Founded
1999
Farhan + Ritesh post Dil Chahta Hai
Universal Music
30% for ₹720 Cr
Jan 2026 · ₹2,400 Cr valuation
Catalog
25 Years
DCH, ZNMD, Bhaag Milkha, Don franchise
Mirzapur OTT
India's biggest series
3 seasons · Massive Prime franchise
Next
Mirzapur: The Film · Sep 4, 2026
First OTT-to-cinema franchise
Cumulative
~₹1,900 Cr
25 years catalog + Mirzapur OTT
Excel Entertainment achieved the highest valuation any Indian indie production house has ever received: ₹2,400 Cr when Universal Music India acquired 30% for ₹720 Cr in January 2026. The deal validates Excel's catalog (Dil Chahta Hai, Zindagi Na Milegi Dobara, Bhaag Milkha Bhaag, Don franchise, 25 years of music IP). Mirzapur: The Film (Sep 4, 2026) is India's first OTT franchise going theatrical — testing whether Indian audiences will pay for cinema versions of streaming-native content. Don 3 (TBA 2027) reunites Excel with Red Chillies. Farhan Akhtar's ZOYA banner is Excel's prestige arm. The Universal Music deal gives Excel access to global music marketing infrastructure that no other Indian studio has.
Boxoffy Note
The Mirzapur theatrical experiment is the most-watched commercial test of the year. If it works, every major OTT franchise (Sacred Games, Family Man) gets cinematic versions. If it fails, the OTT-to-theatrical pipeline closes.
Estimated Enterprise Value
₹2,400 Cr (verified Jan 2026)
ESTIMATED
Universal Music India 30% deal at ₹720 Cr establishes ₹2,400 Cr enterprise value