It seems like this is not something new and had been implemented few months back based on the articles I could see, although the articles talks about filming in the country and not about VFX.

https://ffo.gov.in/en/filming-in-india/goverment-of-india

Good commentary from the management today, few highlights

On recent relaxation of those import restrictions:
“RAIN anticipates finally being able to ramp-up the
Indian operations to higher capacities, which would allow us to significantly improve the overall performance”

Regarding the import of GPC and CPC for RAIN’s Special Economic Zone plant:
“cannot begin its ramp-up until that clarity is given. We anticipate those regulations to be issued soon”

On aluminum, its role , demand and growth:
“Trends such as the shift towards electric vehicles, lightweighting in automotive and aerospace industries, and the growth of renewable energy infrastructure are expected to drive demand for primary aluminium in the coming year”

On Advanced material segment:
“In response to these trends, RAIN’s R&D teams continued in 2023 to work on several new and innovative products and materials in the battery space for future launch.”

“Due to an improvement in demand for HHCR,
coupled with our regional customers’ preference to procure larger quantities of HHCR locally, we expect to reach 50% capacity utilization at our German HHCR plant by the end of 2024.”

On reducing Debt:
“The cash flow from our operations, including the release of working capital which accompanies a fail in commodity prices, would be applied to reduce our debt.”

On normalizing fuel and energy cost:
“By combining our Cement segment’s waste-heat power production with our now-further-expanded solar electricity generation, RAIN is making great strides in producing cement with an ever-lower carbon footprint, by using 39% of electricity consumed in manufacturing of Cement from Green
energy sources.”

Further

“We anticipate a positive shift in demand for RAIN products starting in the latter half of 2024”

I’m interested to join the group, plz add me

I don’t believe promoters are fraudulent based on whatever I have seen based on employee data, VFX summits, etc. I strongly believe promoters are not matured enough to handle all the stock market processes which will take some time, it’s the second result they have published. By all means, I could be wrong here, but if I am not, then VFX industry risk to reward ratio is very favorable.