Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Cyber Media Research & Services Ltd. (CMRSL)
SME CapMedia stocks · SME cap · NSE
Cyber Media Research & Services Ltd. (CMRSL) is a media company providing market research, digital marketing, and publisher monetization services. It also offers SaaS products like CMGalaxy and utilizes AI across its operations to enhance productivity and customer experience.
₹66.6
-3.40 · -4.86%
Market cap ₹20.5 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result24 Jul, 06:51 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 +7.7% / mo · MACD − · sector +12.7pp vs Nifty 500 (3M)
Stock trend: 47
Sector RS: 100
Sector 3M: +7.1% vs Nifty 500 -5.6%
Media FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
CMRSLD candles · FIT view-9.0%Latest close ₹66.60 on 2026-10-19
Bar
-0.1%
RSI
45
MACD hist
-0.67
52W pos
43%
2026-10-19O ₹66.65H ₹66.65L ₹66.60C ₹66.60Vol 1,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CMRSLNifty MediaNifty 500
- CMRSL
- +6.1%
- Nifty 500
- -5.6%
- Nifty Media
- +7.0%
- Vs Nifty 500
- +11.7 pp
Chart stats
19 Oct 2026- From 52W high
- -31.2%
- 52W range position
- 32%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹65 - ₹79.4
₹96.8
₹52.5 - ₹96.8
₹2.7
Latest completed session
20-session average
67.9% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · DEEP VALUE77
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +110.3% · PAT +34.9% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model+77.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 62/100Rev +110% YoY · PAT +35% YoY · +82% QoQ · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹46.3 Cr | +110.3% | +82.3% |
| EBITDA | ₹1.9 Cr | +56.3% | +63.2% |
| Operating margin | 4.0% | -139 bps | -47 bps |
| PAT | ₹1.4 Cr | +34.9% | +37.5% |
| PAT margin | 3.1% | -173 bps | -101 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.14
- P/B
- 1.01
- EV/EBITDA
- 5.10
- Market Cap
- 20.50Cr
Profitability
- ROE
- 19.60%
- ROCE
- 22.00%
- ROA
- 7.84%
- Dividend Y
- 2.86%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 41.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 5.00×
- Altman Z
- 3.58
- Book Value
- 69.40
Cash Flow
- FCF Yield
- 4.88%
- FCF Positive Y
- 4/5
- OCF
- 1.00 Cr
- EPS TTM
- 13.14
Shareholding
- Promoter Hold
- 42.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 91.0+21.3% vs prev
Net Profit
₹ CrLatest: 3.0+50.0% vs prev
Return on Equity
%Latest: 15.0+27.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 rising (~7.2% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
47
RS percentile
Stage 4 Downtrend
1M return
-2.6%
3M return
-3.5%
6M return
-14.8%
1Y return
-
RS 1D
-13
RS 20D
-3
Sector rank
#15
Industry rank
#64
Stage evidence
- Price is 3.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
165 observations
19 Oct 2026Value 71.3-4.26%
RS vs Nifty 50071
Valuation & peers
U-Score 77 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 77 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth20/25
Quality15/20
Balance Sheet8/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
-8
Raw sum
77
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
77/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 4.9%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 77.5%.
Main drags
- Penalty bucket subtracts 8 points.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
5.1
PB
1.0
EV/EBITDA
5.1
ROE
19.6%
ROCE
22.0%
FCF Yield
4.9%
Debt/Equity
0.3
MoS
+77.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
77
Previous: 78 (-1)
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+77.5%
Previous: +77.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
76
76
76
76
76
76
76
78
78
78
78
78
Factor attribution
Balance sheet
8-1
was 9
Modelled fair value
Graham Number
₹143.24
+53.5% MoS
Growth-justified P/E
22.5
Growth-justified Value
₹295.65
+77.5% MoS
PEG
0.16
Comparable companies
Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MPTODAY
SME
Madhya Pradesh Today Media Ltd.
Media & Entertainment
match 63
49
6.4
6.3%
+6%
FAIR VALUE
IDENTICAL
SME
Identical Brains Studios Ltd.
Media & Entertainment
match 62
45
15.0
4.5%
+33%
WATCHLIST
RADIOWALLA
SME
Radiowalla Network Ltd.
Media & Entertainment
match 60
16
152.0
0.7%
-1048%
OVERVALUED
INSPIRE
SME
Inspire Films Ltd.
Media & Entertainment
match 60
19
48.0
1.3%
-105%
OVERVALUED
PPSL
SME
Picturepost Studios Ltd.
Media & Entertainment
match 57
31
10.8
2.9%
-6188%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T07:39:31.201Z
Management commentary snapshot
CMRSL reported its best-ever FY26 performance with revenue up 20.62% YoY to INR 91.60 crore and EBITDA up 45.06% YoY to INR 5.42 crore, outpacing industry adex growth of 12%.
The company demonstrated strong FY26 performance, exceeding industry growth and improving margins as committed. Key business segments like market research and digital marketing are growing, and new SaaS product CMGalaxy is gaining traction. The pending merger with CMIL is expected to drive further value and cost optimization, despite geopolitical headwinds.
Growth engines
CMGalaxy SaaS Product
Onboarded 12 new logos in D2C and education; strong pipeline with large e-commerce brands; adding sales and marketing resources to push this product.
Digital Marketing Services
Added over 50 new logos in FY26; built strong expertise in delivering programmatic and connected TV campaigns, enabling many brand activations.
Market Research & Data Analytics
Grew over 40% YoY, working with Fortune 500 logos including AWS, Qualcomm, HP, Micron, Maruti Suzuki, and Commvault.
Publisher Monetization (AuxoAds)
Rolled out new product offerings, which helped increase client retention and revenue; expanding footprint both in India and abroad; enhanced engagement with Google and PubMatic.
Capacity and execution
CMGalaxy Sales & Marketing Resources
The team is adding more sales and marketing resources to this initiative to push the product.
AI Infrastructure Rollout
The Company is in process of rolling out its own AI infrastructure across functions like finance, accounts, sales, marketing, and operations.
Tailwinds
Industry Shift to ConnectedTV
Transition from linear TV towards ConnectedTV is a major industry trend; CMRSL is in a very good position to grab a lot of these campaigns.
Rupee Depreciation
Appreciation in dollar (6-7% over 6-7 months) is expected to have a positive impact for Singapore operations from both growth and exchange rate points of view.
Merger Benefits
Merger strategy already yielding results, reflected in an enhanced outlook; expects consolidated structure to drive significant cost optimization.
Headwinds
Geopolitical Challenges
Expect to continue outpacing the industry despite geopolitical challenges, which are negatively impacting dollars.
Macroeconomic Impact
Despite the geopolitical uncertainty and the macroeconomic impact on Indian economy, the management expects to continue growing.
Risk radar
Merger Approval Delays
Completion is anticipated between December 2026 and March 2027, subject to timely regulatory approvals from multiple statutory authorities.
AI Usage Costs
While AI usage can be expensive in certain scenarios, we are successfully balancing these expenses by implementing targeted automation to drive long-term cost reduction.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The management consistently highlights year-over-year growth for both annual and quarterly results, comparing performance against the previous financial year and corresponding prior periods. This is suitable for assessing overall business expansion and margin improvement.
Sector KPIs management disclosed
FY26 Revenue Growth
Revenue grew to INR 91.60 crore, reflecting a YoY growth of 20.62%.
FY26 EBITDA Growth
EBITDA was registered at INR 5.42 crore, reflecting a YoY EBITDA growth of 45.06%.
Domestic Business Growth
CMRSL’s domestic business grew by 25.7% in revenue YoY, outpacing industry growth.
Market Research Business Growth
The market research business of the Company grew over 40%.
Management forward view
FY27 Growth Outlook
The growth pipeline for FY26-27 remains very strong. We expect to continue outpacing the industry in the coming year despite geopolitical challenges.
Merger Value Creation
This decision is positioned to deliver robust value to both companies and our investors across both short and long-term horizons.
International Expansion
Management expects to continue growing the team and the business not only in India, but across international markets as well.
Cost Optimization
The management expects this consolidated structure to drive significant cost optimization.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CMGalaxy New Logos | 12 new logos onboarded. | Aim to onboard up to 100 logos this financial year. |
| Merger Completion | Application under active SEBI review; expected Dec 2026 - Mar 2027. | Timely regulatory approvals from SEBI, shareholders, and NCLT. |
| International Business Growth | International business was relatively flat YoY. | Expecting a positive impact for Singapore operations from growth and exchange rate. |
| Cash Conversion Cycle | Debtors-turnover ratio reduced to 123 days; no cash flow concerns. | Maintenance of cash conversion cycle despite aggressive revenue scaling. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 100th percentile within Media. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Media: 100th pctile, median 63 · SME: 99th pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
82
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.7%.
- ▸4 years of positive FCF.
- ▸ROCE is 22%.
Trust risks
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cyber Media Research & Services Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.