AnalysisBoxoffy Intelligence
Boxoffy · Box Office Intelligence · Updated March 2026
India's most consistent hit-making studio. 10 consecutive profitable films 2020–2025. Created the Maddock Horror Comedy Universe (MHCU) — India's first confirmed shared cinematic universe with an 8-film theatrical slate locked through 2028. Stree 2 (2024) crossed ₹620 Cr India net, the biggest Hindi film of that year. Chhaava (2025) crossed ₹900 Cr WW, the studio's biggest ever. Budget discipline is Maddock's superpower — Munjya made ₹189 Cr WW on a ₹30 Cr budget. The MHCU has a combined franchise gross of ₹1,186 Cr against ₹235 Cr budget across 5 films. The slate through 2028 — Bhediya 2, Chamunda, Shakti Shalini, Stree 3, Maha Munjya, Pehla Mahayudh, Doosra Mahayudh — is the most ambitious universe roadmap ever published by an Indian independent studio.
Boxoffy Note
Nepean Capital holds a minority stake in Maddock Films since 2022. The MHCU (renamed from Maddock Supernatural Universe in Jan 2025) now has a confirmed 8-film theatrical slate through 2028, culminating in the two-part Mahayudh crossover event. Thamma (Diwali 2025) was the 5th installment; Bhediya 2 (Aug 2026) is next.
ProfileStudio Profile
Founded
2009
Founder
Dinesh Vijan
Current Head
Dinesh Vijan
Headquarters
Mumbai
Languages
Hindi
Tier
PREMIUM
OTT Partner
Netflix · JioHotstar
FilmographyKey Films
Stree
Luka Chuppi
Bala
Hindi Medium
Roohi
Shershaah
Munjya
Stree 2
Chaava
Active IPFranchises & Cinematic Universes
Horror Comedy Universe (Stree · Munjya · Bhediya · Chamunda)
Pipeline2026 Slate & Upcoming
Bhediya 2 — Aug 14, 2026 (Independence Day weekend) · Dir. Amar Kaushik · Starring Varun Dhawan (reprising Bhediya) · Sequel to Bhediya (2022) · 6th MHCU installment
Chamunda — Dec 4, 2026 · Alia Bhatt in title role · Akshay Kumar as main antagonist (reprising role as descendant of Sarkata/Chandrabhan from Stree 2) · 7th MHCU installment
Shakti Shalini — 2027 (delayed from Dec 31, 2025) · New MHCU character · Aneet Padda as Shakti Shalini · Vishal Jethwa as male lead · Shoot began Mar 2026
Stree 3 — Aug 13, 2027 (Independence Day) · Dir. Amar Kaushik · Shraddha Kapoor + Rajkummar Rao return · 8th MHCU installment
Maha Munjya — Dec 24, 2027 (Christmas) · Abhay Varma + Shravari Wagh · Sequel to Munjya (2024) · 9th MHCU installment
Pehla Mahayudh — Aug 11, 2028 · Epic crossover event — all MHCU heroes unite · 10th installment
Doosra Mahayudh — Oct 18, 2028 (Diwali) · MHCU franchise culmination · 11th and final installment of Phase 2 slate
Chhoti Stree (animated) — TBD · Animated prequel to Stree · Based on Shraddha Kapoor's character's daughter · Releases ~6 months before Stree 3 · Transitions from animation to live-action in ending
FinanceEstimated Market Valuation
₹2,500–4,000 Cr
ESTIMATED
Estimated · Stree 2 (₹620 Cr) + Chaava (₹900+ Cr) + HCU IP; Nepean Capital minority stake in 2022
Corporate StructurePrivate Limited Company
ListedNo — private
Revenue ReferenceNot disclosed. Peak revenue est. ₹600–900 Cr in Stree 2 / Chaava years
CorporateOwnership & Corporate Structure
Dinesh Vijan
Founder & CEO
Full creative and business control
Majority
Nepean Capital
Financial Investor
PE fund — invested 2022
Minority (undisclosed)