Esha Media Research Ltd Management Discussions

(a) Industry structure and developments:

Indias media and communications ecosystem continues to experience significant transformation driven by increasing internet penetration, rapid digital adoption, widespread smartphone usage, and growing consumption of online content. The convergence of traditional media, digital news platforms, social media networks, podcasts, and video-sharing platforms has substantially increased the volume of publicly available information requiring monitoring and analysis.

The media monitoring and intelligence industry plays a critical role in helping organizations track brand reputation, monitor stakeholder sentiment, assess communication effectiveness, manage crises, and gain competitive insights. Businesses, government agencies, public sector undertakings, and non-governmental organizations increasingly rely on real-time media intelligence to support strategic decision-making.

The growing adoption of Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and advanced analytics has enhanced the industrys ability to process large volumes of multilingual content and deliver actionable insights. As organizations continue to prioritize reputation management and digital engagement, demand for comprehensive media monitoring solutions is expected to remain robust.

(b) Opportunities and threats:

The media intelligence industry in India continues to benefit from increasing internet penetration, expanding use of social media and online news platforms. Organizations are placing greater emphasis on brand reputation management, stakeholder engagement, and real-time monitoring of public sentiment, driving demand for media intelligence solutions. The adoption of AI, machine learning, and advanced analytics is enhancing the ability to deliver actionable insights and improve operational efficiency. Additionally, growing demand from government and public sector organizations, the expansion of regional and vernacular media, and increased focus on ESG reporting and corporate governance are creating new opportunities for media monitoring and analytics services companies

The company may face threats from competition, rapid technological advancements, potential restrictions on data access from digital platforms, increasing cybersecurity risks, and evolving regulatory requirements. These factors could impact its market position, operational efficiency, compliance costs, and overall profitability if not effectively managed.

(c) Segment-wise or product-wise performance:

The Companys main business is "Media Monitoring” related services and all the activities of the Company during the year are related to this business. As such there are no separate reportable segments.

(d) Outlook:

The outlook for the Indian media monitoring and intelligence industry remains positive, supported by ongoing digital transformation, growing social media influence, increasing emphasis on corporate reputation management, and rising demand for data-driven decision-making.

The Company shall focus to strengthen its technological capabilities through investments in AI, machine learning, automation, and advanced analytics. Focus will also remain on expanding media coverage across digital, print, broadcast, and regional language platforms while enhancing the depth and quality of insights delivered to clients.

Management remains optimistic about long-term growth prospects and believes that increasing demand for real-time intelligence, stakeholder engagement analysis, reputation management, and strategic communications support will continue to create sustainable growth opportunities. The Company remains committed to delivering innovative solutions, maintaining operational excellence, and creating long-term value for all stakeholders.

(e) Risks and Concerns:

The companys key risks and concerns include maintaining competitiveness in a rapidly evolving market, adapting to technological changes, ensuring continued access to critical data sources, protecting its digital infrastructure from cybersecurity threats, and complying with increasingly complex regulatory requirements. These challenges could affect business growth, operational performance, and profitability if not addressed proactively.

(f) Internal Control Systems and their adequacy

The Company has established adequate internal control systems commensurate with the nature, size, and complexity of its business operations. These controls are designed to safeguard assets, ensure accuracy and reliability of financial and operational information, promote operational efficiency, and ensure compliance with applicable laws and regulations.

Regular internal audits are conducted to evaluate the effectiveness of internal controls and identify areas for improvement. Management reviews audit findings and undertakes corrective actions wherever necessary.

(g) Discussions on Financial Performance with respect to Operational Performance:

(Rs. in Lacs)

Highlights	2025-2026	2024-2025
Revenue from Operations & other Income	234.38	316.39
Profit before Finance Cost, Depreciation and Tax	85.92	(56.41)
Finance Cost	18.80	32.37
Depreciation	19.49	13.57
Net Profit Before Tax	47.63	(102.35)
Provision for Taxation (Including Deferred Tax &	-	260.29
Fringe benefit tax)
Other comprehensive income	0.50	-
Net Profit/Loss after Tax	48.13	(362.64)
Earnings per Share (in Rs.)
- Basic	0.62	(4.65)
- Diluted	0.62	(4.65)

(h) Human Resource Development:

Human Resource Capital is a vital asset of the Company and plays a significant role in driving business performance. The Company focuses on attracting, retaining, and developing talent through continuous learning, employee engagement, and a performance-driven work culture.

The Company also places emphasis on development and enhancement of skills and capabilities of employees to prepare them for future challenges. By fostering an inclusive and supportive work environment, the Company aims to enhance employee productivity, well-being, and long-term organizational growth.

(i) Key Financial Ratios:

Ratio	2025-2026	2024-2025
Inventory Turnover Ratio	NA	NA
Net Capital Turnover Ratio	NA	NA
Debt Equity Ratio	NA	NA
Debt Services Coverage Ratio	0.17	NA
Net Profit Ratio	20.51%	(114.66)%
Return on Capital Employed	78.61%	26.35%

Ratios where there has been significant change (i.e. change of 25% or more as compared to the immediately previous financial year): All the figures mentioned hereunder are Rs. in Lakhs.

Net Capital Turnover and Debt Equity Ratio Ratio:

Net Capital Turnover and Debt Equity Ratio: not applicable on account of negative working capital and networth.

Sales divided by Net Working Capital. The Ratio changes from (0.54) in FY 23-24 to (0.52) in FY 24-25, mainly on account of revenue and its corresponding impact in net working capital.

Net Profit Ratio:

Net profit before tax divided by Sales. The Ratio changes from (114.66) in FY 24-25 to 20.51 in FY 25-26, mainly on account of write back of loan during the year.

Return on Capital Employed: EBIT / Capital Employed.

The ratio increases from (26.35) in FY 24-25 to 78.61 in FY 25-26 mainly on account of write back of loan during the year ended 31st March, 2026

Return on Net Worth: not applicable on account of negative networth.

For and on behalf of the Board of Directors
Esha Media Research Limited
-Sd/-	-Sd/-
Siddharth Subhash Saraf	Rakesh Kumar Mudgal
Managing Director	A d ditional Director and Chief Financial Officer
DIN:08082412	DIN: 11624903
Place: Mumba
Date: June 10, 2026