B.A.G. Films and Media Limited

Communication Services — Broadcasting · NSE

₹3.97₹0.00 (0.00%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of B.A.G. Films and Media Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

B.A.G. Films and Media Limited engages in content production, distribution, and allied activities in India.

IndustryBroadcasting

SectorCommunication Services

Employees18

Annual revenue₹150 Cr

How does it make money?

Turns over ₹150 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 18 employees supports ₹8.34 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹8.34 Cr

Who are its competitors?

The closest listed comparisons in its industry are BHARTI AIRTEL LIMITED, VODAFONE IDEA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.4% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE20.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +34% while net margin moved -266% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+34%

Margin effect-266%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✓ Beta of 0.51 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

53/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

78/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

15.3x

2Y Median

27.1x

28 monthly readings · mean 33.9x · range 13.8x–65.4x

Sector Median

21.7x

median of 2 sector peers

🟢Current valuation is approximately 44% below its 2y median of 27.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 30% below the peer median of 21.7x.

vs. its own history

Cheap

27.1x median over 28 months · -44%

vs. sector peers

Cheap

21.7x median of 2 peers · -30%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from -1.2% to 2.2%.
Return on capital is rising
ROCE has improved from 3.4% to 5.4%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 1 high · 2 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 2.0x — little room if earnings dip.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹15 Cr in the latest year.
🟡Inventory building faster than salesFinancial
Inventory up 81% against revenue up 34% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 44% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 30% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 6.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 8% a year✓ 10.3% CAGR
Latest reported year was 22.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 11%✓ 12.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 6.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹15 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹87 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.3x

Fair

Fairly valued against the generic band

P/B Ratio

0.48x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.26

Profitable

Profitable on a per-share basis

ROE

2.2%

Weak

Weak capital efficiency

ROCE

5.4%

Weak

Low return on total capital employed

Debt/Equity

0.50x

Low

Conservative leverage

Revenue Growth (YoY)

22.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

55.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹15 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

16.8%

Good

Healthy core-business profitability

Net Margin

3.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.14

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.51

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

4.1 / 4.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

15.2

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹112 Cr	₹132 Cr	₹136 Cr	₹150 Cr	+10.3%
EBITDA	₹13 Cr	₹23 Cr	₹25 Cr	₹19 Cr	+13.0%
EBITDA Margin	11.7%	17.5%	18.5%	12.6%	—
PAT (Net Profit)	-₹2 Cr	₹4 Cr	₹6 Cr	₹4 Cr	—
EPS	₹-0.09	₹0.17	₹0.26	₹0.15	—
ROE	-1.2%	2.6%	3.9%	2.2%	—
ROCE	3.4%	7.4%	7.9%	5.4%	—
Total Debt	₹125 Cr	₹108 Cr	₹120 Cr	₹120 Cr	-1.3%
Free Cash Flow	-₹7 Cr	₹15 Cr	₹2 Cr	-₹15 Cr	—

🟢 Revenue has grown at 10.3% a year over 3 years.

🟢 EBITDA has grown at 13.0% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 12.6% over 3 years.

🟢 PAT (Net Profit) has turned positive, from -₹2 Cr to ₹4 Cr.

🟢 EPS has turned positive, from ₹-0.09 to ₹0.15.

🟢 ROE has risen from -1.2% to 2.2% over 3 years (+3.4 pts).

🟢 ROCE has risen from 3.4% to 5.4% over 3 years (+2.1 pts).

🟡 Total Debt has been broadly flat over 3 years (-1.3% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹418 Cr

Total Liabilities

₹185 Cr

Cash & Equivalents

₹14 Cr

Operating Cash Flow

-₹14 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

64.2%

Corporate Actions

Ex-Dividend Date

08 Aug 2008

Peer Comparison

Company	P/E	ROE
BHARTI AIRTEL LIMITED	39.8x	20.2%
VODAFONE IDEA LIMITED	3.6x	—

Recent News

1 mixed5 general

Reliance MediaWorks, BAG Films in NSEs restricted trading category list

NDTV Profit, 17 Oct

B.A.G Films and Media Share Price Forecast to 2030

Univest, 15 Jul

BAG Films sets Sept 17 AGM for ₹450 crore RPT approvals

scanx.trade, 22 Aug

BAGFILMS SDD Compliance Certificate Q2 FY27 Filed

Kalkine India, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

B.A.G. Films and Media Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

B A G Films & Media Ltd is Rated Strong Sell

MarketsMojo, 06 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongGrowth · Valuation

MiddlingBusiness Quality · Financial Health · Profitability

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑