AnalysisBoxoffy Intelligence
Boxoffy · Box Office Intelligence · Updated March 2026
In October 2024, Karan Johar sold 50% of Dharma to Serum Institute CEO Adar Poonawalla for ₹2,000 crore — the largest private investment in a Bollywood studio. FY23 revenue hit ₹1,044 Cr, the studio's highest ever. Netflix relationship is the closest India has to a Hollywood studio-streamer deal. Brahmastra (2022) underperformed vs its ₹410 Cr budget but launched the Astraverse IP — Parts 2 and 3 are in production for Dec 2026 and Dec 2027 respectively, with primary production shifting to Jio Studios under Ayan Mukerji.
Boxoffy Note
Love & War (Aug 14, 2026) is a Bhansali Productions primary project — Dharma is not the lead producer. Brahmastra Parts 2 & 3 are co-produced with Jio Studios; Ayan Mukerji's Astraverse label is taking the lead on franchise IP going forward.
ProfileStudio Profile
Founded
1976
Founder
Yash Johar
Current Head
Karan Johar
Headquarters
Mumbai
Languages
Hindi
Tier
MAJOR
OTT Partner
Netflix
FilmographyKey Films
Kuch Kuch Hota Hai
Kabhi Khushi Kabhie Gham
My Name is Khan
Raazi
2 States
Simmba
Brahmastra
Shershaah
Active IPFranchises & Cinematic Universes
Brahmastra (Astraverse)
Student of the Year
Pipeline2026 Slate & Upcoming
Naagzilla — 2026 · Kartik Aaryan · Details TBA
Brahmastra Part 2: Dev — Dec 2026 · Dir. Ayan Mukerji · Ranbir Kapoor (Shiva) + Ranveer Singh (Dev) · Co-produced with Jio Studios and Star Studios · Note: Dharma Productions stepping back from franchise IP — Ayan Mukerji moving primary production to Jio Studios / Astraverse label
Brahmastra Part 3: Dev vs Shiva — Dec 2027 · Ayan Mukerji · Jio Studios primary · Franchise culmination
Rocky Aur Rani Kii Prem Kahaani 2 — TBA · Sequel to 2023 hit
Multiple Netflix original series 2026 · Dharma's deepest OTT relationship in Bollywood
FinanceEstimated Market Valuation
₹2,000 Cr
CONFIRMED
CONFIRMED · 50% sold to Adar Poonawalla for ₹1,000 Cr — October 2024
Corporate StructurePrivate Limited Company
ListedNo — private
Revenue ReferenceFY23: ₹1,044 Cr | FY24: ₹520 Cr | FY25: est. ₹400–600 Cr
CorporateOwnership & Corporate Structure
Karan Johar
CEO & Creative Head
Son of founder Yash Johar
50%
Adar Poonawalla
Strategic Investor
CEO, Serum Institute of India — ₹1,000 Cr invested Oct 2024
50%