Most conversations about Bollywood’s most profitable banner start and end with box-office totals. Maddock Films’ own balance sheet tells a sharper story.
According to industry trackers, Dinesh Vijan’s studio closed FY 2024-25 with revenue of Rs 1,041.88 Crore and a net profit of Rs 227.34 Crore, a 21.8 percent margin.
A year earlier, in FY 2023-24, the numbers were Rs 380.93 Crore revenue and Rs 79.59 Crore profit, a 20.9 percent margin.
That means revenue and profit both roughly tripled in twelve months, and the margin barely moved. For a studio scaling this fast, holding margin steady is the harder achievement than the topline growth itself.
The hit-ratio behind the number is thinner than it looks
Trade reports show Maddock released five films in 2025: Chhaava, Sky Force, Thamma, Bhool Chuk Maaf and Param Sundari. Only one of them, Chhaava, was an outright blockbuster.
The other four all closed with an average verdict, respectable, budget-conscious returns, not standout hits. Yet the company’s audited profit still grew.
That is the real insight here. Maddock’s model does not depend on every film being a hit, it depends on films that are merely average not losing money.
Where the big profit percentages actually came from
Chhaava was made on a reported budget of Rs 130 Crore and grossed Rs 797.34 Crore worldwide, translating to a reported profit margin of roughly 288 percent. Trade sources rank it as Maddock’s third most profitable film ever, behind only the two Stree films.
Stree 2, made a year earlier on a reported budget of around Rs 105 Crore, grossed Rs 874.58 Crore worldwide with a reported ROI past 300 percent. Combined profit, including digital, TV and music rights, reportedly exceeded Rs 350 Crore.
| Film | Budget | Worldwide Gross |
|---|---|---|
| Stree (2018) | Rs 23-25 Cr | Rs 180.76 Cr |
| Munjya (2024) | Rs 30 Cr | Rs 130-132 Cr |
| Stree 2 (2024) | Rs 105 Cr | Rs 874.58 Cr |
| Chhaava (2025) | Rs 130 Cr | Rs 797.34 Cr |
Figures are reported estimates compiled from multiple trade sources and may vary slightly across trackers.
Why the low-budget playbook keeps working
Industry insiders point to two habits repeated across nearly every Maddock title: tight, controlled production budgets even on VFX-heavy films, and building franchises so marketing and audience recall carry over from one film to the next.
The Stree-Bhediya-Munjya-Thamma horror-comedy universe alone is reported to have cost between Rs 308 Crore and Rs 365 Crore to produce across its five entries so far, against a combined box office of roughly Rs 1,520 Crore.
The FY 2022-23 year, by contrast, was reportedly a muted one on paper, as the studio spent on building out this same franchise without an immediate payoff. That dip, followed by the FY 2024-25 surge, suggests the profit story is less about one lucky year and more about a multi-year bet on low-budget, high-recall filmmaking finally compounding.
