Bodhi Tree Multimedia Limited

Communication Services — Entertainment · NSE

₹6.90₹0.00 (0.00%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

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

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of Bodhi Tree Multimedia Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bodhi Tree Multimedia Limited engages in the production of content for television (TV), films, and digital platforms in India.

IndustryEntertainment

SectorCommunication Services

Employees10

Annual revenue₹116 Cr

How does it make money?

Turns over ₹116 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 10 employees supports ₹11.55 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹11.55 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?Some evidence

ROCE of 16.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE20.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +171% while net margin moved -28% 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+171%

Margin effect-28%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 7.7% is weak
✗ ROE has fallen by 5.4 points over the period

Quality vs. Valuation

Company Quality

56/ 100

Average

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

Valuation

80/ 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

3Y Median

30.1x

40 monthly readings · mean 37.9x · range 14.0x–82.5x

Sector Median

21.7x

median of 2 sector peers

🟢Current valuation is approximately 49% below its 3y median of 30.1x. 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 29% below the peer median of 21.7x.

vs. its own history

Cheap

30.1x median over 40 months · -49%

vs. sector peers

Cheap

21.7x median of 2 peers · -29%

vs. generic bands

Fair

15x–35x

EV/EBITDA

9.1x

PEG

0.61

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 13.3% to 15.0% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 13.1% to 7.7% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 20.5% to 16.8% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 582% over 3 years, from ₹5 Cr to ₹36 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 40% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 13.3% to 15.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 49% 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 29% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Returns on shareholder capital are falling
ROE has dropped from 13.1% to 7.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 30% a year✓ 39.4% CAGR
Latest reported year was 65.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 15.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✗ -₹46 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 14%✓ 16.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

₹125 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

1.34x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.45

Profitable

Profitable on a per-share basis

ROE

7.7%

Weak

Weak capital efficiency

ROCE

16.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.42x

Low

Conservative leverage

Revenue Growth (YoY)

65.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-33.3%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

-₹46 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

5.6%

Average

Average margins

Net Margin

5.2%

Average

Average bottom-line conversion

Current Ratio

1.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.04

Defensive

Steadier than the market

52W Range Position

36%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

7.0 / 7.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

36.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹43 Cr	₹64 Cr	₹89 Cr	₹116 Cr	+39.4%
EBITDA	₹6 Cr	₹6 Cr	₹10 Cr	₹17 Cr	+45.4%
EBITDA Margin	13.3%	9.5%	11.2%	15.0%	—
PAT (Net Profit)	₹3 Cr	₹3 Cr	₹5 Cr	₹6 Cr	+25.1%
EPS	₹0.26	₹0.27	₹0.39	₹0.35	+10.8%
ROE	13.1%	12.5%	14.9%	7.7%	—
ROCE	20.5%	20.8%	29.3%	16.8%	—
Total Debt	₹5 Cr	₹6 Cr	₹22 Cr	₹36 Cr	+89.7%
Free Cash Flow	-₹7 Cr	-₹2 Cr	-₹14 Cr	-₹46 Cr	—

🟢 Revenue has grown at 39.4% a year over 3 years.

🟢 EBITDA has grown at 45.4% a year over 3 years.

🟢 EBITDA Margin has risen from 13.3% to 15.0% over 3 years (+1.8 pts).

🟢 PAT (Net Profit) has grown at 25.1% a year over 3 years.

🟢 EPS has grown at 10.8% a year over 3 years.

🔴 ROE has fallen from 13.1% to 7.7% over 3 years (-5.4 pts).

🔴 ROCE has fallen from 20.5% to 16.8% over 3 years (-3.6 pts).

🔴 Total Debt has grown at 89.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹169 Cr

Total Liabilities

₹82 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

-₹37 Cr

Capex

-₹9 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.7%

Corporate Actions

Ex-Dividend Date

29 Feb 2024

Peer Comparison

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

Recent News

1 positive1 mixed4 general

Bodhi Tree Multimedia (BTML) Share/Stock Price Live, NSE

TechGraph, 09 Oct

Bodhi Tree Multimedia Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Bodhi Tree Multimedia Ltd. Stock News: Price Rise Analysis

Univest, 31 Jul

Bodhi Tree Multimedia reports 124% revenue surge in Q3

BusinessLine, 12 FebResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Bodhi Tree Multimedia Completes Strategic Acquisition with Share Swap Deal

scanx.trade, 21 MarM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Bodhi Tree Multimedia signs MoU with Government of Tripura

Business Standard, 14 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongGrowth · Valuation

MiddlingBusiness Quality · Financial Health

WeakProfitability · Risk

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. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive · see Key things to watch ↑