1. At a Glance – The Media House That Became an IT Aspirant?
₹261 crore market cap.
₹68.3 stock price.
Q3 FY26 sales at ₹42.15 crore.
Quarterly loss at ₹1.82 crore.
ROE at -30.4%.
ROCE at -15.4%.
Debt ₹18.6 crore.
Promoter holding 62.24%.
And yes, it once produced advertising films.
Now it’s acquiring AI companies, approving preferential issues at ₹82.87 per share, planning a ₹125 crore rights issue, and resigning CFOs mid-quarter.
Ladies and gentlemen, welcome to GTT Data Solutions Ltd — formerly known as Cinerad Communications — a company that has travelled from camera tripods to capital markets drama.
Sales up 818% YoY in Q3.
Profit still negative.
Enterprise value ₹272 crore.
EV/EBITDA? A majestic -225.
Is this a phoenix in progress… or just smoke from fresh equity dilution?
Let’s investigate.
2. Introduction – From Ad Films to Algorithms
Incorporated in 1986, the company began life producing advertising and promotional films, documentaries, TV serials, digital editing, and studio rentals.
Basically, if someone needed a camera and a script, they were your people.
But here’s the twist.
For years, the company struggled to generate meaningful revenue and survived largely on “Other Income” — write-offs and interest on fixed deposits. That’s like saying your main business is “earning bank interest.”
Then suddenly, 2025 happened.
Acquisitions.
Preferential issues.
Rights issue plans.
AI companies.
Board meetings every few weeks.
The transformation speed is impressive.
Or concerning.
Depending on how allergic you are to corporate restructuring.
Q3 FY26 results were approved on 11 February 2026. So this is officially a Quarterly Result, meaning EPS annualisation must follow quarterly rules.
No guesswork. No half-year shortcuts.
Now let’s understand what exactly they do today.
Because even Sherlock Holmes would ask that question.
3. Business Model – WTF Do They Even Do?
Originally?
They produced:
- Advertising and promotional films
- Documentaries and feature films
- Digital editing and graphics
- TV serials and reality shows
- Studio and HD camera rentals
Classic media production house.
But over time, the business struggled due to funding constraints — media production needs large upfront capital.
So what did they do?
They added Trading Activity to their Memorandum of Association to generate revenue.
Translation: “If filmmaking isn’t paying, let’s try trading.”
Then came the bigger pivot.
In late 2025:
- Approved acquisition of 100% of Antworks Solutions India
- Approved acquisition of 100% of Insurant AI (UK)
- Approved preferential share-swap issues
