I was earlier an investor in Phantom and then switched to Basilic.
I think the reason why Basilic is getting higher PE is the same reason what made me switch.
A lof of investors here shrugged off Phantom’s decision to gamble on Ayalaan. But to me this was a very high degree of indiscipline. The fact that the management doubled down on their decision made me realize they don’t see their mistake. They are not in the business of deciding what is ‘good content’ and shouldn’t use their money to do so.
The second reason is the belief that Indian customers (studios) are unreliable pay masters vs foreign studios. Hence the company with higher exposure to foreign business is considered a better business.
I am not trying to reopen the debate on whether Phantom’s decision was good or not. I think everything that had to be said has been said by both sides. Just sharing why I give it a higher valuation personally.