Perfect Octave Media Projects Limited

Communication Services — Broadcasting · BSE

₹2.99−₹0.06 (−1.97%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by short-term liabilities exceed short-term assets, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. 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 Perfect Octave Media Projects Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Perfect Octave Media Projects Limited engages in the television broadcasting and content syndication business in India.

IndustryBroadcasting

SectorCommunication Services

Employees7

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹351 reaches shareholders as profit, with ₹-508 left at the operating level before interest, tax and depreciation. Each of its 7 employees supports ₹3.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹3.8 lakh

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 -83% while net margin moved +1200% 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-83%

Margin effect+1200%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.71 — 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

59/ 100

Average

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

Valuation

88/ 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

11.5x

3Y Median

56.6x

40 monthly readings · mean 44.5x · range 11.1x–70.3x

Sector Median

21.7x

median of 2 sector peers

🟢Current valuation is approximately 80% below its 3y median of 56.6x. 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 47% below the peer median of 21.7x.

vs. its own history

Cheap

56.6x median over 40 months · -80%

vs. sector peers

Cheap

21.7x median of 2 peers · -47%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

0.38

What's Good / What's Bad

🟢 What's Going Well5

Debt is being paid down
Total debt is down 53% over 3 years.
Return on equity is rising
ROE has improved from 5.0% to 9.7%.
Return on capital is rising
ROCE has improved from 6.5% to 9.8%.
Very low debt
Debt/Equity of 0.17x 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

4 items require attention · 2 high · 2 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 542.0 points, from 33.9% to -508.1%.
🔴Receivables growing faster than salesFinancial
Receivables up 723% against revenue up -83% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.04 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 53% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 80% 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 47% 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?

Margins are being competed away
EBITDA margin has fallen from 33.9% to -508.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 723% against revenue up -83%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
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

1EBITDA margin holds above -510%✓ -508.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
3ROCE stays above 8%✓ 9.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
4Valuation vs its own median of 56.6x✓ 11.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

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

5 good · 4 neutral · 2 weak

Market Cap

₹10 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.5x

Cheap

Cheap against the generic band

P/B Ratio

1.17x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.26

Profitable

Profitable on a per-share basis

ROE

9.7%

Moderate

Moderate capital efficiency

ROCE

9.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

-46.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

8282.7%

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

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

-484.5%

Weak

Thin margins leave little room for error

Net Margin

389.4%

Good

Strong bottom-line conversion

Current Ratio

0.04

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.71

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3.5 / 3.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

29.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹2 Cr	₹2 Cr	₹1 Cr	₹0 Cr	-44.8%
EBITDA	₹1 Cr	₹0 Cr	₹0 Cr	-₹1 Cr	—
EBITDA Margin	33.9%	21.8%	4.0%	-508.1%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+29.9%
EPS	₹0.12	₹0.07	—	₹0.27	+31.0%
ROE	5.0%	2.6%	0.1%	9.7%	—
ROCE	6.5%	4.3%	0.4%	9.8%	—
Total Debt	₹3 Cr	₹3 Cr	₹3 Cr	₹2 Cr	-22.3%
Free Cash Flow	₹1 Cr	₹1 Cr	-₹0 Cr	-₹1 Cr	—

🔴 Revenue has shrunk at 44.8% a year over 3 years.

🔴 EBITDA has turned negative, from ₹1 Cr to -₹1 Cr.

🔴 EBITDA Margin has fallen from 33.9% to -508.1% over 3 years (-542.0 pts).

🟢 PAT (Net Profit) has grown at 29.9% a year over 3 years.

🟢 EPS has grown at 31.0% a year over 3 years.

🟢 ROE has risen from 5.0% to 9.7% over 3 years (+4.7 pts).

🟢 ROCE has risen from 6.5% to 9.8% over 3 years (+3.3 pts).

🟢 Total Debt has shrunk at 22.3% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹13 Cr

Total Liabilities

₹3 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

3.2%

Insider Holding

61.6%

Peer Comparison

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

Recent News

6 general

Perfect-Octave Media Projects Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Perfect-Octave Media shareholders approve FY26 financials at 35th AGM

scanx.trade, 03 Oct

52 Week Low Shares BSE | 52 Week Low Today | Shares Trading 52 Week Low BSE

Livemint, 16 Oct

Perfect-Octave Media Projects Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Perfect-Octave Media sets book closure for 35th AGM in September

scanx.trade, 07 Sept

8 Best Performing Media Stocks In India October 2026

Samco, 08 Oct

Watch Items

Revenue growth is negative (-46.8%) on the latest reported period — check if this is one-off or a trend.
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

StrongProfitability · Valuation

MiddlingBusiness Quality · Financial Health · Growth

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

1 of 4 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑