TV Broadcasting & Software Production · Founded 1994 · www.sadhna.com · BSE 540821 · · ISIN INE994R01028
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Business
Crystal Business System Ltd. operates in the dual sectors of TV Broadcasting and Software Production. Its core business likely involves producing and/or broadcasting television content, which typically generates revenue through advertising sales, and potentially through content licensing or subscription fees if it operates proprietary channels. Concurrently, the company is involved in software production, suggesting it develops software solutions for various clients or for its own internal media operations. This segment would generate revenue through project-based contracts, software licensing, or maintenance services.
Revenue Mix
Specific revenue breakdowns are not publicly available. However, based on its stated industry, Crystal Business System Ltd. would primarily have two main operating segments:
TV Broadcasting: This segment would encompass activities related to content creation, channel operations, and distribution, with revenue largely driven by advertising.
Software Production: This segment would involve the development, customization, and deployment of software solutions, generating revenue through services, projects, or licensing.
The exact contribution of each segment to overall revenue and profitability is unknown.
Industry
Crystal Business System Ltd. operates in two highly competitive industries in India. The TV Broadcasting sector is dominated by large, established networks (e.g., Zee, Star, Sony, Viacom18) with vast content libraries and extensive distribution. Smaller players like Crystal often focus on niche content, regional markets, or specific genres to carve out a presence. The Software Production industry is also fragmented, ranging from large-cap IT service providers to numerous mid-tier and small players specializing in various technologies or domains. Without specific market share data, it is likely that Crystal Business System Ltd. operates as a smaller player, potentially serving niche markets or specific client needs within these competitive landscapes.
MOAT
Based on the limited information, it is not immediately evident that Crystal Business System Ltd. possesses a significant, durable competitive advantage. In TV broadcasting, moats typically include strong brand recognition, exclusive content rights, extensive distribution networks, or high switching costs for viewers/advertisers. For software production, moats can stem from proprietary technology, specialized domain expertise, strong client relationships leading to recurring revenue, or high switching costs for enterprise clients. Without details on its specific content, technology, or market position, a strong moat is not readily apparent.
Growth Drivers
Increased Media Consumption: Growing disposable incomes and rising demand for diverse content in India, particularly regional and digital-first content, could drive growth for its broadcasting arm.
Advertising Market Expansion: A growing Indian economy and increased digital penetration can lead to higher advertising spends, benefiting broadcasters.
Digital Transformation: The ongoing digital transformation initiatives across industries in India could fuel demand for software solutions and services.
Content Diversification: Successful expansion into new content genres, regional languages, or digital platforms (OTT) could open new revenue streams.
Software Specialization: Developing niche expertise or proprietary software products in high-demand areas could drive growth in the software segment.
Risks
Intense Competition: Facing well-funded and established players in both broadcasting and software production sectors can pressure market share, pricing, and profitability.
Advertising Revenue Volatility: Broadcasting revenue is heavily reliant on advertising, which can be cyclical and sensitive to economic downturns.
Content Costs: High costs associated with content acquisition, production, and talent can impact margins in the broadcasting segment.
Technological Disruption: Rapid changes in media consumption habits (e.g., shift to OTT platforms) and evolving software technologies pose ongoing challenges.
Regulatory Changes: The Indian media and IT sectors are subject to regulations from bodies like TRAI and other government agencies, which can impact operations and revenue models.
Talent Retention: Attracting and retaining skilled talent in both content creation and software development is crucial and can be challenging.
Management & Ownership
Specific details regarding the promoters, management quality, and detailed ownership structure for Crystal Business System Ltd. are not readily available from the provided information. In India, many smaller listed companies tend to be promoter-led, with significant ownership held by the founding families or groups. The management's experience and strategic direction would be key factors in navigating the competitive industries it operates within.
Outlook
Crystal Business System Ltd. operates in dynamic and evolving sectors with significant growth potential, driven by India's expanding digital economy and media consumption. The broadcasting segment can capitalize on increasing advertising spends and demand for varied content, while the software production arm can benefit from ongoing digital transformation needs. However, the company faces substantial hurdles, including intense competition from larger, more established players, the high cost of content production, advertising revenue volatility, and rapid technological shifts in both industries. Its future performance will largely depend on its ability to identify and capitalize on niche opportunities, effectively manage its content and technology investments, innovate its offerings, and execute its strategy efficiently against well-resourced competitors.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 2 | 4 | 3 | 4 | 4 | 6 | 2 | 2 | 1 | 5 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 2 | 4 | 3 | 4 | 4 | 7 | 2 | 2 | 1 | 5 |
| Total Expenditure | 4 | 3 | 3 | 3 | 2 | 8 | 2 | 2 | 2 | 1 |
| Operating Profit | -2 | 1 | 0 | 1 | 2 | -1 | -1 | -1 | -1 | 3 |
| 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 | 0 | 0 |
| Profit Before Tax | -2 | 1 | 0 | 1 | 2 | -2 | -1 | -1 | -2 | 3 |
| Provision for Tax | -0 | -0 | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 |
| Profit After Tax | -2 | 1 | 0 | 1 | 1 | -1 | -1 | -1 | -2 | 3 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | -2 | 1 | 0 | 1 | 1 | -1 | -1 | -1 | -2 | 3 |
| Adjusted Earnings Per Share | -0.2 | 0.1 | 0 | 0.1 | 0.1 | -0.1 | -0.1 | -0.1 | -0.2 | 0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 23 | 24 | 36 | 55 | 55 | 35 | 22 | 24 | 19 | 15 | 17 | 10 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Total Income | 23 | 24 | 36 | 55 | 55 | 35 | 22 | 25 | 20 | 16 | 18 | 10 |
| Total Expenditure | 23 | 24 | 35 | 53 | 53 | 33 | 22 | 24 | 20 | 15 | 16 | 7 |
| Operating Profit | 0 | 1 | 1 | 2 | 2 | 2 | 0 | 1 | 1 | 1 | 2 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 1 | 2 | 2 | 1 | -0 | 0 | 0 | 0 | 1 | -1 |
| Provision for Tax | 0 | 0 | 0 | 1 | 1 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 1 | 1 | 1 | 1 | -0 | 0 | -0 | 0 | 1 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 1 | 1 | 1 | 1 | -0 | 0 | -0 | 0 | 1 | -1 |
| Adjusted Earnings Per Share | 0.1 | 0 | 0.1 | 0.1 | 0.1 | 0.1 | -0 | 0 | -0.1 | 0 | 0.1 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | -11% | -13% | -3% |
| Operating Profit CAGR | 100% | 26% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -11% | -19% | 19% | NA% |
| ROE Average | 6% | 2% | 2% | 5% |
| ROCE Average | 8% | 4% | 3% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 4 | 11 | 11 | 12 | 13 | 14 | 14 | 15 | 14 | 15 | 15 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 3 | 2 | 2 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1 | 0 | -0 | 1 | 1 | -0 | -0 |
| Total Current Liabilities | 13 | 11 | 22 | 17 | 26 | 14 | 12 | 8 | 9 | 8 | 7 |
| Total Liabilities | 17 | 22 | 34 | 29 | 41 | 28 | 26 | 28 | 27 | 25 | 24 |
| Fixed Assets | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Other Non-Current Assets | 0 | 1 | 1 | 1 | 4 | 3 | 3 | 9 | 12 | 13 | 9 |
| Total Current Assets | 16 | 22 | 33 | 28 | 34 | 23 | 21 | 17 | 13 | 11 | 14 |
| Total Assets | 17 | 22 | 34 | 29 | 41 | 28 | 26 | 28 | 27 | 25 | 24 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 0 | 14 | 13 | 1 | 0 | 0 | 1 | 1 | 0 | 1 |
| Cash Flow from Operating Activities | 0 | 7 | -2 | -13 | -1 | 4 | 4 | 2 | 5 | 1 | -3 |
| Cash Flow from Investing Activities | -1 | 0 | -0 | -0 | -2 | -0 | -4 | -4 | -0 | -0 | 2 |
| Cash Flow from Financing Activities | -1 | 8 | 0 | 2 | 2 | -4 | 1 | 2 | -6 | 0 | 1 |
| Net Cash Inflow / Outflow | -2 | 14 | -1 | -12 | -1 | -0 | 1 | 0 | -1 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 14 | 13 | 1 | 0 | 0 | 1 | 1 | 0 | 1 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.1 | 0.04 | 0.06 | 0.11 | 0.14 | 0.09 | -0.01 | 0.03 | -0.12 | 0.03 | 0.09 |
| CEPS(Rs) | 0.11 | 0.04 | 0.06 | 0.11 | 0.16 | 0.13 | 0.03 | 0.08 | 0.34 | 0.08 | 0.14 |
| DPS(Rs) | 0 | 0.01 | 0 | 0.03 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.1 | 1.1 | 1.13 | 1.18 | 1.31 | 1.43 | 1.42 | 1.45 | 14.13 | 1.5 | 1.52 |
| Core EBITDA Margin(%) | 2.12 | 2.08 | 2.45 | 3.2 | 3.89 | 4.84 | 1.3 | -1.9 | -3.14 | 4.95 | 9.1 |
| EBIT Margin(%) | 2.1 | 2.34 | 2.46 | 3.11 | 3.51 | 3.58 | -0.46 | 1.57 | 1.3 | 3.2 | 8.69 |
| Pre Tax Margin(%) | 2.09 | 2.34 | 2.44 | 3.03 | 3.47 | 3.53 | -0.57 | 1.54 | 1.27 | 3.11 | 7.88 |
| PAT Margin (%) | 1.44 | 1.61 | 1.62 | 1.98 | 2.52 | 2.55 | -0.49 | 1.28 | -0.63 | 2.18 | 5.26 |
| Cash Profit Margin (%) | 1.46 | 1.66 | 1.71 | 2.08 | 2.9 | 3.9 | 1.34 | 3.26 | 1.82 | 4.88 | 7.91 |
| ROA(%) | 3.19 | 1.99 | 2.09 | 3.46 | 4 | 2.55 | -0.41 | 1.12 | -0.43 | 1.29 | 3.64 |
| ROE(%) | 9.88 | 5.45 | 5.32 | 9.48 | 11.22 | 6.41 | -0.78 | 2.12 | -0.82 | 2.3 | 5.98 |
| ROCE(%) | 12.62 | 7.41 | 7.12 | 11.78 | 11.1 | 6.85 | -0.61 | 2.02 | 1.32 | 2.83 | 8.18 |
| Receivable days | 154.89 | 82.79 | 69.65 | 86.16 | 109.59 | 135.68 | 101.81 | 96.31 | 125.22 | 154 | 122.95 |
| Inventory Days | 8.96 | 8.65 | 0 | 4.28 | 4.41 | 12.06 | 19.97 | 11.93 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 9092.21 | 0 | 797.22 | 582.11 | 3772.1 | 1933.45 | 2789.88 | 0 | 5493.31 |
| PER(x) | 0 | 0 | 0 | 33.49 | 9.71 | 0 | 0 | 91.8 | 0 | 125.67 | 28.9 |
| Price/Book(x) | 0 | 0 | 0 | 3.11 | 1.03 | 0 | 0.75 | 1.93 | 0.34 | 2.81 | 1.72 |
| Dividend Yield(%) | 0 | 0 | 0 | 0.68 | 0.15 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.14 | -0.15 | -0.03 | 0.72 | 0.35 | 0.36 | 0.58 | 1.35 | 0.41 | 2.86 | 1.74 |
| EV/Core EBITDA(x) | 6.5 | -6.33 | -1.14 | 22.45 | 9.08 | 7.32 | 42.53 | 38.11 | 11.08 | 48.57 | 15.31 |
| Net Sales Growth(%) | 836.27 | 3.61 | 48.98 | 52.86 | 0.33 | -37.68 | -34.89 | 6.27 | -20.71 | -18.65 | 11.77 |
| EBIT Growth(%) | 821 | 15.43 | 56.89 | 92.71 | 13.49 | -36.49 | -108.45 | 459.33 | -34.59 | 100.86 | 203.24 |
| PAT Growth(%) | 854.14 | 15.63 | 50.2 | 86.87 | 27.68 | -36.99 | -112.6 | 374.8 | -138.78 | 383.87 | 169.41 |
| EPS Growth(%) | 854.14 | -61.43 | 46.03 | 86.92 | 27.65 | -36.99 | -112.6 | 375.27 | -487.21 | 128.37 | 169.55 |
| Debt/Equity(x) | 0 | 0.09 | 0.17 | 0.34 | 0.46 | 0.17 | 0.22 | 0.36 | 0.23 | 0.17 | 0.25 |
| Current Ratio(x) | 1.25 | 1.89 | 1.48 | 1.61 | 1.29 | 1.65 | 1.84 | 2.21 | 1.43 | 1.38 | 2.05 |
| Quick Ratio(x) | 1.28 | 1.84 | 1.48 | 1.57 | 1.27 | 1.54 | 1.76 | 2.12 | 1.43 | 1.38 | 2.05 |
| Interest Cover(x) | 207.64 | 849.97 | 108.55 | 38.81 | 78.81 | 65.76 | -4.39 | 45.79 | 58.48 | 34.99 | 10.82 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.11 | 0.45 | 0 | 0.29 | 0.19 | 0.07 | 0.06 | 0.15 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +13% | -11% | -13% | -3% |
| Operating Profit CAGR | +100% | +26% | 0% | — |
| PAT CAGR | — | — | 0% | — |
| Share Price CAGR | -11% | -19% | +19% | — |
| ROE Average | +6% | +2% | +2% | +5% |
| ROCE Average | +8% | +4% | +3% | +6% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 | 74.53 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 | 2.55 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 | 7.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 | 10.03 |
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