Cyber Media Research & Services Limited Q2 FY26 Investor Call Decoded: Recovery Mode ON, Merger Gear Engaged, Products Loading… Please Wait
1. Big Picture (for the impatient investor)
CMRSL’s Q2FY26 call was less about fireworks and more about proof of recovery. Management had earlier admitted FY25 was disappointing — this time, they came back with numbers, discipline, and a merger plan that changes the playing field.
If Q1 was “sorry boss,” Q2 was clearly “we fixed the basics, now let us scale.”
2. Financial Snapshot — The Turnaround Is Real
Source table
Metric
Q2 FY26
YoY
Revenue
₹21.31 Cr
+19.2%
EBITDA
₹1.26 Cr
+41.6%
EBITDA Margin
~6%
↑ from ~5%
H1 Revenue
₹43.55 Cr
+20.4%
H1 EBITDA
₹2.69 Cr
+46.2%
PBT (H1)
₹2.34 Cr
vs ₹1.45 Cr
Translation: Topline is growing steadily, but the real story is operating leverage kicking in. Margins aren’t fancy yet, but they’re finally moving in the right direction.
3. What’s Driving Growth?
🧠 Programmatic Advertising (Quietly Becoming the Engine)
Strong traction via Google DV360, PubMatic, Magnite
30–40 new B2B advertisers onboarded
Strong exposure across Auto, FMCG, BFSI
👉 This is scalable, repeatable, and margin-accretive.
🌍 International Expansion (No Chest-Thumping, Just Execution)
International business grew ~30%
Focus on Southeast Asia & Middle East
Growth driven by publisher monetization (AuxoAds)
👉 Sensible markets, not “let’s conquer the world” nonsense.
📊 Market Research (Stable + High Value)
Clients include AWS, Qualcomm, HP, Vivo, Maruti Suzuki
Enterprise-grade insights, not commodity surveys
Good margins, sticky relationships
👉 This is the “salary” part of the business — boring but dependable.
4. Products: Hope, Patience & Reality
🚀 CMGalaxy
MVP crossed, now moving toward MCP (Minimum Competitive Product)
Early demos positive, feedback constructive
Adoption requires change management at client side
