Cyber Media Research & Services Limited

Sector n/a · NSE

₹145.00+₹5.35 (+3.83%)

DalalBaazaar Score

60 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

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

In simple words: Strong business and financial position, 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, 7:47 pm

Understanding the Business

The 60-second version of Cyber Media Research & Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹91 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Some evidence

ROCE of 19.6% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

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 +44% while net margin moved +14% 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+44%

Margin effect+14%

DalalBaazaar Score

60/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

67/ 100

Good

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

Valuation

60/ 100

Fair

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

EV/EBITDA

8.6x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 23% over 3 years.
Very low debt
Debt/Equity of 0.26x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 2 high · 1 watch

🔴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.
🔴Receivables growing faster than salesFinancial
Receivables up 153% against revenue up 44% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹0 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Deleveraging frees up earnings
Debt is down 23% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
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?

Sales are being booked faster than collected
Receivables are up 153% against revenue up 44%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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
2 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 10% a year✓ 12.9% CAGR
Latest reported year was 21.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 5.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹0 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 19.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 9 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹42 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹11.89

Profitable

Profitable on a per-share basis

ROE

17.1%

Strong

Strong capital efficiency

ROCE

19.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.26x

Low

Conservative leverage

Revenue Growth (YoY)

21.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

50.2%

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

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

8.1%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

3.8%

Average

Average bottom-line conversion

Current Ratio

1.57

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

71.7 / 70.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

30.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹63 Cr	₹87 Cr	₹75 Cr	₹91 Cr	+12.9%
EBITDA	₹4 Cr	₹7 Cr	₹4 Cr	₹5 Cr	+5.1%
EBITDA Margin	7.0%	7.8%	5.0%	5.6%	—
PAT (Net Profit)	₹2 Cr	₹4 Cr	₹2 Cr	₹3 Cr	+18.0%
EPS	₹7.79	₹12.27	₹7.91	₹11.89	+15.1%
ROE	16.9%	23.1%	13.4%	17.1%	—
ROCE	21.3%	25.7%	15.9%	19.6%	—
Total Debt	₹7 Cr	₹9 Cr	₹6 Cr	₹5 Cr	-8.5%
Free Cash Flow	₹9 Cr	-₹5 Cr	₹4 Cr	-₹0 Cr	—

🟢 Revenue has grown at 12.9% a year over 3 years.

🟢 EBITDA has grown at 5.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 7.0% to 5.6% over 3 years (-1.3 pts).

🟢 PAT (Net Profit) has grown at 18.0% a year over 3 years.

🟢 EPS has grown at 15.1% a year over 3 years.

🟡 ROE has held roughly flat at 17.1% over 3 years.

🔴 ROCE has fallen from 21.3% to 19.6% over 3 years (-1.6 pts).

🟢 Total Debt has shrunk at 8.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹9 Cr to -₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹51 Cr

Total Liabilities

₹31 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹1 Cr

Recent News

2 positive4 general

Cyber Media Research & Services Q1 Results: Net profit rises 35% YoY

scanx.trade, 26 JulResults

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

Cyber Media Research & Services Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Cyber Media consolidated net profit rises 46% in Q1FY27

scanx.trade, 24 JulResults

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

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Business Standard, 24 Jul

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑