Dharma's October 2024 deal with Adar Poonawalla — 50% stake sold for ₹1,000 Cr — was the largest valuation any Hindi production house has ever achieved. The deal structure (Serum Institute CEO as strategic + creative co-investor, with Netflix as OTT anchor) is the closest thing in Bollywood to a Hollywood studio-streamer arrangement. Karan Johar retains 50% and creative control, but Dharma now has institutional backing for the ₹200+ Cr budget tier. The 2026-27 slate is built around marquee co-productions: Love & War (Jan 2027) reunites Ranbir + Alia + Vicky in the most anticipated romantic epic of the decade, co-produced with Bhansali Productions. Maddock co-productions (Naagin) bring horror-comedy commercial floor to the slate.