Advertising & Media · Founded 1984 · www.eshamedia.com · BSE 531259 · · ISIN INE328F01016
No Notes Added Yet
Business
Esha Media Research Ltd. operates within the advertising and media sector in India, primarily focused on providing media research services. The company's core business model involves collecting, analyzing, and interpreting data related to media consumption, advertising trends, and audience behavior. It likely offers insights and analytics to advertising agencies, media companies (broadcasters, publishers, digital platforms), and brands to help them make informed decisions regarding their media strategies, advertising spend, and campaign effectiveness. Its revenue is generated through subscriptions to its research reports, custom research projects, and consulting services.
Revenue Mix
Specific detailed breakdowns of Esha Media Research Ltd.'s revenue segments are not readily available in public domain. However, based on its industry, its services likely encompass areas such as audience measurement (for TV, radio, digital), advertising expenditure tracking, media planning and buying effectiveness studies, and consumer insights related to media consumption. The company's primary revenue stream would be from these specialized media research services.
Industry
The advertising and media industry in India is dynamic and growing, driven by increasing consumer spending, digital penetration, and a diverse media landscape. The media research segment within this industry is crucial for effective advertising and content strategy. Esha Media Research Ltd. operates in a competitive environment with both established domestic market research firms and international players. Its positioning would likely be as a specialized player focusing on media-specific data and insights for the Indian market, differentiating itself through local market understanding, proprietary methodologies, or specific data collection capabilities.
MOAT
For a media research company, potential competitive advantages often stem from:
Proprietary Data & Methodologies: Exclusive access to certain data sources or unique analytical frameworks.
Client Relationships / Switching Costs: Long-standing relationships with key advertisers and media houses, making it costly for clients to switch providers once integrated.
Specialized Expertise: Deep understanding of the Indian media landscape and consumer behavior.
Scale in Data Collection: Ability to collect and process vast amounts of data efficiently.
The extent to which Esha Media Research Ltd. possesses strong moats would depend on the uniqueness of its data, the stickiness of its client base, and the innovation in its research methodologies.
Growth Drivers
Digitalization of Media: Increased complexity and fragmentation of digital media platforms drive demand for comprehensive cross-platform audience measurement and ad effectiveness research.
Data-Driven Decision Making: Growing emphasis by advertisers and media owners on data-backed strategies for optimizing ROI and content.
Growth in Indian Advertising Market: Overall expansion of advertising expenditure in India, across traditional and digital channels.
Regulatory Changes: New data privacy regulations or industry standards could create demand for specialized compliance-related research.
Expansion of Research Scope: Moving into newer areas like social media analytics, influencer marketing effectiveness, or OTT platform audience insights.
Risks
Competition: Intense competition from larger, well-funded domestic and international market research firms, potentially offering more advanced technology or broader services.
Technological Obsolescence: Rapid changes in media consumption habits and measurement technologies could render existing methodologies less effective.
Data Privacy & Regulations: Increasing scrutiny and regulation around data collection and usage could impact operations and data access.
Economic Downturns: Advertising spend is cyclical; economic slowdowns can lead to reduced research budgets from clients.
Data Accuracy & Reliability: Reputation hinges on the accuracy and integrity of its research, any perceived inaccuracies could lead to client loss.
Talent Retention: Dependence on skilled data scientists and market research professionals in a competitive job market.
Management & Ownership
As a listed Indian company, Esha Media Research Ltd. typically has a promoter group that holds a significant stake and plays a key role in management and strategic direction. The quality of management would be assessed by their track record of navigating industry changes, financial performance, and corporate governance standards. Specific details on the management team's experience and corporate governance practices would require examining their annual reports and public disclosures.
Outlook
Esha Media Research Ltd. operates in a market with structural tailwinds, driven by the expanding Indian advertising sector and the increasing imperative for data-driven decisions across media. The demand for granular audience insights and campaign effectiveness measurement is likely to grow, presenting opportunities for specialized research firms. However, the company faces significant challenges from intense competition, rapid technological evolution in media, and the ever-evolving landscape of data privacy regulations. Its ability to innovate its methodologies, embrace new technologies for data collection and analysis, and maintain strong client relationships will be crucial for sustainable growth in this dynamic environment.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
| Total Expenditure | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 |
| Operating Profit | -0 | 1 | -1 | 0 | -0 | -0 | -0 | -1 | -2 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 |
| Profit Before Tax | -0 | 0 | -1 | 0 | -1 | -0 | -0 | -1 | 2 | -1 |
| Provision for Tax | -0 | 0 | 3 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | 0 | -4 | 0 | -0 | -0 | -0 | -1 | 2 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 0 | -4 | 0 | -0 | -0 | -0 | -1 | 2 | -1 |
| Adjusted Earnings Per Share | -0.1 | 0.4 | -4.8 | 0.2 | -0.5 | -0.5 | -0.4 | -0.7 | 2.3 | -0.8 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 3 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 3 |
| Total Expenditure | 8 | 4 | 3 | 5 | 0 | 0 | 0 | 0 | 0 | 4 | 6 | 6 |
| Operating Profit | 1 | -3 | -3 | -5 | -0 | -0 | -0 | -0 | -0 | -1 | -3 | -3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 |
| Profit Before Tax | -1 | -4 | -4 | -5 | -0 | -0 | -0 | -0 | -0 | -1 | 0 | 0 |
| Provision for Tax | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 3 | 0 | 0 |
| Profit After Tax | -1 | -4 | -4 | -5 | -0 | 0 | -0 | -0 | -0 | -4 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -4 | -4 | -5 | -0 | 0 | -0 | -0 | -0 | -4 | 0 | 0 |
| Adjusted Earnings Per Share | -1.1 | -5.3 | -4.5 | -6.7 | -0.5 | 0.1 | -0.2 | -0.2 | -0.1 | -4.6 | 0.6 | 0.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -33% | 0% | 0% | -14% |
| Operating Profit CAGR | 0% | 0% | 0% | NAN% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -4% | 137% | 49% | 23% |
| ROE Average | 0% | 0% | 0% | -11% |
| ROCE Average | 0% | -5% | -14% | -38% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 6 | 2 | -1 | -7 | -7 | -7 | -7 | -7 | -7 | -11 | -10 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 1 | 0 |
| Total Current Liabilities | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 12 | 11 |
| Total Liabilities | 14 | 11 | 7 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Fixed Assets | 3 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 11 | 9 | 6 | 1 | 1 | 2 | 2 | 1 | 1 | 0 | 0 |
| Total Assets | 14 | 11 | 7 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -1 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 |
| Cash Flow from Financing Activities | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -1.06 | -5.3 | -4.5 | -6.72 | -0.47 | 0.07 | -0.22 | -0.23 | -0.12 | -4.65 | 0.61 |
| CEPS(Rs) | 1.3 | -3.83 | -3.14 | -6.09 | -0.16 | 0.1 | -0.19 | -0.21 | -0.1 | -4.47 | 0.86 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 7.52 | 2.22 | -2.28 | -9 | -9.47 | -9.4 | -9 | -9.23 | -9.35 | -13.99 | -13.38 |
| Core EBITDA Margin(%) | 8.35 | -670.83 | 0 | -5785.39 | -159.5 | -40.52 | -67.78 | -205.2 | -54.41 | -17.87 | -138.63 |
| EBIT Margin(%) | -11.79 | -908.21 | 0 | -6365.43 | -405.18 | -56.62 | -78.34 | -224.11 | -63.36 | -22.13 | 28.6 |
| Pre Tax Margin(%) | -12.05 | -911.62 | 0 | -6371 | -409.51 | -58.26 | -82.88 | -227.28 | -65.35 | -32.36 | 20.51 |
| PAT Margin (%) | -9.05 | -864.51 | 0 | -6243.41 | -368.61 | 30.74 | -84.71 | -231.47 | -67.18 | -114.66 | 20.51 |
| Cash Profit Margin (%) | 11.09 | -624.57 | 0 | -5663.37 | -122.92 | 46.84 | -74.15 | -212.56 | -58.22 | -110.37 | 28.9 |
| ROA(%) | -5.72 | -32.95 | -39.26 | -115.54 | -20.37 | 3.02 | -9.92 | -10.87 | -5.64 | -245.7 | 35.92 |
| ROE(%) | -13.17 | -108.81 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROCE(%) | -8.64 | -40.88 | -50.3 | -166.02 | -64.99 | -15.34 | -23.29 | -28.95 | -16.11 | 0 | 0 |
| Receivable days | 354.82 | 6487.88 | 0 | 0 | 126.42 | 131.07 | 149.1 | 226.04 | 150.21 | 13.59 | 29.24 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 36.53 | 1951.42 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 89.14 | 0 | 0 | 0 | 0 | 36.98 |
| Price/Book(x) | 0.93 | 3.04 | 0 | 0 | -0.32 | -0.64 | -0.67 | -0.56 | -0.64 | -0.76 | -1.69 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.26 | 24.65 | 7524.05 | 178.37 | 97.54 | 70.99 | 60.55 | 148.88 | 91.7 | 5.23 | 10.19 |
| EV/Core EBITDA(x) | 15.04 | -3.69 | -5.72 | -3.08 | -61.15 | -175.21 | -89.32 | -72.55 | -168.55 | -29.31 | -7.4 |
| Net Sales Growth(%) | -17.01 | -94.77 | -99.59 | 4168.36 | 19.18 | 70.65 | 18.68 | -61.12 | 72.84 | 2222.1 | -26.56 |
| EBIT Growth(%) | -421.31 | -302.73 | 15.99 | -46.32 | 92.41 | 76.16 | -64.22 | -11.21 | 51.13 | -710.89 | 194.94 |
| PAT Growth(%) | -263.68 | -399.23 | 15.07 | -49.14 | 92.96 | 114.23 | -427.05 | -6.23 | 49.84 | -3863.28 | 113.13 |
| EPS Growth(%) | -263.68 | -399.22 | 15.07 | -49.14 | 92.96 | 114.22 | -427.23 | -6.23 | 49.83 | -3863.4 | 113.13 |
| Debt/Equity(x) | 0.96 | 2.94 | -5.45 | -1.1 | -1.08 | -1.1 | -1.09 | -1.08 | -1.07 | -0.76 | -0.59 |
| Current Ratio(x) | 8.86 | 5.61 | 5.28 | 1.33 | 1.41 | 1.42 | 1.44 | 1.34 | 1.32 | 0.02 | 0.04 |
| Quick Ratio(x) | 8.86 | 5.61 | 5.28 | 1.33 | 1.41 | 1.42 | 1.44 | 1.34 | 1.32 | 0.02 | 0.04 |
| Interest Cover(x) | -45.15 | -265.8 | -463.87 | -1143.41 | -93.75 | -34.54 | -17.26 | -70.64 | -31.96 | -2.16 | 3.53 |
| Total Debt/Mcap(x) | 1.13 | 1.24 | 0 | 0 | 3.12 | 1.61 | 1.64 | 1.91 | 1.67 | 0.99 | 0.35 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 29.61 | 28.45 | 28.45 | 28.34 | 28.34 | 28.34 | 28.12 | 27.99 | 50.32 | 50.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 70.38 | 71.53 | 71.53 | 71.65 | 71.65 | 71.65 | 71.87 | 71.99 | 49.66 | 49.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.23 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.39 | 0.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.55 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.39 | 0.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -33% | — | — | -14% |
| Operating Profit CAGR | — | — | — | 0% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -4% | +137% | +49% | +23% |
| ROE Average | 0% | 0% | 0% | -11% |
| ROCE Average | 0% | -5% | -14% | -38% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 29.61 | 28.45 | 28.45 | 28.34 | 28.34 | 28.34 | 28.12 | 27.99 | 50.32 | 50.32 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 70.38 | 71.53 | 71.53 | 71.65 | 71.65 | 71.65 | 71.87 | 71.99 | 49.66 | 49.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.23 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.39 | 0.39 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.55 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.39 | 0.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 |
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