Investors are hereby informed that statements in this Management Discussion & Analysis describing the objectives, projections estimates and expectations of Cyber Media Research & Services Limited (CMRSL the Company) may be forward- looking statements within the meaning of applicable laws and regulations. The following discussions and analysis should be read in conjunction with the Companys financial statements included herein and the notes thereto.
This MDA covers the overall business of Cyber Media Research & Services Limited including its subsidiary. The financial figures are provided for the consolidated business of the group. If stand- alone numbers are considered, they are highlighted as such.
The report reference for industry overview and analysis is Pitch Madison Advertising Report 2025 as well as Dentsu e4m Digital Advertising Report 2026.
In the year 2025, the Indian economy continued its decisive transition towards a digital economy. This structural shift is fundamentally reshaping the Indian advertising industry. According to PMAR 2026, Indias advertising market reached 1,55,105 crore in 2025 under an expanded ADEX definition, growing 12% 12% over 2024. Under this expanded definition - which for the first time fully incorporates Quick Commerce platform advertising and MSME sector digital spends - Digital accounts for 60% 60% of Indias ad market, with Traditional media at 40% 40%
PMAR 2026 forecasts that, on the expanded definition, Indias advertising will reach 1,74,605 crore in 2026, implying 12-13% 12 - 13% growth. Digitals share is projected to rise to about 64% 64% (1,11,976 crore), with Traditional at 36% 36% . These projections are reinforced by the dentus- e4m Digital Advertising Report 2026, which estimates that digital media grew by 19% 19% in 2025 to close at 71,621 crore and is projected to sustain an 18.6% 18.6% growth rate through 2026, taking digital advertising spends to 84,977 crore by year- end. By 2027, digital is projected to command nearly 70% 70% of total advertising spends in India.
PMAR 2026 identifies three structural engines powering Indias advertising growth. Large Screen (TV + CTV) grew to 38,855 crore in 2025, up approximately 4% 4% , with CTV alone doubling to an estimated 6,000 crore, even as Linear TV declined 5% 5% to 32,855 crore. For 2026, Large Screen is projected to rise to 40,855 crore, with CTV expected to expand further to around 8,000 crore. The second engine is Retail Media and Quick Commerce: advertising on major e- commerce platforms reached 10,257 crore in 2025, growing 27% 27% over 2024, while Quick Commerce advertising on platforms like Blinkit, Zepto and Swiggy Instamart surged from 1,325 crore in 2024 to 4,000 crore in 2025, a 202% 202% jump. The third engine is MSME Digital advertising spends stood at 35,814 crore in 2025, up 21% 21% over 2024, and are expected to grow 20% 20% to about 42,976 crore in 2026. MSME budgets already represent about 38% 38% of core Digital advertising.
According to the dentus- e4m Digital Advertising Report 2026, FMCG continued to lead Indias digital advertising hierarchy in 2025, contributing 32% 32% of digital spends at 23,243 crore. E- commerce followed with a 22% 22% share at 15,836 crore and recorded the highest growth at 56% 56% , fuelled by quick- commerce expansion and intensified marketplace competition.
Consumer durables saw digital advertising spends rise from 2,569 crore in 2024 to 3,625 crore in 2025, while automotive spends increased from 2,309 crore to 3,425 crore. Pharmaceuticals accounted for around 5% 5% of total digital spends in both years, with digital ad spends rising from 2,367 crore in 2024 to 3,328 crore in 2025. Telecom maintained a 4% 4% share, with digital advertising spends increasing from 1,918 crore in 2024 to 2,702 crore in 2025, while BFSI expanded digital spends from 1,677 crore to 2,315 crore.
A notable trend across all verticals is the deepening of digital intensity within overall media mixes. Telecom remained the most digitally skewed category, with digital accounting for 74% 74% of its total media mix in 2025. E- commerce also deepened its digital- first approach, with digital allocation increasing from 65% 65% to 72% 72% , while FMCG recorded a sharp rise in digital intensity, with digitals share of media budgets increasing from 53% 53% in 2024 to 64% 64% in 2025.
E- retail platform advertising has emerged as the fastest- growing segment within Indias digital advertising ecosystem. By the end of 2025, ad spends on e- retail platforms reached 17,601 crore, accounting for 24.58% 24.58% of total digital media spends. Key growth drivers across verticals include increased mobile usage, short- form video adoption, programmatic buying, and performance- led marketing strategies. Programmatic media buying accounted for 42% 42% of total digital ad spends, or 30,081 crore, up 19% 19% year- on- year.
CMRSL rebounded in FY 2025- 26 recording INR 91.60 Crores. After a decline in FY 2024- 25, the management of the company had taken action and put in corrective measures to return the Company to growth. In addition to, 20.63% 20.63% revenue growth, the Company also registered an EBITDA of INR 5.42 Crore and a PAT of INR 3.48 Crore. EBITDA therefore grew at 45.31% 45.31% compared to the previous financial year.
The Company not only retained a strong client base but also brought in a large number of new clients. This was the case across all its businesses. Focused investments towards sales and marketing helped in this growth and are expected to support long- term growth as well.
CMRSL Q4 achieved a revenue of INR 25.60 Crore, with an EBITDA of 1.35 Crore. This reflected a YOY growth of 37.7% 37.7% on topline and a 80.2% 80.2% on EBITDA. Having closed the year on a strong note, the management team is confident of being able to carry forward this momentum into the coming quarters as well.
Despite, some uncertainty in the global geo- political and economic situation, digital marketing is expected to continue to evolve and grow. Therefore, it is crucial that CMRSL increase its adaptability and continues to integrate new technologies - particularly with respect to AI workflows. Therefore, CMRSL will look to continue investing in technology as well as expand its team.
It is relevant to note that AI will have significant impact on the marketing industry. New technology platforms such as OpenAIs ChatGPT, Anthropics Claude and Googles Gemini will bring fast technological changes, automation, simplification and data- centric decision making. CMRSL is already taking steps and aims to be an AI native Company. This will help CMRSL create competitiveness at a global scale.
With a well defined product roadmap and excellence in services, CMRSL is on a path towards long- term growth. The management expects to continue growing the team and the business not only in India, but across international markets as well in FY 2026- 27.
CMRSLs demand side efforts were focused on performance marketing and programmatic media buying. Based on new value propositions around programmatic media buying and CTV, CMRSL has become very competitive in driving these campaigns at scale. Based on this strength CMRSL was able to onboard close to 50+ 50+ agencies as partners leveraging our expertise.
The company has merged these business units to be able to deliver higher value proposition to its customers. This strategically will allow CMRSL to increase its outreach as well as vie for larger budgets across its customers in FY2024- 25.
Our team has ably worked towards enabling customer success and serviced clients with the expertise necessary to drive marketing returns. Our media buying and performance marketing services continue to provide data driven ROI to advertisers. These campaigns involve campaign management, app installs, advisory services, creative services, social media planning, and social media execution.
CMRSL among the few technology driven marketing agencies in India because of CMGalaxy offering. This allows CMRSL to enable solutions beyond advertising services, and explore match engagements as well. CM Galaxy is a market intelligence tool that allows advertisers to map their entire marketing funnel across multiple paid marketing channels. This enables advertisers to harness their data and make intelligent decisions to derive most out of their marketing. By leveraging AI/ML the platform is able to significantly improve marketing outputs.
CMR offers premier research and consulting firm offering customers strategic and tactical insights. The Companys research and advisory services operates with premium data across technology, telecom, life sciences, automotive, manufacturing, and other industry verticals. Key offerings include building more market trackers, custom data and custom dashboards for clients. The Team provides data- as- a- service by empowering its customers with ability to collect, process, visualize and effectively deliver insights from large data sets.
Key sectoral focus includes:
Key sectoral focus includes:- Technology Market Intelligence & Analytics: CMR provides in- depth market research and analysis, giving clients a clear understanding of technology trends, market trends, competitor landscape, and customer behaviour.- CMRs Expertise in Emerging Technologies and Consumer Trends: CMR is the preferred partner for clients in unlocking key insights on emerging technologies, including Generative AI and AI, Cloud, and Data Centers, amongst others, and consumer technology trends, including smartphones and smart devices, and others.- Go- to- Market Services: CMR assist clients in launching and scaling their businesses in India. This includes developing effective go- to- market strategies specific to the Indian market, building channel partnerships, and establishing a strong local presence.- Market Advisory: CMRs team of experts offers strategic guidance on market entry, expansion plans, and product positioning, ensuring clients make informed decisions.- Custom Consulting: CMRs bouquet of consulting services address specific client needs.
The Publisher Monetization team with its Axuo Ads product is enabling better monetization opportunity for publishers. This is done in partnership with major global adtech players including Google, Pumatic, Magnite, among others. The Company is a Google Publishing Partner on GAM360, AdSense and AdX products which gives it the added advantage of being able to operate a world- class ad tech stack.
In the past year the team enhanced its Axuo Ads product offering. The technology enables better real- time bidding solutions that allow multiple advertisers access to publisher inventory directly. This has enhanced the scope of our work with publishers allowing for more upsell and cross- sell opportunities.
The Publisher business has experienced a steady performance in FY 2025- 26 and focused on successfully adding quality inventory to its network. The Company expects steady growth in the Publisher revenue stream while it looks to add improved product offering in the current financial year.
Segments that are up- and- coming and expected to fuel growth in the coming years include programmatic media buying, connectTV, digital out- of- home, and Web3 technologies.
Martech via our product CMGalaxy is a large opportunity that can allow the company to scale to new heights. In addition, CMRSLs programmatic presence continues to strengthen in the market.
Enhanced product offering via Axuo Ads allows the Company to be more competitive and drive steady growth in coming years.
Artificial intelligence based on large- language models will create substantial shifts across the advertising industry. Being a digital marketing organization that has its own technology stack, the Company sees this as a necessary space of investment and growth. Brands are likely to adopt and require large set of AI driven marketing solutions.
CMRSL through CMGalaxy and Axuo Ads will rapidly look to enter this space and fill this need across ecosystem stakeholders. This initiative will further strengthen the offering to attract more international clients as well.
The Company is proactively using AI not only to serve clients better, but also using internal processes. This includes using a suit of tools including open source LLM Ollama, Gemma4, n8n, among other LLMs. We are also deploying best practices using MCP servers and RAG models to ensure data protection as well as augment training to achieve better outputs and minimize hallucinations.
CyberMedia has developed, Arya - an internal ERP system. The ERP platform manages different internal processes including maintaining customer data, purchase orders, agreements, invoices, emailing invoices automatically to clients, among other functions. Importantly, is also acts as a management information system (MIS) tool for managers across the company.
As a centralized database, Arya allows the management to understand team performance, set targets, track achievements and see trends. The best example of this is in sales. Sales team members are assigned targets. These targets can be measured against achievement by the team in a transparent manner.
CMRSLs goal is to build long- term, sustainable business relationships with our customers to generate increasing revenues. The Company will expand the scope and range of services provided to our existing customers by continuing to build expertise and extending capabilities into new and emerging marketing technologies. In addition, the Company intends to continue to invest towards building more powerful martech and ad- tech solutions. In addition, the Company has and will continue to build relationships with various global companies as business partners which can provide us with better benefit by introducing local clients.
CMRSL employees are one of its most important assets. The Company focuses on the quality and level of performance that our employees deliver by investing in recruitment, training, retention practices, maintenance of a culture of innovation. The Company also creates a balance between a challenging and rewarding work environment. CMRSLs talent development strategy focusses on engaging, motivating and developing a high performing workforce and aim to create and sustain a positive workplace culture for the employees. The Company also has a competency training framework, seamlessly integrated into our business that has been designed for new employees to be project- ready.
The increasing spread of fake and bad quality content has emerged as a major concern for social media. Further, with dynamic technological innovations taking place, the media sector is facing considerable uncertainty.
While Al is an opportunity, it is also a threat. The Company is committed to investing in Al, however the pace of change in this area demands continued investment in products for the long- term.
Furthermore, as we to foray ahead, we anticipate increased competition in the digital domain from other businesses trying to emulate us, as well as from several niche enterprises in the digital media, social media, and other online services, with whom we are competing, using our expertise and brand position in the market as a single- stop shop.
The company is continuously monitoring the various threats which can hamper growth and is taking appropriate and effective steps in this regard. We would like to reiterate that we are well placed as an organization to use the Al wave as an opportunity to drive growth.
The highlights of segment wise overall performance on consolidated basis are as under:
| Digital Services | ||
| Particulars | 2025-26 | 2024-25 |
| Income | 9,160.32 | 7,593.71 |
| Expenses | 8,688.47 | 7,300.48 |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 541.70 | 373.42 |
CMRSL continues its transition towards growing product- led revenues at an aggressive pace. The management team has seen very good progress and is confident of delivering growing impact from these investments. Therefore, the business outlook remains one focusing on growth and profitability.
In addition, our team continues to service key stakeholders across the ecosystem including advertisers, publishers, and agencies. The emphasis on quality services combined with innovation technology gives the organization a strong mix of ingredients for long- term success. Our steps towards creating global alliances with adtech and mattech partners will further allow our products to expand in international markets.
The Company constantly endeavours to improve its technical process, and will increase service activities to optimize the utilization of resources, and bring cost optimizations. By investing in Al we are taking focused steps towards becoming an Al native company in a progressive manner.
The Company has established a risk management framework to identify and mitigate risks arising from external and internal factors. A risk identification exercise is carried out periodically to identify various strategic, operational, financial and compliance- related risks.
Few risks and uncertainties that can affect the business include the inherent risk of cybercrimes and data breach that may impact reputation, exposure to litigations and competition from emerging digital platforms and other social media apps.
Potential risks are reviewed on an ongoing basis and mitigating controls are deliberated upon as an integral part of decision- making. To stay ahead of the competition and minimize exposure to risk, the Company has taken various initiatives like continuous engagement with the editorial team and upgradation of editorial processes to ensure factual accuracy of content published, greater focus on reaching newer segments and geographies. Further, to monitor status of statutory compliances across all locations/ functions helps the Company to minimize its exposure to any non- compliance to statutory and legal requirements.
Further, the Company is continuously evaluating the evolving situation and taking necessary steps to mitigate its impact, while ensuring business continuity. The Company is also taking cost optimization efforts across businesses and functions.
The Company accords great importance to the security of its information assets. To ensure that this gets desired focus and attention, Information Officer is entrusted with the task of ensuring that your Company has the requisite security posture.
The Company is also proactively working on ensuring that it is compliant with PDPP Act, and required consent management systems that ensure data security of owned data as well as client data and information.
CMRSL has aligned its current systems of internal financial control with the requirement of Companies Act 2013. The Company has adopted the internal control integrated framework which is intended to increase transparency and accountability in an organizations process of designing and implementing a system of internal control. The framework requires a company to identify and analyze risks and manage appropriate responses. The Company has successfully laid down the framework and ensured its effectiveness.
CMRSLs internal controls are commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance with corporate policies. CMRSL has a well- defined delegation of power with authority limits for approving contracts as well as expenditure. Processes for formulating and reviewing annual and long- term business plans have been laid down. CMRSL uses a state- of- the- art enterprise resource planning system that connects all parts of the organization, to record data for accounting, consolidation and management information purposes. It has continued its efforts to align all its processes and controls with best practices.
CMRSL management assessed the effectiveness of the companys internal control over financial reporting (as defined in Regulation 17 of the Listing Regulations as of March 31, 2026).
M/s. Goel Mintri & Associates, the statutory auditors of CMRSL have audited the financial statements included in this annual report and have issued an attestation report on the companys internal control over financial reporting (as defined in Section 143 of Companies Act, 2013).
CMRSL has appointed M/s. CMG & Company, Chartered Accountants to oversee and carry out internal audit of its activities. In line with best practice, the conduct of internal audit is oriented towards the review of internal controls and risks in the companys operations such as service delivery, accounting and finance, procurement, employee engagement, statutory compliances.
The audit committee reviews reports submitted by the management and audit reports submitted by internal auditors and statutory auditors. Suggestions for improvement are considered and the audit committee follows up on corrective action. The audit committee also meets CMRSLs statutory auditors to ascertain, inter alia, their views on the adequacy of internal control systems and keeps the board of directors informed of its major observations periodically.
Based on its evaluation (as defined in Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations), CMRSLs Audit Committee has concluded that, as of March 31, 2026, the companys internal financial controls were adequate and operating effectively.
The discussions in this section relate to the consolidated financial results pertaining to the year that ended March 31, 2026. The financial statements of Cyber Media Research & Services Limited and its subsidiary (collectively referred to as CMRSL or the Company) are prepared in accordance with the Indian Accounting Standards (referred to as Ind AS) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.
The following table gives an overview of the consolidated financial results of the company:
(INR in Lakh)
| 2026 | 2026 | ||||
| Particulars | Revenue | % of Revenue | % Growth | Revenue | % of Revenue |
| Revenue from operations | 9081.85 | 100 | 21.04 | 7502.63 | 100 |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 541.70 | 5.96 | 45.06 | 373.42 | 4.98 |
| Profit before tax (PBT) | 443.38 | 4.88 | 51.21 | 293.22 | 3.91 |
| Profit after tax (PAT) | 348.04 | 3.83 | 50.24 | 231.65 | 3.09 |
| Earnings per share (in INR) | 11.89 | - | - | 7.91 | - |
Analysis of revenue growth
CMRSL rebounded in FY 2025-26 recording INR 91.60 Crore. In addition to, 21.04% revenue growth, the Company also registered an EBITDA of INR 5.42 Crore and a PAT of INR 3.48 Crore. After a decline in FY 2024-25, the management of the company had taken action and put in corrective measures to return the Company to growth.
Key financial ratios
Key financial ratios on consolidated basis are given as under:
| Particulars | Unit | 2025-26 | 2024-25 |
| Profitability Ratios | |||
| PBITD / Total Income | % | 5.60 | 4.92 |
| PBIT / Total Income | % | 5.51 | 4.80 |
| PBT / Total Income | % | 4.84 | 3.86 |
| PAT / Total Income | % | 3.80 | 3.05 |
| Return on Capital Employed | % | 19.76 | 15.62 |
| Financial Ratios | |||
| Return on Network | Times | 0.21 | 0.13 |
| Net Debt / Equity | Times | 0.26 | 0.35 |
| Debtors Turnover | Days | 123.13 | 124.48 |
| Current Ratio | Times | 1.58 | 1.60 |
| Interest Coverage | Times | 8.28 | 5.10 |
The Companys culture and reputation as a leader in digital technologies, adtech, data analytics, and next- generation technologies (including Al) enable us to attract and retain high quality talent. The competency development of our employees continues to be a key area of strategic focus for us. The management is keen to continuously improve hiring practices, and improve the quality of the team across all functions. Furthermore, the Company has an increasing focus on internal training, external upskilling and team building activities that help maintain a culture of camaraderie, innovation and motivation within the organization.
The Company invested in building tighter control systems improving processes and operational efficiencies as a result. By establishing smooth WFH processes and remote collaboration, our operation teams are able to ensure that client service level agreements are met and project milestones delivered on time.
This continual pursuit has led to high retention rates among employees. Your company believes and recognises the employees as asset of the Company. The overall attrition rate of employees of the Company was 24.09 percent at March 31, 2026.
The Company will continue to connect with all stakeholders on a regular basis, communicate in an open and transparent manner that yield desired results. The total number of employees in the Company as on March 31, 2026 were 85.
Some of the statements in this management discussion and analysis describing the Companys objectives, projections, estimates and expectations may be forward looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include a downtrend in industry, significant changes in political and economic environment in India and abroad, tax laws, import duties, litigation and labour relations.
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