Graphisads Ltd. (GRAPHISAD)
SME CapMedia stocks · SME cap · NSE
Graphisads Ltd. is an Indian OOH media and advertising company with a PAN-India presence. It offers a full suite of advertising solutions including OOH, Digital OOH, events, digital media, and creative services. The company has long-standing empanelment with government bodies and PSUs.
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.
Mixed fundamentals, management trust needs verification, price trend argues for patience, and recent execution is mixed.
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 31 Mar 2026
Bad · 25/100PAT 0% YoY · Rev +21% YoY · margin expansion · +35% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹81 Cr | +20.9% | +35.0% |
| EBITDA | ₹3 Cr | +50.0% | -40.0% |
| Operating margin | 3.3% | +110 bps | -470 bps |
| PAT | ₹2 Cr | +0.0% | -33.3% |
| PAT margin | 2.5% | -279 bps | -253 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
FY25 Revenue from Operations grew 36% YoY to INR 153.8 Cr, but EBITDA margin compressed to 5% from 10% in FY24. PAT increased to INR 8.4 Cr from INR 3.7 Cr, driven by a significant jump in other income.
While revenue growth in FY25 was strong, the significant contraction in EBITDA margin to 5% from 10% YoY raises concerns about profitability and operational efficiency. The PAT increase appears driven by 'Other Income' rather than core business improvement.
Revenue by Activity (FY25)
Latest issuer-disclosed distribution across 5 reported categories.
Digital OOH Expansion
Currently operates 450+ DOOH screens with rapid expansion underway. Targeting 25% of total revenue from digital by 2030.
Events & Activation
Targeting 20-25% YoY growth, positioning as a full-service events partner in a growing INR 20,000+ Cr industry.
Film/AV Production
Targeting 5-7% of total revenue from in-house creative services by 2027, focusing on government contracts.
New OOH Inventories
Consistently acquire approximately 50 new clients annually while upselling additional services to over 40% of existing client base.
Digital LED Screens
Installed in all Vande Bharat (Amritsar–Delhi) trains with a 5-year term.
Subway Panels
Near CGO Complex & BRT Petrol Pump, Central Zone, Delhi – 500 sq. ft.
Public Utilities
48 Public Utilities (West & South) added.
Railway Station DOOH
New Delhi (90 Screens), Old Delhi (106 Screens), Kanpur Central Railway Station Network.
Growing Indian Advertising Market
Indian Advertising will grow at 8% till 2027; digital media at 11%, traditional at 2%.
Digital OOH Growth
DOOH will increase to 17% of total OOH segment revenues by 2027, at a CAGR of 24%.
Transit OOH Growth
Transit OOH, driven by airports, premium trains, metros, and buses, will grow at 16% till 2027.
Events Segment Growth
Events segment expected to grow at a CAGR of 18% to reach INR 167 billion by 2027.
Operational Efficiency & Profitability
Gross Margin declined from 31% in FY24 to 20% in FY25, and EBITDA Margin from 10% to 5%.
Reliance on Government Contracts
50% of Revenues from Multi-year Govt/PSU/Public Infrastructure Projects. Long-standing empanelment with 50+ ministries, PSUs, and Municipal bodies.
Competition in Fragmented Market
One of India’s Key Listed Player in Fragmented OOH Market.
Working Capital Management
Trade Receivables increased to INR 53.6 Cr in FY25 from INR 47.8 Cr in FY24.
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 investor presentation covers the full financial year FY25, making year-over-year comparison most appropriate to assess annual performance and growth trends across its diverse business segments.
Revenue from Operations
FY25: INR 153.8 Cr (36% YoY growth)
EBITDA Margin
FY25: 5% (vs. 10% in FY24)
PAT
FY25: INR 8.4 Cr (vs. INR 3.7 Cr in FY24)
Gross Margin
FY25: 20% (vs. 31% in FY24)
Scaling Digital Inventory
Mandate to scale digital inventory, invest in smart technologies, and unlock full potential of marquee assets.
Full-Service Events Partner
Outlook: Targeting 20–25% YoY growth; Positioning as a Full-Service Events Partner.
Content-First Growth Engine
Outlook: ₹50 Cr vertical in 3–5 years for Film/AV Production; content-first growth engine.
Strategic Acquisitions/Collaborations
Accomplish strategic acquisitions/collaborations by FY26 in advertising/marketing services.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 5% in FY25 | Improvement in operational efficiency and margin recovery, especially given the strong revenue growth. |
| Digital Revenue Contribution | 3% of total revenue in FY25 | Progress towards the 2030 target of 25% digital revenue contribution. |
| Trade Receivables | INR 53.6 Cr in FY25 | Efficiency in collections, especially from government and PSU clients, to manage working capital. |
| New Client Acquisition & Upselling | Targeting 50 new clients annually, upselling to 40%+ existing base. | Actual client additions and cross-selling success to drive compounded growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -6.8% / mo · MACD − · near 52W low
Technical chart
GRAPHISADdaily · 1Y · AUTO-17.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.3% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
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 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 48.8%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; 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: -1 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.
Mixed Trust: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 34th percentile within Media. Main check: financial discipline is weak at 18/100.
Mixed Trust Lite: Promoter holding is 73.7%. Key concern: ROCE is low at 5.5%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 34th pctile, median 62 · SME: 21st pctile, median 64
1 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
Mixed 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 holding is 73.7%.
- ▸Promoter pledge is zero.
Trust risks
- ▸ROCE is low at 5.5%.
- ▸ROE is low at 4.3%.
- ▸ROCE trend is -3.2%.
- ▸Revenue CAGR is 13% but EPS CAGR is -9%.
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
- 10.90
- P/B
- 0.48
- EV/EBITDA
- 10.18
- Market Cap
- 46.60Cr
Profitability
- ROE
- 4.31%
- ROCE
- 5.49%
- ROA
- 2.30%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 46.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 0.47
- Interest Coverage
- 3.50×
- Altman Z
- 2.13
- Book Value
- 52.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 14.00 Cr
- EPS TTM
- 2.34
Shareholding
- Promoter Hold
- 73.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
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.