1. At a Glance – Blink and You’ll Miss It
Let’s start with the comedy.
Cyber Media Research & Services Ltd is a ₹20.9 crore market-cap company trading at ₹71.5, down 25% in one year, sitting on a P/E of 6.65, a dividend yield of 2.8%, and an EV/EBITDA of 4.55.
Sounds cheap, right?
Now add this plot twist: the company is getting merged into its parent.
Yes, this stock is basically a corporate will in motion.
Despite being small, it clocked ₹83.8 crore TTM revenue, ₹3.15 crore PAT, ROCE of 15.4%, ROE of 14.1%, and paid dividends like a disciplined PSU uncle. Debt is just ₹6.05 crore, promoter holding is steady at 42.4%, and pledges are a clean 0% (rare on SME boards).
Latest quarter (Dec FY26):
- Revenue: ₹22.29 crore
- PAT: ₹0.55 crore
- EPS: ₹1.88
- QoQ PAT growth: 18%
- OPM: 5.47%
So why is the stock ignored?
Because it’s boring, nerdy, low-margin, and about to be absorbed into Cyber Media (India).
And boring companies often hide the best lessons.
Ready? 👀
2. Introduction – The Invisible Consultant
Cyber Media Research & Services Ltd (CMRSL) was incorporated in 1996, back when “market research” meant clipboards, landlines, and Excel sheets that crashed daily.
Today, it operates as the research and consulting arm of Cyber Media (India) Limited, focusing on technology, telecom, consumer devices, enterprise IT, AI, cloud, and emerging tech.
This is not a flashy agency.
This is the company that tells Samsung which phone will sell, tells Google how Indian publishers behave, and tells Cisco what CIOs are thinking.
No billboards.
No influencers.
Just data, dashboards, and deadlines.
Revenue comes from:
- Service income (86%)
- Events (10%)
- Research & surveys (4%)
Geographically:
- Domestic: 85%
- Exports: 15%
Margins are thin. Billing is project-based. Payments are slow.
But the business is sticky, repeat-driven, and reputation-heavy.
Question for you:
👉 Would you rather own a sexy ad agency or the guy who tells the ad agency what actually works?
3. Business Model – WTF Do They Even Do?
Let’s simplify this like you’re explaining it to a friend who thinks
“consulting” is just PPTs.
CMRSL sells insight, not execution.
What exactly do they do?
- Technology Market Intelligence
- Smartphone market share reports
- Telecom usage trends
- Enterprise IT spending surveys
- CIO sentiment trackers
- Emerging Tech Research
- AI, GenAI, cloud adoption
- Data centres, hyperscalers
- Consumer tech trends
- Go-To-Market Advisory
- How to enter India
- Pricing strategies
- Channel partnerships
- Custom Consulting
- Bespoke dashboards
- Client-specific data models
- Strategy decks with numbers that actually matter
- Events & Knowledge Platforms
- Tech conferences
- Industry roundtables
- Paid knowledge sessions
This is data-as-a-service, but without Silicon Valley valuations.
Clients include:
- Cisco
- Samsung
- IBM
- Google Asia Pacific
- Telecom operators
- EdTech players
Here’s the catch:
👉 This business scales by people, not servers.
So margins cap out at 6–8%, not 30%.
Would you trust AI dashboards without human interpretation?
Exactly. That’s why this survives.
4. Financials Overview – The Numbers Don’t Lie (They Just Whisper)
📌 Result Type Lock
The latest announcement clearly states Quarterly Results for Dec 2025.
Result type is QUARTERLY. Locked. 🔒
📊 Quarterly Performance Table (₹ crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 22.29 | 20.95 | 21.13 | 6.4% | 5.5% |
| EBITDA | 1.22 | 0.86 | 1.09 | 41.9% | 11.9% |
| PAT | 0.55 | 0.72 | 0.83 | -23.6% | -33.7% |
| EPS (₹) | 1.88 | 2.46 | 2.83 | -23.6% | -33.6% |
Now pause.
Revenue is steady.
EBITDA margin is recovering.
PAT dipped due to exceptional labour-code adjustment (~₹0.5 crore) disclosed in board notes.
So no, the business didn’t implode.
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4
= (3.62 + 2.83 + 1.88) / 3 ×
