Investor presentation
General Updates 29 Jun - Crayons Advertising released its FY 2025-26 investor presentation and uploaded it on its website.
Source: Nse
Crayons Advertising Ltd. (CRAYONS)
SME CapMedia stocks · SME cap · NSE
Crayons Advertising Ltd. is India's premier independent full-stack marketing communications agency, founded in 1986. It offers brand strategy, creative campaigns, digital marketing, PR, events, and analytics across diverse sectors, with operations in major Indian cities and Dubai. The company balances private sector brands and government accounts.
₹27
+1.20 · +4.65%
Market cap ₹63 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result01 Jun, 07:42 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)
Technical timing lens
Trend score and candlestick chart
65BullishSMA20 -5.3% / mo · MACD + · near 52W low · sector +12.7pp vs Nifty 500 (3M)
Stock trend: 41
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
CRAYONSD candles · FIT view-22.9%Latest close ₹27.00 on 2026-10-19
Bar
+0.0%
RSI
62
MACD hist
0.37
52W pos
15%
2026-10-19O ₹27.00H ₹27.00L ₹26.95C ₹27.00Vol 12,000 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
CRAYONSNifty MediaNifty 500
- CRAYONS
- +1.5%
- Nifty 500
- -5.6%
- Nifty Media
- +7.0%
- Vs Nifty 500
- +7.1 pp
Chart stats
19 Oct 2026- From 52W high
- -57.8%
- 52W range position
- 11%
- ATR (14)
- 4.0%
- Volume vs 20D
- 4.00x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹22.6 - ₹27
₹64
₹22.6 - ₹64
₹1.1
Latest completed session
20-session average
43.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED18
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +35.4% · PAT -90.9% YoY
Technical
Bullish65
Price trend and sector-relative-strength timing.
Valuation
Legacy model-2369.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence53
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 31 Mar 2026
Bad · 2/100PAT -91% YoY · margin compression · Rev +35% YoY · +22% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹172 Cr | +35.4% | +22.0% |
| EBITDA | ₹2 Cr | NDF | -33.3% |
| Operating margin | 1.1% | NDF | -110 bps |
| PAT | ₹1 Cr | -90.9% | -66.7% |
| PAT margin | 0.6% | NDF | -155 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.40
- P/B
- 0.52
- EV/EBITDA
- 7.70
- Market Cap
- 63.00Cr
Profitability
- ROE
- 2.88%
- ROCE
- 5.53%
- ROA
- 1.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 15.65%
- EPS 5Y
- -52.86%
- Revenue 3Y
- -44.00%
- EPS 3Y
- -44.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 5.00×
- Altman Z
- 2.49
- Book Value
- 49.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -5.00 Cr
- EPS TTM
- 1.54
Shareholding
- Promoter Hold
- 73.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 313+33.8% vs prev
Net Profit
₹ CrLatest: 4.0-63.6% vs prev
Return on Equity
%Latest: 3.3-64.9% 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 down. RSI 62. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 62 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 48% off 52W high · 20% 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
12
RS percentile
Stage 4 Downtrend
1M return
+17.4%
3M return
-1.8%
6M return
-18.2%
1Y return
-52.7%
RS 1D
+3
RS 20D
+10
Sector rank
#15
Industry rank
-
Stage evidence
- Price is 11.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -6.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
229 observations
19 Oct 2026Value 53.92+5.75%
RS vs Nifty 50054
Valuation & peers
U-Score 18 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 18 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation10/30
Growth4/25
Quality0/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
-7
Raw sum
18
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
18/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 10/15 to the score.
- Valuation contributes 10/30 to the score.
- Growth contributes 4/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Fair-value margin of safety is negative at -2369.0%.
- Quality is weaker at 0/20; 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
18.4
PB
0.5
EV/EBITDA
7.7
ROE
2.9%
ROCE
5.5%
FCF Yield
—
Debt/Equity
0.1
MoS
-2369.0%
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
18
Previous: 18
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-2369.0%
Previous: -2369.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
21
21
21
21
21
21
19
19
19
19
18
18
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹41.41
+34.8% MoS
Growth-justified P/E
0.7
Growth-justified Value
₹1.09
-2369.0% MoS
PEG
—
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
GRAPHISAD
SME
Graphisads Ltd.
Advertising
match 88
59
10.0
4.4%
+54%
FAIR VALUE
VERITAAS
SME
Veritaas Advertising Ltd.
Advertising
match 81
68
4.7
14.1%
+79%
UNDERVALUED
ASPIRE
SME
Aspire & Innovative Advertising Ltd.
Advertising
match 68
30
8.6
5.0%
+1%
OVERVALUED
RKSWAMY
Small
R K Swamy Limited
Advertising
match 67
51
17.6
9.5%
+20%
FAIR VALUE
GRETEX
SME
Gretex Industries Ltd.
Media & Entertainment
match 34
24
226.0
3.7%
-3328%
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 2026-07-01T08:49:54.665Z
Management commentary snapshot
Management anticipates a strong Q4 FY26 and projects at least 20% revenue growth for FY26 over FY25, with similar 20-25% growth expected for FY27, driven by government business and AI adoption.
Management projects robust revenue growth for FY26 and FY27, underpinned by strategic focus on government clients and technology integration. However, historical margin pressures in traditional segments and high debtor days warrant close monitoring of AI's impact on profitability and working capital efficiency.
Current business mix
Revenue by Media Category (Current)
Latest issuer-disclosed distribution across 4 reported categories.
Print (Publishing Newspapers)50.0%
Digital20.0%
Out-of-Home10.0%
Events & Television20.0%
Growth engines
Government-backed Businesses
Thrust is on moving into government-backed businesses (PSUs, state/central governments), which are realizing the need for visibility and offer large volumes. Expected to give 20-25% growth year-on-year.
Technology & AI Adoption
AI is a 'very big tool' expected to lead to 'a lot more revenue, and obviously, lower costs' by increasing efficiencies in media buying, creative, and systems.
Events Segment
Events are the 'highly profitable side of the business.' Management assumes achieving 'about 25% of our top line through events' in FY27.
International Market Expansion
A subsidiary has been established in Dubai for the Middle East market (UAE, Saudi Arabia, Bahrain, Qatar). The company is in the process of setting up a team there.
Capacity and execution
Dubai Subsidiary Establishment
A subsidiary has been registered in Dubai for the international market, with plans to put up a team and start work in the next few months.
AI-Trained Talent Acquisition
The company is hiring new talent that is 'completely AI, let's say AI-trained professionals' to ramp up in-house capabilities.
Tailwinds
Increased Government Advertising Spend
Governments (central, state, PSUs) have realized the need to improve public image and communication, leading to 'a lot more advertising' and new, large-volume projects.
AI-Driven Efficiency and Revenue
Technological advancement with AI is expected to create 'a lot more revenue, and obviously, lower costs' by increasing output and efficiencies across various business segments.
Headwinds
Intense Competition
Initial competition 'has been pretty, pretty strong in the last few years,' contributing to lower margins in some segments.
Changing Media Mix
The volume of spend in print (newspapers and magazines) is decreasing, while the digital part is 'going up year on year,' impacting segment margins.
Risk radar
Global Economic Conditions
Advertising 'takes a hit first and foremost if anything goes wrong on the global side, or even on the national side, and any crisis which comes up leads to problems.'
Key Client Loss
Losing a key client is 'always a risk,' though a good balance of private and government clients, with fixed tenure contracts, provides a safeguard.
Talent Retention
The industry is 'category driven by the source' (people). However, the company notes 'most of our key people at the senior management have been there for long,' providing a stable structure.
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
Management explicitly states expectations for 'better this year, as compared to last year' and '20% to 25% growth in the years to come. Every year, year on year,' indicating a primary focus on annual performance.
Sector KPIs management disclosed
Revenue Growth
Management expects 'at least a 20% growth' for the current year (FY26) compared to last year, and '20% to 25% growth' for the next year (FY27).
EBITDA Margins
Margins 'have really not been as good as maybe, let's say, 4 years ago, or 5 years ago' due to strong competition. Management assumes new technological shift will increase margins.
Debtor Days
High debtor days are 'the norm for the industry' and 'a standard industry' practice, with no specific strategy mentioned to reduce them.
Management forward view
Strong Q4 FY26 Outlook
Management is 'looking at a very exciting last quarter' (Q4 FY26) as clients typically exhaust most of their budgets during this season, expecting 'really good numbers'.
AI Integration Strategy
The company is ramping up by hiring AI-trained professionals and plans to use AI to expand its offerings, aiming to become a 'much more efficient and a much more swift agency'.
Shareholder Wealth Creation
Management states that 'increasing business and margins would automatically lead to shareholders benefiting' and it is their 'full effort to make sure that in the coming years, shareholders are happy'.
Mainboard Listing Consideration
The company will 'take a call on this when we come there' and are 'ready to qualify for it,' noting that rules may change in the next 6-7 months.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AI Integration Impact | Hiring AI-trained professionals and investing in technology. | Tangible improvements in operational efficiency, cost reduction, and new revenue streams from AI adoption. |
| Government Business Growth | Specializing in government-backed businesses, expecting 20-25% annual growth. | Consistent year-on-year growth in revenue contribution from government and PSU clients, and successful tender acquisitions. |
| Events Segment Contribution | Events are a highly profitable segment, currently part of 20% mix with TV. | Progress towards the management's goal of achieving 25% of top line through events in FY27. |
| EBITDA Margin Improvement | Margins are lower than historical levels due to competition. | Evidence of margin expansion driven by technological shifts and a more profitable business mix, as anticipated by management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
53Limited 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 12th percentile of the scored universe and 20th percentile within Media. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
12th percentile
overall median 67 · Media: 20th pctile, median 63 · SME: 13th pctile, median 64
Evidence depth
Financial-only
2 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
32
weak · capital discipline
Results
41
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 73.5%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-5 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 1 years of positive FCF.
- ▸ROCE is low at 5.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Crayons Advertising Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptJan 2026
Jan 2026 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.