AnalysisBoxoffy Intelligence
Boxoffy · Box Office Intelligence · Updated March 2026
In January 2026, Universal Music India acquired 30% of Excel for ₹720 crore — valuing the studio at ₹2,400 crore, the highest valuation ever placed on an Indian independent production house. The driver is Mirzapur — Amazon's most successful Indian original, a global phenomenon. The Mirzapur theatrical film (Sep 2026) is India's first major OTT franchise-to-cinema transition, making it one of the most watched BO experiments of the year. Don 3 is currently on hold after Ranveer Singh's exit from the franchise — Farhan Akhtar is prioritising Jee Le Zaraa (Priyanka Chopra, Katrina Kaif, Alia Bhatt), the long-delayed final chapter in his Dil Chahta Hai / ZNMD friendship trilogy, which is targeting floors in H2 2026 if actress dates align.
Boxoffy Note
Universal Music India's strategic rationale: lock in music rights for all Excel productions going forward. Excel music catalogue is among Bollywood's most valuable.
ProfileStudio Profile
Founded
1999
Founder
Farhan Akhtar · Ritesh Sidhwani
Current Head
Farhan Akhtar · Ritesh Sidhwani
Headquarters
Mumbai
Languages
Hindi
Tier
PREMIUM
OTT Partner
Amazon Prime Video
FilmographyKey Films
Dil Chahta Hai
Don
Don 2
Zindagi Na Milegi Dobara
Gully Boy
Fukrey series
Toofaan
Active IPFranchises & Cinematic Universes
Don
Fukrey
Mirzapur
Pipeline2026 Slate & Upcoming
Mirzapur — The Film — Sep 4, 2026 · Theatrical release of India's biggest crime franchise
Jee Le Zaraa — H2 2026 (if dates align, floors target) · Dir. Farhan Akhtar · Starring Priyanka Chopra Jonas, Katrina Kaif, Alia Bhatt · Script locked · All-female road-trip drama · Final chapter in Excel/Tiger Baby friendship trilogy: Dil Chahta Hai (2001) → Zindagi Na Milegi Dobara (2011) → Jee Le Zaraa · Co-produced with Zoya Akhtar's Tiger Baby Films
Don 3 — ON HOLD (Jan 2026) · Ranveer Singh exited the project · Farhan Akhtar: "Casting is crucial — longer process" · No replacement confirmed · Farhan prioritising Jee Le Zaraa first · Don 3 will proceed once casting is settled
FinanceEstimated Market Valuation
₹2,400 Cr
CONFIRMED
CONFIRMED · 30% sold to Universal Music India for ₹720 Cr — January 2026
Corporate StructurePrivate Limited Company
ListedNo — private. Universal Music Group (NYSE: UMG) is publicly listed
Revenue ReferenceNot separately disclosed. Mirzapur franchise is primary recurring asset
CorporateOwnership & Corporate Structure
Farhan Akhtar
Co-Founder, Director, Actor
Post Universal Music deal; exact split undisclosed
~35%
Ritesh Sidhwani
Co-Founder, Producer
Business and production operations head
~35%
Universal Music India
Strategic Investor
Subsidiary of Universal Music Group (NYSE: UMG) — ₹720 Cr invested Jan 2026
30%