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Cyber Media Research & Services Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤24th Jan 26

Summary : CMRSL reported improved unaudited consolidated financial results for Q3 and 9M FY26, driven by digital services, while navigating new labor code impacts and utilizing IPO funds for growth.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Direct Expenses for 9 months ended Dec 31, 2025: Rs. 5,329.49 Lakhs.
  2. Consolidated Employee benefits expense for 9 months ended Dec 31, 2025: Rs. 699.51 Lakhs.
  3. Consolidated Total expenses for 9 months ended Dec 31, 2025: Rs. 6,246.76 Lakhs.
  4. Consolidated Income from operations for 9 months ended Dec 31, 2025: Rs. 6,542.36 Lakhs (vs. Rs. 5,667.97 Lakhs in previous year).
  5. Consolidated Total income for 9 months ended Dec 31, 2025: Rs. 6,600.08 Lakhs (vs. Rs. 5,734.23 Lakhs in previous year).
  6. Consolidated Digital Services revenue for 9 months ended Dec 31, 2025: Rs. 6,542.36 Lakhs.
  7. Consolidated Total Segment Assets as of Dec 31, 2025: Rs. 4,675.72 Lakhs.
  8. Consolidated Total Segment Liabilities as of Dec 31, 2025: Rs. 2,835.78 Lakhs.
  9. Paid-up equity share capital: Rs. 292.80 Lakhs.
  10. Cyber Media Services Pte. Limited, Singapore is a wholly owned subsidiary.
  11. Consolidated results include Cyber Media Services Pte. Limited, Singapore (wholly owned subsidiary).
  12. Consolidated Profit Before Tax for 9 months ended Dec 31, 2025: Rs. 302.80 Lakhs.
  13. Standalone Profit Before Tax for 9 months ended Dec 31, 2025: Rs. 251.65 Lakhs.

Corporate Overview

  1. India (Parent Company)
  2. Singapore (Wholly Owned Subsidiary: Cyber Media Services Pte. Limited)
  3. Assessing and monitoring the financial impact of new Labour Codes (Code on Wages, Industrial Relations Code, Social Security Code, Occupational Safety, Health and Working Conditions Code) notified by the Government of India.
  4. Incremental impact of Rs. 50.52 Lakhs due to changes in wage definition, gratuity, and leave encashment from new Labour Codes.
  5. Primarily engaged in Digital Services.
  6. Factual and compliant, reporting financial results and regulatory updates.
  7. Digital Services
  8. Investment in new projects and general corporate purposes utilizing IPO proceeds.

Risk Factors

  1. Uncertainty from new Labour Code rules.
  2. Potential financial impact of wage definition changes.
  3. Reliance on subsidiary's limited review.
  4. Regulatory changes could affect future operations.

Key Drivers

  1. Strong growth in digital services revenue.
  2. Improved consolidated profit before tax.
  3. Strategic investment in new projects.
  4. Effective utilization of IPO proceeds.

Auditor’s Report

  1. Limited Review Opinion (not an audit opinion).
  2. Consolidated financial results include the limited reviewed financial results of Cyber Media Services Pte. Limited, Singapore (wholly owned subsidiary), based on other auditor's limited review.

Board Commentary

  1. Board of Directors approved the Unaudited Financial Results (standalone and consolidated) for the quarter and nine months ended December 31, 2025, on January 24, 2026.
  2. Statutory impact of new Labour Codes, specifically the incremental impact on gratuity and leave encashment due to changes in wage definition.
  3. Government of India notified four new Labour Codes on November 21, 2025, consolidating 29 existing labour laws.
  4. Utilization of IPO proceeds for meeting working capital requirements (Rs. 412.43 Lakhs utilized against Rs. 430.00 Lakhs allocated).
  5. Investment in new projects and general corporate purposes (Rs. 252.09 Lakhs utilized against Rs. 252.09 Lakhs allocated).
  6. Public Issue expenses (Rs. 69.88 Lakhs utilized against Rs. 52.31 Lakhs allocated).

Corporate Governance

  1. Audit Committee reviewed the consolidated financial results at its meeting held on January 24, 2026.

Management Discussion & Analysis

Future Strategy

  1. Monitoring the finalization of Central/State Rules and clarifications from the Government on other aspects of the new Labour Codes to provide appropriate accounting effect.

Performance Drivers

  1. Growth in income from operations for both the quarter and nine months ended December 31, 2025.
  2. Improved consolidated profit before tax for the nine months ended December 31, 2025, compared to the previous year.

Risk Control Measures

  1. Assessed incremental impact of Labour Codes based on legal opinion and available information.
  2. Continuously monitoring the finalization of Central/State Rules and clarifications.

Critical Risks

  1. Uncertainty regarding the full financial impact of the newly notified Labour Codes due to pending finalization of rules and clarifications.