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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 62/100Rev +110% YoY · PAT +35% YoY · +82% QoQ · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%.
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.
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.
Trend score and candlestick chart
47NeutralMACD +
Technical chart
CMRSLdaily · 1Y · AUTO+10.1%Daily technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 59.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 39% 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.
Valuation & score drivers
U-Score 78 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 78 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.7%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 73.8%.
Main drags
- Penalty bucket subtracts 8 points.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero. Key concern: 2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Media: 100th pctile, median 62 · SME: 99th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 5.37
- P/B
- 1.05
- EV/EBITDA
- 5.28
- Market Cap
- 21.40Cr
Profitability
- ROE
- 19.60%
- ROCE
- 22.00%
- ROA
- 7.84%
- Dividend Y
- 2.73%
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
- 3.60
- Book Value
- 69.40
Cash Flow
- FCF Yield
- 4.67%
- FCF Positive Y
- 4/5
- OCF
- 1.00 Cr
- EPS TTM
- 13.14
Shareholding
- Promoter Hold
- 42.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Media, ranked by similarity
Peers
Business-comparable names in Media, ranked by similarity
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.