainment ecosystem providing a strong local client base for animation services
Industry Tailwinds
Recent Developments
India's animation, VFX, and post-production industry continued to grow with major Hollywood studios and OTT platforms outsourcing work to Indian studios, benefiting Chennai-based animation companies.
2024-05The rapid expansion of OTT platforms including Netflix, Disney+Hotstar, Amazon Prime Video, and Sony LIV in India created strong demand for original Indian animation series and visual content.
2023-08Comparable Companies
TATAELXSI · ~40,000 Cr
Frequently Asked Questions
About Pine Animation
Pine Animation Limited is an Indian unlisted public company incorporated in 1989 and registered under the Registrar of Companies, Tamil Nadu. The company's Corporate Identification Number (CIN) is L92100TN1989PLC017816, and it is classified under NIC code 921, which covers motion picture production and related activities. The company is registered at Office No. TF4, 4th Floor, The Habeeba Arcade No.1, Arumugam Naicken Street, Opp. SBI Bank Street, Anna Salai, Chennai, Tamil Nadu - 600002. Its registered email is listed on corporate databases for official communications. Pine Animation Limited operates in the creative content and animation space — a sector that has seen significant growth in India over the past two decades, particularly with the proliferation of digital media and OTT platforms demanding animated and visual content. The company, however, appears to be in a dormant or low-activity state, as its last balance sheet was filed for the period ending 31 March 2018 and no significant commercial activities have been publicly reported in recent years. The Indian animation and visual effects industry has been growing at a robust pace, with India being a preferred destination for outsourced animation work from global studios. While major players like Tata Elxsi and Prime Focus have captured the outsourced animation market, smaller companies like Pine Animation operate in niche or regional segments of the market. The company's directors include Shyam Sundar Parasramka, Dilip Kumar Purohit, and Himanshu Ulhas Vaidya, who have overseen the company since its incorporation. Given the age of the company and limited recent filings, it is difficult to assess current operational activity with precision. Pine Animation Limited currently retains Active status with the Ministry of Corporate Affairs (MCA), indicating it has not been struck off the register. However, investors should note that the absence of recent financial filings makes this company difficult to evaluate from a financial performance standpoint.
Key Milestones
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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OTT platform boom driving demand for original Indian animation and visual content
India's animation industry growing as a global outsourcing destination for Hollywood and international studios
Government initiatives supporting media and entertainment industry growth in India
Chennai's Tamil entertainment ecosystem providing a strong local client base for animation services
Industry Headwinds
AI-driven animation tools potentially disrupting traditional animation studio economics
Competition from lower-cost animation studios in Southeast Asia
Limited capital for technology upgrades without access to public markets
No balance sheet filed after FY2018 — possible non-compliance with MCA filing requirements
Source: Media Reports / Public Records
No public information on revenue, profits, or business activities in recent years
Source: AlphaHub Research
Very limited public information makes due diligence extremely difficult
Source: Media Reports / Public Records
Small, dormant-appearing company with unknown operational status
Source: AlphaHub Research
The ₹1 share price at face value may reflect accumulated losses or reduced operational activity. Due diligence through MCA filings is essential before investing.
Animation studios require continuous investment in hardware, software licences (Autodesk, Adobe), and AI-driven animation tools to remain competitive.
Competes with established Indian animation studios like Tata Elxsi, DQ Entertainment, and Prana Studios, as well as international outsourcing competitors.
Skilled animators and visual effects artists are in high demand globally, creating talent retention and cost challenges for small studios.
Unlisted status and a ₹1 share price indicate very limited secondary market activity and difficult exit conditions for investors.
DQENT · ~300 Cr
CRESTANI · ~50 Cr
Incorporated August 1, 1989 in Chennai, Tamil Nadu (CIN: L92100TN1989PLC017816) — 36+ years old
Formerly Four K Animation Limited; renamed Pine Animation Limited in February 2013
BSE listed (511421, PINE); animation + trading + software development; authorized ₹28 Cr, paid-up ₹27.70 Cr
Promoters: Murarka, Ashiyani, Parasramka, Vaidya; price ₹1 — near-dormant