Media Matrix Worldwide Limited

Communication Services — Entertainment · NSE

₹22.62+₹0.60 (+2.72%)

DalalBaazaar Score

51 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

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

What does this company do?

Media Matrix Worldwide Limited, together with its subsidiaries, engages in the digital media content in India and internationally. The company deals with related activities in media and entertainment industry, as well as trades in mobile handsets, gadgets, and electronic items.

IndustryEntertainment

SectorCommunication Services

Employees4

Annual revenue₹1,257 Cr

How does it make money?

Turns over ₹1,257 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹1 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹314.24 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹314.24 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 9.8% 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 +35% while net margin moved +218% 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+35%

Margin effect+218%

DalalBaazaar Score

51/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 377.0x is demanding — it needs sustained high growth to justify
✗ P/B of 38.27x is a steep premium to book

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

23/ 100

Expensive

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

377.0x

Sector Median

21.7x

median of 2 sector peers

⚠️Against its sector it trades 1635% above the peer median of 21.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

21.7x median of 2 peers · +1635%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

143.5x

PEG

6.01

What's Good / What's Bad

🟢 What's Going Well4

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 1.0% to 8.7%.
Return on capital is rising
ROCE has improved from 4.2% to 9.8%.
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

2 items require attention · 2 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 2.0x — little room if earnings dip.
🔴Inventory building faster than salesFinancial
Inventory up 273% against revenue up 35% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

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?

The debt load needs earnings to hold up
Debt is 5.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
A premium to the sector to defend
It trades 1635% above the peer median. That premium needs a reason that persists, or it closes.
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.
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 8% a year✓ 10.6% CAGR
Latest reported year was 83.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above -1%✓ 1.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 5.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹14 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 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

4 good · 5 neutral · 2 weak

Market Cap

₹2,562 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

377.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

38.27x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹0.06

Profitable

Profitable on a per-share basis

ROE

8.7%

Moderate

Moderate capital efficiency

ROCE

9.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.16x

Moderate

Moderate leverage

Revenue Growth (YoY)

83.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

84.0%

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

₹14 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

1.5%

Weak

Thin margins leave little room for error

Net Margin

0.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

6.77

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.60

Defensive

Steadier than the market

52W Range Position

91%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

17.4 / 15.7

Bullish alignment (short > long)

RSI (14)

82.3

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹928 Cr	₹1,415 Cr	₹1,887 Cr	₹1,257 Cr	+10.6%
EBITDA	₹13 Cr	₹16 Cr	₹18 Cr	₹19 Cr	+13.8%
EBITDA Margin	1.4%	1.1%	0.9%	1.5%	—
PAT (Net Profit)	₹1 Cr	₹5 Cr	₹3 Cr	₹6 Cr	+62.7%
EPS	₹0.01	₹0.04	₹0.03	₹0.05	+62.7%
ROE	1.0%	1.9%	3.3%	8.7%	—
ROCE	4.2%	3.8%	6.3%	9.8%	—
Total Debt	₹100 Cr	₹115 Cr	₹167 Cr	₹108 Cr	+2.5%
Free Cash Flow	-₹59 Cr	₹28 Cr	-₹26 Cr	₹14 Cr	—

🟢 Revenue has grown at 10.6% a year over 3 years.

🟢 EBITDA has grown at 13.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 1.5% over 3 years.

🟢 PAT (Net Profit) has grown at 62.7% a year over 3 years.

🟢 EPS has grown at 62.7% a year over 3 years.

🟢 ROE has risen from 1.0% to 8.7% over 3 years (+7.7 pts).

🟢 ROCE has risen from 4.2% to 9.8% over 3 years (+5.6 pts).

🔴 Total Debt has grown at 2.5% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹59 Cr to ₹14 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹238 Cr

Total Liabilities

₹145 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹14 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

89.7%

Peer Comparison

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

Recent News

6 general

Media Matrix Worldwide Lower Circuit Today: Price, Data and Peers

Univest, 16 Oct

Media Matrix Worldwide (MMWL.NS) Slips 3.51% to ₹14.56, Drifting Back Toward ₹13.83 Support - MFI Overbought

siam.in, 28 Sept

Media Matrix Worldwide Ltd Share Price Near 52-Week High

Univest, 14 Oct

Media Matrix Worldwide passes all six resolutions at 41st AGM

scanx.trade, 01 Oct

Media Matrix Worldwide Ltd Peer Comparison – Compare with Others

Value Research, 30 Aug

Media Matrix Worldwide Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongGrowth

MiddlingFinancial Health · Profitability

WeakBusiness Quality · Valuation · 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. 2 high-severity red flags sit above this conclusion and should be read first.

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